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March
IMF says 'substantial progress' by Pakistan toward loan program -Bloomberg News
Written by Nur Yasmin
The International Monetary Fund (IMF) said Pakistan has made "substantial progress" toward meeting policy commitments needed to unlock loans the country needs to avoid default, Bloomberg News reported on Monday. (Reuters)
March
US, China, Russia argue over North Korea at United Nations
Written by Nur Yasmin
The United States, China and Russia argued during a United Nations Security Council meeting on Monday over who was to blame for spurring North Korea's dozens of ballistic missile launches and development of a nuclear weapons program.
The 15-member council met over what Pyongyang said was the launch on Thursday of its largest Hwasong-17 intercontinental ballistic missile. North Korea has been under U.N. sanctions for its missile and nuclear programs since 2006.
China and Russia blamed joint military drills by the United States and South Korea for provoking Pyongyang while Washington accuses Beijing and Moscow of emboldening North Korea by shielding it from more sanctions.
U.N. Secretary-General Antonio Guterres "remains deeply concerned over the divisions that have prevented the international community from acting on this matter," a senior U.N. official said at the meeting.
Russia's deputy U.N. Ambassador Anna Evstigneeva described the U.S. and South Korean military activity as "unprecedented," while China's deputy U.N. Ambassador Geng Shuang questioned whether they were defensive drills and blamed them for heightening tensions.
"These exercises are long standing, they are routine. They are purely defensive in nature ... The United States harbors no hostile intent toward the DPRK," said U.S. Ambassador to the U.N. Linda Thomas-Greenfield, using its formal name, the Democratic People's Republic of Korea.
For the past several years the council has been divided over how to deal with Pyongyang. Russia and China, veto powers along with the United States, Britain and France, have said more sanctions will not help and want such measures to be eased. Geng said it was intended as a goodwill gesture to try and create favorable conditions for a detente.
Thomas-Greenfield said lifting U.N. sanctions would reward Pyongyang "for doing nothing to comply with Security Council resolutions." She accused Pyongyang of depriving North Koreans of needed humanitarian assistance.
Russia and China also again raised nuclear concerns over a security pact known as AUKUS that will see Australia develop a nuclear-powered submarine program with the United States and Britain.
The United States and Britain both rejected their concerns and told the council that AUKUS does not violate the Non-Proliferation of Nuclear Weapons Treaty.
"North Korea's illegal nuclear and ballistic missile programs violate multiple Council resolutions. So there's simply no comparison to the AUKUS," Britain's deputy U.N. Ambassador James Kariuki told the council. (Reuters)
March
IMF approves nearly $3 bln bailout for Sri Lanka
Written by Nur Yasmin
The International Monetary Fund (IMF) on Monday said its executive board approved a nearly $3 billion bailout for Sri Lanka, and the country's presidency said the program will enable it to access up to $7 billion in overall funding.
The decision will allow an immediate disbursement of about $333 million, the IMF said, and will spur financial support from other partners, potentially helping Sri Lanka emerge from its worst financial crisis in over seven decades.
IMF Managing Director Kristalina Georgieva said Sri Lanka also needs to undertake various reforms.
"For Sri Lanka to overcome the crisis, swift and timely implementation of the EFF-supported program with strong ownership for the reforms is critical," Georgieva said in a statement. EFF refers to the IMF's Extended Fund Facility.
She emphasised the need for "ambitious revenue-based fiscal consolidation."
"For the fiscal adjustments to be successful, sustained fiscal institutional reforms on tax administration, public financial and expenditure management, and energy pricing are critical," Georgieva said in the statement.
Sri Lanka President Ranil Wickremesinghe's office said in a statement that the IMF program will help improve the country's standing in international capital markets, making it attractive for investors and tourists.
Wickremesinghe told the country's parliament earlier that there were signs the economy was improving, but there was still insufficient foreign currency for all imports, making the IMF deal crucial so other creditors could also start releasing funds.
The island nation aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an IMF review of a bailout package in six months, its central bank governor told Reuters earlier this month. (Reuters)
March
Wickremesinghe delivers IMF deal for Sri Lanka despite public mistrust
Written by Nur Yasmin
When Ranil Wickremesinghe took over as Sri Lanka's president in July after a popular uprising ousted his predecessor, the South Asian island nation was engulfed in its worst economic meltdown in 75 years.
Since then, Wickremesinghe has managed to a keep a lid on mass protests, improve supplies of essentials and on Monday, secured a nearly $3 billion bailout from the International Monetary Fund (IMF) that opens the door to restructuring about $58 billion of debt and receive funding from other lenders.
He has done that despite a deeply unpopular government, his own party commanding just one seat in the 225-member parliament and having to rely for support on the party of the man he replaced.
Hours-long power cuts and queues for fuel that led to the downfall of former President Gotabaya Rajapaksa are gone, thanks partly to a fuel rationing system. Tourists are returning, remittances are recovering and foreign exchange reserves are rising, though the economy is still contracting.
But due largely to significant hikes in income taxes and power tariffs that were needed to get the IMF on board, the government of the 73-year-old is no favourite of the people.
According to a "Mood of the Nation" poll run in February by private think-tank Verité Research, the government's approval rating was 10%, the same as in October but higher than an all-time low of 3% in June, when Rajapaksa was in power. Only 4% were satisfied with the way things were going in Sri Lanka, down from 7% in October but higher than 2% in June.
There are no known approval ratings for Wickremesinghe as president.
"He's ready to face the people's anger in the short term, to ensure long-term stability and growth in the country," said Dinouk Colombage, Wickremesinghe's director of international affairs.
"Even though the president only has one seat in parliament, him carrying forward his agenda, bringing forth the reforms, once the results start showing, I think the people will come out in open support of him."
Born into a prominent family of politicians and business-people with large interests in the media, the lawyer and six-time prime minister has little support beyond wealthy urban voters. His ability to make policy depends to a great extent on the support of the Sri Lanka Podujana Peramuna party, largely controlled by the Rajapaksa family.
For now, Wickremesinghe is enjoying that support, and he said on Sunday that his country was on the right track.
"There's fuel now, there's electricity, there's fertiliser and by April, there will be enough rice and other foodstuff," he said at an event in Colombo.
"We will no longer be declared a bankrupt nation, but a nation that can restructure its debts."
The bailout is expected to catalyse additional external support, with funding expected from the World Bank and the Asian Development Bank to the tune of $3.75 billion, the IMF said in a statement.
APOLOGY WHERE NEEDED
In recent months, Wickremesinghe successfully negotiated economic support from top lenders China, India and Japan, culminating in the IMF bailout.
He flew to Japan in October to apologise for the cancellation of Japanese-funded projects under Rajapaksa, which convinced Tokyo to back Sri Lanka's request for the IMF bailout.
The Paris Club of creditors, which includes Japan, earlier this year gave financing assurances to support the IMF deal.
A Japan-funded $1.8 billion light-railway project, which was suspended in 2019, is among infrastructure projects that Sri Lanka is now trying to restart.
But Sri Lanka still needs to renegotiate its debt, a potentially drawn-out process where Wickremesinghe, who is also the finance minister, will have to deal with demands from China, India and other creditors.
He still has to turn around the economy, which shrank 7.8% in 2022 and is expected to contract by 3% this year.
Implementing further reforms under the IMF programme, reducing record-high interest rates and controlling inflation will also continue to pose challenges for Wickremesinghe, who has faced trade union strikes after the tax and power hikes.
Critics say Wickremesinghe's economy-first approach ignores political and systemic reforms - like stronger anti-corruption measures and more transparency in government decision-making - as demanded by mass protesters who banded together as the "Aragalaya" movement last year.
"One year on, there is no real structural change in governance or system change," said Bhavani Fonseka, senior researcher at Colombo-based Centre for Policy Alternatives.
"The president does take this line that his priority is addressing the economy over everything else, but you can’t have that silo-ed approach and think people are going to be okay with it."
A crisis-weary public may still have to absorb years of continuing hardship as Sri Lanka tries to fix its economy during the four-year IMF programme, warned Jayadeva Uyangoda, a senior political analyst.
"Wickremesinghe has managed to neutralise the Aragalaya and that was a major success, but the economic and social crisis goes on," he said.
"Economic stability will take at least another couple of years." (Reuters)
March
US calls Tsai transit 'nothing new', urges China to not react aggressively
Written by Nur Yasmin
Expected U.S. stopovers in coming weeks by Taiwan President Tsai Ing-wen are standard practice and China should not use them as a pretext for aggressive action toward the democratically governed island, a senior U.S. administration official said.
Tsai plans to transit through New York and Los Angeles as part of a trip to Central America, and sources have told Reuters that U.S. House Speaker Kevin McCarthy intends to meet her during the California leg of her visit.
China, which claims Taiwan as its territory, has said it is "seriously concerned" about Tsai's travel plans.
But the senior U.S. official told reporters on a call on Monday night that every president of Taiwan had transited through the U.S., and that Tsai has done so herself six times since taking office 2016, most recently in 2019.
She had met members of Congress during all of those visits, the official added, noting that the COVID-19 pandemic had limited her travel in more recent years.
"We see no reason for Beijing to turn this transit, again, which is consistent with long-standing U.S. policy, into anything but what it is. It should not be used as a pretext to step up any aggressive activity around the Taiwan Strait," the official said.
The official said Washington had communicated to Beijing that Tsai's stopovers are in keeping with past precedent.
"There is nothing new from our point of view," the official said.
Noting that President Joe Biden hoped to speak to Chinese leader Xi Jinping soon and that Secretary of State Antony Blinken would like to reschedule a postponed trip to Beijing, the official said: "We urge the PRC (People's Republic of China) to keep these channels of communication open."
"In terms of contact with McCarthy's office, we offer briefings to members before engagements. We tend to do that before travel, before meetings. We've had some regular contact there," the official added.
Tsai's anticipated U.S. meeting with McCarthy is seen as a potential alternative to a sensitive visit by the Republican Speaker to Taiwan, a trip he has said he hopes to make.
China staged military exercises around Taiwan in August following a visit to Taipei by then-U.S. House Speaker Nancy Pelosi.
Taiwan is China's most sensitive territorial issue and a major bone of contention with Washington, which maintains only unofficial ties with Taipei, but is required by U.S. law to provide the island with the means to defend itself.
China believes the United States is colluding with Taiwan to challenge Beijing and giving support to those who want the island to declare formal independence.
Taiwan's government says the People's Republic of China has never ruled the island and so has no right to claim it, and that only its 23 million people can decide their future. (Reuters)
March
South Korea's Yoon says Japan will return to trade 'white list'
Written by Nur Yasmin
South Korean President Yoon Suk Yeol said on Tuesday he would restore Japan's fast-track trade status after a summit with Japanese Prime Minister Fumio Kishida last week, a move he called crucial for bolstering supply chains in key areas.
Yoon announced the decision at a cabinet meeting, saying South Korea and Japan should make efforts to remove obstacles that hinder developing bilateral ties.
"I will preemptively order our trade minister today to begin necessary legal procedures to have Japan back on our white list," Yoon told the meeting, which was televised live. "I'm sure Japan will respond if South Korea first starts removing the obstacles."
South Korea and Japan removed each other from the list in 2019 amid a decades-old row over a 2018 South Korean court order for Japanese companies to compensate forced labourers during Japan's 1910-45 occupation of Korea.
Tokyo criticised the ruling, saying the issue was resolved under a 1965 treaty that normalised relations, and the strained ties fanned concerns over U.S.-led efforts to bolster cooperation to counter North Korea's nuclear and missile threats.
Yoon, who took office in May, has vowed to mend the bilateral ties and visited Tokyo last week for the first time in 12 years as a South Korean leader.
Yoon is pushing to resolve the forced labour feud through a plan unveiled this month under which a public foundation, funded by South Korean companies, would pay compensation.
The plan was welcomed in Tokyo but faced a backlash from some victims and South Korean opposition lawmakers, who accused Yoon of capitulating to Tokyo and inviting Japanese troops back to the Korean peninsula.
Yoon said that some people would seek political gain by fuelling "hostile nationalism and anti-Japan sentiment," without naming them, but that it was irresponsible to do so as the president.
He also accused his predecessor's government of leaving relations in a "quagmire" at the expense of crucial economic, security and people-to-people exchanges.
"I felt like I was trapped in a maze with no exit, but I couldn't just sit back and watch," Yoon said.
Kishida told him at the summit that he would uphold Japan's past apologies for wartime atrocities, including a 1998 declaration focusing on colonial rule, Yoon said, adding that now is the time for the two neighbours to go beyond the past.
"The relationship is not a zero-sum one where one side gains and the other side loses as much. It can and must be a win-win," he said.
Better ties would help build stable supply chains in high-tech industries such as semiconductors by linking South Korea's manufacturing technology with Japan's edge in materials, parts and equipment, he said.
The U.S. has called for greater trilateral cooperation with its key two Asian allies on economic security.
As a follow-up to the summit, Seoul's foreign ministry said on Tuesday it had normalised an intelligence-sharing pact, known as GSOMIA, with Tokyo to foster closer security cooperation on North Korea. (Reuters)
March
Beijing still seeking answers a year after China Eastern plane crash
Written by Nur Yasmin
China's aviation regulator said on Monday that investigators were still looking into the cause of the crash of China Eastern Airlines (600115.SS) Flight MU5735, almost a year after the plane came down, killing all 132 people on board.
The Boeing (BA.N) 737-800 crashed into a mountainous region in the southwestern Guangxi region on March 21, 2022, in China's deadliest aviation disaster in 28 years.
On the eve of the anniversary, the Civil Aviation Administration of China (CAAC) issued a three-paragraph statement that provided little detailed information and no data from the plane's so-called "black boxes" that would offer clues into its sudden plunge from cruising altitude.
"Because the accident is very complicated and extremely rare, the investigation is carrying on in an in-depth manner," the CAAC said, adding that experts had inspected more than 100 pieces of wreckage.
"Following on this, the technical investigation team will continue to carry out work such as cause analysis, experiments and verification, and will release relevant information in a timely manner according to the investigation's progress."
International Civil Aviation Organization rules require countries probing plane crashes to make a final report publicly available within 12 months or if that is not possible, to publish an interim statement on each anniversary, detailing the progress of the investigation and any safety issues identified.
But Greg Waldron, Asia managing editor of industry publication FlightGlobal said the brevity of the CAAC's one-year statement was unusual, noting that one-year reports published by other Asian countries were often dozens to hundreds of pages long and included detailed analysis.
"The objective is not to attribute blame, but rather to improve the safety standards of the industry in general," he said.
While the MU5735 tragedy like all aircraft disasters was complex, the cockpit voice recorder and flight data recorder of the aircraft were recovered days after the crash, he added.
"This data from this equipment should have yielded detailed insights into conditions with the aircraft and in the cockpit at the time of the crash."
TWO YEARS OR MORE
The Chinese regulator said investigations so far had focused on how key components were performing before the crash, and looked into air traffic control, the passengers and what the plane was carrying.
Investigators looking into the crash were examining the actions of the crew on the flight deck with no evidence found of a technical malfunction, two people briefed on the matter told Reuters in May 2022.
In a response to internet rumours of a deliberate crash, the CAAC said at the time the speculation had "gravely misled the public" and "interfered with the accident investigation work."
A final report into the causes of the crash could take two years or more to compile, Chinese officials said last year.
Boeing declined to comment and China Eastern did not immediately respond to a request for comment.
A summary of a preliminary report issued last year before the jet's black boxes were analysed gave no indication of the focus of the investigation. It noted the crew were qualified, the jet was properly maintained, the weather was fine and no dangerous goods were onboard.
The cockpit voice recorder and flight data recorder were sent to a U.S. National Transportation Safety Board (NTSB) laboratory in Washington, a move Beijing had supported despite rising political tensions between the two countries. NTSB investigators also travelled to China.
The NTSB said on Monday it continued to support the Chinese-led investigation.
NTSB Chair Jennifer Homendy said last week the agency has had a "really good working relationship with China" during the investigation. "Our investigators went to China. We got what we needed," Homendy said.
The 737-800 is a widely flown predecessor to Boeing's 737 MAX and has been in service since 1997 with a strong safety record. (Reuters)
March
Debt-stricken Sri Lanka to receive first tranche of IMF bailout funds in two days
Written by Nur Yasmin
Sri Lanka will receive the first tranche of about $330 million from the International Monetary Fund in the next two days, and, going forward, disbursements would be tied to reviews that take place every six months, an IMF official said on Tuesday.
The IMF on Monday said its executive board approved a nearly $3 billion bailout for Sri Lanka, and the office of the country's president said the programme will enable it to access up to $7 billion in overall funding.
Economic mismanagement coupled with the impact of the COVID-19 pandemic left Sri Lanka severely short of dollars for essential imports at the start of last year, tipping the country into its worst financial crisis in seven decades.
Peter Breuer, Senior Mission Chief for Sri Lanka, Asia and Pacific Department at IMF, said debt sustainability was one of the key criteria for the IMF to approve a bailout for any economy.
International dollar bonds issued by the country soared following the IMF package approval. Bonds were up by 0.69 cents to 1.50 cents across tenors, with the March 2029 bond leading the gains.
The programme is expected to catalyse additional external support, with funding from the World Bank and Asian Development Bank to the tune of $3.75 billion expected, IMF said in a statement.
The biggest bilateral creditors, including China, India and Japan, have guaranteed support to Sri Lanka in its efforts to put the economy back on track.
The island nation aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an IMF review of the bailout package in six months, its central bank governor told Reuters earlier this month.
"Significant austerity will bring further short-term challenges to Sri Lankans who are already battling eye-watering inflation, rising poverty and shortages of essential goods and services," said Katrina Ell, Senior Economist at Moody's Analytics. (Reuters)
March
North Korea's Kim oversees simulated nuclear counterattack against US, South Korea
Written by Nur Yasmin
North Korean leader Kim Jong Un has overseen drills simulating a nuclear counterattack against the U.S. and South Korea in a warning to the allies who are scaling up their joint military exercises, state media KCNA said on Monday.
The North's drills involved a short-range missile launch but - unusually - the missile flew from a buried silo, which analysts say would help improve speed and stability in future tests of intercontinental ballistic missiles (ICBM).
KCNA said the exercises on Saturday and Sunday were designed to boost the country's "war deterrence and nuclear counterattack capability," accusing Washington and Seoul of making an "explicit attempt to unleash a war" against it.
"The drill also aimed to demonstrate our tougher will to make an actual war response and send a stronger warning to the enemy who expand their war drills for aggression," KCNA said.
In the exercises, a ballistic missile equipped with a mock nuclear warhead flew 800 km (497 miles) before hitting a target under the scenario of a tactical nuclear attack, KCNA said.
KCNA photos showed Kim attended the test, again with his young daughter, as flames roared from the soaring missile before it hit the target.
Analysts said the photos suggested the launch involved a KN-23 short-range ballistic missile (SRBM), but unlike past tests, the engine exhaust appeared to be vented either side at the moment of liftoff, which could mean that a silo was used.
"Until now, North Korea has preferred mobile launchers for everything from SRBMs to even huge ICBMs, but given its poor road and system conditions, it was difficult to guarantee the stability of the missile during actual operations," said Yang Uk, a fellow at the Asan Institute for Policy Studies in Seoul. "The latest launch might possibly serve as a test for future launches of larger missiles like the Hwasong-17 ICBM in a silo."
South Korea's defence ministry spokesman said the North is making significant technological advances in its nuclear programme but did not elaborate.
'NUCLEAR WAR DETERRENCE'
Kim said the exercises improved the military's war capability and urged the military to stand ready for any "immediate and overwhelming nuclear counterattack anytime."
"The present situation, in which the enemies are getting ever more pronounced in their moves for aggression against the DPRK, urgently requires the DPRK to bolster up its nuclear war deterrence exponentially," KCNA quoted him as saying.
Kim was using the acronym of his country's official name, the Democratic People's Republic of Korea.
"The nuclear force of the DPRK will strongly deter, control and manage the enemy's reckless moves and provocations with its high war readiness, and carry out its important mission without hesitation in case of any unwanted situation," he added.
South Korea and Japan reported a launch of a North Korean short-range ballistic missile off the east coast on Sunday, the latest in a series of missile tests in recent weeks.
North Korea has reacted furiously to South Korea-U.S. combined military drills, calling them a rehearsal for invasion against it.
The allies have been carrying out exercises this month, including air and sea drills on Sunday involving U.S. B-1B bombers.
The U.S. and South Korea navies and marine corps are set to kick off their first large-scale Ssangyong amphibious landing exercises in five years on Monday for a two-week run until April 3.
Last month, the two countries staged tabletop exercises simulating North Korea's nuclear attack amid South Korean President Yoon Suk Yeol's push for more confidence in U.S. extended deterrence - its military capability, especially nuclear forces, to deter attacks on its allies.
In another dispatch, KCNA said more than 1.4 million North Koreans have volunteered to join or re-enlist in the military to fight against Seoul and Washington, up from about 800,000 reported by a state newspaper just two days before. (Reuters)
March
Taiwan calls on Britain to support its bid for Pacific trade pact
Written by Nur Yasmin
Taiwan President Tsai Ing-wen on Monday called on Britain to support its bid to join a major pan-Pacific free trade pact which London has also applied to enter.
Taiwan and China both applied in 2021 to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), but China says it opposes Taiwan - which it claims as its own territory - joining.
Britain, seeking post-Brexit opportunities, has also applied to join the pact which removes 95% of tariffs between its 11 members - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Speaking to a group of visiting British lawmakers, Tsai said she hoped that Britain's accession to the CPTPP proceeded smoothly.
"I also hope that given its disposition for maintaining high standards, Britain will support Taiwan's bid to join the agreement. This would do much to allow Taiwan and Britain to continue deepening their partnership," she said.
In a statement released after a meeting in Singapore last October, trade pact members said Britain's application was progressing, and subsequent applicants would need to show "a demonstrated pattern of complying with their trade commitments".
Ecuador and Costa Rica have also applied to join.
China's embassy in Britain on Sunday condemned the visit of the British lawmakers to Taiwan, saying they were insisting on visiting the island despite China's strong opposition.
Britain, like most countries, has no formal diplomatic ties with Taiwan, but has been keen to show its support in the face of China's threats.
China has been ramping up military, political and economic pressure against Taiwan to assert its sovereignty claims.
Taiwan regularly hosts visiting foreign lawmakers, especially from fellow democracies, which China routinely condemns.
Taiwan's government rejects China's sovereignty claims, saying only Taiwan's people can decide their future. (Reuters)