VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

Pakistan’s current account deficit (CAD) dropped to $0.2 billion in January 2023, down 90% from last year as the rupee's depreciation slowed down imports, the central bank said on Monday.

In less than a month, the cash strapped nation’s currency has lost more than a quarter of its value against the U.S. dollar after the removal of artificial caps, and fuel prices have risen by more than a fifth as the government implemented fiscal measures required to unlocking funds from an International Monetary Fund (IMF) bailout.

During the first seven months of the current fiscal year, the country’s current account deficit decreased by 67% to $3.8 billion, compared with a deficit of $11.6 billion during the same period last year.

“This monthly deficit is lowest after 25 months, and lower than expectations,” said Mohammad Sohail, CEO of Topline Securities. Sohail, citing the falling currency. The weaker currency has made imports more expensive, effectively slashing them.

Tahir Abbas, Head of Research at Arif Habib Limited said that imports under machinery group and transport group have gone down 47% and 61% respectively was primarily due to stringent administrative measures taken by the State Bank of Pakistan (SBP) in addition to the an economic slowdown. (Reuters)

Prime Minister Fumio Kishida said on Monday Japan will host an online Group of Seven (G7) summit meeting on Friday with Ukrainian President Volodymyr Zelenskiy.

Japan is also planning to pledge another $5.5 million in aid to Ukraine, Kishida told an online global event.

The aim of the meeting is to confirm support for Ukraine and continuation of sanctions against Russia, and to demonstrate the group's unity, Japanese news agency Kyodo wrote. (Reuters)

The Philippines and the United States are discussing conducting joint coast guard patrols, including in the South China Sea, a Manila official said on Monday.

With overlapping sovereign claims in the strategic waterway, the Philippines has ramped up rhetoric against what it describes as China's "aggressive activities" in the South China Sea, which has also become a flashpoint for Chinese and U.S. tensions around naval operation.

The Philippines and the United States are discussing conducting joint coast guard patrols, including in the South China Sea, a Manila official said on Monday.

With overlapping sovereign claims in the strategic waterway, the Philippines has ramped up rhetoric against what it describes as China's "aggressive activities" in the South China Sea, which has also become a flashpoint for Chinese and U.S. tensions around naval operation.

"There is already a clear path of possibility since the Defense Department of the United States has also supported the joint patrol with the Philippine navy and the U.S. navy so there is a certainty for this particular joint patrols to happen between the coast guard of both countries," Tarriela said.

"There is also a possibility that it will be conducted in the South China Sea in support of the freedom of navigation of the United States government," he said.

Rommel Jude Ong, former vice commander of the Philippine Navy, told Reuters on Monday, the idea of a coast guard deployment in the South China Sea instead of the navy will "mitigate any miscalculation and prevent China from finding an excuse to escalate tension" in the waterway.

Earlier this month, the PCG accused China's coast guard of aiming a "military-grade laser" against its vessel supporting a resupply mission for troops on an atoll, temporarily blinding its crew, prompting expressions of concern from other countries including Japan, Australia and the United States.

China has refuted the PCG's account, which it said did not reflect the truth.

The Chinese Embassy in Manila did not immediately respond to a request for comment on the joint patrols.

Philippine President Ferdinand Marcos Jr last week summoned China's ambassador to relay his concern over the frequency and intensity of China's actions in the South China Sea. (Reuters)

The European Union on Monday imposed a sixth round of sanctions on Myanmar over the 2021 military coup that overthrew elected leader Aung Suu Kyi and sparked global outrage.

The new sanctions target nine persons and seven entities and include the energy minister, prominent businessmen, high-ranking officers and departments of the defence ministry and private companies supplying fuel, arms and funds to the military.

In total, EU sanctions now apply to 93 individuals and 18 entities in the Southeast Asian country.

Myanmar has been in turmoil since the coup with a resistance movement fighting the military on multiple fronts after a bloody crackdown on opponents that saw Western sanctions reimposed.

Around 1.2 million people have been internally displaced and over 70,000 have left the country, the U.N. High Commissioner for Human Rights said in a report in March last year. It accused the military of war crimes and crimes against humanity.

Myanmar's military has said it has a duty to ensure peace and security and denied atrocities have taken place, saying it is carrying out a legitimate campaign against "terrorists". (Reuters)