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February
IMF Giving Pakistan Tough Time in 'Unimaginable' Economic Crisis - PM
Written by Nur Yasmin
Pakistan Prime Minister Shehbaz Sharif said on Friday the International Monetary Fund was giving his country a "tough time" over unlocking stalled funding from a $6.5 billion bailout at a time of "unimaginable" economic crisis.
Hours after his remark, the Pakistani rupee hit a record low against the U.S. dollar in a steep slide since last week.
"Our economic situation is unimaginable," the premier said, adding the IMF visiting mission was giving Pakistan a "tough time."
"The conditions we have to fulfil are beyond imagination," he said, but admitted that the country has no option but to accept them.
"You all know we are running short of resources," Sharif said, adding the country was "facing an economic crisis".
He made the comments in a meeting of civil and military leaders in the northwestern city of Peshawar he chaired to prepare a response to Monday's mosque bombing that killed more than 100 people.
He was speaking in the context of funds the country might need for any military or counter-terrorism response to the resurgent Islamist militancy.
IMF's Pakistan representative did not immediately respond to a Reuters request for comment.
FREE FALL
The IMF mission is visiting Pakistan to discuss fiscal consolidation measures the institution needs from Pakistan to clear a 9th review of its Extended Fund Facility, aimed at helping countries facing balance-of-payments crises.
Pakistan's central bank reserves at present stand at $3.09 billion, the lowest since 1998 and not enough to cover the cost of three weeks of imports.
The IMF's demands aimed at controlling the country's budget deficit have led Pakistan to leave its currency to market based exchange rates and raise fuel prices.
The Pakistani rupee fell by 1.9% to a record low of 276.58 per dollar in the inter-bank market on Friday, according to the central bank.
The local currency has dropped 16.5% since the artificial cap was removed last week to allow its value to be decided by a market-based exchange rate.
The rupee also shed 2.65% against the U.S. dollar on the open market, according to the association of exchange companies.
An IMF delegation is in Pakistan to restart talks stalled since November for $2.5 billion funds yet to be disbursed.
Despite the economic situation, Sharif said his country will do whatever possible to fight militancy. "We will use all resources in our capacity to fight this menace," he said. (reuters)
February
U.S. Transfers Pakistani Guantanamo Bay Detainee Khan to Belize
Written by Nur Yasmin
Majid Khan, a Pakistani man who has described in graphic detail his torture by the Central Intelligence Agency in the aftermath of the Sept. 11, 2001, attacks on the United States, has been transferred from the Guantanamo Bay U.S. detention facility in Cuba to Belize, the Pentagon said on Thursday.
Khan, 42, admitted in 2012 to conspiring with members of the al Qaeda Islamist militant organization responsible for the 2001 attacks to commit murder as well as providing material support for terrorism and spying and had been serving as a government witness since, according to U.S. officials.
He was captured in Pakistan and held at an unidentified CIA "black site" from 2003 to 2006 before being placed at the detention camp at the U.S. naval base at Guantanamo Bay.
In a statement issued through his legal team, Khan welcomed what he called a second chance in life.
"I deeply regret the things that I did many years ago, and I have taken responsibility and tried to make up for them. I continue to ask for forgiveness from God and those I have hurt. I am truly sorry," Khan said.
Khan was the first Guantanamo detainee released since last October, leaving 34 detainees - down from a peak of 800 - at the facility, with 20 others already deemed as eligible for transfer to another country, according to U.S. officials.
There were 40 detainees at Guantanamo when President Joe Biden, a Democrat, took office in 2021. Biden has said he hopes to close the facility. The federal government is barred by law from transferring Guantanamo detainees to U.S. mainland prisons.
"We remain dedicated to a deliberate and thorough process focused on responsibly reducing the detainee population at Guantanamo Bay and ultimately closing the facility," White House Press Secretary Karine Jean-Pierre told reporters.
Khan's transfer was accepted by Belize's Cabinet and paid for by the U.S. government, Belize's Foreign Minister Eamon Courtenay said.
"Mr. Khan is not a terrorist. He has fully recanted, accepted responsibilities for his action and asks Allah for forgiveness," Courtenay told a news conference in the Central American country.
Courtenay, who met with Khan upon his arrival in Belize, said the released man is free to live the rest of his life there if he chooses.
In a 39-page statement that Khan read aloud to a U.S. military sentencing commission in 2021, he described his treatment at the CIA site. Khan told of being beaten, subjected to the simulated drowning technique called waterboarding and raped anally by objects.
Khan said he was hung from a beam by his hands for days, naked except for a hood over his head, and that guards there would "throw ice water on my naked body every hour or two and placed a fan to blow directly on me."
He also said he had been deprived of sleep and food, kept isolated and shackled in a cell with music blaring 24 hours a day. This went on for three years, from the time of his arrest in Karachi in 2003 until his 2006 Guantanamo transfer, Khan said.
Established by Republican President George W. Bush in 2002 to house foreign terrorism suspects following the 2001 hijacked plane attacks on New York and the Pentagon that killed about 3,000 people, the Guantanamo camp came to symbolize the excesses of the U.S. "war on terror" because of harsh interrogation methods that critics have said amounted to torture.
Defense Secretary Lloyd Austin notified U.S. lawmakers about his intent to transfer Khan last year, the Pentagon said.
The Center for Constitutional Rights, the legal group representing Khan, welcomed his freedom.
"Belize has done an outstanding job to prepare for his resettlement, and their success serves as a model for other countries to accept men who no one thinks should remain at Guantanamo but who cannot return to their home countries for humanitarian reasons," said Wells Dixon, a lawyer with the group. (Reuters)
February
Micronesia to Sign Extension of U.S. Security Pact 'Soon', President Says
Written by Nur Yasmin
Micronesia aims to 'soon' sign an extension of its economic and security pact with the United States, its President David Panuelo said on Friday, a deal seen as important in Washington's efforts to counter Chinese influence in the Pacific.
Micronesia is one of three Pacific Island states that has so-called compacts of free association with the United States, which allows Washington exclusive access to airspace and territorial waters in exchange for financial assistance.
"Our negotiation team actually will be in (Washington) D.C. soon where the two governments will likely be signing an MOU for the extension of the economic provisions for another 20 years," Panuelo told reporters on a visit to Tokyo. (Reuters)
February
New Zealand Floods Add to Inflation Challenge for New Prime Minister Ahead of Vote
Written by Nur Yasmin
The worst flooding in New Zealand's biggest city Auckland is heaping more inflationary pressure and is posing a fresh cost-of-living headache for prime minister Chris Hipkins, who is trying to win back support for his party ahead of elections this year.
Hipkins, who replaced Jacinda Ardern as prime minister and leader of the Labour Party last month amid a backlash over COVID-19 restrictions, rising cost of living and a worsening housing crisis, has his work cut out, analysts and political observers say.
The intense cost-of-living pressures will be a hot-button issue going into the Oct. 14 election, they say, with annual inflation already running at near three decade highs of 7.2%.
"Following the floods a lot of prices will be going up left, right and center. It was the perfect storm and for the government that we have, they are really up against it in terms of the economic questions and the cost of living," said Grant Duncan, a professor at Massey University.
"Inflation is going to be very important in the next election," he said.
Although monetary policy implications are likely to be limited, the floods are “yet another unhelpful inflationary shock,” ANZ said in a note, with many observers warning it will take several months to recover from the significant damage to thousands of houses, roads and vegetable crops.
The central bank has already raised interest rates by 400 basis points since October 2021 in its most aggressive tightening since the cash rate was introduced in 1999, and analysts expect it will treat the floods as a one-off event. Policy rates are still expected to be raised by 50 basis points to 4.75% at the next meeting on Feb. 22.
Food prices were up at more than a three-decade high of 11.3% in December year-on-year, and the flooding in Auckland and much of the upper North Island will add to the overall costs for a range of consumer items from cars to couches and onions, analysts say.
TEST CASE FOR GOVT
The nation's largest opposition party National has criticised Labour's handling of inflation and has pledged to reduce spending.
Hipkins, who took office just 10 days ago, has already refocused his government on providing relief for New Zealanders struggling with inflation.
Polls taken in the days after he was appointed saw the Labour Party enjoy a strong bump in popularity and put them ahead of National for the first time in nearly a year.
But managing the near-term inflation shock from the floods and handling the recovery process will be a test for the government, analysts say. At least 200 houses have become uninhabitable, a thousand more need repairs while landslides and flooding on farms and roads have caused extensive damage.
Infometrics, a New Zealand economics consultancy, is estimating the damage at roughly NZ$470 million, noting that the repair and replacement process will strain supply chains and add to price pressures.
"There is going to be a temporary inflation pressure coming through given that there is high demand on the likes of building materials, possibly vehicles and similar as part of the recovery efforts," said Brad Olsen, chief executive of Infometrics.
Moreover, New Zealand is a long way from Asia where most cars, furnishing and even some construction materials are shipped from, adding to the supply-chain snags yet to fully ease off from the COVID-19 crisis.
“You have to imagine that there's going to be cost pressures generated by such an event. There could be a shortage of materials again. There's definitely a shortage of labour,” said Kiwibank chief economist Jarrod Kerr. (Reuters)
February
Disgraced ex-South Korea Minister Gets Two Years Jail Over Graft Scandal
Written by Nur Yasmin
A disgraced former South Korean politician, Cho Kuk, was sentenced to two years in prison on Friday for forging documents to facilitate his children's school admissions in a scandal that has deepened political divides and frustrated many young voters.
A star law professor, Cho was a key aide to former President Moon Jae-in and briefly served as a justice minister before resigning and being indicted on a dozen charges, including bribery and document fraud in late 2019.
The Seoul Central District Court convicted Cho of falsifying documents to send his son and daughter to prestigious high schools and universities, and peddling influence to interfere with a corruption investigation involving a Moon confidant.
Cho's downfall dealt a stinging blow to Moon amid voter disillusionment over intensifying inequality and hypocrisy of Moon's government and his progressive Democratic Party, and growing calls for fairness and reform.
It eventually gave rise to incumbent President Yoon Suk-yeol, who then as prosecutor-general investigated Cho and other graft scandals.
Cho, who has denied any wrongdoing, said he would appeal.
"I humbly accept the verdict and I will fight for my innocence in the parts where I was found guilty in the appeals court in a more sincere and honest manner," he told reporters after the ruling.
The court said Cho colluded with his wife, Chung Kyung-shim, also a university professor, in manipulating documents to get their son into a specialised high school and a law school, and daughter into a medical school.
Chung has already received a four-year sentence for the charges and irregularities over family investment, while her daughter's medical school and university cancelled her admission.
The court also imposed fines of 6 million won ($4,900), which it said Cho had taken from his daughter's medical school as bribes in the form of a scholarship.
"He had repeatedly committed crimes of corruption in college admissions for his children for several years using his position as a university professor, so the motive and nature of the crimes are bad, and it seriously undercut social trust in the fairness of the college entrance system," the court said in the ruling.
Cho also faces "heavy liabilities" for abusing his authority as a senior presidential officer to block a normal inspection into suspected misconducts "at the request of the political circle", the court said.
It did not immediately imprison Cho, citing the low chances of him destroying evidence or running away due to the completion of investigations and Chung serving her prison term.
Cho was once seen as a next presidential candidate and the scandal had polarised the country, with many young voters taking to the street calling for sacking him, while his supporters accused prosecutors of politically motivated investigations.
Dozens of protesters from both sides gathered outside the courthouse on Friday, some denouncing Cho and others defending him.
President Yoon's office did not immediately provide comment, but his ruling People Power party urged Cho to apologise for his conviction and exacerbating political strife. (Reuters)
February
China to Fully Resume Travel with Hong Kong, Macau on Feb 6
Written by Nur Yasmin
China said on Friday that cross border travel between the mainland, Hong Kong and Macau would fully resume from Feb. 6, dropping existing quotas and scrapping a mandatory COVID-19 test that was required before travelling.
Group tours between China and its two special administrative regions of Hong Kong and Macau would resume, while the number of customs checkpoints open will return to pre-pandemic levels, China's Hong Kong and Macau Affairs Office said in a statement on its website.
Even after China reopened its borders to the world on Jan. 8, a quota system and COVID testing requirement remained for travellers between the mainland and Hong Kong.
The three border checkpoints that have not yet reopened will do so from Feb. 6, Hong Kong's leader John Lee said at a press conference on Friday.
Hong Kong will also scrap a COVID vaccination requirement to enter Hong Kong for all arrivals, including non-Hong Kong residents, Lee added.
Searches on Chinese travel website Qunar for round trip air tickets to and from Hong Kong and the mainland increased seven-fold on Friday after China's announcement, data from state media China Transportation News showed.
China's announcement came a day after Hong Kong launched a promotion campaign including 500,000 free flights to lure back visitors, businesses and investors to the financial hub after more than three years of tough COVID curbs.
Hong Kong was largely sealed off behind closed borders for much of the past three years in a bid to ward off COVID, with mandatory quarantine of up to three weeks for people arriving as well as intensive testing and screening.
The former British colony closely followed China's zero-COVID policy until the middle of 2022 when it began to gradually unwind its rules.
Hong Kong dropped most of its remaining COVID rules in December, but mask-wearing remains mandatory unless exercising, and students must take daily rapid antigen tests. (Reuters)
February
In U.S. Visit, Taiwan Speaker Stresses Importance of Defending Island from China
Written by Nur Yasmin
The speaker of Taiwan's parliament during a forum for international religious freedom in Washington on Wednesday stressed the importance of defending the island's democracy in the face of pressure from China.
In an address to the International Religious Freedom Summit, You Si-kun sharply criticized Beijing's suppression of religious minorities and described Taiwan as the only democracy in the Chinese-speaking world.
He also stressed the self-governed, but Chinese-claimed island's strategic importance at the center of key global sea lanes and as an important producer of semiconductors.
"So it's very important to safeguard Taiwan, especially its democracy," he said.
"If Taiwan falls into the sphere of influence of CCP, then the beacon of democracy will be destroyed. And China may invade the first island chain, and will cause a threat to the entire world," You said, referring to China's ruling Communist Party and its ambitions in the Pacific region.
Speaking through a translator, You said about 50% of global shipping used the Taiwan Strait between the island and China, "so it has very important economic significance for the global trade."
"And ... Taiwan has produced the best semiconductor chips and will be very important for global trade as well," he said. "So if Taiwan cannot be safeguarded very carefully, it will be very dangerous to global trade as well as global peace."
You, who belongs to Taiwan's ruling Democratic Progressive Party but does not speak for President Tsai Ing-wen, is in Washington amid speculation that Republican U.S. House of Representatives Speaker Kevin McCarthy could soon visit the island.
Speaking to reporters later, You declined to say whether he would meet with U.S. officials or McCarthy while in the United States. He said China had overreacted to such congressional visits, which he called "very normal."
In August, then-U.S. House Speaker Nancy Pelosi, a Democrat, visited Taiwan and met Tsai, defying warnings from China, which launched military drills around the island in response, raising fears that Beijing may carry out its threat to reclaim the island by force if necessary.
Since then, Taiwan has welcomed a wave of U.S. lawmakers, and speculation has swirled around whether McCarthy would travel there this spring or summer. McCarthy last year expressed interest in visiting Taiwan if he became speaker, a role he assumed in January after Republicans took control of the House in November's midterm elections.
Like most countries, the United States has no formal diplomatic ties with Taiwan, but is bound by law to provide the island with the means to defend itself.
Washington has long stuck to a policy of "strategic ambiguity" and not making clear whether it would respond militarily to an attack on Taiwan. However, President Joe Biden said in September that U.S forces would defend Taiwan in the event of a Chinese invasion, his most explicit statement on the issue. (Reuters)
February
New Zealand Announces NZ$700,000 in Additional Flood Support as Cleanup Begins
Written by Nur Yasmin
New Zealand's government on Thursday announced NZ$700,000 ($450,000) in additional funding to help rebuild flood-ravaged Auckland and other areas in the upper north island as residents of the country's second-largest city start cleaning up.
Auckland and much of New Zealand’s upper North Island have been hit by record rainfall in the last week, which authorities say has been exacerbated at least in part by climate change.
Four people died in flooding and landslides that left roads closed, cut off communities, and damaged homes, farms and businesses.
“The main thing that we have to do right now is to support people through this immediate period,” New Zealand Prime Minister Chris Hipkins said on Thursday. “Of course, the government is going to continue to look at how best we can support people whose lives have been turned upside down.”
The worst of the rain has passed from Auckland, although some showers are expected Thursday afternoon, according to weather provider MetService. However, rain warnings remain in place for the regions southeast of Auckland.
“Rain falling onto already sodden ground will pool faster and impacts/delays should be expected where heavy rain falls,” MetService meteorologist Lewis Ferris said in a statement.
People in the city of 1.6 million are being asked to stay out of the sea and floodwaters because of fears of contamination. Two hundred high-rise buildings don't have lifts operating, causing challenges for residents. Evacuation centres remain open across the city.
Summers in New Zealand usually bring some rain, but the region is experiencing the La Nina weather system, which can bring much heavier rain to the upper North Island. (Reuters)
February
Philippines Grants U.S. Greater Access To Bases Amid China Concerns
Written by Nur Yasmin
The Philippines has granted the United States expanded access to its military bases, their defence chiefs said on Thursday, amid mounting concern over China's increasing assertiveness in the disputed South China Sea and tensions over self-ruled Taiwan.
Washington would be given access to four more locations under the 2014 Enhanced Defense Cooperation Agreement (EDCA), U.S. Defense Secretary Lloyd Austin and Philippines' Defense Secretary Carlito Galvez said in a joint news conference.
Austin, who was in the Philippines for talks as Washington seeks to extend its security options in the country as part of efforts to deter any move by China against self-ruled Taiwan, described Manila's decision as a "big deal" as he and his counterpart reaffirmed their commitment to bolstering their countries' alliance.
"Our alliance makes both of our democracies more secure and helps uphold a free and open Indo-Pacific," said Austin, whose visit follows U.S. Vice President Kamala Harris's trip to the Philippines in November, which included a stop at Palawan in the South China Sea.
"We discussed concrete actions to address destabilising activities in the waters surrounding the Philippines, including the West Philippine Sea, and we remain committed to strengthening our mutual capacities to resist armed attack," Austin said.
"That's just part of our efforts to modernize our alliance. And these efforts are especially important as People's Republic of China continues to advance its illegitimate claims in the West Philippine Sea," he added.
"We discussed concrete actions to address destabilising activities in the waters surrounding the Philippines, including the West Philippine Sea, and we remain committed to strengthening our mutual capacities to resist armed attack," Austin said.
"That's just part of our efforts to modernize our alliance. And these efforts are especially important as People's Republic of China continues to advance its illegitimate claims in the West Philippine Sea," he added. (Reuters)
February
Putin Says Military Must Stop Ukrainian Shelling of Russian Regions
Written by Nur Yasmin
President Vladimir Putin said on Wednesday that Russia's military must stop the shelling of Russian regions from Ukrainian territory, which he said had left many people homeless or without power.
Putin was addressing a government meeting about restoring destroyed housing and infrastructure in regions of southwest Russia that border Ukraine.
"Of course, the priority task is to eliminate the very possibility of shelling. But this is the business of the military department," Putin said in remarks published on the Kremlin website.
Ukraine does not claim responsibility for strikes inside Russian territory but has described them as "karma" for Moscow's invasion, which has razed Ukrainian cities and systematically targeted the country's energy infrastructure, leaving people frequently without power and water in the depths of winter.
Putin cited the Russian regions of Belgorod, Bryansk and Kursk, as well as Crimea, which Russia seized from Ukraine and annexed in 2014, as areas where housing had been damaged or destroyed.
People were facing "very acute" problems, and repairs and compensation were needed, he said.
"Many people found themselves in a difficult situation, lost their homes, were forced to move to relatives or to temporary places of residence, faced interruptions in the supply of water, heat, and electricity," he said.
His comments signalled Moscow's frustration at the frequency of attacks in southern Russia, which have included strikes on sites such as electricity sub-stations and depots for weapons and fuel. (Reuters)