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May
IMF hoping for board meeting on Pakistan before current program expires
Written by Nur Yasmin
The International Monetary Fund (IMF) remains in touch with Pakistan's authorities in order to pave the way for a board meeting before a financing program expires at the end of June, the IMF mission chief for Pakistan said.
Ordinarily, a board meeting on a review of the program would require a prior staff-level agreement, which in Pakistan's case would unlock $1.1 billion in financing for the cash-strapped South Asian nation as part of a $6.5 billion IMF package.
The staff-level agreement has been delayed since November, with more than 100 days gone since the last staff-level mission to Pakistan, the longest such delay since at least 2008.
"This engagement will focus on the restoration of foreign exchange proper market functioning, the passage of a FY24 budget consistent with program goals, and adequate financing," IMF mission chief Nathan Porter said.
On Sunday, Finance Minister Ishaq Dar said Pakistan will share its budget details with the fund. He added that he would like the IMF to clear its 9th review before the budget, which is due to be presented in early June, as all the conditions for that had already been met.
"They have asked for some more things again, we are ready to give that too, they say that give us budget details, we will give it to them," Dar said in an interview with Geo TV.
He said it would not work for Pakistan if the IMF combined the 9th and 10th review of the bailout, adding, "We will not do it, (we) see this is (as) unfair."
Porter said that broadly speaking, "overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth."
While the IMF does not comment on domestic politics, Porter said it hopes "a peaceful way forward is found in line with the Constitution and the rule of law," referring to Pakistan's political instability. (Reuters)
May
Singapore Airlines, Garuda Indonesia plan JV to boost passenger capacity
Written by Nur Yasmin
Singapore Airlines Ltd (SIAL.SI) and Garuda Indonesia (GIAA.JK) plan to enter into a joint venture (JV) to increase passenger capacity between the two countries, the flag carriers said on Monday, as post-COVID tourism in Southeast Asia ramps up.
The proposed JV would allow the carriers to potentially synchronise schedules, improving passengers' connectivity and convenience, and explore new initiatives, including joint fare products and an alignment of corporate programmes, they said.
The plan will cover routes between Singapore and Denpasar, Jakarta, and Surabaya, and deepen the existing cooperation between the two carriers.
"This joint venture ... reflects our firm commitment to grow the aviation markets in Indonesia and Singapore, facilitating a greater level of business and people connections and promoting both countries as regional tourism destinations," said Goh Choon Phong, chief executive officer of Singapore Airlines. (Reuters)
May
Rapid changes in cryosphere demand urgent, coordinated action
Written by nuke
Ice melted in Antarctica -
Geneva, WMO - The World Meteorological Organization will elevate the cryosphere to one of its top priorities, given the increasing impacts of diminishing sea ice, melting glaciers, ice sheets, permafrost and snow on sea level rise, water-related hazards and water security, economies and ecosystems.
According to a release received by Voice of Indonesia on Monday, the World Meteorological Congress, WMO’s top decision-making body, endorsed a new resolution calling for more coordinated observations and predictions, data exchange, research and services. It proposes to ramp up activities, with a proposed increased in funding from the regular budget and extrabudgetary funding.
Delegates from around the world voiced concern that what happens in Polar and high mountain areas affects the whole globe, in particular small island states and densely populated coastal zones.
“The cryosphere issue is a hot topic not just for the Arctic and Antarctic, but it is a global issue,” said WMO Secretary-General Prof. Petteri Taalas.
Sue Barrell (Australia) and Diane Campbell (Canada) who are co-chairs of the WMO’s, Executive Council’s Panel on Polar and High Mountains Observations, Research, and Services, outlined the challenges and the need for urgent action.
Well over a billion people rely on water from snow and glacier melt, carried downstream by the major river basins of the world. The irreversible changes in the global cryosphere will therefore affect adaptation strategies and access to water resources.
Arctic permafrost is melting and is a “sleeping giant” of greenhouse gases. Arctic permafrost stores twice as much carbon as in the atmosphere today. Thawing mountains and Arctic permafrost creases increased risk of natural cascading hazards.
Glaciers, Greenland and Antarctica ice sheet melt accounts for about 50 percent of sea level rise, which is accelerating. This is having growing and cascading impacts on small island developing states and densely populated coastal areas.
Cryosphere changes in mountain areas are leading to an increased risk of hazards such as rockslides, glacier detachments and floods. For example, Pakistan has surveyed more than 3000 glacial lakes, of which 36 were potentially dangerous and at high risk for outburst. It suffered numerous glacial lake outbursts and flash floods in 2022 – a year which saw extreme and prolonged heat in March and April and devastating floods in September and October.
There is a need for coordination of activities in Antarctic carried out by Members to meet needs for meteorological data and services and for environmental monitoring and climate research.
The resolution calls for greater investment and mobilization of activities well beyond the WMO community. It sets out the high-level priorities and proposed actions, which are linked to WMO’s Long-Term Goal.
The urgency of global and regional emerging risks from the changing cryosphere in a changing climate, is understood and reflected in the workplans of WMO bodies and in global frameworks.
Collaborative and coordinated technical mechanisms are optimized to support advancing service delivery by Members, to address relevant gaps in polar and high mountain regions, at all scales.
Earth system predictions are enhanced through closing gaps in polar and high mountain observations; improving data sharing; and improved numerical models integrating research on cryospheric processes.
Partnerships and collaboration with research and external stakeholders advance knowledge sharing and amplify the existing capacity to deliver services, in a regional relevant manner.
Antarctica: Members’ collaboration in collecting and sharing observations, conducting research, and developing and providing services, is enhanced.
Sea level rise, ice and glaciers are among the climate indicators monitored by WMO and the Intergovernmental Panel on Climate Change. The WMO State of the Global Climate 2022 report highlighted the rapid change//VOI
May
James Cleverly, the UK Foreign Secretary -
The UK Foreign Secretary, James Cleverly, recently set out the UK position on China as combining 2 currents – engaging where we must on issues of global significance (climate, health, trade); and recognising our differences on values and security – and 3 pillars Strengthen our national security protections where there is a threat to our people or our prosperity, Deepen our cooperation and strengthen our alignment with friends and partners in the Indo-Pacific and across the world, Engage directly with China, bilaterally and multilaterally, to preserve and create open, constructive and stable relations, reflecting China’s global importance.
According to a release received by Voice of Indonesia on Saturday, Britain will engage on issues of global significance but recognise their differences on values and security.
Recognising the depth and complexity of Chinese history and civilisation – something that would be mirrored in UK policy – and the myriad achievements of the Chinese people, the Foreign Secretary, James Cleverly, said that Chinese inventions – paper, printing, gunpowder, the compass – have transformed the fortunes of the whole of humanity.
Then calamities struck, one after another; some caused by foreign aggression; others coming from within China itself. Yet the last 45 years have seen another astonishing reversal. By releasing the enterprising genius of its people, China has achieved the biggest and fastest economic expansion the world has ever known.
Acknowledging the challenges, the Foreign Secretary added that “We should have every confidence in our collective ability to engage robustly and also constructively with China, not as an end in itself, but to manage risks and produce results.
Meanwhile The Indonesian Ambassador to Indonesia, Owen Jenkins said that the Foreign Secretary has set out a clear-eyed and pragmatic approach to China, avoiding cheap soundbites and recognising that they need to achieve three things to protect their national security, align with their friends, and engage and trade with China where their interests converge.
"We believe that our partners will recognise that this honest and open approach is the right one to build stability, openness and transparency in the Indo-Pacific. Indonesia has a special place in the region, as a hugely important partner and in its role as the Chair of ASEAN in 2023. We will continue to engage actively with Indonesia to shape the future of Indo-Pacific as an open, stable and inclusive region, with ASEAN at its centre”, Indonesian Ambassador to Indonesia, Owen Jenkins added//VOI
May
Indonesia, Malaysia to visit Brussels over concern about EU deforestation law
Written by Nur Yasmin
The world's two biggest palm oil producers Indonesia and Malaysia will send top officials to the European Union next week to voice concern over a new deforestation law they believe could be detrimental to small farming businesses.
Indonesia and Malaysia accounts for about 85% of global palm oil exports and the EU is their third-largest market.
The European Parliament approved a landmark deforestation law last month to ban imports into the EU of coffee, beef, soy and other commodities unless companies could provide "verifiable" information the products were not grown on land that was deforested after 2020.
Those in violation would face hefty fines.
Indonesia and Malaysia both confirmed the visit to Brussels would take place on May 30 and May 31.
Both have accused the EU of discriminatory policies targeting palm oil and Malaysia had previously said it could stop exporting it to the EU over the deforestation law.
The regulation has been welcomed by environmentalists as an important step to protect forests, with deforestation responsible for about 10% of global greenhouse gas emissions.
Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto said the law would burden smallholders with onerous administrative procedures.
"The law could exclude the important role of smallholders in the global supply chain and fail to recognise their significance and rights," Airlangga said in a statement.
Airlangga will make the Brussels trip with Malaysia's Commodities Minister Fadillah Yusof. The mission will seek to discuss ways of minimising negative impacts of the law, especially on smallholders, the statement said.
EU diplomats have denied the bloc is seeking to ban imports of palm oil and said the law applies equally to commodities produced anywhere. (Reuters)
May
Japan raises view on economy for 1st time since July 2022
Written by Nur Yasmin
Japan's government raised its overall view of the economy for the first time in ten months in May, after recent data showed the country emerged from recession in the first quarter amid a post-COVID consumption rebound.
The Cabinet Office also upgraded its assessment of consumer spending, exports and factory output, suggesting economic and social activities gathered pace.
"The economy is recovering moderately," the Cabinet Office said in its monthly report published on Thursday, upgrading its view for the first time since July 2022.
Previously, it said the economy was picking up moderately though there was some weakness.
Consumer spending is "picking up", it added in the report.
Earlier this month, the government reclassified COVID-19 as an infectious disease level on par with the seasonal flu, which helped people to go out for leisure.
"The economy has entered a self-sustainable recovery phase," said an official at the Cabinet Office. "Overall, the positive movements are spreading in the economy."
With shipments of auto and auto parts growing as supply disruptions in semiconductors ease, the Cabinet Office raised its view on exports for the first time since December 2020.
Exports are showing "solid movement", it said, better than its previous view of a "weak tone" in shipments.
The Cabinet Office also made an upward revision on factory output for the first time since August 2022, saying it was showing "signs of picking up".
It removed a reference to "supply constraints" from risks but kept its caution over the downside risks to the economy amid global monetary tightening, price increase and market fluctuations.
The government expects the Bank of Japan to achieve its 2% inflation target in a sustainable and stable manner backed by wage increases. (reuters)
May
US State Department's top China policy official to step down
Written by Nur Yasmin
The U.S. State Department's top China policy official Rick Waters is set to step down at a time of fraught relations between Washington and Beijing.
Waters, deputy assistant secretary of State for China and Taiwan who leads the department's recently created China House policy division, will leave his role on June 23 and remain a member of the senior foreign service, according to a State Department spokesperson.
Waters announced his intention to leave his post at a staff meeting earlier on Wednesday, sources familiar with the matter told Reuters.
"We thank him for his two years of skillful service on China and Taiwan issues, to include his standing up the Office of China Coordination and his leadership over the Office of Taiwan Coordination," the spokesperson said in a statement.
Waters did not immediately respond to a Reuters request for comment.
Reuters reported two weeks ago that the State Department delayed human rights-related sanctions, export controls and other sensitive action to try to limit damage to the U.S.-China relationship after an alleged Chinese spy balloon traversed the United States in February.
The report referenced an email Waters sent to staff that relayed instructions to postpone some actions so the department could focus on a "symmetric and calibrated response" to the balloon.
Relations between the world's two largest economies are at their worst in decades, according to many analysts, as the strategic rivals clash over issues ranging from Taiwan to trade.
"China House is already strengthening the administration’s work to advance a free and open Indo-Pacific and out-compete China," said Assistant Secretary of State for East Asian and Pacific Affairs Daniel J. Kritenbrink.
"There are few people in the U.S. government who understand the PRC (People's Republic of China) better than Rick Waters, and standing up China House under his leadership will be a lasting legacy. Rick is a strategic thinker who has skillfully advanced U.S. policy on China," said Kritenbrink, adding that the State Department is in the process of choosing Waters' successor.
President Joe Biden's administration has sought high-level meetings with China in an effort to keep ties from veering toward conflict, particularly since the diplomatic crisis over the balloon's flight past sensitive U.S. military sites.
U.S. Secretary of State Antony Blinken postponed a planned February trip to China after the balloon incident, but the White House has said efforts are continuing to facilitate visits by Blinken, as well as Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo.
Waters has led China House – officially the Office of China Coordination – since it was launched in December as a reorganization of the department's China desk to sharpen policies. He has served as deputy assistant secretary for about two years.
Some Biden administration critics have questioned U.S. overtures to China, arguing that past decades of engagement have failed to change its line on a range of trade, security and human rights issues.
Congressman Mike McCaul, the Republican chair of the House of Representative's Foreign Affairs Committee, cited the Reuters report in a letter he sent to Blinken dated May 19, demanding information related to actions toward China.
"For the U.S. to succeed in its strategic competition with the PRC, it is essential that it be willing to unflinchingly hold the PRC accountable for its aggression and malfeasance, and that it be well-organized and effective in doing so," McCaul wrote.
The Biden administration has recently seen other changes among senior officials focused on China.
U.S. Deputy Secretary of State Wendy Sherman, who has driven much of the department's approach toward China, announced on May 12 that she is retiring.
And a former top official for China on Biden's National Security Council, Laura Rosenberger, stepped down this year to head a U.S. government-run nonprofit that manages unofficial relations with Chinese-claimed Taiwan. (Reuters)
May
Western Australia to compensate Aboriginal group for historic mining damage
Written by Nur Yasmin
Western Australia state has agreed to compensate an Aboriginal group for historic acts including issuing mining leases on their traditional lands, setting a precedent that is set to allow Indigenous groups a greater say in future developments.
The state has been strengthening its laws to protect Indigenous cultural heritage since iron ore mining operations by Rio Tinto three years ago destroyed historic rock shelters that showed human habitation dating back 46,000 years.
The Western Australian government said it had reached a "historic settlement" with the Tjiwarl people of the state's northern Goldfield's region for three native title compensation claims and had finalised an agreement for land use in future.
The state will pay the Tjiwarl Aboriginal Corporation A$25.5 million ($17.3 million) for acts such as approving roads and issuing leases that damaged or destroyed the group's legal rights over their traditional lands.
The new agreement sets out a greater say for the Tjiwarl on future developments by miners and others on issues including water management and mining or petroleum leases, and removes the need for future compensation claims. It also returns some land parcels to Tjiwarl and expands the group's conservation area.
Miners who had now settled their liabilities included Bellevue Gold (BGL.AX).
BHP Group (BHP.AX), which declined to comment, struck a land use agreement in 2018 for its nickel operations and was not part of the settlement. Its Mt Keith and Leinster nickel operations are on Tjiwarl lands. Comment was being sought from Bellevue.
"(The agreement) lays the foundation for a strong relationship between the WA Government and Tjiwarl Native Title holders into the future," the state government said in a statement late on Wednesday.
Tjiwarl Aboriginal Corporation was pleased to have reached the settlement, Chief Executive Greg Ryan-Gadsden said in a statement.
"We are hopeful it provides a foundation to guide other native title groups to reach similar outcomes."
Lawyer Malcolm O’Dell of Central Desert Native Title Services, who was involved in the negotiations, almost all the mining parties who may have had a liability as part of the original compensation claim have now settled that liability. (Reuters)
May
Sri Lanka making good progress in debt restructuring talks, president says
Written by Nur Yasmin
Crisis-stricken Sri Lanka should be able to conclude newly launched debt restructuring talks by September, or November at the latest, its president said on Thursday, adding that the negotiations had made "remarkable" progress.
Sri Lanka secured a $2.9 billion bailout from the International Monetary Fund in March and has previously said it aims to complete talks on restructuring debt owed to bilateral creditors and overseas bondholders by September.
It was not clear whether President Ranil Wickremesinghe's comment signalled a possible delay in the process. He was speaking as he began a meeting with Japanese Prime Minister Fumio Kishida at the latter's office in Tokyo.
The two leaders affirmed the importance of adhering to transparent and fair debt restructuring, according to a summary issued by Japan.
"We have made remarkable headway as far as the debt restructuring talks are concerned," Wickremesinghe said.
"(We) should be able to conclude by September, or November the latest," which he said would mark an end to Sri Lanka's economic crisis.
Kishida's meeting with the Sri Lankan leader, their first since last September, is unlikely to generate a new initiative but both sides would take stock of the efforts to restructure debt, a Japanese official told Reuters.
Last month, France, India and Japan unveiled a common platform for talks among bilateral creditors to co-ordinate restructuring of the debt.
"We have now started a creditors' meeting and all for a successful conclusion before the end of 2023," the president said. "Sri Lanka is dedicated to ensure equal treatment for all creditors. We want this exercise to succeed because our experience will enable more middle-income countries to utilise the IMF in ensuring multilateral coordination for debt relief."
The island nation defaulted on its foreign debt for the first time in its history in April last year as the worst financial crisis since independence from Britain in 1948 crushed its economy.
The IMF called this week for timely restructuring pacts with the country's creditors. The global lender said Sri Lanka's macroeconomic situation was improving, although earlier it had predicted the economy would contract 3% this year.
Sri Lanka owes $7.1 billion to its creditors, with $3 billion owed to China, $1.6 billion to India and $2.4 billion to the Paris Club, a group of creditor nations.
At the meeting with Kishida, Wickremesinghe expressed regret over past relations with Japan, when Sri Lanka called off a major infrastructure deal signed with Tokyo.
The president suggested his country was now keen to restart multiple investment projects with Japan.
"We re-commence the projects that were suspended or cancelled," he said. (reuters)
May
Bangladesh promises free, fair elections in response to US visa curbs
Written by Nur Yasmin
Bangladesh will take steps to tackle and prevent unlawful practices or interference in its elections, authorities said on Thursday, a day after the United States threatened curbs on citizens of the South Asian nation who undermine them.
Concern flared after accusations of vote-rigging and the targeting of the political opposition marred national elections in 2014 and 2018, charges denied by the government of Prime Minister Sheikh Hasina.
U.S. Secretary of State Antony Blinken has said the United States is adopting a new policy to restrict visas for Bangladeshis who undermine the democratic election process at home.
"The government apparatus will take necessary measures to prevent and address any unlawful practices or interference ... to compromise the smooth and participatory conduct of the elections," the Bangladesh foreign ministry said in response.
"The electoral process will remain under strict vigilance, including by international observers as accredited by the Election Commission," it added in a statement.
The commission retains the ability to perform its functions in full independence, credibility and efficiency, the ministry said.
Political analyst Badiul Alam Majumder welcomed the U.S. curbs.
"I see this restriction as a preventive measure," he added. "This could avert efforts by individuals to rig elections in their favour."
Hasina, who has kept tight control of the South Asian nation since coming to power in 2009, has been accused of human rights violations, obliteration of press freedom, suppression of dissent and the jailing of critics, including many supporters of the main opposition Bangladesh Nationalist Party (BNP).
The BNP has been calling for Hasina to step down and for the next election, due in January 2024, to be held under a neutral caretaker government, a demand her government has rejected.
"This new visa policy proves once again that the international community is certain that a free and fair election is not possible under this government," said a senior BNP leader, Zahir Uddin Swapon.
Since December 2021, Washington has maintained sanctions on an elite police unit targeting crime and terrorism, which has been accused of extrajudicial killings and enforced disappearances. (Reuters)