IMF board okays $880 million loan payment for Ukraine, sees war winding down in ‘24

A local resident throws stuff near her house destroyed during a Russian missile strike near Kyiv, Ukraine, on March 21, 2024. (REUTERS)
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Updated 22 March 2024
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IMF board okays $880 million loan payment for Ukraine, sees war winding down in ‘24

  • Ukraine mission chief Gavin Gray told reporters the fund still expected the war in Ukraine to wind down by the end of 2024

WASHINGTON: The International Monetary Fund’s executive board on Thursday approved a third review of Ukraine’s $15.6 billion loan program, allowing the release of $880 million for budget support and bringing total disbursements to $5.4 billion, the IMF said.

The global lender said the risks facing Ukraine remained exceptionally high, particularly the uncertainties surrounding the war with Russia and prospects for external financing, although Ukraine mission chief Gavin Gray told reporters the fund still expected the war in Ukraine to wind down by the end of 2024.
Gray said Ukraine’s overall performance on the IMF program had remained strong over its first year, and it had met all but one of the quantitative performance criteria. The miss involved tax revenues, but involved a very minor amount.
Ukraine should receive the funds in coming days, Gray said. That should be welcome news as the US Congress continues to debate approval for a $61 billion supplemental aid package for Ukraine. Gray said the IMF would have to study the impact on Ukraine’s debt levels if US lawmakers decided to convert some of that funding to a loan instead of a grant.
Sanaa Nadeem, the IMF’s deputy mission chief for Ukraine, said the IMF had approved a new debt sustainability analysis for Ukraine that had not materially changed the macroeconomic analysis, but did exclude some $3 billion in debt for Russian Eurobonds that had been contested by the Ukrainian authorities.
She told reporters that credible progress was being made on restructuring Ukraine’s commercial debt and the IMF expected ongoing technical discussions on that issue to pick up in coming weeks.


3 men charged in the UK with assisting the Hong Kong intelligence service

Updated 59 min 52 sec ago
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3 men charged in the UK with assisting the Hong Kong intelligence service

  • The men will appear at Westminster Magistrates’ Court charged under the National Security Act

LONDON: Three men have been charged with allegedly assisting Hong Kong intelligence services and with foreign interference, London’s Metropolitan Police said Monday.
The men will appear at Westminster Magistrates’ Court charged under the National Security Act.
Chi Leung (Peter) Wai, 38, Matthew Trickett, 37, and Chung Biu Yuen, 63, have each been charged with assisting a foreign intelligence service.
“While these offenses are concerning, I want to reassure the public that we do not believe there to be any wider threat to them,” said Commander Dominic Murphy, Head of the Met’s Counter Terrorism Command.
“This investigation remains ongoing, but now that charges have been brought, I urge people not to speculate or comment further in relation to this case.”
Hong Kong’s security bureau, Hong Kong police and the office of China’s foreign ministry in Hong Kong did immediately respond to requests for comment.


Floods kill 43 in Indonesia’s West Sumatra, 15 missing

Updated 13 May 2024
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Floods kill 43 in Indonesia’s West Sumatra, 15 missing

  • Torrential rain on Saturday evening triggered flash floods, landslides, and cold lava flow in three districts in West Sumatra province
  • Around 400 personnel, including rescuers, police, and military, were deployed to search for the missing people on Monday

TANAH DATAR: Flash floods and mud slides in Indonesia’s West Sumatra province killed at least 43 people over the weekend while a search for 15 missing people continued, authorities said on Monday.
Torrential rain on Saturday evening triggered flash floods, landslides, and cold lava flow — a mud-like mixture of volcanic ash, rock debris and water — in three districts in West Sumatra province, Abdul Malik, chief of the provincial rescue team, said.
The cold lava flow, known in Indonesia as a lahar, came from Mount Marapi, one of Sumatra’s most active volcanoes.
In December, more than 20 people were killed after Marapi erupted. A series of eruptions has followed since.
“The heavy rain swept materials such as ash and large rocks from the Marapi volcano,” said Abdul Malik, who later added in a statement that 43 people had died and 15 remained missing.
“Cold lava flow and flash floods have always been threats to us recently. But the problem is, it always happens late at night until dawn,” he said.
Abdul said around 400 personnel, including rescuers, police, and military, were deployed to search for the missing people on Monday, helped by at least eight excavators and drones.
The national disaster and management agency BNPB said in a statement almost 200 houses were damaged and 72 hectares (178 acres) of lands, including rice fields, were affected. At least 159 people from Agam district were evacuated to nearby schools.
Footage shared by BNPB showed roads and rice fields covered by mud. Video also showed the wreckage of damaged homes and buildings, while the floods brought logs and large rocks into settlements.
Eko Widodo, a 43-year-old survivor, said: “The flooding was sudden and the river became blocked which resulted in the flow of water everywhere and it was out of control.”


German court backs intelligence agency’s designation of far-right party as suspected extremist case

Updated 13 May 2024
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German court backs intelligence agency’s designation of far-right party as suspected extremist case

  • The party could still seek to appeal the verdict at a federal court

BERLIN: Germany’s domestic intelligence agency was justified in designating the far-right Alternative for Germany as a suspected case of extremism, a court ruled Monday, rejecting an appeal from the opposition party.
The administrative court in Muenster ruled in favor of the BfV intelligence agency, upholding a 2022 decision by a lower court in Cologne, German news agency dpa reported. Alternative for Germany, or AfD, has rejected the designation strongly.
The party could still seek to appeal the verdict at a federal court.
AfD was formed in 2013 and has moved steadily to the right over the years. Its platform initially centered on opposition to bailouts for struggling eurozone members, but its vehement opposition to then-Chancellor Angela Merkel’s decision to allow in large numbers of refugees and other migrants in 2015 established the party as a significant political force.
AfD has been polling strongly in Germany in recent months as discontent is high with center-left Chancellor Olaf Scholz’s three-party coalition government.
However, its support declined somewhat following a media report in January that extremists met to discuss the deportation of millions of immigrants, including some with German citizenship, and that some figures from the party attended. The report triggered mass protests in the country against the rise of the far-right.


Two Americans, one Russian citizen among 20 detained in Georgia, Russia’s TASS reports

Updated 13 May 2024
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Two Americans, one Russian citizen among 20 detained in Georgia, Russia’s TASS reports

  • 20 people detained at protests in Tbilisi while Georgian lawmakers were debating a “foreign agents” bill

Tbilisi: Some 1,000 protesters stood firm outside parliament in Georgia on Monday, vowing not to back down in their fight against a Russia-styled “foreign agent” bill, a day before it’s due to be adopted.
Protests have gripped the small Caucasus nation for weeks over the bill, which critics say will erode democracy and derail the ex-Soviet republic’s long-held ambition of joining the European Union.
Critics say the measure, which resembles one Russia has used to crack down on dissent, will steer Tbilisi back under Moscow’s influence.
The ruling Georgian Dream party has portrayed it as necessary for Georgia’s sovereignty, saying it will boost transparency of civil groups’ funding.
The bill is due to go for a third and final reading in parliament on Tuesday.
On Monday, it passed a committee vote, a final step before it goes for a vote in parliament.
The bill targets NGOs that receive foreign funding, with Georgian Dream’s billionaire backer Bidzina Ivanishvili accusing them of working on foreign orders and plotting a revolution.
Part of Tbilisi’s main Rustaveli Avenue was closed off around parliament on Monday.
Hundreds of riot police officers lined a street behind parliament, and some scuffles broke out between them and protesters.
Authorities a day earlier warned that they would arrest people who blocked parliament, but thousands defied the warning and came to the parliament’s gates anyway.
“We are planning to stay here for as long as it takes,” 22-year-old Mariam Kalandadze told AFP.
“This law means not joining Europe,” she said, adding that “this is something that I have wanted my whole life.”


Russia downs 16 Ukraine-launched missiles, 31 drones

Updated 13 May 2024
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Russia downs 16 Ukraine-launched missiles, 31 drones

  • Russian defense ministry: 12 guided missiles were launched from a Ukrainian Vilkha multiple rocket launcher
  • Four Storm Shadow aircraft guided missiles and seven drones were downed over Crimea

The Russian defense ministry said on Monday its air defense systems destroyed 16 missiles and 31 drones that Ukraine launched at Russian territory overnight, including 12 missiles over the battered border region of Belgorod.
Five houses were damaged in Belgorod, but according to preliminary information, there were no injuries, Governor Vyacheslav Gladkov wrote on the Telegram messaging app.
On Sunday, 15 people were killed in Belgorod when a section of an apartment block collapsed after being struck by fragments of a Soviet-era missile, launched by Ukraine and shot down by Russian forces, Russia said.
The Russian defense ministry said on Monday the 12 guided missiles were launched from a Ukrainian Vilkha multiple rocket launcher.
The ministry also said four Storm Shadow aircraft guided missiles and seven drones were downed over Crimea, eight drones were destroyed over the Kursk region and four were intercepted over the Lipetsk region.
A drone sparked a short-lived fire at an electrical substation in the Kursk region, Igor Artamonov, the governor of the region in Russia’s south, wrote on Telegram.
“There are no casualties. The fire in the territory of the electrical substation is being extinguished,” Artamonov said.
Reuters could not independently verify the reports.
There was no immediate comment from Ukraine. Kyiv says that targeting Russia’s military, transport and energy infrastructure undermines Moscow’s war effort and is an answer to the countless deadly attacks by Russia.