Tag Archives: World Bank

VIF Neighbourhood News Digest: March 30, 2022

Afghanistan
UN Calls on Islamic Emirate to Honor Promise on Girls’ Education: Tolo News

The members of the UN Security Council have expressed their deep concern regarding the inability of girls beyond grade six in Afghanistan to return to their schools, as they were promised. Click here to read…

EU: Decision on Girls’ Schools Impacts Engagement: Tolo News

The European Union on Monday in a statement said the decision on girls’ education by the Islamic Emirate violates the fundamental right to education, and called for the immediate re-opening of secondary schools for girls in the country. Click here to read…

WB suspends $600M worth of projects in Afghanistan over school ban: The Khaama Press

The World Bank has announced that they have put on hold four projects in Afghanistan worth of $600 million following the ban on girls’ secondary schools in the country. The projects that were funded by Afghanistan Reconstruction Trust Fund (ARTF) concentrated on agriculture, education, health, and livelihood. Click here to read…

Bangladesh
World Bank approves $358m for safer roads in Bangladesh- The Daily Star

World Bank today approved $358 million to help Bangladesh improve road safety, and reduce fatalities and injuries from road accidents in selected high-risk highways and district roads. Click here to read…

Russel wanted to be an army officer: PM- The Daily Star

Prime Minister Sheikh Hasina today asked Bangladesh Armed Forces personnel to always be ready to protect the country’s independence and sovereignty. Click here to read…

Only 3,000 social workers to protect vulnerable children in Bangladesh: Unicef- The Daily Star

Over 100,000 social workers are needed in Bangladesh to adequately respond to the needs of vulnerable children, but currently there are only 3,000 social workers in the country, Unicef has said. Click here to read…

Freedom of expression still heavily curtailed in Bangladesh: Amnesty International- The Daily Star

Freedom of expression continued to be heavily curtailed by draconian laws” in Bangladesh in 2021, Amnesty International has said. Click here to read…

Can firmly say Rab last resort in rescuing abducted victims: DG- The Daily Star

The Rapid Action Battalion’s success in combating crime with upholding humanity is unprecedented in the world, said its Director General Chowdhury Abdullah Al-Mamun. Click here to read…

Bomb attack on Benapole land port workers: 3 cases filed against 36- The Daily Star

Three cases have been filed against 36 people in connection with yesterday’s crude bomb attack on workers of Benapole Land Port in Jashore’sSharshaupazila, which left 20 people injured. Click here to read…

Onion import to continue: agriculture secretary- The Daily Star

The option to import onion will remain open now in order to keep the price of the cocking ingredient stable ahead of Ramadan, said Agriculture Secretary Md Sayedul Islam. Click here to read…

US to provide $152m aid for Rohingyas, host communities: Ambassador- The Daily Star.

US Ambassador to Bangladesh, Peter Haas, has announced USD 152 million in new humanitarian assistance for nearly one million Rohingyas and host communities. Click here to read…

Santal farmers killed selves being deprived of irrigation water: Farmers tell probe body blaming operator- The Daily Star

While the probe committee from the Ministry of Agriculture visited Rajshahi’sGodagariupazila today, many farmers elaborately told them that the death of two santal farmers was primarily because the operator deprived them of irrigation water. Click here to read…

BNP incited left parties to call hart all- The Daily Star

Information Minister Hasan Mahmud yesterday said BNP instigated left-leaning political parties to enforce hartal, which protested price hike of essentials. Click here to read…

Bhutan
Actions will be taken on free-roaming Covid-19 positive cases- Kuensel

The increasing number of positive cases in the community is attributed to the people not isolating themselves strictly after testing positive. Click here to read…

India releases Nu 737M for 12th Plan projects- Kuensel

The government of India released Nu 737 million (M) yesterday for projects including roads, urban development and school infrastructure. Click here to read…

8Economic affairs ministry proposes options to reduce fuel price- Kuensel

The Ministry of Economic Affairs (MoEA) has proposed numerous interventions to the Cabinet to reduce fuel prices. Click here to read…

Maldives

The Maldives, UAE sign MoU on experience exchange on gov’t development, modernization: Raajje M

A significant agreement has been signed between the Maldives and United Arab Emirates (UAE), as part of Vice President Faisal Naseem’s ongoing visit to the UAE. Click here to read…

Myanmar
The Day Civilians Took Office in Myanmar After 53 Years of Military Rule – The Irrawaddy

On this day in 2016, a civilian government took office for the first time in 53 years in Myanmar following the National League for Democracy (NLD)’s victory in the November 2015 general election. Click here to read…

In Solidarity with Coup Leader, Myanmar Ex-Generals Appear at Armed Forces Day Event – The Irrawaddy

The appearance of ex-generals from the previous Myanmar military regime at the Armed Forces Day commemoration and subsequent ceremony hosted by the current regime on Sunday proves that they are all in solidarity with junta leader Min Aung Hlaing, who staged a coup that has so far killed 1,700 people. Click here to read…

Myanmar Junta Helicopter Crashes in Chin State – The Irrawaddy

A military helicopter crashed and injured five people onboard at Hakha, Chin State’s capital, on Tuesday morning, according to Myanmar’s junta. It is the third air force crash since June. Myanmar’s air force is known for frequent deadly crashes, even during training exercises, due to its largely outdated fleet.Click here to read…

Myanmar Junta Enacts Law Allowing It to Deploy Police to Front Lines – The Irrawaddy

The Myanmar military regime has enacted a new law making it compulsory for law enforcement officers to fight alongside soldiers on the front lines, while expanding their powers to restrict citizens’ civil liberties. Click here to read…

Karen Ethnic Armed Group Tells Myanmar Govt Employees in Its Area to Quit – The Irrawaddy

District level Karen National Union (KNU) offices recently called on non-striking government employees working for the regime in KNU-controlled areas to resignClick here to read…

Public to Boycott Myanmar Junta’s New Year Water Festival – The Irrawaddy

Myanmar could not celebrate Thingyan in 2020 and 2021 because of COVID-19 and military rule but this year the regime is trying to bring the Burmese new year festival back to life. Click here to read…

Airstrikes Continue After Myanmar Junta Suffers Heavy Losses – The Irrawaddy

Myanmar’s military continues using helicopters to attack villages near the Thai border in Myawaddy Township where its troops are suffering heavy losses. Daily fighting has continued in the Karen State border district for months amid heavy junta reinforcements, artillery and airstrikes. Click here to read…

Youths in Sittwe mark Right to Truth Day with calls for justice, human rights – BNI Online

Commemorated annually on March 24, the UN-recognised day is known in longform as International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims. Click here to read…

Nepal
(Editorial)Ties consolidated- Himalaya

Wang’s visit was, thus, a good opportunity for Nepal to clarify Nepal’s position that any development assistance from a country would be utilised solely for development purposes and that it would never accept any project with political and other conditions. Click here to read…

NC to tie up with ruling allies for civic polls- Himalaya

The central working committee of the ruling Nepali Congress today unanimously decided to forge poll alliance with other coalition partners in local elections scheduled for May 13. Click here to read…

Nepal, Republic of South Sudan establish diplomatic relations- Himalaya

Nepal and the Republic of South Sudan have established diplomatic relations. With this, the number of countries with which Nepal has bilateral diplomatic relations has reached 175. Click here to read…

Mahat-led delegation meets PM Deuba- Himalaya

A delegation from Nuwakot led by Nepali Congress Spokesperson Prakash Sharan Mahat today called on Prime Minister Sher Bahadur Deuba and apprised him of several issues facing the district. Click here to read…

Congress comes up with formal decision on poll alliance- Kathmandu Post

Members of rival Nepal Congress faction fear that alliance with communists could harm the party’s voter base. Click here to read…

Security printing will give sense of independence in printing sector: Communications Minister Karki- Himalaya

Minister for Communications and Information Technology Gyanendra Bahadur Karki said the purpose of making the country independent in the printing sector is being gradually fulfilled. Click here to read…

Reaction to Wang Yi’s Nepal visit in Chinese media- Nepali Times

Delayed and toned-down reaction to Foreign Minister Wang Yi’s trip to Nepal seems deliberate. Click here to read…

Pakistan
‘Stars not aligned’ for MQM announcement: Dawn

While the combined opposition tried with all its might to prevail upon the party to announce a decision there and then, MQM-P avoided making a definitive statement at such a late hour and announced that it would make its decision public the next day. Click here to read…

PM forbids PTI MNAs from attending NA session on no-trust voting: The Express Tribune

Prime Minister Error! Hyperlink reference not valid. has barred the ruling PTI lawmakers from attending the National Assembly session on the day of voting on no-trust motion, which is likely to be held in the first week of April. Click here to read…

‘Pakistan can play role for diplomatic solution to war’, PM tells Ukrainian president

Prime Minister Imran Khan has told Ukrainian President Volodymyr Zelenskyy that non-partisan countries like Pakistan are in a position to play a helpful role in reinforcing efforts for cessation of hostilities and a diplomatic solution in the war-stricken country. Click here to read…

Umpire’s neutrality leaves smaller parties confused: The News

The ‘umpire’s neutrality’ is behind the change of plans by smaller political parties, as they are reluctant to trust the commitments made by the government and the opposition. Click here to read…

Sri Lanka
Can we eat money?’: Prices high, supplies low, despair in Lanka- Indian Express

Sri Lanka is facing one of its worst economic crises, battered by the Easter Sunday blasts of April 2019, two Covid waves and now the Russia-Ukraine war. Click here to read…

Sri Lanka avoids recession in Dec quarter, GDP grows 3.7% in 2021: Business Standard

Sri Lanka’s economy grew at a slower-than-expected 1.8% in the 4th quarter of the 2021 financial year, taking its full year growth to 3.7 per cent, data from the govt’s statistics department showed. Click here to read…

Myanmar Round Up: September 2021

September 2021 marks the seventh month of continued demonstrations and protests against the Myanmar military after the coup. The violence has spread to both urban and ru-ral areas. Meanwhile, COVID-19 has surged and this could result into a public health emer-gency. The country is also reeling under economic crises with the lack of financial liquidity and depreciation of the currency. Internationally, no speech was given from the side of My-anmar at the United Nations General Assembly (UNGA). The first in-person QUAD summit was held in the United States (US) and the need for peaceful resolution of the crises was stated.

Political Crises and Coup Resistance

With the National Unity Government (NUG) call for “people’s defensive war” on 07 September 2021, intense protests and fighting between the military and ethnic groups were reported. Duwa Lashi, Vice President of NUG, in his 14-point speech, also urged the members of the military to join pro-democracy groups and ethnic groups to attack the military. [1] However, the Military spokesman Zaw Min Tun dismissed the NUG’s call for revolt. Moreover, false reports were circulated that State Counsellor Daw Aung San Suu Kyi did not accept armed resistance against the military regime by the shadow National Unity Government (NUG) and the People’s Defence Forces (PDFs). [2] The NUG call for the “people’s defensive war” has not been met with much sympathy from the international community.

The situation has been marked by violence, including tit-for-tat killings between the military and the résistance forces. Some of the major incidents during the month were reported. In-tense fighting between the Chinland Defence Force (CDF) and the military was reported at Lungler village. The CDF and CNA cadres attacked the military camp at Lungler. [3] Since the early July, the Myanmar National Democratic Alliance Army (MNDAA) and the military have been clashing in Mongkoe and Pansai in northern Shan State. During the month, the MNDAA retook control of a strategic hill near Phaung Sai village, which the military had captured earlier. [4]

According to the Human Rights Ministry of the civilian NUG, the military attacked the Sagaing Region and murdered about 112 people within three months. The NUG also reported the military massacres in Kani to the UN Security Council in August. [5] Attacks against civilians were also reported in northern Karen and Kayah States.

The civilian resistance forces have destroyed more than 80 telecom towers owned in a joint venture between the Myanmar military and Vietnam’s Defence Ministry. In addition, the month witnessed the targeting of Mytel telecom masts after the NUG declared a nationwide people’s defensive war against the military regime. The people have been boycotting Mytel services since the coup in protest at the military takeover, and the civilian forces had first targeted their offices in early April. [6]

The violence inflicted by the military has urged the soldiers and police to break ties and nearly 2,500 soldiers and police defected and joined the resistance movement since the coup. However, the military has not yet commented on these developments. On the other hand, the military has offered rewards to whistleblowers and informants who help make arrests of people associated with anti-military groups. [7]

The month also marked the 33rd Anniversary of the National League for Democracy (NLD), born in 1988. However, due to the current crises, there is a question mark over its future existence. Since its formation, the NLD was being persecuted by the then military regime and also ousted by the current military regime. [8] During the month, Aung San Suu Kyi was supposed to appear before a special court in Naypyitaw’s Zabuthiri Township, but was cancelled as it was reported that she fell sick. Later, she attended a hearing at a special court in Naypyitaw’s Zabuthiri Township. The lawyer said arguments in the sedition cases against all three were heard under Section 505(b) of the Penal Code, and the court will give its decision at the next hearing. [9]

The Union Solidarity and Development Party (USDP), a military-backed party, released a joint declaration which it said was signed by 23 political parties on 08 September. The joint declaration urged the UN not to approve U Kyaw Moe Tun as the parallel NUG’s Myanmar ambassador to the UN. However, few parties denied that they had not signed such a statement. [10]

Economic Crises

There were massive disruptions in the financial sector, as the military intervened in operations of the Central Bank of Myanmar and restricted internet access. There is a lack of cash liquidity and the currency has been depreciated to its lowest. The US dollar exchange rate rose to a record high of around 2,500 to 2,700 kyats per dollar. [11]

During the month, the Kanbawza (KBZ) Bank branch in the northern Shan State town of Ky-aukme was robbed. In recent months, three other bank robberies were reported. [12] The World Bank and UNDP have projected that the proportion of people living in poverty could double to almost half of the nation’s population by the beginning of 2022. This would reverse the gains made since 2005. Most young people are applying for passports at a recently reopened office in Yankin Township in the Yangon to run away from the political repression. [13]

International Responses

The 76th session of the UNGA closed without the speech from Myanmar. The current representative Kyaw Moe Tun, chosen by former leader Aung San Suu Kyi, had been critical of the military coup. However, the military has made two requests to replace him with a former general. But the United Nations has not yet approved the appointment. [14]

In a report, the US and China agreed to defer the decision to November on who would occupy Myanmar’s seat at the UN – the military or the NUG. Both the countries sit on the UNGA Credentials Committee (UNGA-CC), and seven other members, which have the mandate to decide country representation at the organisation. The nine-member committee also includes Russia, which has “informally endorsed” the deal. This means that the sitting representative, Ambassador Kyaw Moe Tun, will continue to hold the seat and is expected to “hold his tongue” and “keep a low profile”. [15]

On 24 September, the Quadrilateral Security Dialogue (QUAD) leaders called for an end to the violence in Myanmar in a joint statement. The Prime Ministers of the four countries – the US, India, Australia and Japan participated in the first-ever in-person Quad Leaders’ Summit, hosted by the US. The leaders also called for the urgent implementation of ASEAN’s Five Point
Consensus on Myanmar. [16] Ear-lier, ASEAN’s Special Envoy for Myanmar, Erywan Yusof, had proposed a four-month cease-fire until the end of this year to the military and the regime had accepted it. However, the parallel NUG has said that to ensure the delivery of humanitarian aid, the Special Envoy should have got an agreement from the military regime to cease civilian arrests and provide for meetings with Daw Aung San Suu Kyi. [17]

The military also engaged in talks with Pakistan to produce JF-17 Block III fighters, a lightweight, single-engine, fourth-generation multi-role combat aircraft. According to well-informed sources, the Pakistan delegation was in the country from 01-05 September. Myanmar has purchased JF-17 multi-role combat aircraft from Pakistan in the past, and is currently in “advanced negotiations” to build third-generation models under license. The jet fighters can engage in air-to-air battles and have ground-attack capabilities to deliver both dumb bombs and precision-guided munitions. Thus, they are suitable for Myanmar, where armed conflict with ethnic rebels is frequent. [18]

The World Bank proposed a “Refugee Policy Review Framework” (RPRF) to integrate Roh-ingya’s in Bangladesh. The WB has proposed the RPRF for 14 member states, currently hosting refugees. The proposal is to evaluate the effectiveness of the grants for the refugees and host communities under its “soft-loan window” International Development Assistance. The WB offered USD 2 billion to Bangladesh if it integrated Rohingya refugees with economic and social rights. However, Bangladesh rejected the proposal and stated that Rohingya are “forcibly displaced persons”, and Bangladesh only provided temporary shelter. At the end, Rohingya want to return to Myanmar. Such a proposal will further instigate Myanmar to slow the repatriation process. [19]

India’s Engagements with Myanmar

Indian newspapers have reported that the Meitei rebels’ are cooperating with Myanmar’s military regime since April. They have quoted Indian intelligence officers as saying that the PLA-MP and the UNLF were involved in the lethal crackdown in Kale and Tamu in which 12 civilians were killed. In May 2021, Myanmar’s military regime met with some Meitei rebel leaders, which led to the Meitei rebels agreeing to work for the military regime in exchange for cash and a base in Sagaing Region. However, despite widespread reports of Meitei rebel groups cooperating with the regime, not every Meitei rebel is willing to fight for the regime, said ethnic Naga observer Ko Aung Tun. [20]

China in Myanmar

In August 2021, China held a test run of a new overland trade route with Myanmar. Around 60 containers were sent in the first trial by road from Yangon, entering China at the border crossing between Shan State’s Chin Shwe Haw and Lincang in Yunnan Province, before continuing by rail to Chengdu, the capital of Sichuan Province. The test comes after the first visit to Myanmar after the visit of Special Envoy for Asian Affairs Sun Guoxiang—since the military junta seized power in February. The new route could help boost trade with Myanmar and link China with the Indian Ocean. Further, the agreement to conduct preliminary field investigation work for the Kyaukphyu Special Economic Zone (SEZ) Deep Sea Port Project had been signed during the month. [21]

Scholars have argued that China is playing its ‘dictatorship diplomacy’. By promoting the pa-riah regimes and dictators, China’s strategic depth is increased. The regimes are internationally isolated, not accountable to their people and their human rights violations are labelled as “internal matters”. [22]

Conclusion

Myanmar’s military arrested thousands of civil servants, teachers, students, medics and administrators, and have increased violent attacks on civilians and armed organisations. The armed organisations are also waging attacks against the military, especially after the NUG call for “people’s defensive war”. Myanmar’s economic hardship is compounded due to the COVID-19 crises and political turmoil. The international organisations are paying lip service by stating the need to engage in dialogues; however, no constructive efforts are being taken.

References

[1] https://www.reuters.com/world/asia-pacific/myanmar-shadow-government-unveils-new-strategy-oppose-military-rule-2021-09-07/
[2] https://www.irrawaddy.com/news/burma/myanmars-suu-kyi-denies-false-reports-that-she-opposes-armed-resistance-to-junta.html
[3] https://timesofindia.indiatimes.com/world/rest-of-world/myanmar-army-civilians-clash-near-border-100-flee-to-mizoram/articleshow/86107391.cms
[4] https://www.irrawaddy.com/news/burma/ethnic-armed-group-captures-strategic-hill-from-myanmar-junta-forces.html
[5] https://www.irrawaddy.com/news/burma/myanmars-shadow-government-prepares-evidence-of-junta-war-crimes.html
[6] Mytel is a joint venture that involves a number of companies, including the government-owned Star High Public Co Ltd, which is run by the Myanmar military conglomer-ate Myanmar Economic Corporation, Myanmar National Telecom Holding (MNTH) Public Ltd, a consortium compromising 11 companies, and the Vietnamese telecom company Viettel, a Hanoi-based state-owned enterprise operated by Vietnam’s Ministry of Defence.https://www.irrawaddy.com/news/burma/over-80-myanmar-military-owned-telecom-towers-destroyed-nationwide.html
[7] https://www.rfa.org/english/news/myanmar/defect-09022021203230.html
[8] https://www.irrawaddy.com/news/burma/myanmars-nld-marks-33rd-anniversary-facing-abolition-threat.html
[9] https://www.irrawaddy.com/news/burma/myanmars-daw-aung-san-suu-kyi-attends-court-as-health-improves.html
[10] https://www.irrawaddy.com/news/burma/myanmar-military-backed-usdp-accused-of-exploiting-smaller-political-parties.html
[11] Before the military coup, the exchange rate was between 300-1,400 kyats per USD https://www.irrawaddy.com/news/burma/myanmars-currency-hits-record-low-as-coup-wreaks-havoc-on-economy.html
[12]https://www.myanmar-now.org/en/news/kbz-bank-robbed-in-northern-shan-state
[13] https://www.bnionline.net/en/news/growing-numbers-young-people-seek-flee-myanmar
[14] https://www.manilatimes.net/2021/09/29/news/world/afghanistan-myanmar-left-in-un-meet/1816472
[15] https://barbedwires.substack.com/p/what-to-make-of-the-us-china-deal
[16] https://www.irrawaddy.com/news/burma/quad-leaders-call-on-myanmar-junta-to-end-violence.html
[17] https://www.irrawaddy.com/news/burma/nug-questions-aseans-ceasefire-agreement-with-myanmar-junta.html
[18] The JF-17 is co-developed by Pakistan Aeronautical Com-plex and China’s Chengdu Aerospace Corporation. https://www.irrawaddy.com/news/burma/pakistan-defense-delegation-made-unannounced-visit-to-myanmar-capital.html/amp?__twitter_impression=true
[19] https://www.eurasiareview.com/10092021-rethinking-sustainable-solution-to-rohingya-crisis-limits-of-world-banks-proposal-oped/
[20]https://www.irrawaddy.com/news/burma/rebel-fighters-from-india-cooperating-with-myanmar-military-regime.html
[21] https://www.irrawaddy.com/news/burma/agreement-moves-myanmars-kyaukphyu-port-project-a-step-forward.html
[22] https://www.irrawaddy.com/news/burma/china-tests-new-trade-route-with-myanmar-in-show-of-support-for-junta.html

China: Daily Scan, October 5, 2021

U.S. trade chief seeks “frank conversations” with China: Xinhuanet
October 5, 2021

U.S. Trade Representative (USTR) Katherine Tai said on Monday that the United States seeks “frank conversations” with the Chinese side on issues including implementation of the phase-one economic and trade agreement, and industrial policies. Tai made the remarks at the Center for Strategic and International Studies, a Washington, D.C.-based think tank, on the Biden administration’s approach to the U.S.-China trade relationship. Click here to read…

Aerobatics and new military jets: Airshow China concludes in Zhuhai: China Military
October 4, 2021

The China International Aviation and Aerospace Exhibition, or Airshow China, concluded on Sunday in Zhuhai City, south China’s Guangdong Province. Dozens of aerobatics were performed by China’s top air display teams, providing eye candy for the audience, while the public debut of the J-16D electronic warfare jet and other equipment showcased the latest technology development in the Chinese army to enthusiasts. Many Chinese enterprises also received orders from global clients after displaying their latest product at the show. Click here to read…

China goes all out to cope with power outages: People’s Daily
October 5, 2021

China is making all-out efforts to ensure the nation’s power supply after power outages halted factory production and hit families in some regions, amid calls for a better electricity pricing mechanism and improved energy structure. The power squeeze has compelled multiple provinces in China to implement power rationing, with factory operation hours limited and power usage capped. Factories across various industries, including furniture, food and chemical production, have suspended their operations and rescheduled production. Click here to read…

Policy Address proposals focus on cooperation with mainland: China Daily
October 5, 2021

Hong Kong’s political groups and organizations expressed the hope that the 2021 Policy Address will help the city better utilize opportunities offered by national development, by releasing the potential of an idle border area and strengthening Hong Kong residents’ national identity. Click here to read…

Hopson Development plans to acquire 51% of Evergrande’s property management unit: Global Times
October 4, 2021

Property developer Hopson Development Holding Co is reportedly to acquire about 51 percent of the indebted Evergrande group’s property management unit, and the deal could be valued at more than 40 billion HKD ($5.14 billion), according to media reports. Evergrande group has been on a selling spree lately, scrambling to raise funds to help resolve its serious debt woes and avert a default. Click here to read…

China is not heading toward a market economy, often due to its own policies, report concludes: South China Morning Post
October 5, 2021

China has fallen short of meeting its stated reform goals and is not on track to become a market economy, a report assessing China’s development has concluded. As a result, the United States and other market economies must develop commercial rules to protect their systems better when they deal with China until it becomes a more open economy, according to the report, China Pathfinder, published by the Atlantic Council and Rhodium Group on Tuesday. Click here to read…

Fantasia, another debt-laden Chinese property developer, defaults on US$205 million bond, as Evergrande crisis rolls on: South China Morning Post
October 5, 2021

Fantasia Holdings Group, the Shenzhen-based property developer founded by the niece of a former Chinese vice-president, has failed to repay US$205 million of debt due on Monday.

The default will add to fears about the financial health of the Chinese property sector, as the liquidity crisis at China Evergrande Group – the world’s most indebted property developer – continues to unfold. Click here to read…

IMF briefed on probe into China’s ‘Doing Business’ report rankings at World Bank: South China Morning Post
October 5, 2021

The International Monetary Fund (IMF) said Monday its board of directors has been briefed by lawyers from the law firm whose investigation found that current managing director Kristalina Georgieva and other officials pressured World Bank employees to alter data affecting the business rankings of China and other nations. The IMF said the 190-nation lending agency’s board of directors met with representatives of the WilmerHale law firm as part of an ongoing review of the issues raised by the firm’s investigation into the World Bank’s “Doing Business 2018” report. Click here to read…

Hong Kong leader says Beijing has no timetable for anti-sanctions law: Reuters
October 5, 2021

Hong Kong leader Carrie Lam said on Tuesday that Beijing has no timetable to extend an anti-sanctions law to the global financial hub, where financial institutions are concerned over the impact it could have on their operations. Lam, speaking at her weekly news briefing, said Beijing would take into account the city’s status as an international financial centre if it decides to extend the law to Hong Kong. Click here to read…