DHAKA, 17 June 2022, (TON): The Asian Development Bank and the government signed agreements for a $143 million policy-based loan to improve the volume, efficiency, predictability and security of cross-border trade in Bangladesh.

An ADB press release said “Fatima Yasmin, Secretary, Economic Relations Division, and Edimon Ginting, Country Director, ADB, virtually signed the agreement on behalf of Bangladesh and ADB, respectively.”

Country Director Edimon Ginting said "aligning with Bangladesh's policies and strategies, ADB is helping enhance export diversification and competitiveness for accelerating growth with industrialization and trade and expanding sub regional trade and commerce.”

He added "ADB assistance will help increase the volume of imported and exported cargoes at the Akhaura, Sonamasjid and Tamabil border crossing points (BCP) by 50% by 2027, while reducing average customs clearance and cargo transshipment time by 50.”

DHAKA, 17 June 2022, (TON): Leaders of the Bangladesh Peace Council opposed the ongoing Russia-Ukraine war and said “the war was affecting the economy of the whole world.”

BPC held the press conference at the National Press Club where it’s central leader Hasan Tarique read out a written speech.

He called on the world leaders to take immediate steps to stop the Ukrainian war.

Due to the war, prices of oil, gas and essential commodities are going up and up and creating pressure on the economy.

They also demanded justice for Al Jazeera Television journalist Shireen Abu Akhleh who was killed by Israeli soldiers in Palestine on May 11.

By TON Nepal

The recently completed local elections displayed that the country is moving onward despite the trials and glitches. At the same time, the economic performance of Nepal is slow and weak. However, there are hopes that Nepal has been making advancements politically.

Most prominently, the completion of the local polls on time is praiseworthy. This has been particularly valued primarily because the dramatic political situation at the federal level in the last couple of years showed the poor performance of these political parties. The general supposition was that the country would not be successful to hold timely elections.

The narrative of “affluent Nepal, cheerful Nepali”, revealed by a left-oriented government with a two-thirds majority in 2018, was inherently pompous. That euphoria vanished quickly with the ousting of that government. The country lost governmentally and frugally due to political indecision induced by leftist leaders complicated by the outcome of the Covid-19 pandemic.

Most of the objectives set by the government were changed as a result of the global pandemic. And the government’s mishandling of the pandemic led to unprecedented problems for ordinary citizens. The loss was unimaginable both at the personal and economic levels. Even afterward all these months, framing a roadmap and agenda for recovery hasn’t been achieved.

Nepal is not able to maintain its basic economic performance in the presence of poor public finance management and a weak regulatory framework for procurement and capital expenditure.

The new alliance government led by the Prime Minister Chair of the Nepali Congress was shaped in line with the Supreme Court’s verdict in July 2021. The incumbent government also appeared indifferent to economic and growth agendas with no obvious financial and growth strategy. As the default was the continuity of corrupt practices and half-hearted measures toward achieving the development goals.

The government just overhauled the existing bureaucracy by making new appointments, which is disgracefully accustomed after the founding of a new government. Most notably, the government removed the Federal Civil Service Act from Parliament for ratification.

The government has failed to recommence more inclusive discussions on the new Federal Civil Service Act, nor has it been able to identify the core issues hampering the progress of sub-national governments at the local and provincial levels. Progress has been held up in the absence of the most important law to manage human resources from the federal to the local level.

The current government is attentive merely to the next election and enduring in power; little is being done on the growth front and retrieval from damages caused by the plague. It is obvious that the alliance of parties neither stands an ethical nor philosophical foundation.

The CPN (Maoist) and CPN (Unified Socialist) both are operating to endure power politics by merely backing numbers of the Nepali Congress in Parliament. In reappearance for their support, the Nepali Congress gave some main portfolios such as the Ministry of Finance and the Ministry of Energy, Water Resource and Irrigation to the CPN (Maoist); and other ministries to other parties in line with their representation and sway.

The cost of this political trade glowing revealed in the current macroeconomic stance and the budget for the fiscal year 2022. The government’s budget that came amid the essential and earnestness of improving from the massive harm of the pandemic and bad economic scenario has more to do with populism rather than tackling the actual problems of the economy and giving headway to the country.

Since 2020, the world has been trying to change its functioning system due to the Covid-19 pandemic. But these efforts have been successful only in a handful of countries or sectors. With the facilitation of removing restrictions on movement and other economic and daily activities, almost everyone is trying to get back to normality.

On the global front, Russia’s invasion of Ukraine has caused a severe increase in fuel prices; and subsequently, prices of food and other essential goods have risen sharply. The impact of the war has devastated lives and dragged down growth. At the same time, businesses have suffered unprecedented losses, making economic recovery an uphill task.

Miserably, the government’s policies and approach are just trying to underplay the severity of the situation on the eve of the elections by making a bad situation. Without a clear roadmap for economic development that is based on salvage and upgrading, the country will stagnate as a poor and low-income country.

The reality is that the leadership of Nepal has not been able to prioritize its political, social, and economic objectives for the last three decades since the opening up of the economy. The challenges will be continuous regarding advancements along with facing climate change. The potential convergence of catastrophes in the upcoming, as the International Monetary Fund puts it, both at the worldwide and nationwide levels will only make lives more difficult.

Keeping in view the above-mentioned facts, if the leadership of Nepal doesn’t take responsibility for all this chaos then merely empty promises of a better life have no value at all.

WASHINGTON, 16 June 2022, (TON): Xi Jinping has assured Vladimir Putin of China’s support on Russian sovereignty and security prompting Washington to warn Beijing it risked ending up on the wrong side of history.

China has refused to condemn Moscow’s invasion of Ukraine and has been accused of providing diplomatic cover for Russia by blasting western sanctions and arms sales to Kyiv.

China is willing to continue to offer mutual support [to Russia] on issues concerning core interests and major concerns such as sovereignty and security, state broadcaster CCTV reported Xi as saying during a call with Putin.

It was the second reported call between the two leaders since Putin launched his invasion of Ukraine on 24 February.

JERUSALEM, 16 June 2022, (TON): Israeli defence minister said ahead of a visit to the region by US President Joe Biden “Israel and Arab countries that share its worries about Iran should build up a joint force under a US aegis.”

Iran’s nuclear programme, and so far fruitless international negotiations to revive a 2015 deal capping it, are among issues likely to be on Biden’s agenda when he comes to Israel and Saudi Arabia next month.

In a speech, Defence Minister Benny Gantz cited Israel’s security ties with Gulf Arab states that drew closer to it under a 2020 US-sponsored diplomatic drive, as well as Egypt and Jordan, and said there were efforts to expand such cooperation.

He said “what is needed is not just cooperation, but also a regional force build-up, with American leadership, which would strengthen all parties involved.”

ANKARA, 16 June 2022, (TON): The foreign ministers of Ireland, Norway and Turkey say aid deliveries from Turkey to rebel-held northwest Syria must continue, warning of a humanitarian crisis if the only remaining border gate is closed.

Russia’s deputy UN ambassador has told “the UN Security Council that Moscow sees no reason to continue humanitarian aid deliveries through the Bab Al-Hawa border gate.”

He accused the West and the United Nations of insufficient efforts to deliver such aid from Damascus, the Syrian capital. The UN Security Council is scheduled to vote July 10 on whether to continue authorizing cross-border aid from Turkey.

Ireland and Norway, two non-permanent members of the UN Security Council, have been working together to keep the Bab Al-Hawa crossing open.

Their foreign ministers visited the border area before holding talks with Turkish Foreign Minister Mevlut Cavusoglu in Ankara.

WASHINGTON, 16 June 2022, (TON): President Joe Biden announced a fresh infusion of $1 billion in weapons for Ukraine that includes anti-ship rocket systems, artillery rockets, howitzers and ammunition.

In a phone call with Ukraine President Volodymyr Zelensky, Biden said “he told the embattled leader about the new weaponry.”

Biden said in a statement “I informed President Zelensky that the United States is providing another $1 billion in security assistance for Ukraine, including additional artillery and coastal defense weapons, as well as ammunition for the artillery and advanced rocket systems.”

The president also announced an additional $225 million in humanitarian assistance to help people in Ukraine, including by supplying safe drinking water, critical medical supplies and health care, food, shelter, and cash for families to purchase essential items.

MADRID, 16 June 2022, (TON): Japanese Prime Minister Fumio Kishida said “he will attend this month’s NATO summit in Madrid, becoming the country’s first leader to join a top meeting of the transatlantic alliance.”

The June 28-30 gathering is seen as a crunch moment for the 30 North Atlantic Treaty Organization allies, four months into Russia’s war in Ukraine.

Sweden and Finland, which have applied to join NATO, are sending delegations to the summit, and South Korea’s new President Yoon Suk-yeol will also be the first leader from his country to attend.

Japan, a key US ally and not a NATO member, has delivered defensive supplies to Ukraine and imposed tough sanctions on Russia in tandem with the other Group of Seven countries.

CAIRO, 16 June 2022, (TON): Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla, Israeli Minister of Energy Karine Elharrar and EU Commissioner for Energy and Climate Kadri Simson signed a tripartite memorandum of understanding on cooperation in the field of trade, transport and export of natural gas.

The Egyptian minister stated “the signing represents a very important step that can be built upon to achieve further cooperation between the forum’s member states, while the Israeli minister referred to the memorandum.”

She added “the fruitful cooperation enables optimal exploitation of the region’s potential and supports the role of Egypt and Israel as important players in the gas market.”

She said “represents an opportunity for everyone to cooperate, especially since the signing of the memorandum comes at a difficult time for the European Union, which is looking to secure reliable sources of energy supplies in light of the current changes we are witnessing.”

PRAGUE, 16 June 2022, (TON): Ukrainian President Volodymyr Zelensky urged the European Union to let his country start on the road to membership of the bloc, warning that Russia’s territorial ambitions stretched from Warsaw to Sofia.

In a speech to both chambers of the Czech parliament via a video link, Zelensky also called for more EU sanctions against Russia over its invasion of Ukraine on Feb. 24.

He said “Russia is not interested only in our (cities of) Mariupol, Sievierodonetsk, Kharkiv and Kyiv. No, its ambitions are directed on a vast area from Warsaw to Sofia.”

“As in the past, the Russian invasion of Ukraine is the first step that the Russian leadership needs to open the way to other countries, to the conquest of other peoples.”