Respected Mr. Jhalnath Khanal, Your assertion that the Belt and Road Initiative (BRI) is beneficial for 153 countries raises an important point of discussion. While the concept of regional connectivity and infrastructure development is appealing, the ground realities in many countries tell a different story. Here's why concerns about Nepal falling into a "debt trap" under BRI cannot be dismissed lightly: Examples of Debt Trap in Other Countries: Sri Lanka: The Hambantota Port serves as a cautionary tale. Unable to repay its debt to China, Sri Lanka had to lease the port to a Chinese company for 99 years, compromising its strategic and economic sovereignty. Pakistan: Under the China-Pakistan Economic Corridor (CPEC), a BRI project, Pakistan accumulated significant debt, leading to severe financial strain and dependency on Chinese funds for repayment. Zambia: Excessive borrowing for infrastructure projects under the BRI led Zambia to default on loans, with concerns that China might take over its national assets, including critical infrastructure like airports and power grids. Laos: Laos is now heavily indebted due to a $6 billion BRI railway project, representing nearly half of the country’s GDP, raising fears of losing control over key national assets. High-Interest Loans and Lack of Transparency: BRI loans often come with high interest rates compared to other international financial institutions like the World Bank or Asian Development Bank (ADB). This raises questions about the sustainability of such projects for countries with weaker economies like Nepal. Loss of Sovereignty: Accepting Chinese loans often involves clauses that allow China to exert influence over national policies. The risk for Nepal is that critical assets or policies could become compromised if loans are defaulted. Impact on Nepal's Economy: Nepal's fragile economy, reliant on remittances and tourism, might struggle to generate the revenue needed to service high-interest loans. With limited export potential, Nepal risks being overburdened by debt without proportional economic benefits from these projects. Alternative Approaches for Development: Instead of taking on risky loans, Nepal could focus on diversifying its partnerships with international organizations like the World Bank, ADB, or countries with transparent and concessional funding mechanisms. This would ensure sustainable development without risking sovereignty. In conclusion, while the BRI might seem beneficial on the surface, its implementation in several countries has revealed significant challenges, including debt dependency, loss of strategic assets, and compromised national policies. Nepal must carefully assess these risks and learn from the experiences of other nations to safeguard its economic sovereignty and long-term prosperity.

World News Headlines - October 30, 2024 1. BRICS Summit Highlights Global South's Role in Future World Order At the BRICS summit in Kazan, Russia, leaders of the Global South discussed expanding economic cooperation. Over 30 nations expressed interest in joining BRICS. Source: Democracy Now 2. U.S. Accuses North Korea of Deploying Troops to Russia The U.S. has accused North Korea of deploying troops to assist Russia's efforts in Ukraine. This follows a mutual defense agreement between Russia and North Korea. Source: Democracy Now 3. South Korea and U.S. Conduct Joint Military Exercises South Korea and the U.S. have started joint military drills in response to rising tensions in the region, particularly due to North Korean activities. Source: BBC 4. European Union Prepares Sanctions Over Gaza Conflict The European Union is preparing new sanctions over the ongoing Gaza conflict, with Israel continuing its military campaign. Source: UN News 5. BRICS Pushes Forward on De-dollarization Talks The BRICS nations are moving forward with discussions on de-dollarizing their economies, despite internal divisions. They aim to reduce reliance on the U.S. dollar. Source: Korea Times 6. Global Climate Action Faces Setbacks at COP16 At the COP16 summit, climate goals remain contentious, with developing nations calling for greater financial commitments from wealthy countries. Source: IPS News 7. Sudan's Civil War Continues, Displacing Millions Sudan’s civil war rages on, with millions of civilians displaced. International humanitarian groups warn of worsening conditions. Source: UN News 8. U.S. Inflation Eases as Fed Holds Interest Rates Steady U.S. inflation is showing signs of easing, prompting the Federal Reserve to maintain interest rates. Markets have reacted positively. Source: Bloomberg 9. Humanitarian Crisis Worsens in Haiti Amid Political Instability Haiti’s ongoing political turmoil continues to fuel a worsening humanitarian crisis, with millions facing hunger and violence. Source: UN News 10. Mexican Drug Cartels Expand Their Influence in Central America Mexico's powerful drug cartels are increasing their operations across Central America, contributing to violence and political instability. Source: BBC 11. France Faces Criticism Over Hijab Ban in Sports The UN has urged France to reverse its ban on Muslim women wearing hijabs in sports, calling the law discriminatory. Source: UN News 12. Yemen’s Humanitarian Crisis Escalates Amid Continued Conflict The UN is warning of a worsening humanitarian situation in Yemen, with millions facing starvation as conflict disrupts aid delivery. Source: UN News 13. Saudi Arabia Expands Renewable Energy Investments Saudi Arabia has launched new renewable energy projects as part of its Vision 2030 plan to diversify its economy away from oil. Source: Bloomberg 14. Japan's Economic Struggles Worsen Amid Aging Population Japan continues to face economic challenges due to its aging population and declining birth rates, raising concerns about its long-term growth. Source: BBC 15. Africa Pushes for More Climate Aid at COP16 African nations are advocating for greater climate action and financial support from developed nations during the COP16 summit. Source: IPS News 16. BRICS Leaders Call for Greater Cooperation with Global South At the BRICS summit, leaders emphasized the importance of cooperation among Global South nations to address global challenges like economic inequality and climate change. Source: Al Jazeera 17. South Korea Launches Major AI and Robotics Initiative South Korea unveiled a new AI and robotics initiative, aiming to become a global leader in technology innovation. Source: Korea Times 18. UN Holds Emergency Talks on Gaza Conflict The UN held emergency talks to address the ongoing crisis in Gaza, calling for an immediate ceasefire and humanitarian aid. Source: UN News #WorldNews #BRICSSummit #SouthKoreaAI #USInflation #GazaCrisis #SudanWar #MexicoCartels #SaudiRenewables #COP16 #GlobalSouth #NorthKoreaRussia #HumanitarianAid #FranceHijabBan #HaitiCrisis #DeDollarization #ClimateAction

World News Headlines - October 29, 2024 1. UN Warns of Humanitarian Disaster in Gaza The UN warns of an escalating humanitarian crisis in Gaza. Thousands are facing critical shortages of food, water, and medical aid as the conflict intensifies. Source: UN News 2. Sudanese Civil War Impacts Neighboring Economies The civil war in Sudan continues to destabilize neighboring economies, with millions of people in need of urgent humanitarian assistance. Source: UN News 3. Gaza Crisis Deepens as Israeli Military Offensive Continues The situation in Gaza worsens as Israeli airstrikes continue. The UN calls for immediate action to prevent further humanitarian disaster. Source: UN News 4. Tensions Rise Between Israel and Iran Tensions escalate between Israel and Iran following a series of airstrikes and military maneuvers in the region, raising concerns about a potential large-scale conflict. Source: UN News 5. Indigenous Communities Adopt Climate-Resilient Crops Indigenous groups in South America are turning to climate-resilient crops to combat the impacts of climate change, such as droughts and flooding. Source: Inter Press Service 6. Sri Lankan Press Freedom Remains a Challenge Journalists in Sri Lanka continue to push for justice and accountability for unresolved murders, as the new president promises reforms. Source: Inter Press Service 7. IMF Faces Criticism for Limited Support to Africa The IMF is under pressure to increase financial assistance to African nations struggling with economic challenges, with experts calling for immediate action. Source: Global Issues 8. UN Calls for Action to Address Yemen's Food Crisis The United Nations has raised alarms over Yemen's deepening food crisis, warning that millions are at risk of starvation due to the ongoing conflict. Source: UN News 9. Energy Shortages Loom as Europe Prepares for Winter European countries are bracing for winter energy shortages amid ongoing disruptions in Russian gas supplies. Efforts to secure alternative energy sources are underway. Source: BBC 10. Saudi Arabia Expands Renewable Energy Projects Saudi Arabia has launched new renewable energy projects to diversify its economy as part of its Vision 2030 plan. Source: Bloomberg 11. Political Instability Worsens Humanitarian Crisis in Haiti Haiti’s ongoing political turmoil and gang violence continue to drive a worsening humanitarian crisis, with millions facing food insecurity. Source: UN News 12. North Korean Troops Allegedly Training in Russia Reports have emerged that North Korean troops are being trained in Russia, deepening concerns over military cooperation between the two nations. Source: Wall Street Journal 13. US Inflation Declines as Federal Reserve Holds Rates Steady US inflation continues to ease, prompting the Federal Reserve to maintain interest rates. Markets responded positively to the announcement. Source: Bloomberg 14. Mexican Drug Cartels Expand Control in Central America Mexico's drug cartels are increasingly extending their operations across Central America, contributing to rising violence and political instability. Source: BBC 15. Japan Faces Economic Challenges Due to Aging Population Japan's aging population continues to pose significant economic challenges as the country faces record-low birth rates. Source: BBC 16. Africa Pushes for Climate Action at COP16 African leaders at the COP16 summit are urging global action to combat climate change, particularly to protect vulnerable populations in drought-prone regions. Source: Inter Press Service 17. France Urged to Repeal Hijab Ban in Sports UN human rights experts have called on France to reverse its ban on Muslim women and girls wearing hijabs in sports, stating that the ban is discriminatory. Source: UN News 18. Global Leaders Gather for Emergency Talks on Gaza Crisis World leaders held emergency talks to address the escalating crisis in Gaza, calling for immediate action to prevent further humanitarian suffering. Source: UN News #WorldNews #GazaCrisis #SudanWar #MiddleEastConflict #ClimateChange #SriLankaPressFreedom #IMFAfrica #YemenCrisis #EnergyShortages #SaudiRenewables #HaitiCrisis #NorthKoreaRussia #USFedRates #MexicoCartels #JapanPopulationCrisis #COP16 #FranceHijabBan

World News Headlines - October 28, 2024 1. UN Warns of Escalating Crisis in Gaza The UN has raised concerns over the escalating violence in Gaza, where humanitarian conditions continue to deteriorate, with thousands facing shortages of basic supplies. Source: UN News 2. Sudan: Civilians Targeted in Latest Al Jazirah State Attacks A UN official decried recent attacks on civilians in Sudan’s Al Jazirah state. Over 120 people have been killed, adding to the rising violence across the region. Source: UN News 3. Entire Population of Northern Gaza Faces Critical Risk The UN’s top humanitarian official warned that the population of northern Gaza is at grave risk due to ongoing Israeli military operations and restricted access to essential supplies. Source: UN News 4. UN Calls for De-escalation Amid Israeli Strikes on Iran The UN chief has called for an immediate halt to escalating hostilities in the Middle East, following Israel’s strikes on Iranian targets. Source: UN News 5. Climate-Friendly Crops Boost Resilience for Indigenous Communities Indigenous communities in South America are adopting climate-resilient crops to combat the dual challenges of drought and flooding, with significant success stories emerging. Source: IPS News 6. COP16 Sees Controversial Debate on Biodiversity Credits At the COP16 summit in Colombia, biodiversity credits have become a point of debate, with protests and support emerging from different sides. Source: IPS News 7. Sri Lanka Struggles with Press Freedom Amid Unresolved Murders Journalists in Sri Lanka are pushing for justice as the newly elected president vows to tackle long-standing impunity for past murders of journalists. Source: IPS News 8. IMF Criticized for Insufficient Support to African Nations The IMF is facing backlash for its lack of support to African countries amid economic crises, with calls for enhanced financial assistance through special drawing rights. Source: Global Issues 9. UN Condemns Worsening Humanitarian Crisis in Yemen As Yemen’s conflict rages on, the UN warns of an escalating food crisis, with millions at risk of starvation due to restricted aid access. Source: UN News 10. Europe Prepares for Energy Shortages Amid Russian Gas Disruptions European nations brace for energy shortages as winter approaches, exacerbated by the ongoing disruption of Russian gas supplies. Source: BBC News 11. Saudi Arabia Expands Renewable Energy Projects Saudi Arabia has announced new renewable energy projects as part of its Vision 2030, with a focus on diversifying its economy away from oil dependency. Source: Bloomberg News 12. Haiti’s Political and Humanitarian Crisis Worsens Haiti’s political instability and gang violence are leading to a worsening humanitarian crisis, with food insecurity reaching critical levels. Source: UN News 13. North Korean Troops Allegedly Training in Russia Reports suggest North Korean troops are training in Russia, raising concerns over deepening military ties between the two nations. Source: Wall Street Journal 14. US Inflation Eases as Fed Maintains Interest Rates Inflation in the US continues to ease, leading the Federal Reserve to keep interest rates steady, which has been welcomed by financial markets. Source: Bloomberg News 15. Mexican Drug Cartels Expand Operations in Central America Mexico’s powerful drug cartels are extending their influence across Central America, leading to a surge in violence and political instability. Source: BBC News 16. Japan Faces Economic Challenges as Population Ages Japan is grappling with the economic consequences of its rapidly aging population, as birth rates continue to plummet to record lows. Source: BBC News 17. African Leaders Push for Climate Action at COP16 African leaders are advocating for urgent climate action at the COP16 summit, focusing on the continent’s vulnerability to climate change. Source: IPS News 18. UN Holds Emergency Talks on Gaza Crisis The United Nations has convened emergency talks to address the deteriorating humanitarian situation in Gaza, calling for immediate ceasefire and aid access. Source: UN News #WorldNews #GazaCrisis #MiddleEastConflict #SudanViolence #ClimateAction #BiodiversityCredits #SriLankaPressFreedom #IMFAfrica #YemenCrisis #EnergyShortages #SaudiRenewables #HaitiCrisis #NorthKoreaRussia #USFedRates #MexicoDrugCartels #JapanAgingPopulation #AfricanLeadersCOP16 #UNEmergencyTalks #GlobalHumanitarianEfforts

World News Headlines - October 25, 2024 1. BRICS Summit Pushes for De-dollarization in Global Trade The BRICS nations (Brazil, Russia, India, China, South Africa) concluded their annual summit with a strong push for de-dollarization in global trade, aiming to reduce reliance on the US dollar. New initiatives were launched to promote the use of local currencies and enhance South-South economic cooperation. Source: BBC 2. Middle East Conflict Escalates: Israel Expands Strikes in Gaza The humanitarian crisis in Gaza worsens as Israel expands its military strikes following increased Hamas attacks. International calls for a ceasefire have intensified as civilian casualties rise. Source: Al Jazeera 3. U.S.-Israel Tensions Rise Over Iran Attack Plans Relations between the U.S. and Israel face new strains after a major intelligence leak reveals Israeli plans for a potential attack on Iran. The Biden administration is working to address the diplomatic fallout. Source: CNN 4. Tropical Storm Oscar Hits Cuba, Millions Without Power Tropical Storm Oscar has wreaked havoc in Cuba, leaving millions without electricity and causing widespread flooding. Emergency services are struggling to restore power and provide essential aid. Source: BBC 5. Europe Braces for Energy Crisis as Russian Gas Supply Disruptions Continue Several European countries face energy shortages as disruptions to Russian gas supplies persist. Efforts to secure alternative energy sources are ongoing. Source: Bloomberg 6. China’s Economic Slowdown Worsens Global Supply Chain Issues China's economic slowdown continues to cause ripple effects across global supply chains, particularly in manufacturing and electronics. Experts predict further delays in consumer goods delivery. Source: Financial Times 7. Prabowo Subianto Sworn in as Indonesia’s President Amid Controversy Prabowo Subianto has been sworn in as Indonesia’s president, despite concerns over his past human rights record. His election has sparked protests, particularly from human rights activists. Source: Al Jazeera 8. U.S. Inflation Eases as Fed Maintains Interest Rates U.S. inflation has eased for the third consecutive month, prompting the Federal Reserve to maintain current interest rates. Markets reacted positively to the news. Source: Bloomberg 9. South Korea Hosts Major Tech Expo Focused on AI and Robotics South Korea is hosting a global tech expo, showcasing advances in AI and robotics. Industry leaders are discussing the impact of these technologies on various sectors. Source: Financial Times 10. Saudi Arabia Launches New Renewable Energy Projects Saudi Arabia has announced several new renewable energy initiatives aimed at reducing its reliance on oil. The projects are part of the country's Vision 2030 plan. Source: Bloomberg 11. Climate Summit in Nairobi: World Leaders Commit to Reducing Emissions World leaders have gathered in Nairobi to commit to reducing carbon emissions as part of global climate change efforts. The summit emphasized the need for urgent action in developing nations. Source: Al Jazeera 12. Japan’s Population Decline Hits Record Low Birth Rates Japan's birth rates have reached a record low, exacerbating concerns about the long-term economic impacts of the country's rapidly aging population. Source: BBC 13. Russia-Ukraine War: Fighting Intensifies Around Donetsk Fighting between Russian and Ukrainian forces has intensified around Donetsk, with both sides reporting heavy casualties. Peace talks remain stalled. Source: Bloomberg 14. Mexico's Drug Cartels Expand Influence in Central America Mexico's drug cartels are expanding their influence into Central America, with reports of increasing violence and political instability in the region. Source: BBC 15. Ethiopia Launches Space Satellite to Boost Telecommunications Ethiopia successfully launched its second space satellite, aimed at improving telecommunications infrastructure across the country. Source: Al Jazeera 16. Iran Nuclear Deal Hangs in the Balance as Talks Continue Negotiations over the Iran nuclear deal continue, with both sides struggling to reach a compromise. The future of the agreement remains uncertain. Source: CNN 17. BRICS Expansion: A Challenge to Western Hegemony The recent expansion of BRICS nations is seen as a direct challenge to Western hegemony, with new members like Saudi Arabia and Iran joining the bloc. The group aims to reshape global governance. Source: Financial Times 18. Australia to Hold Referendum on Indigenous Voice to Parliament Australia is set to hold a referendum on creating an Indigenous Voice to Parliament, a move aimed at giving Indigenous communities greater political representation. Source: BBC #WorldNews #BRICS #DeDollarization #MiddleEastConflict #USIsraelTensions #TropicalStormOscar #EnergyCrisis #ChinaEconomy #IndonesiaPolitics #ClimateSummit #JapanPopulation #RussiaUkraineWar #MexicoDrugCartels #IranNuclearDeal #EthiopiaSatellite #SaudiRenewables #GlobalGovernance #AustraliaReferendum

Interest rates on deposits, lending are deregulated; banks free to decide rates: RBI Guv Shaktikanta Das at joint press meet with Sitharaman This will start a new competition among banks which is a good thing. Now not only service but also rate of Interest will decide business for banks

Several banks have announced reduced interest rates for the month of Baisakh. In comparison to the rates in Chait, many banks have lowered their average interest rates. Currently, among the twenty banks in operation, thirteen have reduced their interest rates. Banks that have reduced interest rates include Nepal Bank, Laxmi Bank, Machhapuchhre Bank, Prabhu Bank, Rastriya Banijya Bank, Global IME Bank, Siddhartha Bank, Prime Commercial Bank, Kumari Bank, Sanima Bank, SBI Bank, Citizens Bank, and NIC Asia Bank. These banks have reduced their maximum average interest rates to 0.19% to 19% per annum on personal deposits compared to Chait. In personal deposits, these banks have announced a maximum interest rate of 7.25% per annum for the month of Baisakh, compared to a maximum of 25% per annum in Chait. Agriculture Development Bank, Standard Chartered Bank, Nabil Bank, Himalayan Bank, and Nepal Investment Mega Bank have maintained consistency in their interest rates from Chait. However, Everest Bank and NMB Bank have increased their interest rates for Baisakh compared to Chait. https://ujyaaloonline.com/story/100546/2024/4/12/in-april-many-banks-reduced-interest-rates

I missed posting an important article earlier in the day : Moody's cuts China's credit outlook to negative on rising debt risks. So why is this important ? When a country’s credit rating turns negative - it means all state institutions - their credit rating too turns negative. This impacts their borrowing costs internationally. It means these state institutions will have to pay higher interest rate to borrow international funds. This will drive up cost of prodiction etc etc. A whole chain reaction comes into place - all impacting China negatively.

PM Vishwakarma Scheme:- 1. ₹1 lakh first time loan 2. Return ₹1 lakh within 18 months 3. Get another ₹2 lakh loan 4. Interest rate as low as 5%. 5. No Bank Guarantee 6. ₹15,000 to buy tools in GST registered shops 7. ₹500 per day for 5 day training. Inform to those in need..

Argentina's central bank hikes interest rates to 118% in a drastic policy shift as it runs out of funds to defend its currency — Bloomberg

⚡ 🇳🇿New Zealand slipped into Recession. New Zealand's economy has fallen into a recession after the country's central bank aggressively raised interest rates to a 14-year high. Its gross domestic product (GDP) fell by 0.1% in the first three months of the year, official figures show.

IMF Upgrades UK Economic Outlook, But Warns of Subdued Growth The International Monetary Fund (IMF) has revised its forecasts for the British economy, no longer anticipating a recession in 2023. The IMF now expects a growth of 0.4% for the year, attributing the improved outlook to factors such as resilient demand, increased government spending, improved business confidence, lower energy costs, and the normalization of global supply chains. However, the IMF cautions that despite the recent improvements, the overall growth outlook remains subdued. The IMF also highlights the challenges of high inflation, partly caused by the Ukraine-Russia conflict and pandemic-related labour supply issues. It predicts a decline in inflation to around 5% by the end of the year and a return to the 2% target by mid-2025. The IMF's forecast indicates a growth rate of 1% in 2024, followed by 2% in the subsequent two years, before settling at a long-term growth rate of approximately 1.5%. The IMF suggests that addressing long-term illness's impact on the labour force and reducing policy and regulatory uncertainty would enhance Britain's growth potential. It also emphasizes the importance of monitoring inflation and wage increases closely while ensuring appropriate monetary policy adjustments. The IMF's statements come amidst the Bank of England's series of interest rate hikes, which are expected to peak at 5% later this year.

Interest rates are now at 2.25% – the highest rate that the UK has had since the financial crisis – after the Monetary Policy Committee (MPC) increased rates by 0.5 percentage points. The rates had previously been speculated to rise by even more, but the Bank of England announced on Thursday that a majority vote of 5-4 had been reached to settle on the figure of 2.25%. The decision to hike interest rates is a bid to keep inflation under control. It is the best tool that the Bank of England has to steer inflation – currently at 9.9% – back to its 2% target.