1. Finance Minister Nirmala Sitharaman to attend the Spring Annual Meetings of IMF- World Bank
Tags: Economy/Finance International News
Finance Minister Nirmala Sitharaman is on a visit to the USA to attend the Spring Annual Meetings of the International Monetary Fund (IMF) - World Bank.
An overview of the news
Finance ministers and central bankers from around the world will participate in the meeting.
The meeting is scheduled to take place from April 9 at the IMF headquarters in Washington DC.
On the sidelines of the Spring Annual Meetings, Sitharaman will hold bilateral talks with her respective counterparts from G20 countries and heads of other delegations.
Sitharaman and Reserve Bank of India Governor Shaktikanta Das will jointly chair the 2nd G20 Finance Ministers and Central Bank Governors, FMCBG meeting on April 12.
About 350 delegates from G20 members, 13 invited countries and various international and regional organizations will participate in the meeting.
They will engage in multilateral discussions centered around a broad spectrum of global issues.
Agenda of the meeting
The focus will be on addressing food and energy insecurity, managing global debt vulnerabilities, strengthening multilateral development banks, mobilizing finance for climate action, and accelerating progress on international tax and financial sector issues.
About the Meeting
Spring Meetings will be held on April 14 - 16, 2023 at Washington, D.C.
The World Bank Group (WBG) plays a key role in the global effort to end extreme poverty and promote shared prosperity.
Towards achieving these goals the organization is organizing this meeting.
This meeting is the primary opportunity to raise awareness and participation on these topics and to advance the agenda on key issues.
2. Bangladesh gets 450 MW power from Adani
Tags: International News
The Bangladesh Power Development Board received 450 MW of electricity from Adani Power, a subsidiary of the Indian Adani Group, on a trial basis.
An Overview of the News
Power is supplied from Adani's power plant in Godda, Jharkhand.
Bangladesh has been importing electricity from India since 2013, and now receives 1,000MW daily from Baharampur in West Bengal and 160MW from Suryamoni in Tripura.
Adani and BPDB completed the transmission line ahead of the test run, and the Power Grid Company of Bangladesh installed a substation at Bogra to transmit power from the Godda plant and a 134 km transmission line from the Chapainawabganj border.
As per the MoU signed between Adani Power and BPDB in 2015, the entire production from the project can be supplied to Bangladesh.
Director of Public Relations of Bangladesh Power Development Board - Mohammad Shamim Hasan
About Bangladesh Power Development Board (BPDB)
It is a government agency responsible for the development and management of the country's power sector.
BPDB was established in 1972 under the Ministry of Power, Energy and Mineral Resources, Government of Bangladesh and the agency is responsible for generation, transmission and distribution of electricity in the country.
The mission of BPDB is to provide reliable, affordable and quality power supply to all citizens of Bangladesh.
The agency manages a significant portion of the country's electricity generation capacity, including thermal, hydro and renewable energy sources.
The agency is also involved in the development of power transmission and distribution infrastructure including substations, transmission lines and distribution networks
BPDB is committed to the promotion of renewable energy sources in Bangladesh, including solar, wind and biomass energy.
Headquarters - Wapda Building, Motijheel C/A, Dhaka, Bangladesh
Parent Department - Ministry of Power, Energy and Mineral Resources
3. Ukraine's President awarded Order of the White Eagle, Poland's highest honour
Tags: Awards International News
Ukraine's President Volodymyr Zelensky was awarded the Order of the White Eagle, Poland's highest award.
An Overview of the News
The award was given to him for his exceptional services to protect security, resilience and human rights.
The Order of the White Eagle is a prestigious and highly regarded decoration of the Republic of Poland, awarded for outstanding civil and military contributions to the country.
It is considered the oldest and highest decoration in Poland, whose history dates back to the 14th century.
In recent years, the award has been awarded to individuals who have made a significant contribution to Polish–Ukrainian relations and to the promotion of democracy and human rights in the region.
About Ukraine
It is located in Eastern Europe, bordered by Russia to the east and northeast, and is the second largest country in Europe, covering approximately 600,000 square kilometres.
Ukrainian culture has influences from Slavic, Byzantine and European traditions.
Capital - Kyiv
Official language - Ukrainian
About Poland
A country located in Central Europe, bordered by Germany to the west, the Czech Republic and Slovakia to the south, Ukraine and Belarus to the east, and the Baltic Sea, Lithuania and Russia to the north.
The country is divided into 16 administrative regions, known as provinces, each with its own government and parliament.
Poland has a total area of 312,696 km², making it the ninth largest country in Europe and the fifth most populous member state of the European Union.
Poland is also a member of several international organisations including the United Nations, NATO, and the World Trade Organization.
Capital - Warsaw
Official language - Polish
4. IFC to stop funding new coal-powered electricity projects
Tags: International News
The International Finance Corporation (IFC), the private sector arm of The World Bank, has said it will not support investments in new coal projects.
An overview of the news
The announcement has come as a big relief to those campaigning for a clean energy transition.
In the year 2020, IFC unveiled a policy that required its clients to reduce their exposure to coal projects by 2025 and to zero by 2030.
There was no talk of stopping new investments in that policy, but now the situation has changed with this new announcement.
A new update to IFC's Green Equity Approach (GEA) policy explicitly bars its financial intermediaries clients (such as commercial banks) from investing in coal.
IFC lends money to banks and other financial institutions which in turn lend to infrastructure and energy projects.
IFC has given loans of about $5 billion to about 88 financial institutions in India.
About International Finance Corporation (IFC)
It was established in 1956 as a member of the World Bank Group.
A member of the World Bank Group, the International Finance Corporation (IFC) provides financing for private enterprise investment in developing countries.
Its focus is the elimination of poverty through economic development, but critics claim it is more focused on profits than people.
In fiscal year 2021, IFC invests $31.5 billion in financial initiatives.
5. Global trade expected to grow 1.7% in 2023: WTO
Tags: Economy/Finance International News
The world trade organization (WTO) on 5th April revised its global trade growth outlook for 2023 upwards to 1.7% from last October’s estimate of 1%.
An overview of the news
The World Trade Organization said in its forecast that trade growth for 2024 is expected to be 3.2 percent.
However, the WTO said the forecast is highly uncertain and at a downside risk given the impact of ongoing global tensions, food supply problems and monetary policy tightening.
Global trade growth in 2023 is still projected to be low, despite a slight increase in gross domestic product (GDP) estimates since last fall.
Global commodity trade volumes are expected to grow by 1.7 percent this year, following a 2.7 percent increase in 2022, given the effects of the war in Ukraine, continuing high inflation, tight monetary policy and uncertainty in financial markets.
World Trade Organisation (WTO)
It was set up on 1st January 1995 replacing the General Agreement on Tariff and Trade (GATT).
Its main purpose is to promote rule based trading systems in the world and it also settles trade related disputes between the member countries.
The headquarters of WTO is in Geneva, Switzerland.
There are 164 member countries.
Director General of WTO : Dr Ngozi -Okonjo-Iweala of Nigeria
Report released by WTO : World Trade Report
6. Indian-American physician honoured with young urologist of the year award
Tags: Awards International News
Dr. Nitya Abraham, an Indian-American physician and professor, has been honored with the Young Urologist of the Year Award by the American Urological Association (AUA).
An overview of the news
She is an Associate Professor at Albert Einstein College of Medicine and Program Director for the Montefiore Urology residency programme.
Abraham has been chosen from the New York region for her accomplishments and contributions.
Abraham has done remarkable work for countless students, residents, fellows and junior faculty in the New York area and at his institution.
She is serving as the Chair of the Executive Curriculum Committee for the Albert Einstein College of Medicine.
She is a member of the Society for Urodynamics, Female Pelvic Medicine, and Urogenital Reconstruction (SUFU) Young Urologists Committee and Social Media Committee.
The award committee described her as a prolific researcher with clinical research on the impact of social determinants of pelvic floor health.
Young Urologist of the Year Award
The American Urological Association recognizes the hard work of young urologists across the country.
The award was established by Dr. Michael C. Ost, 2012-2013 AUA Young Urologist Committee (YUC) Chair.
The Young Urologist of the Year Award is presented annually to early-career members of the AUA for their progress in their field and commitment to furthering their efforts.
7. India elected to UN Statistical Commission for 4-year term
Tags: International News
India has been elected as a member of the UN Statistical Commission, the Commission on Narcotic Drugs and the Programme Coordinating Board of the Joint UN Programme on HIV/AIDS (UNAIDS) by the Economic and Social Council (ECOSOC) of the United Nations.
An overview of the news
India was elected to the highest statistical body of the United Nations for a term of 4 years starting from 1 January 2024.
India was elected as a member of this commission 20 years ago in 2004.
In the highly competitive election for membership of the Statistical Commission, India secured 46 out of 53 votes in a secret ballot.
India, along with South Korea, the United Arab Emirates and China, was in the fray for two seats in the Asia Pacific states category.
In the first round of voting, South Korea got 23 votes while China got 19 and the United Arab Emirates got 15 votes.
In the second round, China and South Korea got 25 votes each.
South Korea was elected for the second seat through a draw of lots after two inconclusive rounds of secret-balloting.
United Nations Statistical Commission
It was established in 1947.
It is the apex body of the global statistical system which brings together the chief statisticians of the member states around the world.
It is the supreme decision-making body for international statistical activities.
It is responsible for the establishment of statistical standards and the development of concepts and methods, including the implementation of statistical activities at national and international levels.
It oversees the work of the United Nations Statistics Division (UNSD), and is a functional commission of the United Nations Economic and Social Council.
UN Commission on Narcotic Drugs
It was established in 1946 by Resolution 9(I) of the Economic and Social Council (ECOSOC),
It assists ECOSOC in monitoring the application of international drug control treaties.
8. 7th India-Japan Defense Policy Dialogue held in New Delhi
Tags: International Relations International News
The dialogue on April 05, 2023 was co-chaired by Mr. Giridhar Armane, Defense Secretary of India and Mr. Oka Masami, Defense Minister of International Affairs of Japan.
An Overview of the News
The two countries discussed a wide range of issues, including service-level exercises and engagements, regional security issues and cooperation in defence equipment and technology.
Defense Secretary Shri Giridhar Armane stressed the need for both the countries to deepen cooperation between their respective defence industries.
He also invited Japanese defence industries to explore investment opportunities in India under the 'Make in India' initiative.
Both sides agreed to diversify cooperation in new and emerging domains such as the defence sector and cyber.
India and Japan reiterated their commitment to a strong defence partnership and agreed to explore opportunities to further enhance bilateral cooperation.
Defense Policy Dialogue is an institutional mechanism between India and Japan to discuss bilateral defence cooperation.
About Japan
It is also called Nihon or Nippon and is an archipelago in the western Pacific Ocean in East Asia.
It is made up of four main islands Hokkaido, Honshu, Shikoku and Kyushu and Honshu is the largest island of Japan.
Its highest mountain is Mount Fuji.
It is the third largest economy in the world after the United States and China.
Capital - Tokyo
currency - Yen
Prime Minister - Fumio Kishida
9. Bahrain Launches Golden License To Make Large-Scale Investments
Tags: International News
Bahrain launched the Golden License Initiative to encourage investment and job creation in the country and aims to provide streamlined services and benefits to local and foreign businesses with large-scale investment projects in Bahrain.
An Overview of the News
Companies with important strategic projects and investments of more than US$50 million or creating more than 500 jobs in Bahrain will be eligible for the licence.
The Golden License offers various benefits, including priority land allotment for investment, infrastructure services, utilities, and streamlined access to government services such as business licensing and building permit approval.
The licence will also provide support from Tamkin and the Bahrain Development Bank.
The initiative was launched by Bahrain's cabinet, chaired by Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain, to attract local and international investment to create job opportunities.
India has the largest expatriate population in Bahrain, with around 350,000 Indians living in the country.
About Bahrain
It is an island country located in western Asia on the Persian Gulf and consists of 50 natural islands and 33 artificial islands, of which Bahrain Island is the largest.
The capital of Bahrain is Manama, which serves as the commercial and financial centre of the country.
The majority of the population is Muslim, with Sunni and Shia Muslims being the largest groups.
10. MF Hydra: World's first liquid hydrogen ferry
Tags: International News
Norwegian company Norld launched the world's first ferry to run on MF Hydra liquid hydrogen.
An Overview of the News
The vessel, named MF Hydra, is a hybrid and uses both batteries and liquid hydrogen fuel cells for power.
The Norwegian Maritime Authority (NMA) granted approval to operate the yacht.
An important step towards reducing greenhouse gas emissions in the marine industry.
Hydrogen fuel cells produce only clean water as a byproduct, making them an environmentally friendly option for powering ferries and other marine vessels.
The MF Hydra was to be delivered in 2021 and measures 82.4 metres in length, with a passenger capacity of 300 and a capacity to carry 80 vehicles.
It uses two 200 kW fuel cells, two 440 kW generators and two Shottel thrusters to reach a speed of 9 knots.
The hydrogen system was provided by Linde Engineering, the fuel cell by Ballard and the battery by Corvus Energy. The ferry was completed by Westcon and systems integrator SEAM.
About Norway
Capital- Oslo
Currency- Norwegian Krone
King- Harald V of Norway
