News & Events
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Sri Lanka cabinet approves new economic law to meet IMF targets
Sri Lanka’s cabinet recently approved a new economic law aligning with key objectives outlined by the International Monetary Fund (IMF), announced the cabinet spokesperson. After facing its severest financial crisis in over seven decades in 2022, including a default on foreign debt due to plummeting reserves, the nation’s economy is on the mend. Following the IMF’s approval of a $2.9 billion bailout last April, Sri Lanka is projected to achieve a 3% growth rate this year.
The newly introduced Economic Transformation bill aims to enshrine various targets from the IMF program into law. These targets include lowering the debt-to-GDP ratio to 95% by 2030 and reducing debt servicing costs to 4.5% of GDP. This move signifies a strategic step toward economic recovery and stability in Sri Lanka.
Read the original article here: https://www.msn.com/en-in/news/world/sri-lanka-cabinet-approves-new-economic-law-to-meet-imf-targets/ar-BB1mmsOF?ocid=BingNewsSearch
Nauru Constitution Day
Constitution Day in Nauru celebrates the country’s constitutional adoption, which took effect in January 1968, initially with 18 parliamentary members, later increased to 19. The significant amendments made on May 17, 1968, now mark this date as Constitution Day.
In Nauru, Constitution Day signifies the conclusion of the annual athletic championship, featuring sports events and a parade of diverse sports teams. Unlike traditional celebrations, there are no speeches or military displays. Instead, the island unites in a spirit of camaraderie and unity through a track and field competition, fostering a sense of togetherness and community spirit through the shared passion for sports.
Cyprus economy sees highest growth rate in five quarters
Cyprus experienced its highest economic growth in five quarters in Q1 2024, with GDP rising by 3.5% compared to Q1 2023, according to preliminary data from Cyprus Statistical Service (Cystat). Adjusted for seasonal fluctuations, the growth rate reached 3.3%, the highest since Q1 2023. Compared to Q4 2023, GDP increased by 1.2%. This marks the 13th consecutive quarter of positive growth since Q1 2021. Additionally, Q1 2024 growth exceeds IMF’s recent estimates of 2.7% for 2024 and 2.9% for 2025.
According to the Statistical Service, the positive GDP growth is primarily driven by sectors such as hotels and restaurants, wholesale and retail trade, communications and art with other service activities.
Read the original article here: https://www.msn.com/en-us/money/companies/cyprus-economy-sees-highest-growth-rate-in-five-quarters/ar-BB1mtUmt?ocid=BingNewsSearch
Bangladesh’s Mega Projects: Reviving the economy amidst COVID-19
Bangladesh’s economy is showing its potential through these mega projects. Government officials and experts say that if these Mega Projects can be implemented, Bangladesh’s status in the world court will increase.
Access Asia: Bangladesh, Sri Lanka & Pakistan Offer New Combinations For Regional Supply Chains
Pakistan, Bangladesh and Sri Lanka are all near neighbours in South Asia, orbiting around the influence of India. All four share common ties both in terms of their history with the United Kingdom and through more recent ties through membership of the SAARC trade bloc.
How the Commonwealth is championing teamwork and vaccine equity
Dr. Hasan discusses the COVID pandemic and the Commonwealth’s part in the global recovery effort, especially vaccine equity and sharing of technology, via platforms like the ACT Accelerator, CPA, and CHPA.
Bangladesh’s Fashion Startup Evolution
Join us for an exciting webinar that will take you on a journey through the world of Fabraex – a budding Bangladeshi fashion brand with a fresh perspective on blending cultural heritage with contemporary style. Founded by the visionary Fahim Khandkar and driven by the leadership of CEO Saklain bin Salim, Fabraex is a young startup on a mission to empower individuals to embrace their authentic identities through fashion.
Fireside chat with Dr Indrajit Coomaraswamy: Lessons to be learnt from Sri Lanka’s recent economic crisis | Webinar Recording
The ongoing economic crisis in Sri Lanka offers important lessons for policymakers globally. In a thought-provoking fireside chat, Julia Charlton chair of the Commonwealth Chamber of Commerce speaks with Dr. Indrajit Coomaraswamy, former Governor of Sri Lanka’s Central Bank, to analyse the origins and impacts of the crisis, along with Sri Lanka’s path to recovery.
Fireside chat with Dr Indrajit Coomaraswamy: Lessons to be learnt from Sri Lanka’s recent economic crisis
Join us for an enlightening fireside chat with Dr. Indrajit Coomaraswamy on Sri Lanka’s Economic Road to Recovery in collaboration with RCS Sri Lanka. Dr. Coomaraswamy will provide crucial insights into Sri Lanka’s current economic standing and potential paths to recovery, drawing on his extensive experience as a former Governor of the Central Bank of Sri Lanka.
Environmental, Social and Governance (ESG): Growth and Opportunities in the Commonwealth
ESG in full refers to “(E)nvironmental, (S)ocial and (G)overnance” principles. While no official definition of ESG exists, it is agreed to be a holistic management framework of standards for all business-centric stakeholders involved in the structuring of organisations to understand and measure how well their companies/institutions are performing to offset risks and harness opportunities related to environmental, social and governance indicators.
The Commonwealth Blue Charter: Progress Report
This progress report was released on 16 June 2022 by the Commonwealth Secretariat’s Oceans and Natural Resources Section, with notable contributions from David Sheppard, the Director of the Secretariat of the Pacific Regional Environment Programme (SPREP); Matthew Goldie-Scot, the Managing Director of the humanitarian strategic consultancy firm Thuso; and, Nina Schoonman, Consultant at Thuso.
The Commonwealth Blue Charter: Ocean Action Report
In May 2022, Asia Investment Research, a research organisation jointly set up by the investment finance firm China Investment Research and Dezan & Shira Associates, issued a special Economics and Trade feature titled “Bangladesh Trade, Development & Economic...
Rethinking Gender Parity and FDI
Gender disparity is arguably one of the greatest impediments to global development. The FDI’s landscape is often an overlooked avenue in gender equality discourse. Yet, it propels tapping equally into the reservoir of capabilities.
Unveiling Rwanda at the Inclusive Fintech Forum 2023: A Journey of Progress and Innovation
Hello Rwanda! Like always, it has always been my pleasure to visit here. I can truly say now that it is one of my favorite places in the world. I mean I’ve never been in love with a country more than this landlocked country bordered by Uganda to the north, Tanzania to the east, Burundi to the south, and the Democratic Republic of Congo to the west.
23rd Commonwealth Law Conference 2023
Did you know the first Commonwealth Law Conference was held in London in 1955, and since then it has been held in various cities across the Commonwealth, including Singapore, Cape Town, Auckland, and Edinburgh. The most recent conference was held in Goa, India.