Day: December 12, 2021

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Minister for Foreign Affairs Dr Vivian Balakrishnan’s Participation in the ASEAN-G7 Foreign Ministers’ Meeting

Minister for Foreign Affairs Dr Vivian Balakrishnan participated in the ASEAN-G7 Foreign Ministers’ Meeting (FMM) via videoconference on 12 December 2021.

 

 

The Foreign Ministers had in-depth discussions on vaccines and global health security, economic growth and technology, and regional security. Minister Balakrishnan affirmed ASEAN and Singapore’s commitment to work with the G7 in areas of mutual interest, including expediting post-pandemic recovery by stepping up vaccine rollout. He called for deeper cooperation between ASEAN and the G7 countries on trade, sustainable infrastructure, and harnessing the digital revolution. Minister Balakrishnan also welcomed deeper engagement of the Asia-Pacific region by the G7.

 

 

The FMM was chaired by UK Foreign Secretary Elizabeth Truss in Liverpool, in the UK’s capacity as President of the G7, and convened in a hybrid modality.

 

 

Source: Ministry of Foreign Affairs, Government of Singapore

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World Bank approves $600 mln funding for Philippine reforms

MANILA, The World Bank has approved a

$600 million loan for a Philippine reform programme to position

the Southeast Asian country for a competitive and resilient

economic recovery, the bank said on Saturday.

The quick-disbursing loan backs measures to free up retail

services and promote private investment, cut the cost of doing

business, and expand broadband services to boost investments in

information and communications technology, the lender added.

Such reforms are crucial to level immediate and long-term

barriers to growth, said Ndiamé Diop, the bank’s country

director for Brunei, Malaysia, the Philippines and Thailand.

“Reforms that promote competition in broadband and mobile

telecommunications will benefit a large portion of underserved

populations by increasing coverage and quality of service,

increasing their access to markets, as well as access to remote

education and health services,” Diop said in a statement.

Reforms that lower trade costs and improve the business

environment will benefit all firms but especially small and

medium enterprises, by opening the way to a larger market, Diop

added.

The Philippines lags peers in east Asia and the Pacific in

direct foreign investment into areas such as retail, the bank

said, adding that reforms to the sector could draw investment by

levelling the playing field for domestic and foreign operators.

 

Source: ASEAN Exchanges