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International finance structure inadequate for SIDS: Tourism Minister

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The Minister of Tourism Ibrahim Faisal has said the current international financial structure does not adequately meet the financing needs of Small Island Developing States, or SIDS.

The minister made this remarks while speaking at the high-level thematic debate on debt sustainability and socio-economic equality for all at the United Nations General Assembly (UNGA)’s Sustainability Week on Monday.

“SIDS are recognized as a special case for sustainable development, the extreme vulnerability of SIDS to climate change and external shocks raise the cost of infrastructure investments,” the minister said at the meeting.

He added that due to the lack of adequate financial structure, the Maldives faces high costs when borrowing funds from foreign sources.

“This increased cost significantly challenge our ability to service debt, it limits our capacity to invest in infrastructure and other critical developmental needs,” Minister Faisal added.

According to the minister, the high borrowing of the Maldives further impacts the long-term economic stability as well. While highlighting that developing nations require external financial support, the minister stressed that foreign fund sources should be both affordable and sustainable.

“High levels of debt are not unique to any one group of countries, however, in the face of external shocks, SIDS face a disproportionate burden on servicing debt, and maintaining debt sustainability.”

While speaking at the meeting, the Minister of Tourism highlighted the significant revenue improvement of the Maldives, which he attributed to the “highly successful tourism industry”. He further claimed that the Maldives is now a middle-income country.

“To achieve an equitable economic and social progress, we need investments in infrastructure at a massive scale. To achieve this in a sustainable manner, we need access to affordable finance, but as a middle-income country the Maldives has limited access to concessional finance,” Faisal pointed out the limits for the island nation in securing foreign financial instruments for infrastructural development.

The minister said that due to the lack of concessional financial solutions available for the Maldives, the country is left with no choice but to rely on more expensive sources of financing that in turn drive up the country’s national debt.

“This severely challenges our ability to efficiently service debt and hampers our developmental progress.”

He also highlighted the high cost associated with debt servicing as well, and said that high debt service payments restricted the government’s ability to allocate funds to essential public infrastructure and services.

Moreover, he pointed out that this diversion of resources intensified the socio-economic inequality of the Maldives.

He called out for the urgent need for reform in international financial structure to enhance affordable borrowings by SIDS.

The minister also claimed that the issue in terms of repayment is not attached to the high level of debt, but rather the lack of access to financing resources and in particular at concessional rates.

Small Island Developing States including the Maldives face various external factors that either challenge or intervene in their developmental needs, and often times, environmental other forms of crises often dampen the ability of these countries to service debt on highly expensive sources of borrowings.

The Minister of Tourism is accompanied by a high-level Maldives delegate including the staff of the Maldives Mission to the UN at the UNGA Sustainability Week.

Source(s): sun.mv

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President Xi: relations with Russia have been moving forward steadily

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Chinese President Xi Jinping on Thursday hailed relations with Russia as the two countries celebrate 75 years of diplomatic ties.

With the concerted efforts of the two sides, China-Russia relations have been moving forward steadily, with enhanced comprehensive strategic coordination and further cooperation on economy and trade, investment, energy and people-to-people exchanges, at the subnational level and in other fields, President Xi said when meeting with Russian President Vladimir Putin during large-group talks at the Great Hall of the People in Beijing.

Xi pointed out that Putin’s trip to China is his first foreign visit since he began his new term as Russian president, fully demonstrating the great importance Putin and the Russian government attach to developing China-Russia relations. China highly appreciates this, the Chinese president said.

Xi said China is advancing Chinese modernization on all fronts and moving faster to foster new quality productive forces through high-quality development, which will add new drivers to global economic growth.

Both China and Russia are permanent members of the UN Security Council and major emerging markets, Xi noted. It is the shared strategic choice of both countries to deepen strategic coordination, expand mutually beneficial cooperation and follow the general historical trend of multipolarity in the world and economic globalization, Xi told his Russian counterpart.

Xi said he believes the two sides should take the 75th anniversary of diplomatic ties as a new starting point, further synergize development strategies and continue to enrich bilateral cooperation, to bring greater benefits to the two countries and their people.

The Chinese president also expressed his readiness to work with Putin to jointly steer the future direction of bilateral relations and make new plans for cooperation between the two countries in various fields.

Source(s)L CGTN

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Palestinians mark 76th anniversary of Nakba amid ongoing conflict with Israel

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As the Israel-Palestine conflict entered its 222nd day on Wednesday, Palestinians marked the 76th anniversary of Nakba (Arabic for catastrophe), the exodus of Palestinians after the establishment of the state of Israel in 1948.

In the West Bank city of Ramallah, thousands of Palestinians gathered to commemorate the Palestinian victims of 76 years ago and protest against the ongoing Israeli attacks on Gaza that have killed more than 35,000 Palestinians in the enclave.

Protesters waved Palestinian flags, held portraits of Palestinians who were expelled from their homes in 1948, displayed pictures of refugee camps in the Gaza Strip, and carried banners bearing slogans including “The Nakba is recurring in Gaza now.”

Several Palestinian faction leaders and members of the Executive Committees of the Palestine Liberation Organization (PLO) and the Central Committee of the Palestinian National Liberation Movement (Fatah) also attended the rally in Ramallah.

The Palestinian death toll from the ongoing Israeli attacks on the Gaza Strip has risen to 35,233, health authorities in the Palestinian enclave said in a press statement on Wednesday.

Mahmoud Al-Aloul, a senior Fatah official, said more than 1.9 million Palestinians in Gaza have been forced to leave their homes since the outbreak of the ongoing conflict, labeling it a “perhaps far more severe Nakba” compared to that of 1948.

He also accused the U.S. administration of being complicit in Israel’s “crimes” in Gaza as it supplied weapons to Israel and vetoed UN resolutions that called for a ceasefire and a full UN membership for Palestine.

For his part, Ahmed Abu Holi, the head of the refugee affairs department of the PLO, stressed the essential role of the UN Relief and Works Agency for Palestine Refugees (UNRWA) and denounced the U.S. and the West at large for suspending UNRWA funding.

In January, Israeli officials claimed that UNRWA personnel took part in the October 7 Hamas attack, which set off the current conflict in Gaza. The allegations remain unverified but prompted the U.S. and many other Western donors to halt the agency’s funding.

Australia, Canada, Germany and several other countries have resumed their funding, whereas the U.S. and Britain continue to hold back their funds.

“Our people need the UNRWA to continue its work in the Gaza Strip because it is the only institution capable of working there,” Abu Holi told Xinhua.

In Gaza, locals said there is no need to mark the Nakba anniversary because they are already living in one.

Mohammed al-Maqadma, a 58-year-old resident of Jabalia refugee camp, said that his parents, survivors of the Nakba 76 years ago, were killed in the recent Israeli strikes on Gaza.

“For the rest of their lives, my parents could not stop talking about their ordeal during Nakba. Now, for how many years will I speak about the new Nakba to our next generations?” al-Maqadma lamented.

Post-war plan

Israeli Defense Minister Yoav Gallant said on Wednesday that he would oppose the establishment of Israel’s rule in the post-war Gaza Strip.

Speaking in a televised press briefing, Gallant urged Israeli Prime Minister Benjamin Netanyahu to make a decision and declare that Israel will not establish civilian or military control over the Gaza Strip, adding that a governing alternative to Hamas, the Islamist Palestinian resistance movement that runs the enclave, must be named by Netanyahu “immediately.”

Gallant said that soon after the beginning of the Israeli conflict with Hamas in October last year, he had tried to promote a plan for a new Palestinian administration unaffiliated with Hamas but “received no response” in cabinet meetings.

In response, Netanyahu said in a statement that “as long as Hamas remains, no other party will run Gaza, certainly not the Palestinian Authority.” He did not address the issue of a possible Israeli rule in the Palestinian enclave.

Source(s): CGTN

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Discussions held on deepening UK-Maldives trade and investment relations

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Discussions have been held on deepening trade and investment relations between the Maldives and the UK.

The discussions took place during a meeting between Maldivian Economic Minister Mohamed Saeed and UK’s Minister of State for Trade Greg Hands.

Minister Saeed is presently on an official visit to the UK to attend the Commonwealth Trade and Investment Roundtable and seek assistance from the participants of the UK financial sector in order to develop a vibrant financial market in the Maldives.

Sharing the details of his meeting with Hands via a post on X, Minister Saeed said discussions were held on deepening trade and investment relations between the Maldives and the UK.

He further added that seeking UK’s experience in developing Maldives’ financial industry and broadening the scope of the Free Trade Agreement (FTA) remains a priority of President Dr. Mohamed Muizzu.

During this visit, Minister Saeed is set to meet UK government officials, members of the House of Lords and representatives from the UK financial and professional services industry.

Source(s): sun.mv

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