India, Sri Lanka sign agreement to extend USD 1 billion credit facility for another year
Colombo Page | 30th May
In response to a request from the Government of Sri Lanka (GOSL), the State Bank of India (SBI) has extended the tenure of the USD 1 billion Credit Facility provided to the government for procurement of essential items in March 2022, the Indian High Commission in Colombo said.
In this context, an Amendment Agreement was signed on 30 May 2023 by the Deputy Secretary of the Treasury in the presence of the State Minister of Finance Shehan Semasinghe,…
India seen consolidating its role in Afghanistan
Afghanistan Times | 31st May
India’s donation of 20,000 metric tons of wheat to Afghanistan is a demonstration of India’s intention to strengthen its foothold and re-consolidate its soft power in Afghanistan by providing critical aid through Iran.
Afghanistan is set to receive over 20,000 metric tons of wheat through Iran’s Chabahar port into Herat region. A WFP spokesman said the aid is critically important to stem the tide of hunger threatening the lives of millions. World Food Program claims more..
Nepal, India agree on long-term power trade
The Himalayan Times | 1st June
Prime Minister Pushpa Kamal Dahal today said in New Delhi that Nepal had reached agreement with India on long-term power trade under which India would import 10,000 MW of power from Nepal in the next 10 years.
Speaking at a joint press conference in Hyderabad House in the Indian Capital, PM Modi said the agreement was a major development in enhancing cooperation in this area based on the Joint Vision Statement that the two prime ministers issued in April 2022.
PAKISTAN
£190m scam case: Imran Khan secures bail from accountability court
The News | 31st May
Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Wednesday secured bail for 20 days from an accountability court in the infamous case related to the transfer of £190 million from Britain’s National Crime Agency’s (NCA) account, after getting relief from the Islamabad High Court (IHC) in the same case.
The PTI chairman had approached the accountability court after the Islamabad High Court (IHC) had directed him to seek bail in the settlement case from an accountability court.
CDWP okays 10 projects worth Rs114.5bn
The Nation | 2nd June
The Central Development Working Party (CDWP) cleared a total of 10 projects with a combined value of Rs 114.5 billion.
The CDWP under the esteemed chairmanship of Federal Minister for Planning, Development & Special Initiatives, Ahsan Iqbal was convened on Thursday to review and approve vital development projects.
These projects spanned across various sectors, including energy, governance, health, higher education commission, transport, and communication.
Govt scrambles as IMF rejects Pakistan’s loan request
The Express Tribune | 2nd June
A cabinet member revealed on Thursday that the International Monetary Fund (IMF) has rejected Pakistan’s request to lower the requirement of arranging $6 billion in new loans, leaving the government with no alternative but to try and revive the deal.
In a policy statement during the National Assembly Standing Committee on Finance, Minister of State for Finance Dr Aisha Pasha emphasised that returning to the IMF was Pakistan’s only option.
SRI LANKA
Colombo Page | 2nd June
Mr. Kenji Okamura, Deputy Managing Director of the International Monetary Fund (IMF), says Sri Lanka’s economy is showing tentative signs of improvement, in part due to the implementation of critical policy actions but it is essential to continue the reform momentum by both the authorities and the people.
Mr. Okamura issuing a statement on Thursday in Colombo at the conclusion of his visit to Sri Lanka underscored the importance of decisive implementation of structural reforms which can attract investment and boost growth.
Monthly tourist arrivals fall below 100, 000 for first time this year
Daily Mirror | 2nd June
Tourist arrivals to Sri Lanka fell below the 100,000 mark for the first time this year due to the drop in momentum in the month of May,
Provisional data from Sri Lanka Tourism Development Authority (SLTDA) showed that in May, the island nation welcomed total of 83, 309 international visitors. When compared with the corresponding month in 2022, the arrivals increased by 175.5 percent year-on-year (YoY).
Govt. to unveil National Reorganisation Plan – President
The Island | 2nd June
The government will reveal the National Reorganisation Plan during the final quarter of this year, which gives the public the chance to witness the advancement of plan implementation and practices via digital media, President Ranil Wickremesinghe said yesterday making a special statement.
The government would also establish a Presidential Delivery Bureau (PDB) comprising of high-ranking officials from both the public and private sectors to coordinate the implementation of government plans, he said.
AFGHANISTAN
Afghanistan Welcomes World Bank Report on Country’s Economy
The Khaama Press | 1st June
The office acknowledged that the report accurately depicts the country’s economic state.
“The acting government believes that if the international community focuses on positive interaction rather than imposing restrictions, Afghanistan’s economic progress will further improve, reducing the burden on the international community,” The office of Mullah Abdul Ghani Baradar said in a statement.
“If all international organizations such as the World Bank present a true picture of the concrete realities of Afghanistan, the way of positive interaction with the current authorities will be paved,” the statement read.
Afghan Post Signs Cooperation Contracts with MoHE and Airline Company
TOLO News | 30th May
The Afghan Post signed contracts of cooperation with the Ministry of Higher Education and an airline company.
The acting Minister of Higher Education, Nida Mohammad Nadim, said that students across the country can send their education documents through the Afghan Post.
Nadim said that efforts are underway to provide further facilities for the students and instructors.
“We are also trying to bring facilities within our capacity not only for our employees, but for students and instructors,” Nadim said.
BANGLADESH
Investing in energy storage: EU hands over roadmap to govt
Prothom Alo | 1st June
The European Union Delegation hosted the ‘Energy Storage Roadmap Presentation & Handover: Driving Investments & Coordination’ event at the residence of the EU Ambassador in Dhaka on 1 June.
The event was attended Dr. Towfiq-e-Elahi Chowdhury, energy advisor to the prime minister, as chief guest. Also present at the event as special guests were Tania Khan, additional secretary, planning-2, power division, ministry of power, energy and mineral resources, and Mohammad Hossain, director general, power cell. Munira Sultana, chairman, Sustainable and Renewable Energy Development Authority, also attended the programme.
7.5pc GDP growth target in FY24
Bangladesh Post | 1st June
The government is targeting to attain a gross domestic product (GDP) growth rate of 7.5 percent in the next fiscal year (FY24) since the country is expected to return to the higher growth trajectory.
“On the whole, we expect to return to higher growth trajectory and achieve a 7.5 percent GDP growth in the coming fiscal year, by way of investing in the productive sectors and stimulating productivity and domestic demand,” said
Finance Minister AHM Mustafa Kamal.
Bangladesh to import 180,000 tons of fertilizer from Russia
Dhaka Tribune |2nd June
The government has signed a deal to import 1.80 lakh tonnes Muriate of Potash (MoP) from Russia in the next 2023-24 fiscal year.
Bangladesh Agricultural Development Corporation (BADC) and the Prodintorg, a Russian state-owned enterprise, already signed the agreement on Thursday at Russian capital Moscow, said an official release here on Friday.
Chairman of BADC Abdullah Sazzad and Director General (DG) of the Russian Prodintorg Andrei Sergeibitch signed the deal on behalf of their respective sides.
BHUTAN
Japan approves billions in loan for economic recovery
Kuensel | 31st May
To support economic recovery and growth, Bhutan has sought 6,550 million yen (Nu 3.8 billion) loan, which is one of the largest concessional lending from the Government of Japan, for the Economic Recovery and Resilience Enhancement programme.
Japan International Cooperation Agency (JICA) and the Ministry of Finance signed an Official Development Assistance (ODA) Loan agreement yesterday.
The loan is expected to strengthen fiscal policy, promote green growth with a focus on renewable natural resources, enhance self-reliance and stabilise the macroeconomic situation in the country.
Govt. still in dialogue with GoI about Entry-Exit Point
Business Bhutan | 1st June
The Ministry of Industry, Commerce, and Employment (MoICE) said that the Nganglam Integrated Checkpoint (ICP) in the country faces a significant setback, and is unable to be used as an entry and exit point for tourists due to the absence of necessary infrastructure on the Indian side of the border. This obstacle hampers the seamless movement of third-country nationals and is one of the main hurdles to the growth of eco-tourism in the region. Nonetheless, the government is talking with the government of India on the issue.
MALDIVES
Majority of urban development projects to conclude before presidential elections
The Edition | 29th May
Majority of all ongoing urban development projects across the atolls will conclude before the presidential elections scheduled on September 9, according to President Ibrahim Mohamed Solih.
While speaking at the inauguration ceremony of the new Fenaka Corporation powerhouse, office blocks, and ice plant in Faafu atoll Feeali, President Solih assured government’s expedited efforts to complete ongoing urban development projects in local islands to facilitate basic services.
Gov’t signs agreement with UNDP Maldives on bulk procurement of medicine
Raajje | 2nd June
The government of Maldives has signed an agreement with UNDP Maldives on the bulk procurement of medicine to the Maldives.
The agreement was signed by Minister of Finance Ibrahim Ameer, Minister of State for Health Ahmed Adil and Managing Director of State Trading Organization (STO) Abdulla Saeed, on behalf of the government of Maldives and Resident Representative at UNDP Maldives, Enrico Gaveglia of behalf of UNDP.
In addition to this team, Maldives Food and Drug Authority has also been included in the steering committee of the project to control the quality of medicines.
MYANMAR
Chinese Ambassador, Myanmar Junta Deputy PM Discuss Online, Border Crime
The Irrawaddy | 1st June
Chinese Ambassador to Myanmar Chen Hai met junta Deputy Prime Minister and Home Affairs Minister Soe Htut on Wednesday, their second meeting since March. The two discussed redoubling efforts to fight online scams, gambling and cross-border crime.
In Myanmar, Chinese-run criminal gangs based near the Thai border are operating telecom scams and luring workers from China by promising high-paying jobs.
Chen and Soe Htut previously met on March 23 in Naypyitaw and discussed matters related to gangs operating online scams at the border, border issues and cooperation between the two countries’ police forces. Chen urged Soe Htut to step up efforts to combat cross-border crime, online fraud, and gambling.
Myanmar Plunges Deeper Into Dollar Crisis Under Military Rule
The Irrawaddy | 1st June
As Myanmar’s currency collapsed against the dollar following the 2021 coup, the military regime imposed import-export restrictions and a fixed exchange rate in a bid to control foreign currency flows. But its efforts to prop up the currency have failed, as the kyat continues to plummet.
The junta-controlled Central Bank of Myanmar (CBM) set an official exchange rate of 2,100 kyats per dollar in August last year. The rate offered in the market and private banks then stabilized for several months at 2,800 kyats/dollar.
NEPAL
Dahal’s Delhi trip: Some hits, many misses
The Kathmandu Post | 2nd June
Even until Wednesday night, Nepal and India each seemed intent on making the other blink first in ice-cold negotiations. But by early (and rather hot) Delhi morning on Thursday, the atmosphere had warmed up a bit and the two sides sat down to sign a few vital agreements.
Prime Minister Pushpa Kamal Dahal’s India visit failed to make the expected ‘breakthrough’ on the air route and Pancheshwar Multipurpose Project. Despite forging an understanding regarding long-term electricity trade, a final agreement, however, is yet to be inked.
Nepal budget 2023/24: Here are major announcements for key sectors
Onlinekhabar | 29th May
Finance Minister Prakash Sharan Mahat on Monday presented the annual budget plan for the next fiscal year 2023/24 in a joint meeting of the House of Representatives and the National Assembly.
The Nepal budget 2023/24, which has a total size of Rs 1.751 trillion, has many ambitious programmes whereas it also repeats some unimplemented programmes from past years. Of this, 65.20 per cent is allocated for recurrent expenditures, 17.25 per cent for capital expenditures, and 17.55 per cent for financing.