Day: November 25, 2022

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ANWAR IBRAHIM SWORN IN AS 10th PRIME MINISTER OF MALAYSIA

KUALA LUMPUR— Pakatan Harapan (PH) chairman Datuk Seri Anwar Ibrahim has been sworn in as Malaysia’s 10th Prime Minister.

The Tambun Member of Parliament took his oath of office, loyalty and secrecy before the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah at Istana Negara here at 5.06 pm today.

Raja Permaisuri Agong Tunku Hajah Azizah Aminah Maimunah Iskandariah was also in attendance.

Al-Sultan Abdullah consented to Anwar’s appointment in accordance with Article 40(2)(a) and Article 43(2)(a) of the Federal Constitution.

The swearing-in ceremony was held after His Majesty deliberated the views of fellow Malay Rulers who convened a special meeting at Istana Negara earlier today to make the best decision for the interests and well-being of the country and the people, five days after the official results of the 15th General Election (GE15) were announced.

Anwar, 75, attired in a black baju Melayu and gold-embroidered sampling, was accompanied by his wife, Datuk Seri Dr Wan Azizah Wan Ismail, who is Bandar Tun Razak Member of Parliament.

After taking his oath, Anwar signed the instruments of appointment which were then attested by Chief Justice Tun Tengku Maimun Tuan Mat and Chief Secretary to the Government Tan Sri Mohd Zuki Ali.

The ceremony was witnessed by Attorney-General Tan Sri Idrus Harun, Chief of Defence Force Gen Tan Sri Affendi Buang, Inspector-General of Police Tan Sri Acryl Sani Abdullah Sani, Senate president Tan Sri Dr Rais Yatim and Dewan Rakyat Speaker Tan Sri Azhar Azizan Harun.

Among the political party leaders present were PKR deputy president Rafizi Ramli, DAP secretary-general Anthony Loke, Amanah president Mohamad Sabu, UPKO president Wifred Madius Tangau, Barisan Nasional chairman cum UMNO president Datuk Seri Dr Ahmad Zahid Hamidi and UMNO deputy president Datuk Seri Mohamad Hasan.

For the first time in the country’s history, the national polls last Saturday ended with a hung Parliament after no party obtained a simple majority of 112 seats in the 222-seat Parliament to form a new government.

PH garnered the highest number of seats, with 82, followed by PN (73), Barisan Nasional (30), Gabungan Parti Sarawak (23), Gabungan Rakyat Sabah (six), Warisan (three), Parti Bangsa Malaysia and Parti Kesejahteraan Demokratik Masyarakat one seat each, along with two independents.

Taking heed of the Yang di-Pertuan Agong’s decree for all parties and coalitions to consider forming a unity government to end the political turmoil, they finally agreed to support the government led by Anwar.

 

 

Source: Prime Minister’s Office of Malaysia

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PH, AUSTRALIA COMMIT TO STRENGTHENING FOREIGN POLICY AND DEFENSE COOPERATION AT 6TH PHILIPPINES-AUSTRALIA STRATEGIC DIALOGUE

MANILA, 25 November 2022- Senior Philippine and Australian foreign affairs and defense officials convened at the Manila Diamond Hotel on 25 November 2022 for the 6th Philippines-Australia Strategic Dialogue (PASD). Last held virtually in 2020, the PASD is the main forum for the two countries to discuss and coordinate on strategic priorities and matters of mutual importance.

Department of Foreign Affairs Undersecretary for Bilateral Relations and ASEAN Affairs Ma. Theresa P. Lazaro, and Department of National Defense Undersecretary for Civil, Veterans, and Reserve Affairs Franco Nemesio M. Gacal led the Philippine delegation.

Heading the Australian side were Department of Foreign Affairs and Trade Deputy Secretary for Southeast Asia and Global Partners Michelle Chan, and Department of Defence Acting Deputy Secretary for Strategy, Policy and Industry Hugh Jeffrey.

Both sides shared updates on their respective foreign and defense policies and priorities, took stock of progress made in important areas of the bilateral relationship, discussed upcoming activities, and shared views on regional dynamics.

Australia and the Philippines also discussed ways they could strengthen their foreign and defense cooperation and collaboration, in particular on maritime security as well as transnational crimes, both bilaterally and through multilateral organizations. Both countries expressed their ongoing commitment to supporting a rules-based regional order with ASEAN at the center.

Both sides reaffirmed the importance of maritime cooperation activities, including the conduct of maritime dialogues, joint exercises, capacity building activities, training, and logistics support, which show the common maritime perspectives underpinning the two countries’ maritime cooperative endeavors.

The Philippines and Australia noted President Marcos and Prime Minister Albanese’s agreement to strengthen ties between the countries by formally elevating the bilateral relationship to a Strategic Partnership.

 

 

Source: Republic of Philippines Department Of Foreign Affairs

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Bond Yields Rise in Emerging East Asia Amid Aggressive Monetary Tightening

MANILA, PHILIPPINES (25 November 2022) — Aggressive monetary tightening in advanced economies has pushed up bond yields and worsened the downturn of financial conditions in emerging East Asia, according to a report by the Asian Development Bank (ADB).

 

Regional currencies fell against the US dollar, equities dropped, and risk premiums widened between 31 August and 4 November, according to the latest update of Asia Bond Monitor, released today. Portfolio outflows were also seen in most regional bond markets. Global inflation, slower growth in the People’s Republic of China (PRC), and economic fallout from the Russian invasion of Ukraine continued to threaten the region’s short-term prospects.

 

“Financial conditions in emerging East Asia weakened at a faster pace in September and October than in the first eight months of 2022, due to the aggressive tightening by the US Federal Reserve,” said ADB Chief Economist Albert Park. “However, the region remains largely resilient so far, despite various headwinds.”

 

Local currency bond issuance in emerging East Asia contracted 1.1% from the previous quarter to $2.2 trillion in the third quarter, amid subdued investment sentiment. Local currency bonds outstanding grew 2.3% to $22 trillion. Emerging East Asia comprises member economies of the Association of Southeast Asian Nations (ASEAN); the PRC; Hong Kong, China; and the Republic of Korea.

 

Government bond issuance dropped 4.5% from the previous quarter, while corporate bond issuance grew 5.7%, largely supported by Chinese companies taking advantage of domestic monetary easing measures. Rising interest rates drove a 2.0% decline in corporate bond issuance in ASEAN markets.

 

The sustainable bond market in the ASEAN region plus the PRC; Hong Kong, China; Japan; and the Republic of Korea grew 1.7% to $521.6 billion at the end of September. While the growth was slower than in the previous quarter, the segment witnessed improved diversification in terms of market profile and bond types.

 

The latest issue of Asia Bond Monitor features notes on two special topics: the relationship between regional trade integration and regional financial integration, and the promotion of financial stability and resilience to shocks through the development of local currency bond markets.

 

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

 

 

 

Source: Asian Development Bank

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World’s Football Manufacturing Capital in Pakistan Gets a Green Makeover

ADB is helping Pakistan’s provincial government of Punjab to build sustainable and livable mid-level cities by upgrading basic infrastructure and services. This includes Sialkot, a thriving business hub known for manufacturing footballs and high-quality surgical instruments. ADB’s support for urban development is helping boost Sialkot’s competitiveness, create jobs, and improve quality of life in the city.

 

Transcript

If you have ever played football, chances are the ball was made in Sialkot in Pakistan.

 

This city manufactures over 70% of the world’s footballs.

 

It’s the source of footballs for the 2022 FIFA World Cup in Doha, Qatar.

 

Sialkot is a thriving business hub known not just for its football production, but also for manufacturing surgical instruments.

 

Khwaja Masood Akhtar

 

Chairman, Forward Group, and Sialkot Airport

 

We have international customers. They come to see our factory, and for business meetings. Therefore, it is very important that the infrastructure of the city like roads, railways, airports, and dry ports, should be up to mark.

 

ADB is helping develop growing cities like Sialkot so public services can meet rising demand.

 

Water infrastructure is being upgraded for reliable supply.

 

Sewerage and sanitation systems are being rehabilitated.

 

Over 450 tons of waste are effectively collected every day.

 

Communities are taught better waste management.

 

Farkhanda Ishtiaq

 

Social Activist, Sialkot

 

We learned about solid waste management at home. It was very beneficial for me as I learned how I can segregate my kitchen waste.

 

Parks, footpaths, and terminals are now more accessible, with clean toilets and well-lit walkways.

 

Rabia Ahad

 

Sialkot resident

 

Children play in a very congested environment at home, but now if you look around, the children are very relaxed here.

 

 

 

Source: Asian Development Bank

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GOVERNMENT TO GIVE PRIORITY TO COST OF LIVING ISSUE – PM ANWAR

PUTRAJAYA— Prime Minister Datuk Seri Anwar Ibrahim has stressed that the issue of the rising cost of living will be given priority by his unity government to alleviate the burden shouldered by the people.

He said a meeting with the relevant agencies and departments will be held on Monday at the latest to discuss the issue, including the price of goods.

“Even with the positive signs, such as the upside strength seen for ringgit and the stock markets, that showed increased confidence in the current government, I think the priority should continue to be given to the rising cost of living and price of goods that are plaguing and burdening the people,” he told a press conference on his first day in office at Perdana Putra here today.

Earlier, Anwar also met with the top government officials, namely the Chief Secretary to the Government Tan Sri Mohd Zuki Ali and the Director-General of Public Service Datuk Seri Mohd Shafiq Abdullah.

 

Source: Prime Minister’s Office of Malaysia

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ADB, Wabag Sign $25 Million Debt Facility to Support Sanitation and Water Security in India

NEW DELHI, INDIA (25 November 2022) — The Asian Development Bank (ADB) signed a $25 million debt facility with VA Tech Wabag Limited (Wabag) to support sanitation and water security through the development of new sewage treatment plants in India.

The financing will be used for long-term capital requirements for engineering, procurement, and construction, and the subsequent operation and maintenance of the sewage treatment plants. ADB will also provide technical assistance of up to $35,000 to enhance Wabag’s capacity to assess and mitigate environmental and social risks for future projects.

“The disposal of wastewater without proper treatment has put significant pressure on India’s already scarce water resources and the quality of those resources,” said ADB’s Private Sector Operations Department Director General Suzanne Gaboury. “This project is ADB’s first private sector financing in India’s water sector and will help to crowd in urgently needed international and domestic financing for the sector to ease water stress as demand increases.”

India is facing severe water stress, with demand expected to reach double the available water supply by 2030. Less than 30% of the water released back into rivers is treated, rendering about one-third of river water unfit for human consumption. Private water companies face difficulties in raising long-term working capital financing due to perceived high risks and low interest among domestic financing institutions, as the sector presents limited opportunities for profit.

“This is a proud moment for Wabag as we add another feather to our cap with this strategic funding from ADB that validates our mission and focus on clean, green, and sustainable water technologies,” said Wabag’s Managing Director and Group CEO Rajiv Mittal. “We are fully aligned with ADB on the need to increase interventions in India’s water sector.”

Wabag is a leading player in India’s water industry, with expertise spanning almost a century. Wabag offers a complete range of technologies and services for total water solutions in both municipal and industrial sectors. It has over 1,600 water professionals spread over 25 countries on 4 continents, as well as research and development centers in Austria, India, and Switzerland.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

 

 

 

Source: Asian Development Bank