ASLI INSIGHTS: Asia Unpacked | 27 September 2024

ASLI is back with more ASLI INSIGHTS: Asia Unpacked!

Stay tuned for more top news in Asia handpicked by ASLI and for our curated weekly roundup!

This week’s Asia top news:

1) Sri Lanka’s New President Aims to Address Economic Crisis

Sri Lanka's new president, Anura Kumara Dissanayake, signifies a departure from traditional political family rule, sparking optimism among citizens. Representing the left-leaning National People’s Power (NPP) alliance, the new president has recently dissolved parliament to make way for a snap election in November. His administration aims to address the country's ongoing economic crisis, seeking to negotiate a revamped loan agreement with the International Monetary Fund (IMF).

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2) Malaysian King Strengthens Ties with China During State Visit

During a recent four-day state visit to China, Malaysia’s King expressed a commitment to strengthening bilateral relations and promoting peace in the South China Sea. In discussions with President Xi Jinping, he emphasised the importance of cooperation and dialogue between nations. Emotional moments marked the visit as the King recalled how China had helped treat his late son, underscoring a personal connection to the diplomatic discussions. Overall, the visit was viewed as a success, reinforcing ties between Malaysia and China amid various regional challenges.

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3) ASEAN Provides Humanitarian Assistance to Victims of Typhoon Yagi

ASEAN has provided US$12,800 worth of humanitarian assistance to support victims of Typhoon Yagi, which has caused severe flooding across the region. The flooding has led to widespread evacuations, displacing thousands of residents from their homes. In providing shelter and repair kits to support affected communities, ASEAN’s collaborative response underscores the importance of regional cooperation in disaster management.

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4) Pakistan Receives Crucial $7 Billion Loan Approval from IMF

The International Monetary Fund (IMF) has approved a $7 billion loan for Pakistan to help stabilise its struggling economy. Pakistani officials welcomed the agreement, viewing it as a critical step toward economic recovery Following more than 20 loans received from the IMF since 1958, Pakistan has pledged that this would be its last loan. This financial support comes as Pakistan faces significant economic challenges, including rising inflation and more than $130bn in external debt. However, the country still faces scrutiny regarding its ability to meet IMF conditions and the potential impact of the loan on its long-term financial stability.

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5) Biden Holds Bilateral Meeting with Vietnamese President To Lam

US President Joe Biden met Vietnam's President To Lam on September 25 to enhance bilateral relations and counterbalance ties with China and Russia. This meeting, during the UN General Assembly, was Lam's first visit to the US as president. He urged the removal of Vietnam's non-market economy designation and called for cooperation on semiconductor supply chains. Biden emphasised the historic investments and partnerships established since last year's diplomatic upgrade. While the discussions were positive, concerns about human rights and Vietnam's economic ties with China continue to be significant issues in the evolving relationship between the two nations.

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