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World Bank Grants $700m for Crisis-Hit Sri Lanka

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The World Bank has granted approval for $700 million in budgetary and welfare support to Sri Lanka, marking the largest funding tranche received by the crisis-hit nation since its deal with the International Monetary Fund (IMF) in March. Of the total amount, approximately $500 million will be allocated for budgetary support, while the remaining $200 million will be designated for welfare support, specifically targeting those most severely affected by the ongoing crisis.

In a statement, Faris Hadad-Zervos, the World Bank’s country director for Sri Lanka, highlighted the phased approach of their strategy, emphasizing early economic stabilization, structural reforms, and the protection of vulnerable populations. Zervos expressed optimism that if these reforms are sustained, they have the potential to steer the country towards a path of green, resilient, and inclusive development.

Sri Lanka has been grappling with its most severe financial crisis since gaining independence from Britain in 1948, with record-low foreign exchange reserves and its first-ever foreign debt default last year. In March, the IMF approved a bailout package worth nearly $3 billion. Sri Lanka anticipates additional funding of up to $4 billion from the World Bank, the Asian Development Bank, and other multilateral agencies as part of this initiative.

To address its debt restructuring, the island nation plans to unveil a domestic debt restructuring program this week, aimed at renegotiating its debts with bondholders and bilateral creditors, including China, Japan, and India.

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Education

Russia Aims to Increase Foreign Student Enrollment to 500K by 2030

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Russian President Vladimir Putin aims to bolster the count of foreign students in the nation’s universities to at least 500,000 by 2030, as outlined in a decree setting forth national development objectives.

The decree stipulates, “The number of foreign students pursuing higher education in Russian higher learning institutions and scientific organizations should rise to at least 500,000 by 2030.”

As per the Russian Education and Science Ministry, the current tally exceeds 355,000 foreign students studying in Russian universities. Acting Minister Valery Falkov previously highlighted Russia’s position as the world’s sixth-largest host of foreign students.

TASS calculations reveal a notable surge of over 20% in foreign student enrollment across Russian universities over the past five years. Predominantly, foreign applicants admitted to Russian universities hail from China, Vietnam, former Soviet republics, as well as various Asian and Middle Eastern countries.

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Economy

Settle disputes through dialogue, say ‘no’ to wars: PM Hasina at UNESCAP meet

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Prime Minister Sheikh Hasina today (25 April) called for speaking out against all forms of aggression and atrocities, and say ‘no’ to wars.

“We must speak out against all forms of aggression and atrocities, and say ‘no’ to wars,” she said adding that Bangladesh supports the UN Secretary General’s ‘New Agenda for Peace.

The prime minister was addressing the 80th Session of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) held at the ESCAP Hall (2nd floor), United Nations Conference Center (UNCC) here.

She arrived in Bangkok on Wednesday on a six-day official visit to Thailand.

The PM said the pre-condition for sustainable development is lasting peace and security.

“We must settle regional disputes and tension through dialogue. Our mutual respect for national sovereignty and territorial integrity must remain paramount,” she said.

Hasina called upon the Asia-Pacific region, especially ASEAN, to redouble their efforts to end Rohingya crisis as all efforts at regional connectivity, integration, and prosperity will continue to be marked by a missing puzzle without it.

“The origin of their crisis has been in Myanmar, and its solution also lies in Myanmar,” she declared.

“As long as that solution remains out of reach, all our efforts at regional connectivity, integration, and prosperity will continue to be marked by a missing puzzle. Let us redouble our efforts to put that puzzle back in place,” she said.

She said that in August 2017, when thousands of Rohingya men, women, and children from Myanmar fled to Bangladesh, Bangladesh offered them temporary shelter.

“With an ever growing population, this has now become one of the largest humanitarian situations in the world,” she said.

Sheikh Hasina said that In the backdrop of ongoing armed conflicts in Myanmar, the Rohingya repatriation process is also getting delayed.

“This is creating serious security risks within and beyond our territories,” she said.

She called upon the Asia-Pacific region, especially ASEAN, to play a proactive role in resolving the volatile situation in Myanmar.

“We must ensure that the Rohingya can go back home in safety and dignity at the earliest possible,” she said.

The prime minister said that the Asia-Pacific region must stand united against its common enemies of poverty and hunger.

She said Bangladesh has reduced poverty from 41.51 percent to 18.7 percent between 2006 and 2022.

It also reduced extreme poverty from 25.1 to 5.6 percent during the same period.

“We remain confident about eradicating extreme poverty by 2030,” she said.

She mentioned that Bangladesh has made notable progress on food security, with focused interventions on maternal and child nutrition.

“Our current priority is to address inequalities through income distribution, asset ownership, and social protection,” she said.

The prime minister said that Asia-Pacific region must put up a united front in tackling the climate crisis, biodiversity loss, and transboundary pollution.

“We need to push for ambitious climate financing goals beyond 2025 at COP-29. We need to cooperate on cross-border water management and air quality improvement. We must all prepare for growing extreme weather events,” she said.

In this connection, she suggested looking into Bangladesh’s experience in disaster risk reduction.

“We appreciate UN-ESCAP’s support in improving our early warning capabilities,” she added.

Briefly describing various development programmes and achievements of her govebrment, the prime minister said that much of the development gains are affected by climate impacts.

“As a low-lying delta, Bangladesh has no option but to invest heavily in climate resilience,” she said.

She mentioned that Bangladesh is already recognised as a global leader in climate adaptation.

“We are happy to share our traditional and innovative solutions with other vulnerable countries,” she said.

She said that Bangladesh has urged developed and emerging economies in the region to raise their time-bound emission reduction targets.

“For economies in transition, it is important to have a just energy transition.”

In Bangladesh, she said, “we are working on long-term energy security with a sound mix of clean and renewable energy.”

“We shall continue to do our part in pursuing a circular and low-carbon economic growth pathway.”

She underscored the need for increased and easy access to financing and technology from both the public and private sectors.

“I invite UN-ESCAP to help build the capacity of climate-vulnerable countries to mobilise adequate international climate financing.”

PM Hasina said that Bangladesh now provides critical links to the Trans-Asian Highway and Railway networks.

“Our physical and digital infrastructures are being developed to foster regional trade and connectivity.”

She said Bangladesh offers access to the Bay of Bengal for land-locked territories in its neighbourhood.

“We stand ready to work together with all regional partners through mutual understanding and cooperation,” said the prime minister.

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National

Internet Disruption Duration Unclear, Likely to Extend 4-5 Days

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The ongoing internet disruption, which began last night due to a cut in the country’s second submarine cable near Singapore, is expected to persist for at least 4-5 days, according to Mirza Kamal Ahmed, managing director (additional charge) of the Bangladesh Submarine Cables PLC.

Ahmed, the official of the state-owned bandwidth provider, informed The Business Standard that the international consortium is in search of a special purpose ship necessary for restoring the undersea cable.

“The exact duration cannot be specified,” he stated, adding, “Based on past instances, it is likely to take a minimum of 4-5 days.”

Internet users are experiencing significant disruption as the accidental cut in Bangladesh’s second submarine cable, South East Asia–Middle East–Western Europe 5 (SEA-ME-WE 5), is blocking Singapore-Kuakata traffic, the source of 1700 GBPS bandwidth.

“We are serving all our users with the help of other sources of bandwidth – the international terrestrial cable (ITC) and the first submarine cable,” informed Nazmul Karim Bhuiyan, secretary general of the ISP Association of Bangladesh.

However, he mentioned that users are encountering some lag on Saturday afternoon.

“As the main broadband usage peaks during the night, we could learn about the full extent of the disruption and any resulting delays tonight,” he added.

The Bangladesh Submarine Cables PLC (BSCPLC) has issued sincere apologies for the temporary inconvenience to its customers.

Efforts are underway to repair the cable through the SEA-ME-WE 5 and restore connectivity promptly, stated the BSCPLC in a statement released today (April 19).

Currently, Bangladesh requires around 5,200 GBPS of internet bandwidth, with half of the demand being met by ITC companies importing bandwidth from India.

For the remaining half of the demand, the country relies on the state-owned Bangladesh Submarine Cable Company.

The first submarine cable SEA-ME-WE 4, located in Cox’s Bazar, is presently supplying approximately 850 GBPS bandwidth.

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