30 August, 2022&nbsp;will mark the presentation of Sri Lankan President Ranil Wickremesinghe's first budget as head of his crisis-ridden nation. He will cut defence and other spending in an effort to secure help from the International Monetary Fund (IMF).

The staff-level agreement on extending crucial IMF assistance for Sri Lanka to address its greatest economic crisis since gaining independence from Britain in 1948 is expected to follow the interim budget for the remainder of the year, according to officials.

The island's tourism-based economy suffered from COVID-19, which also reduced remittances sent home by foreign workers. Rising oil costs, populist tax cuts, and a seven-month import restriction on chemical fertilisers last year, which ruined agriculture, all contributed to the damage.

As a result, there are ongoing shortages of essential goods, exorbitant prices, and widespread protests. As a result, President Gotabaya Rajapaksa was forced to leave the country, leaving <a href="https://www.wionews.com/world/calling-for-reforms-unga-president-abdulla-shahid-says-un-should-reflect-geopolitical-realities-511288">Wickremesinghe</a> in charge of restructuring the nation's massive debt to China and other nations while requesting an IMF bailout.

The finance ministry is held by six-time Prime Minister Wickremesinghe, who told Reuters this month that the budget he will deliver to parliament will cut spending by "a few hundred billion" rupees, including on defence.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/spotlight-china-india-slug-it-out-in-colombo-511295">Spotlight | China &amp; India slug it out in Colombo</a>

In its most recent budget, which was unveiled in November, Sri Lanka sought to spend 3.9 trillion rupees ($11 billion).

In addition, Wickremesinghe is anticipated to lay out plans to aid low-income areas that have been hardest hit by the crisis and propose new taxes to reduce the country's budget deficit.

The interim budget is expected to lower the deficit objective from roughly 12% of GDP to 9.9%, but analysts caution that this is an ambitious goal because the economy is expected to fall by nearly 8% this year.

"A long-standing problem is budgets don’t meet revenue and deficit targets so this budget will have to really focus on proper revenue-based fiscal consolidation," said Shehan Cooray, head of research at Acuity Stockbrokers.

"The key things will be the budget deficit and primary deficit targets, which will be in line with an IMF plan."

According to rating agency S&amp;P Global, the country skipped 22 million interest payments due on June 3, June 28, and July 18, as well as a principle payment due on July 25.

Wednesday marks the end of a visit by an IMF team that came last week, and <a href="https://www.wionews.com/india-news/sri-lanka-seized-94-fishing-boats-10-fishermen-ensure-their-release-tn-govt-to-eam-510099">Sri Lankan</a> officials are hoping to push discussions for an emergency loan of approximately $3 billion by then.

(With inputs from agencies)

Also WATCH |&nbsp;South Asia Diary | Is Gotabaya Rajapaksa returning to Sri Lanka?

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30 August, 2022 will mark the presentation of Sri Lankan President Ranil Wickremesinghe's first budget as head of his crisis-ridden nation. He will cut defence and other spending in an effort to secure help from the International Monetary Fund (IMF).

30 August, 2022 will mark the presentation of Sri Lankan President Ranil Wickremesinghe's first budget as head of his crisis-ridden nation. He will cut defence and other spending in an effort to secure help from the International Monetary Fund (IMF). The staff-level agreement on extending crucial IMF assistance for Sri Lanka to address its greatest economic crisis since gaining independence from Britain in 1948 is expected to follow the interim budget for the remainder of the year, according to officials. The island's tourism-based economy suffered from COVID-19, which also reduced remittances sent home by foreign workers. Rising oil costs, populist tax cuts, and a seven-month import restriction on chemical fertilisers last year, which ruined agriculture, all contributed to the damage. As a result, there are ongoing shortages of essential goods, exorbitant prices, and widespread protests. As a result, President Gotabaya Rajapaksa was forced to leave the country, leaving Wickremesinghe in charge of restructuring the nation's massive debt to China and other nations while requesting an IMF bailout. The finance ministry is held by six-time Prime Minister Wickremesinghe, who told Reuters this month that the budget he will deliver to parliament will cut spending by "a few hundred billion" rupees, including on defence. Also read | Spotlight | China & India slug it out in Colombo In its most recent budget, which was unveiled in November, Sri Lanka sought to spend 3.9 trillion rupees ($11 billion). In addition, Wickremesinghe is anticipated to lay out plans to aid low-income areas that have been hardest hit by the crisis and propose new taxes to reduce the country's budget deficit. The interim budget is expected to lower the deficit objective from roughly 12% of GDP to 9.9%, but analysts caution that this is an ambitious goal because the economy is expected to fall by nearly 8% this year. "A long-standing problem is budgets don’t meet revenue and deficit targets so this budget will have to really focus on proper revenue-based fiscal consolidation," said Shehan Cooray, head of research at Acuity Stockbrokers. "The key things will be the budget deficit and primary deficit targets, which will be in line with an IMF plan." According to rating agency S&P Global, the country skipped 22 million interest payments due on June 3, June 28, and July 18, as well as a principle payment due on July 25. Wednesday marks the end of a visit by an IMF team that came last week, and Sri Lankan officials are hoping to push discussions for an emergency loan of approximately $3 billion by then. (With inputs from agencies) Also WATCH | South Asia Diary | Is Gotabaya Rajapaksa returning to Sri Lanka?

Sri Lanka: President Ranil Wickremesinghe to present maiden budget in hopes of IMF loan

After Sri Lanka and Pakistan, Bangladesh has made a request to the IMF for a loan. Is Dhaka dealing with a financial crisis? Palki Sharma brings you an assessment.

Gravitas: Bangladesh wants a loan from the IMF

In Bangladesh, the government will start talks on a loan from the international monetary fund. The country's finance minister made it clear that seeking a loan from the IMF does not mean that Bangladesh's economy is in a bad shape.

Bangladesh explores IMF aid as deficit widens

China Evergrande Group said that its chief executive officer and finance head have resigned after a preliminary probe found their involvement in diverting loans.

China: Two senior Evergrande officials step down after loan-diverting probe

The International Monetary Fund (IMF) and Pakistan had reached an agreement to begin a loan programme that had been put on hold. This will inject $1.17 billion into the faltering economy.

WION Dispatch: IMF agrees to revive loan to Pakistan after fuel, tax hikes

Pakistan has managed to slowly raise aid for its floundering economy after reviving the bailout program with the International Monetary Fund. The beleaguered south Asian nation has now struck a deal with China as well.

Cash-strapped Pakistan to get $2.3 billion loan from China

Pakistan has managed to raise financing for its economy by signing $2.3bn loan facility agreement with China. After this loan deal, Pak's foreign minister Bilawal Bhutto said, we're grateful to Xi Jinping.

Pakistan signs $2.3bn loan facility agreement with China

Cash-strapped Pakistan and the International Monetary Fund have now agreed in principle to extend a stalled bailout program that will now increase an existing loan size from six billion dollars to eight billion dollars.

Pakistan: IMF extends stalled bailout package, loan size increased by $2 billion

India has now announced a 500 million dollar loan to Sri Lanka for the purchase of petroleum products. It will help finance urgent oil needs for the cash strapped nation.

Sri Lanka gets 500 million dollar loan from India

Pakistan is eyeing another $3 billion loan from China. Imran Khan is expected to visit Beijing next week to make the request. Has beg, borrow, repeat become Pakistan's mantra? Here's what Palki Sharma has to say.

Gravitas: Pak to borrow $3 Billion more from China

Kyrgyzstan has borrowed $1.8 billion from China's Export-Import Bank. There are concerns if Kyrgyzstan can pay back these loans. Is Kyrgyzstan caught in China's debt trap? Palki Sharma brings you an exclusive conversation with former Kyrgyz PM Djoomart Otorbaev.

Gravitas: Exclusive: Is Central Asia the new victim of China's debt trap?

Sri Lanka’s central bank governor has hinted that his country will choose more Chinese loans over an IMF bail-out. Why is Colombo embracing the debt trap? What’s the message for western-led global lenders? Palki Sharma tells you.

Gravitas: Sri Lanka seeking more Chinese loans

At a time when Pakistan seems to be under intense international pressure after a Sri Lankan national was lynched by a mob, the country seems to have heaved a sigh of relief on getting $3 billion loan from Saudi Arabia. &nbsp;&nbsp;

Riyadh has again come to Islamabad’s rescue as the loan will alleviate some financial woes. Pakistan has received the loan, which is a part of an economic support package, the prime minister's finance adviser said on Saturday. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/makeshift-memorial-honours-slain-lankan-factory-manager-in-pakistan-434244">Makeshift memorial honours slain Lankan factory manager in Pakistan</a>

The nation has been reeling under numerous economic challenges, which seem to be growing unabated.&nbsp;The country is witnessing sliding forex reserves, high inflation, widening current account deficit and depreciating currency. &nbsp;&nbsp;

According to the central bank data, total liquid foreign reserves of the country stand at $22,498.8 million. &nbsp;&nbsp;

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Good news, US$3 billion Saudi deposit received by SBP. I want to thank His Excellency Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for the kind gesture.
— Shaukat Tarin (@shaukat_tarin) <a href="https://twitter.com/shaukat_tarin/status/1467059562104635394?ref_src=twsrc%5Etfw">December 4, 2021</a></blockquote>
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In a tweet, Shaukat Tarin, finance adviser to Pakistan's prime minister Imran Khan, said, "I want to thank His Excellency Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for the kind gesture." &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankan-parliament-pm-rajapaksa-condemn-brutal-lynching-of-lankan-man-over-blasphemy-in-pakistan-434175" hreflang="en">Sri Lankan Parliament, PM condemn brutal lynching of Lankan man in Pakistan</a>

The loan has been given for a year at an interest rate of 4% under the terms of the package, which was signed last month. &nbsp;&nbsp;

Saad Hashemy, executive director, BMA Capital, said, "This is positive news ... and will help bolster both the foreign exchange reserves and sentiments in the forex market." &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

At a time when Pakistan seems to be under intense international pressure after a Sri Lankan national was lynched by a mob, the country seems to have heaved a sigh of relief on getting $3 billion loan from Saudi Arabia.

At a time when Pakistan seems to be under intense international pressure after a Sri Lankan national was lynched by a mob, the country seems to have heaved a sigh of relief on getting $3 billion loan from Saudi Arabia. Riyadh has again come to Islamabad’s rescue as the loan will alleviate some financial woes. Pakistan has received the loan, which is a part of an economic support package, the prime minister's finance adviser said on Saturday. Also Read: Makeshift memorial honours slain Lankan factory manager in Pakistan The nation has been reeling under numerous economic challenges, which seem to be growing unabated. The country is witnessing sliding forex reserves, high inflation, widening current account deficit and depreciating currency. According to the central bank data, total liquid foreign reserves of the country stand at $22,498.8 million. Good news, US$3 billion Saudi deposit received by SBP. I want to thank His Excellency Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for the kind gesture. — Shaukat Tarin (@shaukat_tarin) December 4, 2021 × In a tweet, Shaukat Tarin, finance adviser to Pakistan's prime minister Imran Khan, said, "I want to thank His Excellency Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for the kind gesture." Also Read: Sri Lankan Parliament, PM condemn brutal lynching of Lankan man in Pakistan The loan has been given for a year at an interest rate of 4% under the terms of the package, which was signed last month. Saad Hashemy, executive director, BMA Capital, said, "This is positive news ... and will help bolster both the foreign exchange reserves and sentiments in the forex market." (With inputs from agencies)

Under intense pressure, Pakistan heaves a sigh of relief on getting $3 billion loan from Saudi Arabia

Sri Lanka has sought a USD 500 million credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis in the island nation.

The move came few days after energy minister Udaya Gammanpila warned that the current availability of fuel in the country can be guaranteed only till next January.

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-allows-sharp-rise-in-food-prices-to-ease-shortages-419123">Sri Lanka allows sharp rise in food prices to ease shortages</a>

The state-run Ceylon Petroleum Corporation (CPC) owes nearly USD 3.3 billion to the two main government banks -- Bank of Ceylon and People's Bank. The state oil distributors imports crude from the Middle East and refined products from other areas, including Singapore.

We are currently engaged with the Indian High Commission here to obtain the facility (USD 500 million credit line) under the India-Sri Lanka economic partnership arrangement," CPC Chairman Sumith Wijesinghe was quoted as saying by local news website newsfirst.Lk.

He said the facility would be utilised for purchasing petrol and diesel requirements.

The energy secretaries of both India and Lanka are expected to sign an agreement for the loan soon, the report quoted Finance Secretary S R Attygalle as saying.

The government has put on hold the expected retail price hike of fuel despite the last week's increase in cooking gas and other essentials.

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-lifts-virus-lockdown-retains-night-curfew-417295">Sri Lanka lifts virus lockdown, retains night curfew</a>

The price hike in the global oil prices has forced Lanka to spend more on oil imports this year. The country's oil bill has jumped 41.5 per cent to USD 2 billion in the first seven months of this year, compared to last year.

Lanka is facing a severe foreign exchange crisis after the pandemic hit the nation's earnings from tourism and remittances, Finance Minister Basil Rajapaksa had said last month.

The country's Its GDP contracted by a record 3.6 per cent in 2020 and its foreign exchange reserves plunged by over a half in one year through July to just USD 2.8 billion. This has led to a 9 per cent depreciation of the Sri Lankan rupee against the dollar over the past one year, making imports more expensive.

Sri Lanka has sought a USD 500 million credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis in the island nation. The move came few days after energy minister Udaya Gammanpila warned that the current availability of fuel in the country can be guaranteed only till next January.

Sri Lanka has sought a USD 500 million credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis in the island nation. The move came few days after energy minister Udaya Gammanpila warned that the current availability of fuel in the country can be guaranteed only till next January. Also Read | Sri Lanka allows sharp rise in food prices to ease shortages The state-run Ceylon Petroleum Corporation (CPC) owes nearly USD 3.3 billion to the two main government banks -- Bank of Ceylon and People's Bank. The state oil distributors imports crude from the Middle East and refined products from other areas, including Singapore. We are currently engaged with the Indian High Commission here to obtain the facility (USD 500 million credit line) under the India-Sri Lanka economic partnership arrangement," CPC Chairman Sumith Wijesinghe was quoted as saying by local news website newsfirst.Lk. He said the facility would be utilised for purchasing petrol and diesel requirements. The energy secretaries of both India and Lanka are expected to sign an agreement for the loan soon, the report quoted Finance Secretary S R Attygalle as saying. The government has put on hold the expected retail price hike of fuel despite the last week's increase in cooking gas and other essentials. Also Read | Sri Lanka lifts virus lockdown, retains night curfew The price hike in the global oil prices has forced Lanka to spend more on oil imports this year. The country's oil bill has jumped 41.5 per cent to USD 2 billion in the first seven months of this year, compared to last year. Lanka is facing a severe foreign exchange crisis after the pandemic hit the nation's earnings from tourism and remittances, Finance Minister Basil Rajapaksa had said last month. The country's Its GDP contracted by a record 3.6 per cent in 2020 and its foreign exchange reserves plunged by over a half in one year through July to just USD 2.8 billion. This has led to a 9 per cent depreciation of the Sri Lankan rupee against the dollar over the past one year, making imports more expensive.

Lanka seeks USD 500 million loan from India for fuel purchase

A court in the United Kingdom has declared Indian fugitive businessman Vijay Mallya bankrupt. This paves the way for a consortium of Indian banks, led by the State Bank of India, to recover debt from loans.

London court declares fugitive businessman Vijay Mallya bankrupt, Indian banks can realise debt

Most big US banks are expected to report a stunning rebound in quarterly profits next week. With feared pandemic loan losses, they are failing to materialize even as trading income slumps and lending revenue stalls on low-interest rates and weak demand.

World Business Watch: US banks to see big jump in second-quarter profits before normalcy in results

Russia will move ahead with a second $500 million loan to Belarus next month, following talks between the two countries' leaders amid uproar in the West over the grounding of a passenger jet in Minsk and the arrest of a dissident blogger.&nbsp;

President Vladimir Putin and Belarusian leader Alexander Lukashenko held a second day of talks, as well as a yacht tour, in the southern Russian city of Sochi on Saturday, as the Russian leader showed his longstanding ally support in this latest standoff with the West.&nbsp;

Russia promised Belarus a $1.5 billion loan last year as part of Moscow's efforts to stabilise its neighbour. Minsk received a first instalment of $500 million in October.&nbsp;

Belarus is to receive the second tranche before the end of June, the RIA news agency reported.&nbsp;

Several Western countries accused Belarus of piracy this week after Belarusian air traffic control informed the pilot of a Ryanair passenger jet of a hoax bomb threat.&nbsp;

Minsk scrambled a MiG-29 fighter plane to escort the jetliner down, and then arrested Roman Protasevich, a blogger and critic of Lukashenko, who was on board.&nbsp;

Arrested with Protasevich was his girlfriend, a Russian citizen.&nbsp;

Putin on Saturday raised the topic of Sofia Sapega, the TASS news agency reported, citing Kremlin press secretary Dmitry Peskov.&nbsp;

"President Lukashenko informed his Russian colleague in detail about what happened with the Ryanair flight," TASS cited Peskov as saying.&nbsp;

"On the initiative of the Russian president the topic of the Russian citizen, who was detained, was raised .... Naturally, we are not indifferent to her fate," Peskov was cited as saying.&nbsp;

He added the Kremlin would take note of the fact that Sapega also has a Belarusian residency permit.&nbsp;

Putin and Lukashenko completed the day of talks with a yacht tour in Sochi. A video appeared to show the two leaders laughing and spotting dolphins off the Russian coast.&nbsp;

Most of Belarus's neighbours and many other European nations have banned flights by Belarusian national airline Belavia following Sunday's forced landing of the Ryanair jet, which was en route to Lithuania from Greece.&nbsp;

The issue of air travel for Belarusian citizens was raised during Saturday's meeting, Peskov was cited by Interfax as saying, adding the transport ministries of Moscow and Minsk had been tasked with helping Belarusian citizens currently in Europe to return home.&nbsp;

(With inputs from agencies)&nbsp;

Russia will move ahead with a second $500 million loan to Belarus next month, following talks between the two countries' leaders amid uproar in the West over the grounding of a passenger jet in Minsk and the arrest of a dissident blogger.

Russia will move ahead with a second $500 million loan to Belarus next month, following talks between the two countries' leaders amid uproar in the West over the grounding of a passenger jet in Minsk and the arrest of a dissident blogger. President Vladimir Putin and Belarusian leader Alexander Lukashenko held a second day of talks, as well as a yacht tour, in the southern Russian city of Sochi on Saturday, as the Russian leader showed his longstanding ally support in this latest standoff with the West. Russia promised Belarus a $1.5 billion loan last year as part of Moscow's efforts to stabilise its neighbour. Minsk received a first instalment of $500 million in October. Belarus is to receive the second tranche before the end of June, the RIA news agency reported. Several Western countries accused Belarus of piracy this week after Belarusian air traffic control informed the pilot of a Ryanair passenger jet of a hoax bomb threat. Minsk scrambled a MiG-29 fighter plane to escort the jetliner down, and then arrested Roman Protasevich, a blogger and critic of Lukashenko, who was on board. Arrested with Protasevich was his girlfriend, a Russian citizen. Putin on Saturday raised the topic of Sofia Sapega, the TASS news agency reported, citing Kremlin press secretary Dmitry Peskov. "President Lukashenko informed his Russian colleague in detail about what happened with the Ryanair flight," TASS cited Peskov as saying. "On the initiative of the Russian president the topic of the Russian citizen, who was detained, was raised .... Naturally, we are not indifferent to her fate," Peskov was cited as saying. He added the Kremlin would take note of the fact that Sapega also has a Belarusian residency permit. Putin and Lukashenko completed the day of talks with a yacht tour in Sochi. A video appeared to show the two leaders laughing and spotting dolphins off the Russian coast. Most of Belarus's neighbours and many other European nations have banned flights by Belarusian national airline Belavia following Sunday's forced landing of the Ryanair jet, which was en route to Lithuania from Greece. The issue of air travel for Belarusian citizens was raised during Saturday's meeting, Peskov was cited by Interfax as saying, adding the transport ministries of Moscow and Minsk had been tasked with helping Belarusian citizens currently in Europe to return home. (With inputs from agencies)

Russia confirms second loan for Belarus, raises issue of detained citizen 

The World Bank said Friday it was canceling a loan to fund a dam in Lebanon that environmentalists claimed could destroy a valley rich in biodiversity.

The Bisri Dam was partially suspended in June after the Washington-based development lender said it raised concerns about the project's implementation, and given the government of Lebanon until September 4 to finalize key agreements related to operations and maintenance as well as the environment.

In a statement, the World Bank said it had notified the government that it was withdrawing its financing "due to non-completion of the tasks that are preconditions to the commencement of construction."

"The canceled portion of the loan is $244 million and the cancelation is effective immediately," the bank said.

<a href="https://www.wionews.com/videos/one-month-of-deadly-blast-people-in-lebanon-observed-one-minute-of-silence-325344">Also read:&nbsp;One month of deadly blast, people in Lebanon observed one minute of silence</a>

Located in a valley 30 kilometres (20 miles) south of the capital, the dam aims to supply drinking water as well as irrigation for 1.6 million residents.

Environmentalists and some farmers had disputed assurances from the government and the World Bank that the dam, to be built on a seismic fault line, does not increase the risk of earthquakes.

Roland Nassour, an activist who has campaigned against the project, said he was delighted the loan had been cancelled.

"Today one of the corruption deals in the country has collapsed," said Nassour, the coordinator of the Save Bisri initiative, adding that popular anger had made the project a "burden" for the global lender.

'Glimmer of hope'

Eddy Akl, the owner of land expropriated by the state to build the dam, said the loan's withdrawal was a step in the right direction.

<a href="https://www.wionews.com/world/beirut-blast-has-caused-trauma-to-600000-children-says-unicef-325388">Also read:&nbsp;Beirut blast has caused trauma to 600,000 children, says Unicef</a>

"The decision is of course positive. But our other battle will be for the state to hand us back our land," he said.&nbsp;

"It's a glimmer of hope, but no one knows what the state has in store for us next."

On social media, users shared the image of a stork flying across a valley in blossom, carrying a banner that read: "We saved the Bisri valley."

"Finally some good news in 2020," one wrote.

Gebran Bassil, the head of the president's Free Patriotic Movement political party and a backer of the project, claimed the Lebanese public would ask for a dam again soon.

"There will come a day when the Lebanese state, and with it the people of Beirut, Jezzine, Saida, Chouf, Baabda and Aley will ask for the Bisri dam to be funded," he wrote on Twitter.

"The need for water will become apparent... and nothing will do except to secure a new loan to return to the same dam."

The World Bank said Friday it was canceling a loan to fund a dam in Lebanon that environmentalists claimed could destroy a valley rich in biodiversity. The Bisri Dam was partially suspended in June after the Washington-based development lender said it raised concerns about the project's implementation, and given the government of Lebanon until September 4 to finalize key agreements related to operations and maintenance as well as the environment.

The World Bank said Friday it was canceling a loan to fund a dam in Lebanon that environmentalists claimed could destroy a valley rich in biodiversity. The Bisri Dam was partially suspended in June after the Washington-based development lender said it raised concerns about the project's implementation, and given the government of Lebanon until September 4 to finalize key agreements related to operations and maintenance as well as the environment. In a statement, the World Bank said it had notified the government that it was withdrawing its financing "due to non-completion of the tasks that are preconditions to the commencement of construction." "The canceled portion of the loan is $244 million and the cancelation is effective immediately," the bank said. Also read: One month of deadly blast, people in Lebanon observed one minute of silence Located in a valley 30 kilometres (20 miles) south of the capital, the dam aims to supply drinking water as well as irrigation for 1.6 million residents. Environmentalists and some farmers had disputed assurances from the government and the World Bank that the dam, to be built on a seismic fault line, does not increase the risk of earthquakes. Roland Nassour, an activist who has campaigned against the project, said he was delighted the loan had been cancelled. "Today one of the corruption deals in the country has collapsed," said Nassour, the coordinator of the Save Bisri initiative, adding that popular anger had made the project a "burden" for the global lender. 'Glimmer of hope' Eddy Akl, the owner of land expropriated by the state to build the dam, said the loan's withdrawal was a step in the right direction. Also read: Beirut blast has caused trauma to 600,000 children, says Unicef "The decision is of course positive. But our other battle will be for the state to hand us back our land," he said. "It's a glimmer of hope, but no one knows what the state has in store for us next." On social media, users shared the image of a stork flying across a valley in blossom, carrying a banner that read: "We saved the Bisri valley." "Finally some good news in 2020," one wrote. Gebran Bassil, the head of the president's Free Patriotic Movement political party and a backer of the project, claimed the Lebanese public would ask for a dam again soon. "There will come a day when the Lebanese state, and with it the people of Beirut, Jezzine, Saida, Chouf, Baabda and Aley will ask for the Bisri dam to be funded," he wrote on Twitter. "The need for water will become apparent... and nothing will do except to secure a new loan to return to the same dam."

World Bank cancels loan for controversial Lebanon dam

China's Exim bank has asked the Maldives to repay $10 million loan. It is a part of the loan given to former president Yameen's ally- Sun Ahmed Shyam.

The $127 million loan was given in sovereign guarantee and now china is asking the Maldives to cough up an unpaid instalment. The timing couldn't be worse. The Wuhan virus has hit the economy. The tourism sector has come to standstill.

So why is China asking for money now?

It is called blackmail. China is punishing the Maldives for its proximity to India.

The former president of this island country Abdullah Yameen was China's puppet. He ramped up infrastructure projects with Chinese funds.&nbsp;

And in the process, Yameen had cast aside democracy and the rule of law. Take a look at the inflow of money.

China invested 830 million dollars into the island country's airport. China built a 2-km bridge to link the airport island to the male.

It also built a 25-storey apartment complex and hospital in the Maldives. Beijing sent 306,000 tourists to the Maldives in the year 2018

Talk about china's debt-trap diplomacy...

Here's a question. Why the Maldives?

Because it holds strategic importance for Beijing. The Maldives has key shipping lanes.

It is located along china's shipping route to the middle east.

During a visit to the Maldives in 2014, Chinese president Xi Jinping had announced that the Maldives could become a part of the maritime silk road.

In other words, the belt and road initiative.

In August 2018, 3 Chinese naval ships docked in Male.

The Maldives racked up an estimated 1.3 billion dollars of debt to China.

This is more than a quarter of the Maldives' GDP.

The estimates are conflicting.

In 2018, former president Mohamed Nasheed said that China has handed over an invoice of 3.2 billion dollars.

"It was an invoice. It just had a figure, $3.2 billion. It was shocking," said Nasheed. "It wasn’t just a conversation, it was a written note handed over, it was clear, you owe us this much."

In short, China's plan was on track, until the Solih govt took over in September 2018.

Currently, Maldives owes billions of dollars to China.

What happens if it does not repay $10 million to china's Exim bank?

It could impact the credibility of the Maldives.

What happens if Male pays?

It could impact its foreign trade and forex reserves.

India has handed over a cheque of 5.6 million dollars. This is for the implementation of the high-impact grant project. In July, the State Bank of India announced liquidity support of 16.20 million dollars for businesses and deferred loan repayments.

But India may not be able to extend this support to all countries being crushed under Chinese debts.

They can either learn from the Maldives or brace for disaster.

China's Exim bank has asked the Maldives to repay $10 million loan. It is a part of the loan given to former president Yameen's ally- Sun Ahmed Shyam. The $127 million loan was given in sovereign guarantee and now china is asking the Maldives to cough up an unpaid instalment.

China's Exim bank has asked the Maldives to repay $10 million loan. It is a part of the loan given to former president Yameen's ally- Sun Ahmed Shyam. The $127 million loan was given in sovereign guarantee and now china is asking the Maldives to cough up an unpaid instalment. The timing couldn't be worse. The Wuhan virus has hit the economy. The tourism sector has come to standstill. So why is China asking for money now? It is called blackmail. China is punishing the Maldives for its proximity to India. The former president of this island country Abdullah Yameen was China's puppet. He ramped up infrastructure projects with Chinese funds. And in the process, Yameen had cast aside democracy and the rule of law. Take a look at the inflow of money. China invested 830 million dollars into the island country's airport. China built a 2-km bridge to link the airport island to the male. It also built a 25-storey apartment complex and hospital in the Maldives. Beijing sent 306,000 tourists to the Maldives in the year 2018 Talk about china's debt-trap diplomacy... Here's a question. Why the Maldives? Because it holds strategic importance for Beijing. The Maldives has key shipping lanes. It is located along china's shipping route to the middle east. During a visit to the Maldives in 2014, Chinese president Xi Jinping had announced that the Maldives could become a part of the maritime silk road. In other words, the belt and road initiative. In August 2018, 3 Chinese naval ships docked in Male. The Maldives racked up an estimated 1.3 billion dollars of debt to China. This is more than a quarter of the Maldives' GDP. The estimates are conflicting. In 2018, former president Mohamed Nasheed said that China has handed over an invoice of 3.2 billion dollars. "It was an invoice. It just had a figure, $3.2 billion. It was shocking," said Nasheed. "It wasn’t just a conversation, it was a written note handed over, it was clear, you owe us this much." In short, China's plan was on track, until the Solih govt took over in September 2018. Currently, Maldives owes billions of dollars to China. What happens if it does not repay $10 million to china's Exim bank? It could impact the credibility of the Maldives. What happens if Male pays? It could impact its foreign trade and forex reserves. India has handed over a cheque of 5.6 million dollars. This is for the implementation of the high-impact grant project. In July, the State Bank of India announced liquidity support of 16.20 million dollars for businesses and deferred loan repayments. But India may not be able to extend this support to all countries being crushed under Chinese debts. They can either learn from the Maldives or brace for disaster.

Chinese banks asks Maldives to repay $10 million loan

#BoycottUAE was trending in Pakistan on Tuesday because Turkey said so!&nbsp;Pakistan's&nbsp;Twitter users jumped on Turkey's bandwagon as a result the hashtag started trending.

Turkey is growing more assertive and wants to stamp its authority in Libya.&nbsp;Some Turkey-based Twitter accounts decided to slam the UAE for its growing support to Libya. Some of the more creative ones&nbsp;began highlighting the strengthening relationship between India and the UAE.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-why-was-boycottuae-trending-in-pak-300019/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The hashtag soon reached Pakistan and netizens there didn't understand the trend much. All they saw was that this trend mentioned India. So they unleashed a tweet storm.

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UAE Always been the supporter of India and Modi govt so UAE has played a vital role in genocides of muslims in India.. 
Alhamdulillah we Pakistanis are glad to have brother country like Turkey.<a href="https://twitter.com/hashtag/BoycottUAE?src=hash&amp;ref_src=twsrc%5Etfw">#BoycottUAE</a> PRAY FOR INDIAN ,KASHMIRI MUSLIM <a href="https://t.co/jZp8pvBygN">pic.twitter.com/jZp8pvBygN</a>
— Muddasir Noor (@MudasirNoor8) <a href="https://twitter.com/MudasirNoor8/status/1263132835872944128?ref_src=twsrc%5Etfw">May 20, 2020</a></blockquote>
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Turkey is boycotting UAE and we PAKISTAN are always with TURKEY ♥️<a href="https://twitter.com/hashtag/BoycottUAE?src=hash&amp;ref_src=twsrc%5Etfw">#BoycottUAE</a> <a href="https://t.co/iu3gzAR17v">pic.twitter.com/iu3gzAR17v</a>
— CH SAAD IBRAR (@CHSAADIBRAR1) <a href="https://twitter.com/CHSAADIBRAR1/status/1263133624662200321?ref_src=twsrc%5Etfw">May 20, 2020</a></blockquote>
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Pakistan's keyboard warriors ensured that hashtag boycott UAE becomes the top trend.&nbsp;What they forgot was their government's outstanding debts to the UAE. Pakistan owes billions of dollars to the United Arab Emirates.&nbsp;

Time and again it has sought financial assistance packages from the country.&nbsp;Besides China, UAE&nbsp;has been one of the main avenues for Pakistan to seek bailouts. A fact that has now turned into a national embarrassment for Pakistan.

A series of reality checks were given by social media influencers in Pakistan.&nbsp;Reality checks about how those trending this hashtag&nbsp;would themselves will not be able to repay this debt, even if they sell their body parts.

A debt which the Pak government too will find tough to repay. No matter how many embassy buildings it sells. A couple of years back Pakistan foreign ministry officials sold their embassy buildings in Jakarta and Tokyo.

These officials received kickbacks. The National Accountability Bureau of Pakistan has now revived a corruption case against these officials.

Pakistan foreign ministry is fighting an embezzlement case within the country with even the health ministry being accused of corruption.

A health minister to be precise, Dr Zafar Mirza, the special assistant to Pakistan prime minister Imran Khan on health. The man who once smuggled 20 million masks out of Pakistan. PM Imran Khan has finally decided to curtail his authority to make financial decisions.

There has been another scam --- this time in the import of vitamin tablets. So, Dr Zafar Mirza has been instructed to send all summaries involving any financial matters to the prime minister henceforth.

But he won't be fired, Imran Khan is only adjusting corruption. Pakistan's own house is in mess.

Pakistan's keyboard warriors keep bringing to life more amounts of the mess.&nbsp;

#BoycottUAE was trending in Pakistan on Tuesday because Turkey said so! Pakistan's Twitter users jumped on Turkey's bandwagon as a result the hashtag started trending.

#BoycottUAE was trending in Pakistan on Tuesday because Turkey said so! Pakistan's Twitter users jumped on Turkey's bandwagon as a result the hashtag started trending. Turkey is growing more assertive and wants to stamp its authority in Libya. Some Turkey-based Twitter accounts decided to slam the UAE for its growing support to Libya. Some of the more creative ones began highlighting the strengthening relationship between India and the UAE. The hashtag soon reached Pakistan and netizens there didn't understand the trend much. All they saw was that this trend mentioned India. So they unleashed a tweet storm. UAE Always been the supporter of India and Modi govt so UAE has played a vital role in genocides of muslims in India.. Alhamdulillah we Pakistanis are glad to have brother country like Turkey.#BoycottUAE PRAY FOR INDIAN ,KASHMIRI MUSLIM pic.twitter.com/jZp8pvBygN — Muddasir Noor (@MudasirNoor8) May 20, 2020 × Turkey is boycotting UAE and we PAKISTAN are always with TURKEY ♥️#BoycottUAE pic.twitter.com/iu3gzAR17v — CH SAAD IBRAR (@CHSAADIBRAR1) May 20, 2020 × Pakistan's keyboard warriors ensured that hashtag boycott UAE becomes the top trend. What they forgot was their government's outstanding debts to the UAE. Pakistan owes billions of dollars to the United Arab Emirates. Time and again it has sought financial assistance packages from the country. Besides China, UAE has been one of the main avenues for Pakistan to seek bailouts. A fact that has now turned into a national embarrassment for Pakistan. A series of reality checks were given by social media influencers in Pakistan. Reality checks about how those trending this hashtag would themselves will not be able to repay this debt, even if they sell their body parts. A debt which the Pak government too will find tough to repay. No matter how many embassy buildings it sells. A couple of years back Pakistan foreign ministry officials sold their embassy buildings in Jakarta and Tokyo. These officials received kickbacks. The National Accountability Bureau of Pakistan has now revived a corruption case against these officials. Pakistan foreign ministry is fighting an embezzlement case within the country with even the health ministry being accused of corruption. A health minister to be precise, Dr Zafar Mirza, the special assistant to Pakistan prime minister Imran Khan on health. The man who once smuggled 20 million masks out of Pakistan. PM Imran Khan has finally decided to curtail his authority to make financial decisions. There has been another scam --- this time in the import of vitamin tablets. So, Dr Zafar Mirza has been instructed to send all summaries involving any financial matters to the prime minister henceforth. But he won't be fired, Imran Khan is only adjusting corruption. Pakistan's own house is in mess. Pakistan's keyboard warriors keep bringing to life more amounts of the mess.

#BoycottUAE trends in Pakistan as netizens forget country's debts to UAE

BJP leader Shivraj Singh Chouhan on Saturday slammed Congress for promising loan waivers to farmers of Haryana in the party`s manifesto after it had failed to implement it in Madhya Pradesh and two other states.

"It is the height of shamelessness. Rahul Gandhiji had himself said that Congress will waive off all loans of farmers under 10 days otherwise we will change the chief minister, 10 months have passed, but the loans have not been waived off here. And they are promising the same in Haryana this time, there is a limit even for lies," Chouhan told ANI here.

Further accusing the Kamal Nath government of failing to help the farmers he said, "The farmers are in anguish, many people became defaulters and many of those are now committing suicide. There is a limit even on speaking lies, how much more can the Congress deceive the people."

Urging Congress to apologise to the farmers whom they had troubled through their hollow promises made in the past, Chouhan said, "Congress has become a thug party now. They should apologize for not waiving off farm loans in Chhattisgarh, Madhya Pradesh and Rajasthan and they should stop making such promises in the future, the people are not going to be deceived by them anymore."

Earlier today, Chief Minister Kamal Nath had said his party colleague Jyotiraditya Scindia was correct in claiming that farm loan of only up to Rs 50,000 has been waived off so far but he promised that his government will waive off farm loans up to Rs 2 lakh in due course of time.

"He (Scindia) is right. We had said we will waive off Rs 50,000 farm loan in the first instalment. Next, we will waive off up to Rs 2 lakh. I agree that to have promised Rs 2 lakh farm loan waiver. I believe the public trust their leader," Chief Minister Nath told reporters here.

The Chief Minister, however, said that suggestions for improvement are welcome, but one should first know the facts and truths, which are in front of the people.

"The farm loans have not been waived off in totality. Loan of only Rs 50,000 has been waived off even when we had promised that loan up to Rs 2 Lakh will be waived," Scindia had said earlier.

"The loans should be waived off completely," he had added.

Reacting to both Scindia and Digvijaya Singh`s statements, who had pointed towards cattle being on the loose in the roads of the state, Chouhan said that it seemed like an attempt to put pressure on the Chief Minister.

"Both Digvijaya and Scindiaji can meet the chief minister anytime and give him suggestions. This tweeting and commenting is a way to pressurise him so that he will be forced to do what they want," Chouhan said.

BJP leader Shivraj Singh Chouhan on Saturday slammed Congress for promising loan waivers to farmers of Haryana in the party`s manifesto after it had failed to implement it in Madhya Pradesh and two other states.

BJP leader Shivraj Singh Chouhan on Saturday slammed Congress for promising loan waivers to farmers of Haryana in the party`s manifesto after it had failed to implement it in Madhya Pradesh and two other states. "It is the height of shamelessness. Rahul Gandhiji had himself said that Congress will waive off all loans of farmers under 10 days otherwise we will change the chief minister, 10 months have passed, but the loans have not been waived off here. And they are promising the same in Haryana this time, there is a limit even for lies," Chouhan told ANI here. Further accusing the Kamal Nath government of failing to help the farmers he said, "The farmers are in anguish, many people became defaulters and many of those are now committing suicide. There is a limit even on speaking lies, how much more can the Congress deceive the people." Urging Congress to apologise to the farmers whom they had troubled through their hollow promises made in the past, Chouhan said, "Congress has become a thug party now. They should apologize for not waiving off farm loans in Chhattisgarh, Madhya Pradesh and Rajasthan and they should stop making such promises in the future, the people are not going to be deceived by them anymore." Earlier today, Chief Minister Kamal Nath had said his party colleague Jyotiraditya Scindia was correct in claiming that farm loan of only up to Rs 50,000 has been waived off so far but he promised that his government will waive off farm loans up to Rs 2 lakh in due course of time. "He (Scindia) is right. We had said we will waive off Rs 50,000 farm loan in the first instalment. Next, we will waive off up to Rs 2 lakh. I agree that to have promised Rs 2 lakh farm loan waiver. I believe the public trust their leader," Chief Minister Nath told reporters here. The Chief Minister, however, said that suggestions for improvement are welcome, but one should first know the facts and truths, which are in front of the people. "The farm loans have not been waived off in totality. Loan of only Rs 50,000 has been waived off even when we had promised that loan up to Rs 2 Lakh will be waived," Scindia had said earlier. "The loans should be waived off completely," he had added. Reacting to both Scindia and Digvijaya Singh`s statements, who had pointed towards cattle being on the loose in the roads of the state, Chouhan said that it seemed like an attempt to put pressure on the Chief Minister. "Both Digvijaya and Scindiaji can meet the chief minister anytime and give him suggestions. This tweeting and commenting is a way to pressurise him so that he will be forced to do what they want," Chouhan said.

'There's a limit to lies': Shivraj Singh Chouhan slams Congress' farm loan waiver promise

In the aftermath of Café Coffee Day founder V G Siddhartha’s death what refuses to go away is the abounding speculation over the trigger for his suicide. Was it the mountain of debt? Was it the taxman’s scrutiny that he was subject to? Was it his inability to cope with the stress of managing a big business empire and the bigger debt it inevitably involves? Or, was it a lethal combination of all three?

Whatever was the last straw that made Siddhartha take the extreme step and plunge to his death, there are good reasons for the government, the business community and other interested sections to know, understand and draw the correct conclusions. Doubtless, there would be lessons, too, to be learnt.

At the same time, to pick on particular officials and question them for the harassment alleged by Siddhartha would be unfair. There is no case whatsoever for such a course of action. In such cases, officials, particularly tax and enforcement officials, are damned if they do, and damned if they don’t. Diligently doing their duty risks the charge of harassment. Failure to go by the book can invite accusations of negligence or favouritism. &nbsp;And, it is easy to make a scapegoat of an official especially if the political class wants to.

Precisely for that reason, the political class must desist from giving in to the temptation of picking on an official unless there is direct culpability with proof of personal enmity or vendetta. In the absence of these, questioning an official for “harassment” in the vague sense would be a fishing expedition.

Therein lies a lesson for government officials: to discharge their duty, at all times, without fear or favour and shun political bias, influence or instruction.

(Disclaimer: WION Edit is the channel's take on the big events of the world)

In the aftermath of Café Coffee Day founder V G Siddhartha’s death what refuses to go away is the abounding speculation over the trigger for his suicide. Was it the mountain of debt?

In the aftermath of Café Coffee Day founder V G Siddhartha’s death what refuses to go away is the abounding speculation over the trigger for his suicide. Was it the mountain of debt? Was it the taxman’s scrutiny that he was subject to? Was it his inability to cope with the stress of managing a big business empire and the bigger debt it inevitably involves? Or, was it a lethal combination of all three? Whatever was the last straw that made Siddhartha take the extreme step and plunge to his death, there are good reasons for the government, the business community and other interested sections to know, understand and draw the correct conclusions. Doubtless, there would be lessons, too, to be learnt. At the same time, to pick on particular officials and question them for the harassment alleged by Siddhartha would be unfair. There is no case whatsoever for such a course of action. In such cases, officials, particularly tax and enforcement officials, are damned if they do, and damned if they don’t. Diligently doing their duty risks the charge of harassment. Failure to go by the book can invite accusations of negligence or favouritism. And, it is easy to make a scapegoat of an official especially if the political class wants to. Precisely for that reason, the political class must desist from giving in to the temptation of picking on an official unless there is direct culpability with proof of personal enmity or vendetta. In the absence of these, questioning an official for “harassment” in the vague sense would be a fishing expedition. Therein lies a lesson for government officials: to discharge their duty, at all times, without fear or favour and shun political bias, influence or instruction. (Disclaimer: WION Edit is the channel's take on the big events of the world)

WION Edit: Let officials do their job without fear or favour

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.

Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement.

But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data.

ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion.

Quarterly provisions fell to $507 million from $865 million a year ago.&nbsp;

Net interest margin, a key indicator of the bank`s profitability, was 3.61% in the quarter, compared with 3.19% in the year-ago quarter.

Earlier in the week, ICICI's peer Kotak Mahindra Bank Ltd also reported a profit that fell marginally shy of estimates and joined the country`s largest private lender HDFC Bank in warning of the slowing pace of domestic growth.&nbsp;

The warnings from the private lenders in Asia's third-largest economy, which have been dealing with a large pile of stressed loans, have spooked investors.

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth. Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement. But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data. ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion. Quarterly provisions fell to $507 million from $865 million a year ago. Net interest margin, a key indicator of the bank`s profitability, was 3.61% in the quarter, compared with 3.19% in the year-ago quarter. Earlier in the week, ICICI's peer Kotak Mahindra Bank Ltd also reported a profit that fell marginally shy of estimates and joined the country`s largest private lender HDFC Bank in warning of the slowing pace of domestic growth. The warnings from the private lenders in Asia's third-largest economy, which have been dealing with a large pile of stressed loans, have spooked investors.

Lower provisions help ICICI bank swing to first-quarter profit

The Indian government had 789.43 billion rupees ($11.47 billion) outstanding loans with the central bank under ways and means advances in the week ended July 12, according to the Reserve Bank of India's (RBI) weekly statistical supplement released on Friday.

The central government had 667.93 billion rupees outstanding loans in the week earlier.

State governments had loans worth 69.94 billion rupees from the RBI in the week ended July 12, compared with 55.66 billion rupees in the previous week, the release showed.

Indian banks' loans rose 12 per cent&nbsp;in the two weeks ended July 5 from a year earlier, while deposits rose 10.3 per cent, the Reserve Bank of India's weekly statistical supplement showed on Friday.

Outstanding loans rose 487.8 billion rupees ($7.09 billion)to 96.98 trillion rupees in the two weeks ended July 5. Non-food credit rose 494.3 billion rupees to 96.27 trillion rupees, while food credit fell 6.5 billion rupees to 707.7 billion rupees.

Bank deposits rose 1.82 trillion rupees to 126.75 trillion rupees in the two weeks ended July 5.

The Indian government had 789.43 billion rupees ($11.47 billion) outstanding loans with the central bank under ways and means advances in the week ended July 12, according to the Reserve Bank of India's (RBI) weekly statistical supplement released on Friday.

The Indian government had 789.43 billion rupees ($11.47 billion) outstanding loans with the central bank under ways and means advances in the week ended July 12, according to the Reserve Bank of India's (RBI) weekly statistical supplement released on Friday. The central government had 667.93 billion rupees outstanding loans in the week earlier. State governments had loans worth 69.94 billion rupees from the RBI in the week ended July 12, compared with 55.66 billion rupees in the previous week, the release showed. Indian banks' loans rose 12 per cent in the two weeks ended July 5 from a year earlier, while deposits rose 10.3 per cent, the Reserve Bank of India's weekly statistical supplement showed on Friday. Outstanding loans rose 487.8 billion rupees ($7.09 billion)to 96.98 trillion rupees in the two weeks ended July 5. Non-food credit rose 494.3 billion rupees to 96.27 trillion rupees, while food credit fell 6.5 billion rupees to 707.7 billion rupees. Bank deposits rose 1.82 trillion rupees to 126.75 trillion rupees in the two weeks ended July 5.

Government's outstanding loans from RBI at 789.43 billion rupees in July 12 week

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