Maldivian opposition protests rushing through of FTA with China

Maldivian opposition protests rushing through of FTA with China

Colombo, November 30: The opposition Maldivian Democratic Party (MDP) has vehemently protested against the way the Abdulla Yameen government rushed the China-Maldives Free Trade Agreement (FTA) through parliament on Wednesday, writes P.K.Balachandran in South Asian Monitor. “The Speaker of parliament had called for an emergency sitting, to pass the FTA with China. The Agreement was sent to the Parliamentary Oversight...

Maldivian Govt justifies fast tracking FTA with China in the face opposition flak

Maldivian Govt justifies fast tracking FTA with China in the face opposition flak

Colombo, November 30 (newsin.asia): The Maldivian government has justified fast tracking a Free Trade Agreement (FTA) with China in the face of heavy flak from the opposition Maldives Democratic Party (MDP). Economic Development Minister Mohamed Saeed told the media on Wednesday after the FTA was approved by parliament, that the pact has opened the world’s biggest market for Maldivian fish...

Maldives’ Central Bank Governor says borrowings used only for capital expenditure

Maldives’ Central Bank Governor says borrowings used only for capital expenditure

Male, November 29 (newsin.asia): The Governor of the Maldives Monetary Authority, Ahmed Naseer, has said that since the expected total revenue (excluding grants) of the government is 1.3 times higher than the expected current expenditure, the revenue is sufficient to cover current expenditure, and funds raised from borrowings are used solely for capital investments. On November 22, a national budget...

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 that allows borrowers to sell bonds or...

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 to strengthen the country's public...

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, director of the company's design...

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 South Asian Monitor. According to...

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 Chinese authorities during the Senior...

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