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Sri Lanka crisis will last at least two more years: govt

Colombo: Sri Lanka will have to endure its unprecedented economic hardships for at least two more years, the country’s finance minister said Wednesday while warning of an imminent cash crunch.

Months of blackouts and acute shortages of food, fuel and pharmaceuticals have brought widespread suffering across the South Asian island nation.

Public anger has sparked sustained protests demanding the government resign over its mismanagement of the economic crisis, Sri Lanka’s worst since independence in 1948.

“People should know the truth. I don’t know if people realise the gravity of the situation,” Finance Minister Ali Sabry told parliament.

“We won’t be able to resolve this crisis in two years, but the actions we take today will determine how much longer this problem will drag.”

Sabry said the country now has less than $50 million in usable foreign exchange reserves, needed to finance essential goods to keep Sri Lanka’s import-dependent economy ticking over.

Official data shows $1.7 billion in reserves, but most of that figure includes a Chinese currency swap which cannot be used to pay for imports from other countries.

Sabry said the government had erred by delaying an approach to the International Monetary Fund for a bailout.
Negotiations with the IMF are ongoing but Sri Lanka’s central bank chief has said any assistance from the lender is months away.

The government will unveil a new budget soon and raise taxes to replenish state revenue.

“It was a historic mistake to sharply reduce taxes in 2019,” Sabry said, adding that the previous central bank chief had also blundered by exhausting foreign reserves to defend Sri Lanka’s overvalued currency.
Sri Lanka’s economic crisis took hold after the coronavirus pandemic hammered income from tourism and remittances.

Unable to pay for fuel imports, utilities have imposed daily blackouts to ration electricity, while long lines of people snake around service stations for petrol and kerosene.
Hospitals are short of vital medicines and the government has appealed to citizens abroad for donations.

Last month Sri Lanka announced it was defaulting on its $51 billion foreign debt.
President Gotabaya Rajapaksa has said he is willing to form a unity government to manage the country through the crisis.

But the opposition has refused to join an administration with the president or any other members of the powerful Rajapaksa family still in power.

Protesters have been camped outside the president’s seafront office for nearly a month to pressure him into stepping down.

Trade unions, which staged a strike last week, have said they will stop work again on Friday to pressure the entire government to resign. (AFP)

Ukraine, UK sign deal on preferential trade

Kiev: Ukraine and the United Kingdom have signed an agreement on the abolition of import duties and tariff quotas, the Ukrinform news agency said on Wednesday, citing the Ukrainian Economy Ministry.

“Ukraine and the UK have legally enshrined the abolition of import duties and tariff quotas in bilateral trade by signing an agreement,” the ministry said.

The preferential trade agreement, which will be in place for 12 months, is set to boost the exports of high value-added goods from Ukraine, including flour, grain, dairy products, poultry, tomato paste, honey, corn, wheat, juices, mushrooms and sugar.

Last month, the European Union decided to abolish tariffs and quotas on Ukrainian industrial goods and foods. (Xinhua)

Nepal government, World Bank Sign $ 150 million development policy credit to strengthen financial sector

Kathmandu: The government of Nepal and the World Bank signed a $150 million ‘Finance for Growth’ Development Policy Credit (DPC) on Wednesday to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in Nepal, the World Bank said in a press statement.

The agreement was signed by Finance Secretary Madhu Kumar Marasini on behalf of the government of Nepal, and the World Bank Country Director for Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.

“Our overarching priorities are guided by the objective of achieving sustainable and inclusive growth as also reflected in the 2022-2026 Financial Sector Development Strategy that addresses emerging vulnerabilities from COVID-19 and climate change risks, and focuses on digital payments, and mainstreaming of financial inclusion. The Finance for Growth DPC contributes to these priorities,” the statement quoted Finance Secretary Marasini as saying.

“The second Finance for Growth operation was approved by the World Bank Board of Executive Directors on March 24, 2022. The operation will support enhanced supervision of the banking sector to address financial stability risks in the context of the Covid-19 pandemic’s impacts. It will help open up capital, insurance, and disaster risk financing markets, and foster financial product innovations. It will also support initiatives to increase liquidity and inclusion through access to external commercial borrowing, financial digitalization, and financial literacy for women. This will help improve the functioning of the financial sector to support private sector-led growth,” according to the World Bank.

“The operation supports Nepal’s green, resilient, and inclusive development, and also initiates a new climate agenda, supporting climate finance resilience policy measures across different sectors,” it added.

“Nepal is one of the early movers in endorsing green, resilient, and inclusive development (GRID) as a national strategic development approach,” the statement quotes Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka as saying.

“By supporting a set of transformative financial sector reforms, including the introduction of a broad-based climate-resilience agenda across all financial markets, this project will further contribute to the government’s policy priorities of mitigating the pandemic’s adverse impacts while supporting a resilient recovery, ”said Faris Hadad-Zervos.

India falls 8 places to 150th position in World Press Freedom Ranking

Delhi: India’s ranking in the World Press Freedom Index has fallen down to 150th position from last year’s 142nd rank out of 180 countries, according to a report by a global media watchdog released on Tuesday.

The ranking of India’s neighbors, except that of Nepal, has also slid down, with the index placing Pakistan at 157th position, Sri Lanka 146th, Bangladesh 162nd, and Maynmar at 176th position, the report released by Reporters Without Borders said.

According to the RSF 2022 World Press Freedom Index, Nepal has climbed up by 30 points in the global ranking at 76th position. Last year, the Himalayan nation had been placed at 106th position, Pakistan at 145th, Sri Lanka 127th, Bangladesh 152nd, and Myanmar at 140th position in the index.

This year, Norway (1st) Denmark (2nd), Sweden (3rd) Estonia (4th) and Finland (5th) grabbed the top positions, while North Korea remained at the bottom of the list of the 180 countries and territories ranked by the Reporters Without Borders. Click here to read more.

 

Bomb threat at Kathmandu Airport turns out to be hoax 

Kathmandu: A phone call made by an unknown person on Wednesday morning announcing that bombs have been planted at the domestic terminal of the Tribhuvan International Airport sent law enforcement agencies into a tizzy.

However, after a security check by personnel of the Nepal Police and the bomb disposal squad of the Nepal Army, it was confirmed that it was a hoax bomb threat call.

The threat call was a hoax. We have started an investigation into the case, said Superintendent of Police Santosh Singh Rathore, Spokesperson of the Metropolitan Police Office, Ranipokhari.

A bomb threat had created panic at the airport this morning. Police had evacuated passengers from the domestic terminal of the airport following the bomb threat. Domestic flights were obstructed for one hour this morning.

TIA office said that domestic flights have resumed as no such object was found at the building after a search operation carried out by a bomb disposal squad.

The airport which was stalled following the bomb hoax has been opened a while ago, TIA General Manager Prem Nath Thakur said. Source: Nepal Live Today

Sri Lanka to amend electricity law to fast-track procurement

Colombo — Sri Lanka will amend its electricity law to remove impediments to procurement, Power and Energy Minister Kanchana Wijesekera said on Monday.

“The law will be amended to remove impediments that delayed projects and to shorten the procurement processes,” the minister said.

The minister said that he was consulting with senior officers to overcome the current fuel crisis.

Wijesekera added that he would soon present to parliament a report on the causes of the fuel crisis, especially the weak management at key institutions.

“We have also paid for a ship carrying coal needed for electricity production. With this we have enough coal until September,” he said.

Sri Lanka has been suffering from power cuts since February due to a fuel shortage.

  • Xinhua

Rahul Gandhi dances in Kathmandu, vibration reaches New Delhi

Kathmandu: Rahul Gandhi, a popular face in Indian politics, is trending on social media.

Gandhi, a former president of the Indian National Congress, landed at the Tribhuvan International Airport in Kathmandu on Monday to attend his friend’s wedding.

Soon after attending the wedding ceremony at Hotel Marriot, Gandhi reached Kathmandu’s famous nightclud–LOD (Lord of Drinks)–for a party.

In no time, a video of Gandhi partying at LOD went viral on social media, and he was heavily mocked by Indian politicians, especially ruling Bharatiya Janta Party’s leaders and cadres. Some are even spreading the false news that Gandhi was with the Chinese ambassador to Nepal.

“Rahul Gandhi tweeting about pathetic state of Indian economy from a pub in Kathmandu along with Chinese ambassador to Nepal. Congress must explain this alliance [SIC],” wrote Sashi Kumar, Social Media Co-Convenor of BJP Uttar Pradesh, posting the video on his Twitter.

It has been learnt that Gandhi was in Kathmandu to attend the wedding ceremony of his friend. The Indian National Congress has already clarified that Gandhi is in Nepal to attend a wedding of a journalist friend.

However, criticisms against Gandhi, including insulting remarks, continue to be posted on Twitter.

Amit Malviya, In-charge of BJP’s National Information & Technology Department and Co-incharge West Bengal wrote: “Rahul Gandhi was at a nightclub when Mumbai was under seize. He is at a nightclub at a time when his party is exploding. He is consistent. Interestingly, soon after the Congress refused to outsource their presidency, hit jobs have begun on their Prime Ministerial candidate…”. This post has been retweeted over 1,600 times as of this writing.

However, some others have argued that it is his right to participate in the wedding party. “How on earth is it anybody’s business whether @RahulGandhi or anybody else is in nightclub or at wedding in private time?,” wrote Mahua Moitra. “Sick @BJP trolls in charge should stick to doing what they do best- leading double lives with beer in teapots.” Source: Nepal Live Today

China reports 368 new local COVID-19 cases, 20 deaths

Beijing  — The Chinese mainland reported 368 new locally-transmitted COVID-19 cases and 20 deaths in the past 24 hours, the National Health Commission said on Tuesday.
Of the new local case, 274 were reported in Shanghai, 51 in Beijing and the rest of the cases were reported in 11 other provincial-level regions on the mainland, including 13 in the northeastern province of Heilongjiang, Xinhua reported citing the commission.
The country also reported 5,647 new locally transmitted asymptomatic infections of the novel coronavirus in the past 24 hours, of which 5,395 local asymptomatic carriers were identified in Shanghai.

A total of 4,271 COVID-19 recovered in the past 24 hours, while as many as 16,266 people are still undergoing treatment in hospitals across the country.
With 20 deaths, all in Shanghai, reported in the past 24 hours, China’s COVID-19 death toll mounted to 5,112, Xinhua reported.
Meanwhile, in a major escalation of COVID-19 restrictions amid a surge in Omicron variant cases, Beijing has banned all restaurant dining, shut down Universal Studios and ordered residents to provide proof of a negative Covid test to enter public venues, according to CNN.
As the COVID-19 outbreak continues to spread in more and more cities in China, questions are mounting over the country’s much-publicized “zero-covid” strategy that the government credited for bringing the country out of the pandemic. (ANI)

Deputy Administrator of USAID to travel South and South East Asia

New York —  Deputy Administrator Isobel Coleman is set to  travel to Bangladesh, Thailand, and Laos from May 6 through 15. During her trip, she will assess the needs of regional humanitarian crises, including the Rohingya refugee crisis.
She will also advance the United States’ partnership with ASEAN member countries, including Thailand and Laos, on the shared priorities of COVID-19, climate action, economic recovery efforts, and inclusive development, a press release from USAID reads.

Throughout the trip, Deputy Administrator Coleman will also meet with journalists, women leaders and entrepreneurs, and local climate and health experts on the frontline of the global COVID-19 response.

Covid-19 and climate change slow down economic progress in Least Developed Countries, says ILO

Kathmandu: Economic and social progress in Least Developed Countries (LDCs) have been slowed by the impact of the Covid-19 pandemic, climate change and the continuing energy and food crises, a UN agency said.

According to a report by the International Labour Organization (ILO), most LDCs responded rapidly to the pandemic by implementing a wide range of support packages, despite widening financial gaps and limited fiscal space.

However, structural weaknesses have rendered them more vulnerable to the current multiple shocks and will be further exacerbated if the LDCs do not fully participate in the global recovery.

The report, ‘Present and future of work in the LDCs’, presents an overview of the progress and the structural challenges faced by LDCs in terms of structural transformation, a just transition to greener economies and the creation of full and productive employment and decent work.

It covers current trends in production, productivity, employment and decent work, as well as the role of social protection and institutions of work.

There are currently 46 countries on the list of LDCs, representing 12 percent of the world’s population. They are characterized by low-income levels and vulnerability to economic and environmental shocks, low human development, extreme poverty and high mortality rates.

According to the report, LDCs’ vulnerabilities are largely the result of weak productive capacities associated with a lack of human capabilities, inadequate infrastructure and limited capacity to access and use technologies. They are also the result of weak institutions, including the institutions of work and social protection systems.

Informal employment is pervasive and represents almost 90 per cent of total employment in the LDCs. Moreover, there is strong polarization between enterprises of different capacities and productivity.

The report assesses how digital technologies can potentially deliver large benefits to LDCs – particularly those with large young populations – provided that significant investments are made in capital, skills and knowledge to support productive and inclusive decent work.

The report includes a number of policy recommendations for a human-centered recovery that is inclusive, sustainable, and resilient.

“Multiple shocks have put Least Developed Countries under enormous pressure,” said ILO Director-General, Guy Ryder. “However, with the right employment and macroeconomic policy measures, new jobs can be created in both existing and new sectors, along with enhanced productivity and innovation-driven by investments in green and digital economic opportunities,” he added.

Indian PM Narendra Modi to visit Nepal in mid-May

Kathmandu: Indian Prime Minister Narendra Modi will be visiting Nepal in mid-May.

Indian media reports said that the Indian government is planning a visit by Modi to Lumbini, the birthplace of Lord Gautama Buddha, on May 16 for Buddha Jayanti celebrations.

The visit, which comes a month after Nepal’s Prime Minister Sher Bahadur Deuba traveled to India for a bilateral visit, is not expected to include a stop in Kathmandu at present, The Hindu reported.

Prime Minister Sher Bahadur Deuba is also expected to be in Lumbini to mark the occasion, the report said quoting sources.

Source: Nepal Live Today

Nepal-Two Chinese nationals killed in Kathmandu-Tarai Expressway construction site

RSS/Bagmati: Two workers from China working in Kathmandu-Terai Expressway construction site were killed in an accident, according to police. Likewise, four workers were injured in the accident. 

The deceased have been identified as Chinese nationals, confirmed DSP Tek Bahadur Karki, spokesperson for the Makwanpur District Police Office.

According to police, a loader at the construction site skidded off the road and plunged into a river at Bakaya Rural Municipality in Makwanpur district. The Chinese nationals died on the spot, said police.

The injured have been rescued and sent to Hetauda for treatment. 

India-“No One Can Be Forced To Get Vaccinated”: Supreme Court’s Big Order

New Delhi: No one can be forced to take the vaccine, the Supreme Court said today in a landmark decision on India’s Covid vaccine policy, also directing the central government to publish reports on the adverse effects of vaccination.

“Bodily integrity is protected under the law and nobody can be forced to be vaccinated,” the Supreme Court said. The court asserted, however, that “certain limitations on individual rights” could be imposed in the interest of community health.

Click here to read the full text of the story. 

 

New Zealand reopens its borders to tourists

London: New Zealand has reopened its borders to more tourists after a pandemic lockout of more than two years. People from more than 60 countries can now enter the country if they’re vaccinated and Covid-negative.

Travelers landed at Auckland Airport on Monday, and emotional reunions with family and friends were witnessed.

Citizens have been allowed to travel in and out since March. While Australians have been allowed to enter the country since April.

New Zealand had sealed its borders in March 2020.

Global annual prize named after Prof Subedi established at University of Hull in England

Nepal Live Today/London: A global annual prize named after Professor Surya P. Subedi QC has been established at the Wilberforce Institute for the Study of Slavery and Emancipation (WISE) of the University of Hull, England.

The prize is designed to promote the advancement of scholarship in the study of modern forms of slavery, emancipation and the protection of human dignity for the benefit of the public.

The prize will be open to any graduate in law, politics, social science, and humanities from around the world regardless of their nationality. The award will focus on enhancing the employability and profile of early-career academics and will therefore be restricted to candidates below the age of 40 at the time of submission.

Professor Subedi said that he was honored and delighted that the prize in his name was established at the Wilberforce Institute, which is named after a famous national figure William Wilberforce of Great Britain who led the campaign for the abolition of slavery. The campaign led to the Slavery Abolition Act 1833, which abolished slavery in most of the British Empire.

Professor Trevor Burnard, Director of the University of Hull’s Wilberforce Institute for the Study of Slavery and Emancipation (WISE) said, “Professor Subedi is a world-renowned scholar and a champion of human rights. Through his work as a barrister, and numerous high-level positions in governments and national and international organisations, he works incredibly hard to make a difference to the real life of people around the world.”

Professor Subedi obtained his LLM with distinction at the University of Hull in 1988 and returned to Hull to join its law faculty as a lecturer in 1993 after completing his DPhil (PhD) at Oxford.

He became a Professor of Law at Hull in 1999. He was awarded the highest accolade – the degree of Doctor of Laws honoris causa – by Hull University in 2020 in recognition of his accomplishments in the fields of international law and human rights.