Moody’s says Maldives’ tap bond offering will also carry B2 rating

Moody’s says Maldives’ tap bond offering will also carry B2 rating

Male, November 29 (newsin.asia): Moody’s has said that the Maldives’ (B2 stable) announcement of a tap bond offering on its existing US $200 million 7% notes due in 2022 will carry the B2 rating of the senior unsecured US dollar-denominated notes issued in June 2017, based on the preliminary prospectus.  A tap bond issue is a procedure […]

Sri Lanka to modernize age old railway sector

Sri Lanka to modernize age old railway sector

Colombo, Nov 28 (newsin.asia) – Sri Lanka will modernize its age old railway sector by purchasing over a 100 new railway carriages and engines and modernizing railway stations in many areas across the island, Transport Minister Nimal Siripala De Silva, quoted by state media, said Tuesday. De Silva said this will also help the government […]

Maldives awards major housing contract to Chinese firm

Maldives awards major housing contract to Chinese firm

Wuhan, November 23, (Xinhua): Construction has started on 7,000 affordable houses in Hulhumale, a reclaimed sland in the Maldives, said China Construction Third Engineering Bureau Co., Ltd.”We have won the contract with our strong design and construction capacity. We also highlighted environmental protection in housing designs and won recognition of local firms,” said Li Wenduo, […]

Speeding up projects and acquisition of Mattala airport to dominate Modi-Ranil talks

Speeding up projects and acquisition of Mattala airport to dominate Modi-Ranil talks

Colombo, November 21: In the talks between Sri Lankan Prime Minister Ranil Wickremesinghe and his Indian counterpart Narendra Modi to be held in New Delhi on November 23, the main issues will be speeding up implementation of joint development projects and India’s offer to invest in  the Mattala Airport in Hambantota district, writes P.K.Balachandran in […]

Pakistan says no to use of Chinese currency in Gwadar Free Trade Zone

Pakistan says no to use of Chinese currency in Gwadar Free Trade Zone

Islamabad, November 21 (Express Tribune): Pakistan has turned down China’s demand to allow its currency to be used in the Gwadar Free Zone under the China-Pakistan Economic Corridor framework, arguing any such move would compromise its ‘economic sovereignty’. Pakistan conveyed its final position on the use of the foreign currency in its territory to the […]

Maldives’ development-oriented budget raises issue of mounting public debt

Maldives’ development-oriented budget raises issue of mounting public debt

Colombo, November 21 (newsin.asia):  The Maldivian budget committee on Monday approved a  record national developmental budget of  MVR 27.9 billion (US$1.8 billion). But the budget, the last in President Abdulla Yameen’s first five year term, has raised the issue of mounting public debt. The government will spend MVR 24.9 billion (US$ 1.6 billion) and collect […]

Japan to offer dollar-denominated, low interest loans for infrastructure

Japan to offer dollar-denominated, low interest loans for infrastructure

Tokyo, November 18 (Nikkei Asian Review): Japan will start offering dollar-denominated development assistance loans, heeding the wishes of borrowing countries to reduce exposure to exchange-rate risks. The move will likely increase demand from countries whose currencies are highly vulnerable to the performance of the U.S. economy. Tokyo hopes the change will lead to more infrastructure […]

Bid to fuel Indo-Lankan trouble fails

Bid to fuel Indo-Lankan trouble fails

Colombo, November 12: Mature and prompt handling of the fuel crisis in Sri Lanka earlier this month by Indian diplomats and top Sri Lankan leaders prevented it from spoiling India-Lanka relations, writes P.K.Balachandran in South Asian Monitor. Energy ties between India and Sri Lanka, plagued by controversy right from the time they were mooted in […]

Maldives to build ultra-modern, well-connected “Youth City” on artificial island

Maldives to build ultra-modern, well-connected “Youth City” on artificial island

Colombo, November 12: In the Maldives, which is a cluster of small islands, extra apace for a growing population and a developing economy can be created only by reclaiming land from the sea or by creating a new island. Since 2015, the Abdulla Yameen government has been building an ultra-modern but entirely green “Youth City” in […]