Asian Headlines: Quick Recap
China working on a deep sea weapon system
A team of Chinese scientists in Shenyang Institute of Automation, are working on a prototype of a deep sea weapon system that could lie in wait in seabed thousands of meters below the range of any weapon detection system. This would have strong strategic, and issues around deep sea conservation. A paper by the team, whose institute is under US sanctions, was published in the peer-reviewed journal Robot and is the first public announcement of Abyss.
China’s Trade Growth
China has not been exporting as much as it used to, recently released data indicates that the exports have fallen for the fifth time this year but at a much slower pace than last month and anticipated. The trade surplus also went up by US$ 9 Billion. There has been modest growth but the chances of continuing have to be seen.
Xi Jinping cautions China’s Biggest Economic Zone To ‘Balance Growth & Security’
President Xi Jinping wants to see a stronger push to develop China’s largest economic zone – the Yangtze River Economic Belt – with an emphasis on not only high-quality and green growth, but also security.
China tells lenders to pour money into car loans, consumer credit
China’s top financial regulator urged lenders to dramatically expand lending to a broad swath of businesses, help consumers buy more cars and create consumer credit products to help new college graduates. China is now gearing up to fight the economic sluggishness, would it work? Only time will tell.
Five Hours After Gruesome Attack Began, a Satellite Captured Hamas Atrocities in Israel
Days after Hamas launched an attack on Israel, satellite photographs published by the Israel Defence Forces captured the level of devastation in the country on the first day of the attack. The Hamas onslaught comes 50 years and one day after Egyptian and Syrian forces launched an assault during the Jewish holiday of Yom Kippur in an attempt to reclaim territory Israel had gained during a brief battle in 1967.
Af-Pak De/Cypher
16 Oct, 2023
Top Stories From The Week: Af-Pak
On 15th October, another 6.3-magnitude quake occurred in Afghanistan, outside Herat. Previously on 7th October strong quakes and aftershocks killed thousands of people and flattened entire villages in the same region. These were one of the most destructive quakes in Afghanistan’s recent history. More than 90% of the people killed a week ago were women and children according to UN officials. With the region already reeling from recent seismic activity, global aid groups and rescue teams say that Afghanistan is now facing an escalating humanitarian crisis, following on top of war and a collapsed economy. Read more: The Guardian
Regional Security
During a press conference in Peshawar, Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar ruled out possibility of any talks with the proscribed Tehreek-e-Taliban Pakistan (TTP). He further claimed that Pakistan is powerful enough to fight them even for the next 100 years. Rubbishing the notion of any registered Afghan refugees being expelled from Pakistan, Premier Kakar clarified that only the foreigners living illegally in the country would be expelled. Read more: The News International
On 10th October, Pakistan’s security forces killed two militants after carrying out two separate operations in the country’s northwestern Khyber Pakhtunkhwa province. Both operations were carried out on the night of October 9 and led to intense exchange of fire. The first intelligence-based operation was conducted in general area of Kulachi in Dera Ismail Khan district where a known militant leader, Ikram, was killed after heavy fighting. The second encounter took place in Miran Shah, located in North Waziristan district, where a militant hideout was targeted and led to the killing of another combatant. Read more: Arab News
Saudi Arabian authorities disclosed that they have successfully retrieved over 12,000 Pakistani passports from Afghan nationals. The development follows the government’s issuance of an ultimatum, instructing all illegal foreign residents in Pakistan to depart the country by the end of October. Pakistan’s Ministry of Interior has constituted a high-level committee dedicated to scrutinizing the matter. Sources disclosed that these spurious passports were allegedly procured by Afghan citizens through multiple passport centers operating within Pakistan. The development follows the government’s issuance of an ultimatum, instructing all illegal foreign residents in Pakistan to depart the country by the end of October. Read more: The Express Tribune
Foreign Affairs
During the entirety of last week, across Pakistan there were multiple demonstrations in support of Palestine. A large protest took place on Sunday, 15th October. The call for this protest came from Jamat-e-Islami. In Karachi, JI leader Hafiz Naeem ur Rehman led the rally, with participants holding placards bearing messages of support for the Palestinian people. Similarly, a rally was also held in Rawalpindi’s Liaquat Bagh, drawing scores of participants who vehemently condemned the Israeli aggression. In Lahore, the Muslim Youth League organized a similar rally. Read more: The Express Tribune
Qatar’s army chief Lieutenant General (Pilot) Salem Hamad Eqail Al-Nabet met Pakistan’s Chief of Army Staff General Syed Asim Munir at the General Headquarters (GHQ) of Pakistan Army. Matters of mutual and professional interest, regional security being primary among them, and other issues were discussed in the meeting. The meeting came as Israel unleashed its most powerful bombing campaign in the 75-year history of the Israeli-Palestinian conflict. Read more: The News International
China & Pakistan
Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar is set to visit China to participate in the ‘Third Belt and Road Forum (BRF) for International Cooperation,’ being held in Beijing from October 17 to 18. PM Kakar will hold a bilateral meeting with Chinese President Xi Jinping on the occasion and he will also visit the Xingjian region bordering Pakistan and eight other countries of the region. China and Pakistan will ink significant agreements regarding motorways and highways under the China-Pakistan Economic Corridor (CPEC). Senior Chinese officials, business leaders and investors as well as a number of leaders will also attend the Forum. Russian President Vladimir Putin might attend the event as well along with leaders of other participant countries of Belt and Road Initiative. Representatives of the Taliban administration are also expected to attend the Forum. Read more: The News International. Dawn.
Politics
Pakistan Muslim League-Nawaz (PML-N) and Jamiat Ulema-e-Islam (JUI-F) are continuing their alliance despite serious political differences. Former Prime Minister PML-N President, Shahbaz Sharif met with Maulana Fazlur Rehman, the Amir JUI-F. One of the major disagreements they discussed was the election schedule. Maulana Fazlur Rehman questioned the PPP and PML-N’s approval of new census results, pointing out the inconsistency of their call for immediate elections as new constituencies are defined. He expressed concerns about conducting general elections in January, particularly regarding harsh winter conditions in the northern regions. Read more: Minute Mirror
In what is being called an effort to enhance the accountability process in response to the Supreme Court’s decision to revive corruption cases, the Establishment Division has officially assigned four military officers to various roles within the National Accountability Bureau (NAB). Brigadier Muhammad Khalid of Infantry has been appointed Director National Accountability Bureau in (BS-20), Lt Col Nadeem Muzaffar as Additional Director in (BS-19), Major Waleed Khalid of Military Intelligence as Deputy Director (BS-18), and Major Qais Kamran Syed of Military Intelligence as Deputy Director (BS-18). Read more: The Current
Economy
On 11th October, the International Monetary Fund (IMF) on Wednesday forecast Pakistan’s fiscal deficit for the current financial year at 7.6% of GDP, almost 1.1% higher than 6.5% target set by the federal government. The center had estimated the overall fiscal deficit for the current year at 6.9 trillion Pakistani Rupees (6.5% of GDP) on the anticipation that provinces would offer 600 billion Pakistani Rupees surplus to scale down federal deficit, otherwise estimated at Rs7.5tr, or 7.1% of GDP. The IMF has stuck to its earlier projection made in July for the fiscal deficit on the basis of its agreement with the then Pakistani authorities as part of $3bn Standby Arrangement (SBA) for the nine months ending in March 2024. Read more: Dawn
On 11th October, the federal cabinet of Pakistan gave the go-ahead for privatizing Pakistan International Airlines (PIA), whose total losses have increased to 750 billion Pakistani Rupees. The privatization minister held detailed discussions with different stakeholders, including the PIA management and the aviation division focusing on restructuring of PIA leading to the privatization process. Read more: Dawn
Views & Analysis
Pakistan expels undocumented Afghans. But at what price? It will be one of the biggest human movements in South Asia’s troubled modern history. Majority of these foreign migrants are Afghans. How the decision to order the expulsions was made and how it will be executed remain as unclear as the general working of the Pakistan’s administration. Pakistan’s military establishment believes that expulsion of non-citizen Afghans will solve multiple issues troubling Pakistan’s stability. Primary among these issues is the rise of Tehreek-e-Taliban Pakistan (TTP), whose majority members are Afghan Pashtun. Pakistan’s foreign policy has stuck a dead end in Taliban ruled Afghanistan. Many in Pakistan believe that dealing with floods of people returning will make the Taliban government in Kabul more compliant and more co-operative in its dealings with Pakistan. Read more: The Economist
Infographic
Pakistan’s reliance on floating rate domestic debt instruments and a comparatively high share of external borrowing exposes the country to macroeconomic risks. As a result, between 2013 and 2023, exchange rate depreciation contributed a cumulative 28.9 percentage points of GDP to the public and publicly guaranteed debt, of which 24.3 percentage points occurred over four years in FY19–23.
Fact of the Week!!
Bangladesh De/Cypher
16 Oct, 2023
Top Stories From The Week: Bangladesh
International Outlook
On Thursday, a 75-member Bangladeshi naval team left Chattogram for the UN peacekeeping mission in Lebanon. The team, which is part of Bangladesh’s naval contingent “BANCON-14,” will join the “BNS Sangram” as part of the United Nations Interim Force in Lebanon (UNIFIL). Since 2010, the Bangladesh Navy has participated in UNIFIL as a multinational maritime task force. Read more: Dhaka Tribune
On Friday, Foreign Minister AK Abdul Momen said, Bangladesh will be unaffected by the conflict between Hamas and Israel because the country has no trade relations with Israel. He expressed solidarity with Palestine and emphasised the importance of establishing a separate Palestinian state in order to achieve long-term peace. Read more: The Business Standard
On Friday, a delegation from the US Institute of Peace (USIP) met with representatives of the Awami League (AL) in Bangladesh to discuss Indo-China relations and the AL-led government’s Indo-Pacific strategy. The discussion also covered Bangladesh’s relations with Europe and America, political tensions in the subcontinent, and Bangladesh’s role in regional issues. Read more: The Daily Star
On Saturday, Transparency International Bangladesh (TIB) expressed concerns about the fairness of the upcoming elections in light of the chief election commissioner’s contradictory statements. The CEC’s remarks, implying that a fair election without all parties is possible, cast doubt on inclusivity. Read more: The Dhaka Tribune
On Saturday, Bangladesh Air Force Chief Air Chief Marshal Shaikh Abdul Hannan left for the United States on an official visit. During his visit, he will check on the status of two C-130 transport aircraft’s maintenance. The visit is intended to oversee maintenance efforts and strengthen bilateral ties. He is scheduled to return to Bangladesh on October 21 after his visit is completed. Read more: The Bangladesh Post
The European Union (EU) has informed Bangladesh’s Awami League (AL) that a small expert group will be sent to observe the country’s next national election. Following a meeting between AL representatives and EU officials, AL praesidium member Muhammad Faruk Khan announced the decision. Read more: The Daily Sun
National Politics
On Sunday, Law Minister Anisul Huq refuted BNP Secretary General Mirza Fakhrul Islam Alamgir’s claim that the government set up a cell to punish opposition leaders. Huq clarified that the cell was formed in 2014 to deal with case backlogs and denied any political motivation. Read more: Bangi News
On Sunday, Awami League General Secretary Obaidul Quader stated that dialogue with the BNP could be considered if the BNP withdraws its four preconditions for participating in the next parliamentary election. Quader’s response came after the US pre-election observation team recommended meaningful dialogue among political parties for a credible and violence-free national election in Bangladesh. Read more: Prothom Alo
On Saturday, the BNP staged a three-hour symbolic hunger strike in Dhaka, demanding Khaleda Zia’s unconditional release from jail and advanced treatment abroad. The hunger strike was organised by the BNP’s Dhaka south and north city units as part of a countrywide campaign and included senior party leaders such as Secretary General Mirza Fakhrul Islam Alamgir. Read more: BD News 24
Business and Economy
Bangladesh’s foreign exchange reserves fell to $21.07 billion on October 11, down from $36.40 billion the previous year, a loss of $15.33 billion. Due to high import payments, lower remittances, and increased demand for the dollar, the country faced a USD crisis. Read more: The Business Post
Bangladesh has requested that the International Monetary Fund (IMF) revise its loan conditions, including lowering the net foreign currency reserve target from $26.81 billion to less than $20 billion by December. Despite efforts to conserve dollars, the country’s gross reserves fell by $2.58 billion in three months. The IMF mission, led by Rahul Anand, has agreed to the request. Read more: The Daily Star
Bangladesh’s private sector foreign debt is expected to fall to $12.84 billion by August 2023, from $16.41 billion at the end of last year. The drop, which began in January, is being blamed on increased repayment pressure. Foreign loans have decreased due to factors such as a drop in forex reserves, reduced remittances, and lower export earnings. Read more: The Business Post
Bangladesh’s readymade garment (RMG) exports to the European Union (EU) increased by 11.47% from July to September of FY24, reaching US$ 5.51 billion. Spain, France, the Netherlands, and Italy saw significant growth, while exports to Germany, the EU’s largest market, fell by 4.41%. RMG exports to the United States increased by 2.77% to US$ 2.07 billion, while exports to non-traditional markets such as Japan, Australia, and South Korea increased, while exports to India decreased by 7.69%. Read more: The Financial Express
Society
In the last 24 hours, a dengue outbreak has claimed 11 more lives, with eight deaths reported in the capital city. The total death toll has now risen to 1,169, with 730 people killed in Dhaka alone. In addition, 2,363 new cases were reported, bringing the total number of infections this year to 239,614, with the capital accounting for 92,005 of them. Currently, 8,174 patients are being treated across the country, with 2,410 in Dhaka. Read more: Rtv News
On Sunday, the Rapid Action Battalion (RAB) apprehended Noor Kamal, a suspected member of the Arakan Rohingya Salvation Army (ARSA) and one of the assassins of Rohingya leader Mohib Ullah. He was apprehended on October 15 in Cox’s Bazar after extensive efforts by RAB teams and intelligence units. Read more: Prothom Alo
According to a survey conducted by the United Nations World Food Programme (WFP), one in every four people in the country is food insecure, with 46 percent of the poor affected. Natural disasters, rising food prices, and falling wages all contribute to the crisis. Despite government assurances of adequate food supplies, 71% of households are concerned about rising food prices, and 46% of low-income people are going into debt to buy food. Overall, the survey reveals a worsening food security situation, urging realistic initiatives to effectively address the issue. Read more: Rising BD
Views and Analysis
Bangladesh climate envoy: ‘We want to be climate adaptation leaders, not victims’
Bangladesh’s Mujib Climate Prosperity Plan (MCPP) aims to combat climate change through adaptation, mitigation, and loss and damage mitigation. The plan, named after the country’s founding father, Sheikh Mujibur Rahman, aims to eliminate extreme poverty and climate-induced migration by 2030, create 4.1 million climate-resilient jobs, and achieve 30% renewable energy by 2030. Financing, in the amount of USD 80 billion, is a significant challenge, and the government intends to attract investments through public-private partnerships and foreign direct investments. Read more: The Third Pole
Infographic
Due to the significant depreciation of the taka during the dollar crisis, banks in Bangladesh have reduced credit card limits in foreign currency by around 30%. Credit card spending in foreign currencies increased because it was cheaper than the market exchange rate. Banks raised usage limits to reflect the new dollar price. Due to limited foreign currency inflows, some banks have restricted access to foreign currency spending on credit cards. Read more: The Business Standard
Fact of the Week!!
