NEW DELHI, 02 August 2022, (TON): Prime Minister Narendra Modi assured newly-elected Prime Minister of Sri Lanka Dinesh Gunawardena of India's continued support to island nation in a congratulatory letter.

He also expressed hope that Sri Lanka will witness quick economic recovery, ensuring the prosperity and well-being of its people.

PM Narendra Modi sent a congratulatory letter to PM H.E DCR Gunawardena.

PM assured that as a dependable friend and close neighbour, India shall continue to support the people of Sri Lanka.

PM also expressed hope that Sri Lanka will witness quick economic recovery, ensuring the prosperity and well-being of its people.

DHAKA, 02 August 2022, (TON): Bangladesh has received "International Peace Award " as one of the founding member of the D-8 Organization for Economic Cooperation.

The foundation on Monday handed over the award over the award comprising of a crest and a letter to Mosud Mannan, ambassador of Bangladesh to Turkey accredited to Georgia.

The award was given in memory of the Prime Minister Prof Dr Necmettin Erbakan of the Republic of Turkey.

A press release of PM’s press wing said “President of the Board of Trustees of Prof Dr Necmettin Erbakan Foundation, Dr Fatih Erbakan, sent the letter to Prime Minister Sheikh Hasina informing her of the matter.”

DHAKA, 02 August 2022, (TON): Bangladesh Bank updated report released said “the fiscal year 2021-22 ended with a record USD $18.70 billion deficit in the Balance of Payments (BOP) due to a big jump of imports.”

In the previous fiscal year (2020-21), this index was only $4.57 billion deficit in the balance of payment.

Never before such a large deficit has been seen in any financial year. Economic researchers believe that the important indicators of the economy have deteriorated due to the jump in imports.

Ahsan H Mansur, executive director of the Policy Research Institute, economist and a researcher, believes that this shortfall has emerged as a concern in the macroeconomy.

He told UNB "due to the abnormal increase in imports, this huge shortfall in foreign transactions has occurred. It is true that there is a positive side to increasing imports.”

DHAKA, 02 August 2022, (TON): A Russian ship carrying machineries for the Rooppur Nuclear Power Plant arrived at the Mongla port in Bagerhat.

The Russian flag carrier “MV Kamilla” anchored at the 6 no jetty of the port, which is the first transport of any Russian ship to Bangladesh since the Russian-Ukrainian war began on February 24 this year.

Earlier, the ship with 13 sailors left Russian port Tamaruk Port with 3,328.237 tonnes of machinery for Rooppur nuclear power plant on June 28.

HM Dulal, owner of the contractor institution of the imported goods- Nuru and Sons, said “after unloading, these goods will be transported to the Rooppur power plant as soon as possible.”

By TON Nepal

Amid assumptions that Nepal could face an economic failure similar to Sri Lanka, the International Monetary Fund, on Thursday said that Nepal is in a robust position in handling the economy and financial risks. The International Monetary Fund's Resident Representative to Nepal, said, "Nepal is still in the position of strength in terms of managing economic risks.

On Thursday, the International Monetary Fund's Resident Representative to Nepal was speaking at a programme titled ‘Business and Investment Facilitation Workshop: Nepal’, prepared by the US Embassy in Kathmandu

During the Workshop she said that Nepal's financial development had been well on path till January but the Russia-Ukraine war generated high product charges and led to high inflation in import-dependent Nepal. Nepal's debt to GDP ratio is at 40 percent, which is comfortable.

The foreign exchange reserve is deteriorating but is still satisfactory. The government's economic policy is not expansionary as predictable. Tight financial policy has been presented and there is strong support to Nepal from development partners. That's why Nepal is in a position of strength.

Despite concerns being raised about the state of economy of Nepal amid declining foreign exchange reserves in the last fiscal, international agencies like the IMF and the World Bank have yet to show a red flag on Nepal's economy. Tightening of the monetary policy will help to maintain international reserves without the need to control import limitations that could worsen inflation and impede growth.

The measures taken by the government and central bank are indicating in recent months with improvement in FDI, trade of new commodities, tourist’s arrival and remittances flow.

Nepali economy is facing challenges especially on the exterior side and inflation. The country’s annual imports bill touched Rs1.92 trillion last fiscal year, increasing by 24.72 percent. Nepal’s inflation stretched a 70-month high in June and there are signs that it will breach the double-digit mark by the end of the fiscal year ending mid-July.

According to the Nepal Rastra Bank’s macroeconomics report, the year-on-year inflation reached 8.56 percent in the first 11 months of the last fiscal year ended in mid-June. It was 4.19 percent in the same period last fiscal year. The speaker in the programme highlighted the improved policies for foreign direct investment.

Investment safety along with return investment profit has been safeguarded. There is momentous progress in the entry and exit process, government clearances and institutional arrangement and facilitation.

Nepal received a foreign direct investment pledge for 14 projects worth Rs550 million from the US, in the last fiscal year 2021-22 creating jobs for 729 with most of the investment committee for small-scale industry, according to the Department of Industry. Such investment pledges for the US stood at Rs1.67 billion for 7 projects in the previous fiscal year 2020-21.

According to the Department of Customs, imports from the US augmented by 156.41 percent in the last fiscal year 2021-22 equated to the previous fiscal year 2020-21 as Nepal imported goods worth Rs50 billion in the last fiscal year. Nepal’s trade shortfall with the US was worth Rs32 billion in the last fiscal year 2021-22.

With USAID, Millennium Challenge Corporation (MCC), US Development Finance Corporation and others, the US government’s financial support to Nepal will be in access of $1 in future. As Nepal desires to get more American companies, investors, products and services available in Nepal. Enticing quality foreign investment, products and services need a helpful and steady business and investment climate.

The MCC project will also present business chances for foreign companies in Nepal and optimistically will enable more partnerships between Nepali and international forums in future.

WASHINGTON, 01 August 2022, (TON): A Chinese booster rocket made an uncontrolled return to Earth, leading US officials to chide Beijing for not sharing information about the potentially hazardous object’s descent.

The US military unit said on Twitter “US Space Command “can confirm the People’s Republic of China (PRC) Long March 5B (CZ-5B) re-entered over the Indian Ocean at approx 10:45 am MDT on 7/30.”

It said “we refer you to the #PRC for further details on the reentry’s technical aspects such as potential debris dispersal+ impact location.”

In a statement posted to its official WeChat profile, the China Manned Space Agency later gave coordinates for an impact area in the Sulu Sea, about 35 miles (57 kilometers) off the east coast of the Philippines’ Palawan Island.

“Most of its devices were ablated and destroyed during re-entry,” the agency said of the booster rocket, which was used last Sunday to launch the second of three modules China needed to complete its new Tiangong space station.

KYIV, 01 August 2022, (TON): Ukraine’s president urged civilians on Saturday to evacuate the frontline Donetsk region, the scene of fierce clashes with the Russian military, as Kyiv called on the Red Cross and UN to gain access to its soldiers being held by Moscow’s forces.

The eastern Donetsk region has faced the brunt of Russia’s offensive since its assault on Kyiv failed weeks into the invasion launched on February 24.

According to the Donetsk governor “President Volodymyr Zelensky warned in his daily address that thousands of people, including children, were still in the region’s battleground areas, with six civilians killed and 15 wounded.”

“There’s already a governmental decision about obligatory evacuation from Donetsk,” Zelensky said, underscoring authorities’ calls to leave the besieged region in recent weeks.

Zelensky said “leave, we will help.”

ANKARA, 01 August 2022, (TON): A spokesman for the Turkish presidency said there was a high probability that a first ship carrying Ukrainian grain could leave Ukraine’s port of Odessa.

That is despite Russian missiles hitting the city in the wake of the August 22 agreement on shipping grain between Russia, Turkey, the UN and Ukraine.

Ibrahim Kalin said “there is a strong possibility that a first ship could leave tomorrow morning if everything is sorted out by this evening.”

But Kalin said “there were still one or two subjects to be settled in the negotiations with the Russians.”

He said “preparations have reached a point to allow the ships to leave the port of Odessa. The ships have been loaded, they are ready to leave, but we need good logistical coordination.”

CAIRO, 01 August 2022, (TON): Egypt has expressed its condolences and sympathy to the UAE, Iran, Pakistan and the US for the victims of floods and torrential rains that have struck these countries.

Egypt’s Foreign Ministry said the country’s government and people wish a speedy recovery to all the injured.

The UAE’s Interior Ministry said “seven people of Asian nationalities were killed due to torrential rains.”

The Foreign Ministry said “Egypt, the government and people, expresses its solidarity with the Emirates in facing the effects of those torrents, stressing the ability of the United Arab Emirates, under its wise leadership, to overcome this affliction.”

Authorities in Kentucky said the number of deaths due to floods in the US state rose to 25, and a state of emergency is ongoing.

MOSCOW, 01 August 2022, (TON): President Vladimir Putin on Sunday signed a new naval doctrine which cast the United States as Russia’s main rival and set out Russia’s global maritime ambitions for crucial areas such as the Arctic and the Black Sea.

Speaking on Russia’s Navy Day in the former imperial capital of St Petersburg founded by Tsar Peter the Great, Putin praised Peter for making Russia a great sea power and increasing the global standing of the Russian state.

After inspecting the navy, Putin made a short speech in which he touted Russia’s unique Zircon hypersonic cruise missiles.

He cautioned that Russia had the military clout to defeat any potential aggressors.

Shortly before the speech, he signed a new 55-page naval doctrine, which sets out the broad strategic aims of Russia’s navy, including its ambitions as a “great maritime power” which extends over the entire world.