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Paris Club to give Sri Lanka financing assurances amid IMF debt talks

(Reuters) – The Paris Club of creditor nations is ready to provide financing assurances to Sri Lanka, a key step needed to unlock a $2.9 billion bailout by the International Monetary Fund (IMF), two sources with direct knowledge of the matter told Reuters.The informal group of bilateral lenders is set to "soon" announce its support to the crisis-hit nation on a debt overhaul, said one of the people, who asked not to be named because talks are private.The Asian island nation, which is grappling with soaring inflation, a recession and currency depreciation, entered into a staff level agreement with the IMF last September.But it needs financing assurances from key bilateral lenders before the fund's executive board approves the programme.Sri Lanka's public debt stood at 122% of GDP, of which 70% is denominated in foreign currency, according to data in a country presentation to investors in November.China and India, both non-Paris Club members, are the top bilateral lenders. "Paris Club assurance is not reliant on China," said the source.Another source said the informal group is currently reaching out to other non-Paris Club besides China on financing assurances, but did not provide any further details.India previously committed to help ease the debt burden of neighbour Sri Lanka as part of the IMF programme, and China's Eximbank offered a two-year moratorium in a letter sent to the island nation in January.While the IMF has not yet provided any guidance on where the lender stands regarding China's assurances to Sri Lanka, a U.S.

official visiting Colombo said on Wednesday that Beijing has not done enough."What China has offered so far is not enough. We need to see credible and specific assurances that they will meet the IMF

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Paris Club to give Sri Lanka financing assurances amid IMF debt talks

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Biden signs law declassifying US intel on Covid origin

'We need to get to the bottom of Covid-19's origins..., including potential links to the Wuhan Institute of Virology,' Biden said in a statement US President Joe Biden on Monday signed into law a bill requiring the release of intelligence materials on potential links between the outbreak of the Covid-19 pandemic and a laboratory in the Chinese city of Wuhan. "We need to get to the bottom of Covid-19's origins..., including potential links to the Wuhan Institute of Virology," Biden said in a statement. "In implementing this legislation, my administration will declassify and share as much of that information as possible," he added.

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Chinese leader Xi Jinping makes 1st Moscow visit as Putin wages Ukraine war

FILE IMAGE - Chinas President Xi Jinping and Russian President Vladimir Putin pose during a meeting on the sidelines of the Shanghai Cooperation Organisation (SCO) leaders summit in Samarkand on Sept. 15, 2022.

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New study cites Wuhan raccoon dogs as possible origin of COVID-19

FILE-A health worker takes a swab sample from a woman to be tested for COVID-19 at a testing site in Beijing on March 23, 2022. (JADE GAO/AFP via Getty Images) BEIJING - Genetic material collected at a Chinese market near where the first human cases of COVID-19 were identified show raccoon dog DNA comingled with the virus, suggesting the pandemic may have originated from animals, not a lab, international experts say.Other experts have not yet verified their analysis, which has yet to appear in a peer-reviewed journal.

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China’s Xi Jinping plans to visit Moscow in show of support for Vladimir Putin

FILE-Russian President Vladimir Putin (L) and Chinese President Xi Jinping pose during their meeting in Beijing, on February 4, 2022. (ALEXEI DRUZHININ/Sputnik/AFP via Getty Images) BEIJING - Chinese President Xi Jinping plans to visit Russia from Monday to Wednesday, in an apparent show of support for Russian President Vladimir Putin amid sharpening East-West tensions over the war in Ukraine.Russia's ongoing invasion of Ukraine is expected to dominate Putin and Xi's discussions.

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China to fully reopen borders to foreigners

China will reopen its borders to foreign tourists for the first time in the three years since the Covid-19 pandemic erupted by allowing all categories of visas to be issued from tomorrow.

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Iran, Saudi Arabia to resume diplomatic relations with China's help

China lowers the chance of armed conflict between the Mideast rivals — both directly and in proxy conflicts around the region.The deal, struck in Beijing this week amid its ceremonial National People’s Congress, represents a major diplomatic victory for the Chinese as Gulf Arab states perceive the United States slowly withdrawing from the wider Middle East. It also comes as diplomats have been trying to end a long war in Yemen, a conflict in which both Iran and Saudi Arabia are deeply entrenched.The two countries released a joint communique on the deal with China, which brokered the agreement as President Xi Jinping was awarded a third five-year term as leader earlier Friday.Xi, whose administration in recent days has relaunched a campaign to challenge the U.S.-led Western liberal order with warnings of "conflict and confrontation," was credited in a trilateral statement with facilitating the talks through a "noble initiative" and having personally agreed to sponsor the negotiations that lasted from Monday through Friday.READ MORE: Sister of Kim Jong Un warns North Korea ready to act against US, SouthVideos showed Ali Shamkhani, the secretary of Iran’s Supreme National Security Council, meeting with Saudi national security adviser Musaad bin Mohammed al-Aiban and Wang Yi, China's most senior diplomat.The statement calls for reestablishing ties and reopening embassies to happen "within a maximum period of two months." A meeting by their foreign ministers is also planned.In the video, Wang could be heard offering "wholehearted congratulations" on the two countries' "wisdom.""Both sides have displayed sincerity," he said.

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Ontario legislature member is part of alleged Beijing 2019 election-interference network: sources

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Beijing is an ‘existential threat’ to Canada, Liberal MP says amid interference probes

The Chinese government represents an “existential threat” to Canada, a Liberal MP says amid a new Global News report into Beijing’s suspected foreign interference efforts.

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Two high-level memos allege Beijing covertly funded Canadian election candidates

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WHO says search for COVID-19 origins ongoing as U.S. lab leak report causes stir

World Health Organization (WHO) is still working to identify the origins of the COVID-19 pandemic, its director general said on Friday, after a U.S. agency was reported to have assessed the pandemic had likely been caused by a Chinese laboratory leak.

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Trudeau briefed ‘multiple’ times since 2019 on election interference, adviser testifies

Prime Minister Justin Trudeau was provided “multiple” intelligence briefs regarding Beijing’s role in Canada’s 2019 and 2021 federal elections, Trudeau’s national security and intelligence adviser confirmed Thursday at a multi-partisan committee on foreign interference.

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NDP to push for ‘national public inquiry’ into foreign interference

The opposition New Democrats are pushing for a “national public inquiry” into foreign interference in Canadian elections, Global News has learned.

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COVID-19 conspiracy theories make a comeback as FBI backs Wuhan lab leak reports

Likely cause of Covid pandemic is lab leak in Wuhan, China: FBI director The Wuhan lab leak allegations have also acted as a green signal for other assorted COVID-19 misinformation - with many antivaxxers triumphantly announcing that restrictive measures amid the pandemic had been for naught. “School closures were a failed and catastrophic policy. Masks are ineffective.

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Elon Musk vs China: Tesla CEO warned against sharing Wuhan COVID-19 lab leak report

Also read: Likely cause of Covid pandemic is lab leak in Wuhan, China: FBI director According to an update shared by NBC News' Beijing bureau chief, the Chinese newspaper had said that Musk could be “breaking the pot of China" - a sentiment that carries similar meaning to the phrase ‘biting the hand that feeds you’. An article published Tuesday by the official WeChat account of China’s Global Times also said that “ridiculously, anti-China forces in the United States are again hyping the rumors that the coronavirus originated from a lab leak in Wuhan" - citing Musk's recent posts.

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FBI director says Wuhan lab leak likely caused Covid pandemic

FBI Director Christopher Wray has said the agency has assessed that a leak from a laboratory in Wuhan, China, likely caused the Covid-19 pandemic.

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TikTok banned on all Canadian government phones

TORONTO - Canada is banning TikTok from all government-issued mobile devices and Prime Minister Justin Trudeau said it might be a first step to further action.The European Union’s executive branch said last week it has temporarily banned TikTok from phones used by employees as a cybersecurity measure. The EU’s action follows similar moves in the U.S., where more than half of the states and Congress have banned TikTok from official government devices.TikTok is owned by ByteDance, a Chinese company that moved its headquarters to Singapore. It has been targeted by critics who say the Chinese government could access user data, such as browsing history and location.

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Canada needs an inquiry into Chinese election interference: ex-spymaster

Canada needs a public inquiry into allegations of Chinese election interference, Canada former spymaster says.

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Liberals ignored CSIS warning on 2019 candidate accused in Chinese interference probe: sources

Justin Trudeau’s office, warning them that one of their candidates was part of a Chinese foreign interference network.According to sources, the candidate in question was Han Dong, then a former Ontario MPP whom Canada Security Intelligence Service started tracking in June of that year.National security officials also allege that Dong, now a sitting MP re-elected in 2021, is one of at least 11 Toronto-area riding candidates allegedly supported by Beijing in the 2019 contest. Sources say the service also believes Dong is a witting affiliate in China’s election interference networks.Three sources with knowledge of the investigation said Dong emerged as a successor to MP Geng Tan as the 2019 Liberal candidate in ways the service found suspicious.

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China offers peace proposal to end conflict in Russia-Ukraine war

Two soldiers patrol the area as the first anniversary of the war between Russia and Ukraine nears in Irpin, Ukraine on February 22, 2023. (Ignacio Marin Fernandez/Anadolu Agency via Getty Images) TAIPEI, Taiwan - One year into Russia's war against Ukraine, China is offering a 12-point proposal to end the fighting.The proposal follows China's recent announcement that it is trying to act as mediator in the war that has re-energized Western alliances viewed by Beijing and Moscow as rivals.

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Alibaba posts lackluster growth, hit by China’s pandemic control measures

Chinese e-commerce company Alibaba Group Holding Ltd. reported lackluster growth in the October-December quarter, highlighting the financial toll of Beijing’s heavy-handed Covid-control regime and pressure from competition.

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Leading economies must move faster to solve debt crises – U.S. Treasury Secretary

COLOMBO (News 1st); U.S. Treasury Secretary Janet Yellen is urging other leading economies to move faster in resolving debt crises that threaten a growing number of countries.Yellen made the comments in a meeting Thursday with India’s finance minister, Nirmala Sitharaman, on the sidelines of a meeting of financial leaders of the Group of 20 major economies, the Treasury Department said in a statement.U.S.

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Ukraine war: China says it is ‘deeply worried’ about escalation of conflict

China is “deeply worried” about the escalation of the Ukraine conflict and the possibility of the situation spiraling out of control, China’s foreign minister Qin Gang said on Tuesday.

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19-year-old may be youngest person ever diagnosed with Alzheimer’s

A Chinese teenager may be the youngest person ever to be diagnosed with Alzheimer’s disease, according to a January study from the Journal of Alzheimer’s Disease.

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China threatens U.S. entities over balloon shootdown

China said Wednesday it will take measures against U.S. entities related to the downing of a suspected Chinese spy balloon off the American East Coast.

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China threatens US entities over downing of suspected spy balloon

BEIJING - China said Wednesday it will take measures against U.S. entities related to the downing of a suspected Chinese spy balloon off the American East Coast.At a daily briefing, Foreign Ministry spokesperson Wang Wenbin gave no details and did not identify the targets of the measures.China says the balloon was a unmanned weather airship that was accidentally blown off course and accuses the U.S.

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U.S. shoots down another flying object over Lake Huron near Canadian border

U.S. fighter jet shot down an “unidentified object” over Lake Huron on Sunday on orders from President Joe Biden. It was the fourth such downing in eight days and the latest military strike in an extraordinary chain of events over U.S.

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China estimates 250 million people caught COVID-19 since end of 'zero-COVID' policy: report

-level officials, according to the Financial Times. The figure, which accounts for 18% of the population, includes 37 million people who were infected on Tuesday alone. Sun reported that the rate of infection continues to rise and that more than half the population of Beijing and Sichuan have already been infected, two people familiar with the matter said.Beijing abruptly dropped its "zero-COVID" policy, which mandated lockdowns and widespread testing when even just a few cases had been detected.

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WHO recognizes China’s accounting of 60,000 covid deaths

The World Health Organization expressed appreciation for China’s sharing of Covid-19 data after Beijing reported around 60,000 Covid-related deaths over the past month, providing the first major accounting of the death toll since the country lifted pandemic restrictions.

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WHO appeals to China to release more COVID-19 information

BEIJING : The World Health Organization has appealed to China to keep releasing information about its wave of COVID-19 infections after the government announced nearly 60,000 deaths since early December following weeks of complaints it was failing to tell the world what was happening. The announcement Saturday was the first official death toll since the ruling Communist Party abruptly dropped anti-virus restrictions in December despite a surge in infections that flooded hospitals. That left the WHO and other governments appealing for information, while the United States, South Korea and others imposed controls on visitors from China.

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CBSL urges China and India to reduce its debts

BBC – Sri Lanka's central bank has urged China and India to agree a write-down of their loans as soon as possible, reported the BBC on Thursday (12).The crisis-hit Indian Ocean state defaulted on its debt repayments and negotiated a $2.9bn (£2.4bn) bailout.But the International Monetary Fund will not release the cash until China and India first agree to reduce Sri Lanka's billions of dollars of debt.The governor of Sri Lanka's central bank told BBC Newsnight it was in the interest of all parties to act quickly.Dr. Nandalal Weerasinghe said: "The sooner they give us finance assurances that would be better for both [sides], as a creditor, as a debtor.""That will help us to start repaying their obligations," he added."We don't want to be in this kind of situation, not meeting the obligations, for too long.

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Bodies burned in streets of China as Covid deaths overwhelm funeral homes

Terrifying images from China appear to show families burning the bodies of loved ones as Covid infections overwhelm hospitals in the country.

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Omicron subvariants BA.5.2, BF.7 driving China's Covid outbreak, says ‘concerned’ WHO; urges Beijing for data

The World Health Organization (WHO) said on Wednesday that China's recent Covid-19 outbreak is predominantly led by the Omicron subvariants BA.5.2 and BF.7, which together account for 97.5% of all local infections, while urging Beijing to deliver rapid and regular data on hospitalisation and death.

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Covid travel curbs against Chinese visitors 'discriminatory': State media

TESTS Not all countries are imposing tests. European Union members, in particular, are divided. Over the past days, officials in France, Germany and Portugal have said they saw no need for now for new restrictions, while Austria has stressed the economic benefits of Chinese tourists' return to Europe.

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Beijing calls for measured, science-based response to its Covid outbreak

HONG KONG : Beijing called on foreign governments to abide by scientific principles in setting travel protocols, after the U.S.

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Milan reports 50% of passengers on China flights have Covid

Italy is now sequencing those tests to see if there are new variants coming from China Italian health authorities will begin testing all arrivals from China for Covid after almost half of the passengers on two flights to Milan were found to have the virus. The country is now sequencing those tests to see if there are new variants coming from China, the Health Ministry said in a statement. If a new strain is found, officials may impose stricter curbs on travel from China.

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World governments using COVID-19 tech to expand global surveillance

JERUSALEM (AP) - Majd Ramlawi was serving coffee in Jerusalem’s Old City when a chilling text message appeared on his phone."You have been spotted as having participated in acts of violence in the Al-Aqsa Mosque," it read in Arabic. "We will hold you accountable."Ramlawi, then 19, was among hundreds of people who civil rights attorneys estimate got the text last year, at the height of one of the most turbulent recent periods in the Holy Land.

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China stops issuing daily Covid data ahead of outbreak’s peak

HONG KONG : China’s central health authority has stopped publishing daily Covid-19 data, ending a three-year effort that has drawn mounting criticism for massively underreporting the surge in infections now sweeping the country. In a one-line announcement Sunday, China’s National Health Commission said it would no longer issue its daily report on Covid infections and deaths.

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Explosion of new Covid variants likely…: Expert warns amid China infection surge

AP “China has a population that is very large and there’s limited immunity. And that seems to be the setting in which we may see an explosion of a new variant." “When we’ve seen big waves of infection, it’s often followed by new variants being generated," Ray said. Experts said a partially immune population like China’s puts particular pressure on the virus to change.

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Covid sweeps through China largely unchecked, Shanghai hospital warns of 'tragic battle'

SHANGHAI/BEIJING : A Shanghai hospital has told its staff to prepare for a "tragic battle" with COVID-19 as it expects half of the city's 25 million people will get infected by the end of next week, while the virus sweeps through China largely unchecked. After widespread protests against strict mitigation measures, China this month began dismantling its "zero-COVID" regime, which had taken a great financial and psychological toll on its 1.4 billion people.

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Steel may gain little as China eases covid curbs

NEW DELHI : New Delhi Easing covid-19 restrictions in China may lead to an increase in demand and prices of metals, but the uptick maybe limited, said industry experts. As the largest consumer of commodities, a pick-up in demand in China can help lift global metals demand and prices amid recessionary concerns in developed economies such as the US and Europe. Rising demand and prices in China will also be key to prevent cheap imports to India and help improve domestic steel prices.

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A tale of two economies trying to put covid behind them

de facto police sieges of residential complexes and the rounding up of even those who merely came into contact with covid-positive people to send them off to institutional quarantines. In response to widespread protests since late November against these excesses of a surveillance state, the government allowed major cities such as Beijing, Shanghai and Guangzhou to relax rules significantly, with even home quarantine allowed and access to malls and other places eased.

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China scraps most covid-19 testing, quarantine requirements

HONG KONG : China dropped many of its quarantine and testing requirements and curtailed the power of local officials to shut down entire city blocks, as the country’s leaders accelerate plans to dismantle zero-Covid controls in the wake of nationwide protests. Though widely predicted, Beijing’s retreat from its costly and increasingly unpopular pandemic regime has been faster than expected.

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IMF’s Georgieva to press for quicker action on debt relief with China

(Reuters) – International Monetary Fund Managing Director Kristalina Georgieva said on Thursday that she will travel to Beijing next week with heads of other international institutions to press for quicker action on debt relief for poor and developing countries.The meetings with the country's leadership will focus on China's economic, COVID-19 and debt relief policies and will include officials from China Development Bank and the Export-Import Bank of China, the IMF said."This is the first time, hopefully, we will be able to sit together and discuss the very pressing issues that China, and the world are faced with," Georgieva told the Reuters NEXT conference.Georgieva said that during the Beijing meetings she intends to discuss ways to accelerate China's participation in debt relief for poor and developing countries as the world's largest official bilateral creditor."I am very hopeful that when we have a chance next week to discuss these issues, we will continue on a path of finding better solutions and strengthening the capacity of the common framework to deliver," she said, referring to G20 countries' slow-to-launch common debt restructuring framework.World Bank President David Malpass told the conference that he would join the discussions in Beijing, along with officials from the World Trade Organization, Organization for Economic Cooperation and Development and others.Georgieva and Malpass have both called for reforms of the common framework to offer heavily indebted countries a freeze in debt service payments when they apply for debt relief and clearer timelines for reaching agreement on debt treatments.Asked if China's slowing growth would limit its appetite for agreeing to debt reductions, Georgieva said she hoped

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China covid protesters become targets of Beijing’s surveillance state

BEIJING : Chinese police have begun leveraging the powers of the country’s surveillance state to go after demonstrators who participated in rare public displays of defiance over the government’s stringent Covid control policies.

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Chinese protests spread over government’s covid restrictions

Demonstrations have erupted in Beijing, Shanghai and other major cities Protests are erupting in major cities in China over President Xi Jinping‘s zero-tolerance approach to Covid-19, an unusual show of defiance in the country as the economic and social costs from snap lockdowns and other strict restrictions escalate.

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China sees 1st Covid-19 death in almost 6 months

As fresh restrictions are imposed in parts of China against the new outbreaks of the Covid-19 virus, the country has reported its first death in nearly half a year. China saw the death of an 87-year-old man from Beijing, bringing the death count to 5,227. His death was first reported by the National Health Commission.

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Is Sri Lanka on track to access funds from the IMF?

Sri Lanka, which is under an ongoing economic crisis, is headed for another major turbulence as the country will not be able to secure the much-needed IMF loan in December as its ally and debtor China is yet to initiate a dialogue on debt restructuring with Colombo.A report in the Hindustan Times quoting financial analysts based in Washington said that Sri Lanka will miss the IMF deadline and will have to wait till March next year to secure a loan of $2.9 billion, as Beijing was involved in the 20th National Party Congress.The next meeting of the IMF executive board is in March 2023, Sri Lanka will most likely have to wait until then for IMF Board approval, and access to the funds.Why is China's involvement so important to access IMF funds?Sri Lanka is now considered a country that defaulted on its external debt because the island nation lacked foreign reserves for debt servicing.According to the Central Bank of Sri Lanka and the Finance Ministry, Sri Lanka's total debt was $36 billion at the end of 2021.Of this total debt, Colombo owes some 52% in bilateral credit to China, 19.5% to Japan, and 12% to India.One of the main conditions for Sri Lanka to tap the USD 2.9 Billion funding from the International Monetary Fund is debt reconciliation and restructuring.Bilateral means transactions between two countries, and there is an institution that operates with the support of the International Monetary Fund to talk about bilateral debt, and this is called the Paris Club.Sri Lanka has obtained a large number of loans from Japan, India, and China, and among them, only Japan is a member of the Paris Club.India is openly supporting Sri Lanka's engagement with the IMF, and avenues are open for Sri Lanka to discuss debt

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0