November 11, 2024, 11:25 am

IMF, Bilateral Creditors Back Sri Lanka on $12.5 Billion Bondholder Debt Rework

sarakhon desk
  • Update Time : Saturday, October 5, 2024

Israeli Strike Hits North Lebanon as Raids Pummel Beirut Suburbs

Reuters,

On Saturday, an Israeli airstrike hit the northern Lebanese city of Tripoli for the first time, marking a significant escalation in the ongoing conflict between Israel and Hezbollah. The strike occurred amidst ongoing bombardments in Beirut’s southern suburbs, which have become a focal point for Israeli military operations due to their strategic importance as Hezbollah strongholds. A Lebanese security official reported that the strike in Tripoli killed a senior Hamas official, along with his wife and two children, in a Palestinian refugee camp. Hamas-affiliated media later confirmed that a leader of the group’s armed wing was among the dead.

This incident follows weeks of intensifying Israeli attacks on Lebanon, particularly in areas controlled by Hezbollah. The conflict, which began with skirmishes along the Israel-Lebanon border, has now expanded significantly, with Israel seeking to neutralize Hezbollah’s leadership and military capabilities. Israeli military spokespersons have issued warnings to residents in Hezbollah-controlled areas, urging them to evacuate ahead of further airstrikes.

On Friday, Israel launched a series of targeted attacks on Hezbollah’s intelligence headquarters in Beirut’s southern suburbs. Although the extent of the damage remains unclear, Israeli officials stated that the operation aimed to dismantle Hezbollah’s senior command. The death of Secretary-General Sayyed Hassan Nasrallah in a September 27 airstrike has left Hezbollah in a leadership crisis, as Israeli forces continue to eliminate key figures within the organization.

The Lebanese government reports that over 2,000 people have been killed in the past year, with the majority of casualties occurring in the last two weeks. Civilian infrastructure, including hospitals, medical teams, and rescue workers, has been severely affected by Israeli strikes. The Lebanese Red Cross and public hospitals have reported increased attacks, while more than 1.2 million Lebanese citizens have been displaced. Many have fled to the northern city of Tripoli or crossed the border into Syria, but the closure of the main border crossing between Lebanon and Syria has worsened the humanitarian situation.

United Nations spokesperson Stephane Dujarric called the toll on Lebanese civilians “totally unacceptable” and urged both parties to minimize harm to non-combatants. The U.N. also expressed concern over the deteriorating conditions in displacement shelters, which are operating beyond capacity.

24-Year-Old Malaysian Motorcyclist Dies in Singapore en Route to Work; Family Seeks Witnesses

AsiaOne,

A 24-year-old Malaysian man, Wang Fuhan, tragically lost his life in a fatal road accident on his way to work in Singapore. The incident occurred at the junction of Admiralty Road and Woodlands Centre Road on Wednesday, October 2, around 8 a.m. Wang’s motorcycle collided with a lorry, leaving him unconscious at the scene. He was rushed to Khoo Teck Puat Hospital but was pronounced dead upon arrival.

Wang’s mother, Lin, who works in Singapore, rushed to the hospital, but by the time she arrived, her son had already succumbed to his injuries. His death occurred just four days before his 25th birthday, intensifying the grief experienced by his family. Wang’s father and sister traveled from their hometown in Malaysia later that afternoon, deeply shaken by the sudden loss.

Photos shared on social media by Singapore Road Accident showed the aftermath of the crash, including Wang’s damaged motorcycle and the blue lorry involved. Wang was seen lying unconscious on the road, his pants torn from the impact of the collision. According to Wang’s cousin, Chen, Wang had been working at a Singaporean warehouse for the past three years. Despite living away from his family, he regularly sent the majority of his earnings home to support his parents and grandparents.

Wang’s family is now appealing for anyone with dashcam footage or witnesses of the accident to come forward, hoping to understand the circumstances that led to his death. The Singapore Police Force confirmed that they are investigating the accident, but no further details have been released. The family remains devastated and seeks closure through uncovering the truth behind the tragic incident.

Teen Among Nearly 500 Suspects in Scams Where Victims Lost Over $12 Million

The Straits Times,

In a major crackdown on scams, Singaporean police have arrested nearly 500 suspects, including a teenager, linked to scams that have resulted in over $12.2 million in financial losses. The police operation, which took place over nearly three weeks from September 13 to October 3, targeted individuals believed to be involved in various scams, including internet love scams, investment fraud, and impersonation schemes.

Of the 482 individuals under investigation, 339 men and 143 women, aged between 15 and 76, are suspected of acting as scammers or money mules. The suspects face charges of cheating, money laundering, and providing unauthorized payment services. Police believe that these individuals were involved in more than 1,400 scam cases across Singapore, many of which were internet-based.

Cheating carries a maximum sentence of up to 10 years in prison, along with a fine, while money laundering can lead to a jail term of up to 10 years and a fine of up to $500,000. Additionally, those who operate unlicensed payment services may face a fine of up to $125,000 or a jail term of up to three years.

Police have emphasized the importance of public awareness in combating scams. They urge the public to remain vigilant and avoid sharing bank account or mobile line details with others, as this could implicate them in criminal activities. The police have also encouraged anyone with information on scams to contact the authorities through the police hotline or via their online reporting platform, with the assurance of confidentiality.

Scams in Singapore have reached alarming levels, with 46,563 cases reported in 2023 alone, the highest number since the police began tracking such incidents in 2016. In total, scam-related losses have exceeded $2.3 billion since 2019, prompting authorities to intensify efforts to crack down on fraudulent activities.

China’s Bullet Trains Extend Toward Singapore Despite Debt Fears

Bloomberg,

China is rapidly expanding its high-speed rail network into Southeast Asia, with multi-billion-dollar projects that are reshaping the region’s infrastructure and trade routes. A $6 billion rail line is currently under construction in Laos, linking the country’s capital to the Chinese border, cutting through rice paddies and mountainous terrain. This ambitious project is part of China’s broader “golden corridor” vision, which aims to connect its southern manufacturing hubs with Singapore through a series of high-speed rail lines.

Further south, Malaysia is seeking Chinese investment to extend a rail line from its capital to Singapore. Similarly, Vietnam is also benefiting from Chinese-funded railway projects, with a $6.3 billion investment in three railroads designed to enhance regional trade and economic ties. The projects are seen as critical to boosting Southeast Asia’s connectivity and facilitating economic growth.

However, critics argue that the upfront costs of these infrastructure projects may take decades to justify, if they break even at all. Some accuse China of engaging in “debt-trap diplomacy,” using large loans to exert economic and political influence over poorer nations that struggle to repay the debt. Despite these concerns, China’s growing influence in the region remains undeniable, particularly as the United States lags behind in infrastructure investment.

Malaysian Transport Minister Anthony Loke highlighted China’s leading role in regional railway development, stating, “They are connecting China with the rest of the Asian continent.” In Laos, regional leaders are set to meet next week for a summit of the Association of Southeast Asian Nations (ASEAN), where infrastructure investment is expected to be a major topic of discussion.

World First for Chinese Scientists in Terahertz Wireless Communication Technology

South China Morning Post,

Chinese scientists have made a groundbreaking advancement in the field of wireless communication, successfully transmitting high-definition video signals over more than a kilometer using terahertz (THz) wireless technology. This experiment, conducted by the Purple Mountain Observatory of the Chinese Academy of Sciences (CAS), marks the first application of high-sensitivity superconducting receiver technology in a long-distance THz communication system.

Terahertz radiation, which lies between the microwave and infrared frequency bands, offers immense potential for ultra-fast wireless communication and is being explored as a key technology for future 6G networks. THz technology’s ability to transmit large amounts of data at high speeds makes it particularly attractive for space communications, security screening, and medical diagnostics.

The research team believes that this technological breakthrough will pave the way for faster, more reliable communication in a range of applications, including space exploration and deep-space communication. The successful implementation of superconducting receiver technology is expected to enhance the performance and sensitivity of THz communication systems, bringing us closer to realizing the full potential of 6G wireless networks.

IMF, Bilateral Creditors Back Sri Lanka on $12.5 Billion Bondholder Debt Rework

The Straits Times,

Sri Lanka’s $12.5 billion international bond restructuring efforts have received critical support from the International Monetary Fund (IMF) and bilateral creditors, including India, China, and Japan. This is a significant boost to Sri Lanka’s fragile economy, which has been struggling with its worst economic crisis in decades.

Sri Lanka defaulted on its foreign debt for the first time in May 2022, plunging the country into a severe financial crisis. In September, Sri Lanka reached a draft agreement with its creditors to restructure its international bonds, a move seen as essential for stabilizing the economy and rebuilding investor confidence. The IMF team, currently in Colombo, is closely monitoring the implementation of the agreement and is set to release the fourth tranche of the bailout, amounting to approximately $337 million, once the review is complete.

The Sri Lankan government welcomed the support from its creditors and the IMF, which they view as a necessary step toward economic recovery. However, the country’s new president, An

ura Kumara Dissanayake, has expressed concerns over the austerity measures tied to the IMF bailout. He has called for alternative approaches to continue the IMF program without imposing undue hardship on the lower-income population. Dissanayake, a self-declared Marxist, campaigned on a platform of reversing steep tax hikes and increasing public sector wages, which he argues are critical to alleviating the financial burden on Sri Lanka’s working class.

Dissanayake affirmed his commitment to the objectives of the IMF program but emphasized the need to explore alternative strategies that would reduce the impact on the most vulnerable citizens. The IMF is expected to continue working closely with the Sri Lankan government to ensure that the economic reforms are implemented effectively while minimizing social costs.

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