April 29, 2016 Reading Time: 2 minutes
Reading Time: 2 min read
IMF announces USD 1.5 billion loan for Sri Lanka
Sri Lanka has reached an agreement to borrow USD 1.5 billion from the International Monetary Fund (IMF). The agreement will aim to reduce the budget deficit and stabilize the credit system.
Talks with the IMF are due to begin this month, where both parties will agree on the conditions tied to the assistance programme.
Sri Lanka to establish diplomatic mission in Ethiopia
The Minister of Foreign Affairs, Mangala Samaraweera, has put forward a proposal for a new embassy in Ethiopia, with the aim of broadening trade and economic relations.
Ethiopia has the largest economy in the region and houses the headquarters of the African Union.
World Bank approves USD 45 million of credit
The World Bank has given Sri Lanka USD 45 million of credit, to help protect the country’s natural habitats and resources.
The International Development Association (IDA), the World Bank’s concessionary lending arm, will provide the credit for this project. The Ministry of Mahaweli Development and Environment and the Ministry of Sustainable Development and Wildlife will lead its implementation.
Israel rejects French peace plan
The Israeli Prime Minister, Binyamin Netanyahu, has rejected a French-led international peace summit, to initiate dialogue between Israel and Palestine. Israel believes in resolving the conflict through bilateral negotiations.
Palestine’s response has been to criticise Israel’s rejection of the initiative. Neither Israel nor Palestine have been invited to the summit, scheduled to start on the 30th of May 2016.
President Obiang Nguema re-elected
Teodoro Obiang Nguema has been re-elected as the President of Equatorial Guinea in a landslide victory garnering 93.7% of the vote.
President Nguema is currently Africa’s longest-serving leader, having gained power in a military coup in 1979.
China and Russia strengthen defence ties
China and Russia have agreed to increase military exercises to strengthen security and defence cooperation, at the Moscow Conference on International Security, amidst growing tensions in the South China Sea.
The Russian Defence Minister, Sergey Shoigu, also pledged to expand military ties with the Association of Southeast Asian Nations (ASEAN).