NEW YORK: The International Monetary Fund on Friday approved measures that will reduce its members’ borrowing costs by about $1.2 billion annually, the fund’s Managing Director Kristalina Georgieva said.
“The approved measures will lower IMF borrowing costs for members by 36 percent, or about $1.2 billion annually,” Georgieva said in a statement. “The expected number of countries subject to surcharges in fiscal year 2026 will fall from 20 to 13.”
This year, the IMF decided to review its policy on charges and surcharges for the first time since 2016, as higher interest rates globally have pushed borrowing costs higher.
The fund charges regular interest, plus surcharges for loans above a certain threshold or duration, and commitment fees for precautionary arrangements.
The IMF said the charge above the fund’s interest rate will be lowered, while the amount and duration thresholds will rise, as will the threshold for commitment fees.
“While substantially lowered, charges and surcharges remain an essential part of the IMF’s cooperative lending and risk management framework, where all members contribute and all can benefit from support when needed,” Georgieva said.
The changes will take effect on Nov. 1.
The five countries paying the highest surcharges are Ukraine, Egypt, Argentina, Ecuador and Pakistan according to research from Boston University’s Global Development Policy Center.
Argentina, currently the IMF’s largest debtor, will save over $3 billion with the changes, according to Finance Secretary Pablo Quirno.
Friday’s announcement falls short of calls by academics, non-profit groups and other economists, who have argued for a full cancelation of IMF surcharges, which they say place extra burdens on borrowing countries at a time when they are in dire economic circumstances and counteract the impact of IMF lending.
IMF to lower member borrowing costs by $1.2 billion annually
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IMF to lower member borrowing costs by $1.2 billion annually
- This year, the IMF decided to review policy on charges, surcharges for the first time since 2016
- The decision came after higher interest rates internationally pushed the borrowing costs higher
China says US is ‘playing with fire’ after latest military aid for Taiwan
- US President Joe Biden authorized Saturday the provision of up to $571 million for Taiwan
- Separately, the Defense Department said Friday that $295 million in military sales had been approved
US President Joe Biden authorized Saturday the provision of up to $571 million in Defense Department material and services and in military education and training for Taiwan. Separately, the Defense Department said Friday that $295 million in military sales had been approved.
A Chinese Foreign Ministry statement urged the US to stop arming Taiwan and stop what it called “dangerous moves that undermine peace and stability in the Taiwan Strait.”
Taiwan is a democratic island of 23 million people that the Chinese government claims as its territory and says must come under its control. US military sales and assistance aim to help Taiwan defend itself and deter China from launching an attack.
The $571 million in military assistance comes on top of Biden’s authorization of $567 million for the same purposes in late September. The military sales include $265 million for about 300 tactical radio systems and $30 million for 16 gun mounts.
Taiwan’s Foreign Ministry welcomed the approval of the two sales, saying in a social media post on X that it reaffirmed the US government’s “commitment to our defense.”
New hope for flight MH370 families as Malaysia agrees to resume search
- Plane carrying 239 people went missing en route from Kuala Lumpur to Beijing in March 2014
- Families say they hope new search operation will offer ‘long-awaited answers and closure’
KUALA LUMPUR: The families of Malaysia Airlines flight MH370 passengers have welcomed with renewed hope the announcement of a new search for the aircraft, which disappeared more than 10 years ago in one of the greatest mysteries in aviation history.
Flight MH370, a Boeing 777 with 239 people on board, went missing en route from Kuala Lumpur to Beijing in 2014.
The search became the most expensive operation in aviation history but ended inconclusively in 2018, leaving the families of those on board still haunted by the tragedy.
On Friday, Malaysia’s Transport Minister Anthony Loke announced that he hoped to “give closure to the families” as the government agreed to allow private contractor Ocean Infinity, which was the last to try to locate the plane, to resume search efforts.
He told reporters that the operation would focus on a new area spanning 15,000 sq. km in the southern Indian Ocean — a development raising hope among relatives of passengers and crew aboard flight MH370.
“The significance of this renewed search cannot be overstated. For the families of passengers, the scientific community and global civil aviation safety, it offers renewed hope for long-awaited answers and closure,” Voice 370, the association representing them, said in a statement.
“We, the next of kin, have endured over a decade of uncertainty, and we hope that the terms of the renewed search are finalized at the earliest and the decks are cleared for the search to begin.
“We continue to hope that our wait for answers is met.”
Ocean Infinity, the private underwater exploration firm that will undertake the $70 million search, was briefly involved in the 2018 efforts after a three-year operation covering 120,000 sq. km of the Indian Ocean failed to locate the aircraft and was suspended in 2017.
The new agreement was met on a no-find, no-fee basis, meaning that Ocean Infinity will be paid only when the wreckage is found.
“We are encouraged by Ocean Infinity’s readiness to deploy their advanced fleet, including sophisticated vessels, AUVs and cutting-edge imaging technologies,” Voice 370 said.
“We gather that the company has followed this up with thorough due diligence, analyzing all available data, and alternative scenarios proposed by independent researchers and recommendations on potential search areas.”
Flight MH370 took off from Kuala Lumpur in the early hours of March 8, 2014 and lost communication with air traffic control less than an hour later. Military radar showed the aircraft had deviated from its planned path. It remains unclear why that happened.
Many conspiracy theories have emerged to explain the aircraft’s disappearance, ranging from suspicions of the captain’s suicide to concerns over the 221 kg of lithium-ion batteries in the plane’s cargo, as well as the involvement of passengers, two of whom were found traveling on stolen passports.
When the probe was suspended, Kok Soo Chon, head of the MH370 safety investigation team, told reporters in July 2018 that his team was “unable to determine the real cause for disappearance of MH370” and “the answer can only be conclusive if the wreckage is found.”
Minorities fear targeted attacks in post-revolution Bangladesh
- String of attacks targeting religious minorities since a student-led uprising toppled long-time autocratic leader Sheikh Hasina
- Hindus make up about eight percent of the mainly Muslim nation of 170 million people in Bangladesh
DHAKA: For generations, the small Hindu temple outside the capital in Muslim-majority Bangladesh was a quiet place to pray – before arsonists ripped open its roof this month in the latest post-revolution unrest.
It is only one of a string of attacks targeting religious minorities since a student-led uprising toppled long-time autocratic leader Sheikh Hasina in August.
“We don’t feel safe,” said Hindu devotee Swapna Ghosh in the village of Dhour, where attackers broke into the 50-year-old family temple to the goddess Lakshmi and set fire to its treasured idols on December 7.
“My son saw the flames and doused them quickly,” said temple custodian Ratan Kumar Ghosh, 55, describing how assailants knew to avoid security cameras, so they tore its tin roof open to enter.
“Otherwise, the temple – and us – would have been reduced to ashes.”
Hindus make up about eight percent of the mainly Muslim nation of 170 million people.
In the chaotic days following Hasina’s August 5 ouster there was a string of attacks on Hindus – seen by some as having backed her rule – as well as attacks on Muslim Sufi shrines by Islamist hard-liners.
“Neither I, my forefathers or the villagers, regardless of their faith, have ever witnessed such communal attacks,” temple guardian Ghosh said.
“These incidents break harmony and trust.”
Hasina, 77, fled by helicopter to India, where she is hosted by old allies in New Delhi’s Hindu-nationalist government, infuriating Bangladeshis determined that she face trial for alleged “mass murder.”
Attacks against Hindu temples are not new in Bangladesh, and rights activist Abu Ahmed Faijul Kabir said the violence cannot be regarded out of context.
Under Hasina, Hindus had sought protection from the authorities. That meant her opponents viewed them as partisan loyalists.
“If you analyze the past decade, there has not been a single year without attacks on minorities,” Kabir said, from the Dhaka-based rights group Ain o Salish Kendra.
This year, from January to November, the organization recorded 118 incidents of communal violence targeting Hindus.
August saw a peak of 63 incidents, including two deaths. In November, there were seven incidents.
While that is significantly more than last year – when the group recorded 22 attacks on minorities and 43 incidents of vandalism – previous years were more violent.
In 2014, one person was killed, two women were raped, 255 injured, and 247 temples attacked. In 2016, seven people were killed.
“The situation has not worsened, but there’s been no progress either,” said businessman and Hindu devotee Chandan Saha, 59.
Political rulers had repeatedly “used minorities as pawns,” Saha added.
The caretaker government has urged calm and promised increased security, and accused Indian media of spreading disinformation about the status of Hindus in Bangladesh.
Dhaka’s interim government this month expressed shock at a call by a leading Indian politician – chief minister of India’s West Bengal state Mamata Banerjee – to deploy UN peacekeepers.
Hefazat-e-Islam, an association of Islamic seminaries, has led public protests against India, accusing New Delhi of a campaign aimed at “propagating hate” against Bangladesh. India rejects the charges.
Religious relations have been turbulent, including widespread unrest in November in clashes between Hindu protesters and security forces.
That was triggered by the killing of a lawyer during protests because bail was denied for an outspoken Hindu monk accused of allegedly disrespecting the Bangladeshi flag during a rally.
Bangladeshi Islamist groups have been emboldened to take to the streets after years of suppression.
Muslim Sufi worshippers as well as members of the Baul mystic sect – branded heretics by some Islamists – have also been threatened.
“There’s been a wave of vandalism,” said Syed Tarik, a devotee documenting such incidents.
Muhammad Yunus, the 84-year-old Nobel Peace Prize winner appointed the country’s “chief adviser,” has called for dialogue between groups.
Critics say it is not enough.
“To establish a peaceful country where all faiths coexist in harmony, the head of state must engage regularly with faith leaders to foster understanding,” said Sukomal Barua, professor of religion at Dhaka University.
Sumon Roy, founder of Bangladesh’s association of Hindu lawyers, said members of the minority were treated as a bloc by political parties.
“They have all used us as tools,” Roy said, explaining that Hindus had been previously threatened both by Hasina’s Awami League and its rival Bangladesh National Party.
“If we didn’t support AL we faced threats, and the BNP blamed us for siding with the AL,” he said. “This cycle needs to end.”
New hope for flight MH370 families as Malaysia agrees to resume search
- Plane carrying 239 people went missing en route from Kuala Lumpur to Beijing in March 2014
- Families say they hope new search operation will offer ‘long-awaited answers and closure’
KUALA LUMPUR: The families of Malaysia Airlines flight MH370 passengers have welcomed with renewed hope the announcement of a new search for the aircraft, which disappeared more than 10 years ago in one of the greatest mysteries in aviation history.
Flight MH370, a Boeing 777 with 239 people on board, went missing en route from Kuala Lumpur to Beijing in 2014.
The search became the most expensive operation in aviation history but ended inconclusively in 2018, leaving the families of those on board still haunted by the tragedy.
On Friday, Malaysia’s Transport Minister Anthony Loke announced that he hoped to “give closure to the families” as the government agreed to allow private contractor Ocean Infinity, which was the last to try to locate the plane, to resume search efforts.
He told reporters that the operation would focus on a new area spanning 15,000 sq. km in the southern Indian Ocean — a development raising hope among relatives of passengers and crew aboard flight MH370.
“The significance of this renewed search cannot be overstated. For the families of passengers, the scientific community and global civil aviation safety, it offers renewed hope for long-awaited answers and closure,” Voice 370, the association representing them, said in a statement.
“We, the next of kin, have endured over a decade of uncertainty, and we hope that the terms of the renewed search are finalized at the earliest and the decks are cleared for the search to begin.
“We continue to hope that our wait for answers is met.”
Ocean Infinity, the private underwater exploration firm that will undertake the $70 million search, was briefly involved in the 2018 efforts after a three-year operation covering 120,000 sq. km of the Indian Ocean failed to locate the aircraft and was suspended in 2017.
The new agreement was met on a no-find, no-fee basis, meaning that Ocean Infinity will be paid only when the wreckage is found.
“We are encouraged by Ocean Infinity’s readiness to deploy their advanced fleet, including sophisticated vessels, AUVs and cutting-edge imaging technologies,” Voice 370 said.
“We gather that the company has followed this up with thorough due diligence, analyzing all available data, and alternative scenarios proposed by independent researchers and recommendations on potential search areas.”
Flight MH370 took off from Kuala Lumpur in the early hours of March 8, 2014 and lost communication with air traffic control less than an hour later. Military radar showed the aircraft had deviated from its planned path. It remains unclear why that happened.
Many conspiracy theories have emerged to explain the aircraft’s disappearance, ranging from suspicions of the captain’s suicide to concerns over the 221 kg of lithium-ion batteries in the plane’s cargo, as well as the involvement of passengers, two of whom were found traveling on stolen passports.
When the probe was suspended, Kok Soo Chon, head of the MH370 safety investigation team, told reporters in July 2018 that his team was “unable to determine the real cause for disappearance of MH370” and “the answer can only be conclusive if the wreckage is found.”
At least 38 die in bus accident in southeastern Brazil
SAO PAULO: At least 38 people were killed in a bus crash in southeastern Brazil on Saturday, officials said, in what President Luiz Inacio Lula da Silva called a “terrible tragedy.”
The accident in Minas Gerais state, involving a bus that caught fire in the collision, is the worst seen on Brazil’s federal highways since 2007, according to police data cited by local media.
In their latest report, civil police confirmed 38 fatalities with eight people hospitalized.
Conflicting accounts of the accident have emerged: firefighters initially said the bus at around 3:30 am had blown a tire near the town of Lajinha, causing the driver to lose control of the vehicle and hit a truck. Another vehicle also hit the bus from behind, officials said, but its occupants survived.
However, firefighters later cited witnesses as saying that a granite block being transported by the truck fell onto the bus, causing the accident.
After the crash, the bus, which had been making its way from Sao Paulo to Vitoria da Conquista, in the northeastern Bahia state, caught fire.
The death toll has crept upward throughout the day, with a spokeswoman for the local fire department earlier telling AFP that “it was not yet possible to specify the exact number due to the state of the bodies.”
The fire department, upon removing charred remains, said earlier that some of the victims had been trapped inside.
In a video released Saturday morning, Lt. Alonso Vieira Junior, with the Minas Gerais fire department, said a crane would be needed to clear the wreckage, and that “there are still more victims to be removed.”
Among the dead are the bus driver and at least one child.
Lula took to social media to offer his prayers for “the recovery of the survivors of this terrible tragedy.”
“I am deeply sorry,” he said, offering condolences to the families of the victims.
The governor of Minas Gerais said he was working “so that the families of the victims are cared for, to deal with this tragedy in the most humane way possible.”
At the end of November, a bus accident in the state of Alagoas, in the northeast, left 17 dead when it plunged into a ravine while traveling on a remote mountain road.
