1. IMF approves Sri Lanka’s much-awaited bailout package
Tags: International News
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Sri Lanka's request for a $2.9 billion bailout has been approved by the International Monetary Fund (IMF) on March 20.
An overview of the news
The package of special drawing rights of about $3 billion will be available over 4 years.
The Executive Board's decision will enable immediate disbursement of $333 million.
With the approval of the much awaited bailout, Sri Lanka will restore macroeconomic stability and debt sustainability while carrying forward structural reforms.
Stabilizing Sri Lanka's economy and achieving sustainable debt levels has been a priority since Ranil Wickremesinghe took office last July.
The IMF facility will enable Sri Lanka to access finance from the markets and other lending institutions such as the ADB and the World Bank.
Sri Lanka was hit by an unprecedented financial crisis in 2022 due to a severe shortage of foreign exchange reserves, the worst since its independence from Britain in 1948.
Aim of bailout package
To boost government revenue,
Encourage fiscal consolidation,
Introduce new pricing for fuel and electricity,
Hike social spending,
Bolster central bank autonomy,
Rebuild depleted foreign reserves
To reach a primary surplus of 2.3% of GDP by 2024.
About International Monetary Fund (IMF)
It is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty.
It was established in 1944 in the aftermath of the Great Depression of the 1930s.
It is an organization of 190 member countries.
It is governed by and accountable to 190 countries.
India became its member in December 1945.
The IMF's resources come mainly from money that countries pay in as their capital subscriptions (quotas) when they become members.
The International Monetary Fund’s executive board comprises 24 members.
Managing Director - Kristalina Georgieva (Bulgaria)
Headquarter (HQ) - Washington, D.C., US
2. Bangladesh commissions its first submarine base
Tags: Defence International News
Prime Minister Sheikh Hasina inaugurated the first submarine base of Bangladesh ‘BNS Sheikh Hasina’ at Pekua in Cox’s Bazar on 20 March.
An overview of the news
This new submarine base will help the Navy to enhance its operational capability to secure the vast maritime resources.
Ships passing through the Bay of Bengal can also take help from this base.
The government of Bangladesh is working on 'Forces Goal 2030' to transform its military force into a modern organization appropriate for the times.
The government established the Bangladesh Navy as a full-fledged three-dimensional force with the induction of two submarines ("BNS Navagatra" and "BNS Joyjatra") into the naval fleet on 12 March 2017.
Bangladesh is building ships at local shipyards for its own use as well as for others.
Bangladesh Navy has completed construction of five patrol vessels at Khulna Shipyard.
In the last 14 years, a total of 31 warships including 4 frigates, 6 corvettes, 4 large patrol craft, 5 patrol craft and 2 training ships joined the Bangladesh fleet.
The Government of Bangladesh signed an agreement with China in September 2019 for the construction of the submarine base.
People’s Republic of Bangladesh
Capital: Dhaka
Prime Minister: Sheikh Hasina Wazed
President: Abdul Hamid
Currency: Taka
3. 2nd G20 Sustainable Finance Working Group meeting begins in Udaipur
Tags: Summits National News
The 2nd Sustainable Finance Working Group (SFWG) meeting under India's G20 chairmanship began in Udaipur, Rajasthan and will last for three days.
An Overview of the News
The focus of the meeting is to identify relevant policies and best practices for mobilising sustainable finance to help ensure global growth and stability.
Two workshops were organised during the meeting, namely Non-pricing policy levers to support sustainable investment and efficient finance for the Sustainable Development Goals.
More than 90 delegates from G20 member states, guest countries and various international organisations participated in the event.
The first meeting of the Sustainable Finance Working Group (SFWG) was held in Guwahati on February 2 and 3 this year, and the third and fourth meetings will be held in Mahabalipuram and Varanasi, respectively.
About the Sustainable Finance Working Group (SFWG)
Sustainable Finance Working Groups are collaborative initiatives that bring together stakeholders to advance sustainable finance practices.
They aim to promote best practices, share knowledge and resources, and develop standards and guidelines for sustainable finance.
Members may include financial institutions, companies, regulators, civil society organisations and academia.
Examples of sustainable finance working groups include the United Nations Principles for Responsible Investment (PRI), the Sustainable Accounting Standards Board (SASB) and the Network for Greening the Financial System (NGFS).
About the G20
The G20 (Group of Twenty) is an international forum consisting of 19 countries and the European Union, representing the world's major economies.
Its members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
It is an international forum of the world's leading economies, established in 1999, and its primary objective is to promote international financial stability and sustainable economic growth.
The G20 serves as a forum to discuss and coordinate policies related to a wide range of economic and financial issues such as trade, investment, employment, energy and climate change.
4. Women and Child Development Ministry to celebrate the 5th Poshan Pakhwada
Tags: National National News
The 5th Poshan Pakhwada will be celebrated by the Ministry of Women and Child Development from March 20 to April 3, 2023, with several events across the country.
An overview of the news
The 5th Poshan Pakhwada is being celebrated by the Ministry of Women and Child Development to promote good eating habits and focus on the value of nutrition through mass movement and public participation.
Thetheme of Poshan Pakhwada 2023 is -Nutrition for All: Together Towards a Healthy India.
During Poshan Pakhwada, campaigns will be launched to raise awareness and popularize efficient Anganwadis with advanced infrastructure and facilities.
This year, Poshan Pakhwada will concentrate on promoting "Shree Anna: the mother of all grains", as a useful tool to combat malnutrition, in light of the declaration of 2023 as the International Year of Millets.
About Poshan Pakhwada
Poshan Pakhwada is celebrated for 15 days in March.
Similarly, the month of September is known as National Nutrition Month across the country.
The Ministry of Women and Child Development will be the nodal ministry for organizing programs during Poshan Pakhwada.
5. SC asks to file counter-affidavit to plea to protect Western Ghats
Tags: National National News
The Supreme Court on March 18 directed the Environment Ministry to file its counter affidavit on the petition filed by minor M Kavya, a resident of Nilgiris.
An overview of the news
The petition sought judicial intervention to save the Western Ghats from destruction.
The petition is pending for the last two years after the apex court issued notice in 2020.
About Western Ghats
The Western Ghats are also known as the Sahyadri Hills.
It is a mountain range that covers an area of 160,000 km2.
The entire range of hills from Tapi to Kanyakumari is known as the Western Ghats.
The Western Ghats is one of the four global biodiversity hotspots in India.
The Western Ghats are made up of a range of mountains in the states of Kerala, Maharashtra, Goa, Gujarat, Tamil Nadu and Karnataka.
It is recognized as a UNESCO World Heritage Site.
Anamudi peak in Kerala is the highest peak in the Western Ghats.
According to UNESCO, the Western Ghats are older than the Himalayas.
6. Global Conference on Digital Health organised by Government of India in New Delhi
Tags: National National News
The Government of India hosted a two-day Global Conference on Digital Health in New Delhi and it was chaired by the Minister of Health and Family Welfare, Dr. Mansukh Mandaviya.
An Overview of the News
The objective of the conference is to reach universal health coverage to the last citizen by taking advantage of India's chairmanship of G20 and collaboration with WHO South-East Asia Regional Office.
The conference will bring together global leaders, health policy makers, digital health innovators and influencers, academics and other stakeholders to address issues to accelerate the implementation of connected digital health initiatives.
The conference focuses on unlocking the potential to deliver and share digital health solutions in an ethical, safe, secure, reliable, equitable and sustainable manner.
The conference is expected to make a significant contribution to achieving the Sustainable Development Goals related to health and well-being, especially SDG 3, which aims to ensure healthy lives and promote well-being for people at all ages.
About the G20
It is an international forum of the world's leading economies established in 1999.
Its primary objective is to promote international financial stability and sustainable economic growth.
The G20 serves as a forum to discuss and coordinate policies related to a wide range of economic and financial issues such as trade, investment, employment, energy and climate change.
7. 4th Defence Cooperation Dialogue between India and Maldives held in Male
Tags: International Relations International News
India and Maldives held the 4th Defense Cooperation Dialogue (DCD) in Male on March 19, 2023.
An overview of the news
The dialogue was co-chaired by Defence Secretary Giridhar Aramane and his Maldivian counterpart, Chief of Defence Force Major General Abdulla Shamaal.
During the talks, the ongoing bilateral defense cooperation activities were reviewed.
The talks covered existing bilateral exercises, with both countries agreeing to increase the complexity of these exercises.
There is bilateral cooperation between the armed forces of India and Maldives in a number of fields, a positive sign for the future of bilateral relations.
About Defense Cooperation Dialogue (DCD)
The Defense Cooperation Dialogue is the highest institutionalized interactive mechanism between the two countries.
The Dialogue is one of India’s policy-level frameworks that aim to strengthen long-standing and mutually beneficial bilateral defence ties.
The first Defense Cooperation Dialogue was held in 2016 and the second in 2019.
Since 1988, defense and security have been a major area of cooperation between India and Maldives.
In 2016, the two countries signed a comprehensive action plan to strengthen defense partnership.
About Maldives
It is also called Maldives Islands, an independent island country in the north-central Indian Ocean.
It extends more than 510 miles (820 km) from north to south and 80 miles (130 km) from east to west.
Basis of economy -fisheries, tourism
Industries - handicraft or cottage including the making of coir (coconut-husk fibre) and coir products, fish canning, and boatbuilding.
Capital -Male
President -Ibrahim Mohamed Solih
Official Language - Dhivehi (Maldivian)
Official Religion - Islam
Currency - Rufiyaa
8. Nagpur hosts preparatory meeting for Civil 20 under India's G20 Presidency
Tags: National National News
The C-20 is an engagement group working under the G-20 Secretariat that provides a platform for civil society organisations and non-governmental organisations to air their concerns and brainstorm on various issues.
An Overview of the News
The two-day meeting was inaugurated at Radisson Blu Hotel in Nagpur under the chairmanship of Mata Amritanandamayi and in the presence of Deputy Chief Minister Devendra Fadnavis.
In the Inception meeting, 14 different topics prepared for C-20 were discussed.
Union Transport Minister Nitin Gadkari participated in the closing ceremony of the meeting on 21 March.
About C20
Civil 20 (C20) is an engagement group of the G20 representing civil society organisations (CSOs).
C20 aims to promote policies that promote social and economic justice, human rights and environmental sustainability.
Key issues that the C20 focuses on include poverty alleviation, gender equality, climate change and global health.
The C20 organises an annual summit that brings together CSO representatives from around the world to discuss key policy issues and present their recommendations to the G20 leaders.
About the G20
The G20 is an international forum consisting of 19 countries and the European Union, with a focus on promoting international financial stability, sustainable economic growth and global cooperation on key issues.
Originally established in 1999 as a forum for finance ministers and central bank governors, the G20 became a leaders' summit in 2008, with annual meetings to discuss a wide range of major global issues of state and government. participate in.
The mission of the G20 is to focus on issues such as trade, investment, financial regulation, employment, energy, climate change, and global health.
9. Sagar Parikrama Phase-IV begin in Karnataka
Tags: National News
The fourth phase of Sagar Parikrama began on March 18 covering three coastal districts of Karnataka.
An overview of the news
According to the Ministry of Fisheries, Animal Husbandry and Dairying, the fourth phase of the Sagar Parikrama program took place from March 18-19.
It covered three districts Uttara Kannada, Udupi and Dakshina Kannada districts of Karnataka.
Union Minister for Fisheries, Animal Husbandry and Dairying Purushottam Rupala and concerned state ministers and stakeholders were present at the event.
During the event, progressive fishermen were awarded certificates/acknowledgements related to Pradhan Mantri Matsya Sampada Yojana (PMMSY), KCC and State Scheme.
Sagar Parikrama Phase-I
It was started on March 5, 2022 from Mandvi, Gujarat to Okha-Dwarka, and concluded at Porbandar on 6 March covering 3 locations.
The programme was a huge success, with more than 5,000 people physically attending the event.
Sagar Parikrama Phase-II
It was held on September 23-25 2022 and covered seven locations.
Sagar Parikrama Phase-III
Phase-III was held on February 18-21 2023 and covered coastal districts of Gujarat and Maharashtra.
About Sagar Parikrama
It is a maritime evolutionary journey tour to be organized in all coastal states/UTs through sea route to show solidarity with all fishermen, fish farmers and concerned stakeholders.
It aims to address the issues of fishermen and other stakeholders and facilitate their economic upliftment through various fisheries schemes and programs like PMMSY.
10. Nepal, India agree to formulate modality to supply electricity to Indian states via Bihar
Tags: International Relations International News
Nepal and India have agreed to formulate a modality to supply electricity from Nepal to multiple states of India through central transmission line via Bihar grid.
An overview of the news
The 14th meeting of the Nepal-India Power Exchange Committee concluded on March 17 in New Delhi.
It was decided in the meeting to work out modalities for export of power from Nepal to various states of India via Bihar within a month.
Kulman Ghising, Executive Director, Nepal Electricity Authority, and Ashok Kumar Rajput, Power System Member, Central Electricity Authority of India, agreed to finalize the modalities within a month.
The agreement has ensured the additional market for the sale of surplus electricity during the rainy season.
Under the power exchange agreement in the meeting, the price of electricity per unit has been fixed at Rs 11.54 for the financial year 2022-23.
Kataiya (Bihar)-Kushaha (Nepal) and Raxaul-Parawanipur 132-KV transmission line are connected with Bihar.
Nepal imports power from India when needed through the Power Exchange Agreement and competition with the Mahakali Treaty.
Power is being imported into Nepal through the Dhalkebar-Muzaffarpur cross-border 400 KV double circuit transmission line and other transmission lines.
The Nepal Electricity Authority has been importing electricity from India’s Bihar, Uttar Pradesh and Uttarakhand as per the electricity exchange agreement.
Only Bihar and Uttar Pradesh are connected to Nepal through 132 KV transmission lines.
