Good afternoon,

Today’s news: Globally, a naval ceasefire between Ukraine and Russia. Locally, IMF reaches staff-level agreement with Pakistan on $7 billion EFF review, PPP protests against new Indus River canals, and Journalist allegedly abducted in Islamabad.

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Around The World

Morning after. US National Security Adviser Mike Waltz has taken responsibility for a group chat in which high-ranking officials planned military strikes in Yemen in the company of a journalist who was inadvertently added. President Donald Trump and US intelligence chiefs have downplayed the security risks and said no classified material was shared. But Democrats and some Republicans have called for an investigation into what several lawmakers have described as a major breach.

Baby steps. Russia and Ukraine have agreed to a naval ceasefire in the Black Sea in separate deals with the US after three days of peace talks in Saudi Arabia. Washington said all parties would continue working toward a durable and lasting peace, which would reopen an important trade route. Both nations have also committed to implementing a previously agreed ban on attacking each other's energy infrastructure.

However, Russia warned that a potential Black Sea deal could only be implemented after sanctions against the Russian Agricultural Bank and other financial organizations involved in food and fertilizer trade are lifted and their access to the SWIFT system of international payments is ensured. On Tuesday, Ukrainian President Zelenskyy reacted to those demands, citing them as Moscow manipulating, twisting agreements, and lying about the terms of the agreement.

Taking off. Sudan’s army has recaptured Khartoum airport from the paramilitary Rapid Support Forces (RSF), fully securing it. The military, at war with the RSF since April 2023, launched a campaign to push the paramilitary forces out of central Khartoum after recapturing the presidential palace in a key victory on Friday.

Pakistan

Spring’s here. The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on the first review of the $7 billion Extended Fund Facility (EFF). The agreement, subject to approval by the IMF Executive Board, will unlock an additional $1 billion, bringing total disbursements under the program to $2 billion.

Additionally, a new arrangement on the Resilience and Sustainability Facility (RSF) has also been reached. The RSF is designed to help Pakistan build resilience against environmental challenges and aims to enhance disaster preparedness, improve water resource management, and strengthen climate-related financial planning. It will also support energy sector reforms aligned with climate goals. 

Not going with the flow. The Pakistan Peoples Party (PPP) held province-wide protests on Tuesday against the federal government's plan to construct new canals on the Indus River. Thousands participated in rallies across Karachi, Hyderabad, Larkana, Nawabshah, and Thatta, with leaders condemning the federal government’s policies. PPP Sindh President Nisar Khuhro vowed to escalate protests after April 4, calling the movement essential for Sindh’s survival.

Read our special deep dive into the Indus Water Canal project here. 

Men in white. Journalist Waheed Murad was allegedly abducted from his Islamabad home by unidentified individuals, possibly intelligence personnel, according to his family’s petition in the Islamabad High Court (IHC). Murad had recently highlighted enforced disappearances, including those of journalist Ahmad Noorani’s brothers. The Islamabad police stated they had no information about the incident. The Human Rights Commission of Pakistan (HRCP) and the media fraternity have expressed alarm over the alleged abduction, condemning it as an attack on press freedom.

What else is happening?

🚗BYD has reported $107 billion in revenue for 2024, crossing the $100 billion level for the first time and besting Tesla’s revenue by about $10 billion. The milestone comes a week after BYD unveiled a charging system that will give 250 miles of range after plugging in for just five minutes.

🦖Scientists in Mongolia's Gobi Desert have discovered a rare new species of two-clawed dinosaur. The species found is unique within a group of dinosaurs called Therizinosaurs, which stood on their hind legs and usually had three claws.