Global debt hits all-time high of USD 184 trillion: IMF
In its latest update released on December 13, 2018, the IMF said the global debt has reached an all-time high of USD 184 trillion, with three countries — the United States, China and Japan — accounting for more than half of it. Earlier this year, the IMF had calculated the global debt to be around USD 182 trillion.
Key Highlights
The updated amount, in nominal terms, is the equivalent of 225 per cent of the world GDP in 2017.
On average, the world’s debt now exceeds USD 86,000 per person — more than 2½ times the average income per-capita.
The top three borrowers in the world (United States, China, and Japan) account for more than half of the global debt, exceeding their share of global output.
It is nonetheless striking that the most indebted economies in the world are also the richer ones.
Emergence of China
The emergence of China among the top ranking is, however, a relatively new development. Since the beginning of the millennium, China’s share in global debt has gone up from less than three per cent to over 15 per cent, underscoring the rapid credit surge in the aftermath of the global financial crisis.
Sweden moves to ban outdoor smoking
Sweden on December 12, 2018 voted 142-120 to ban outdoor smoking in certain public places, including playgrounds and train station platforms. According to the new law, the goal is to make the Scandinavian country smoke-free by 2025.
The Riksdagen, national legislature and the supreme decision-making body, extended the smoking ban as of July 1, 2019. Smoking in outdoor restaurants and entrances to booths for smokers will also be banned.
In Sweden, smoking is currently allowed in designated smoking areas in most workplaces and public places.
Official figures show only 11 percent of the Swedish population of 10 million smoked daily in 2016, with about 10 percent smoking occasionally.
Sweden had banned smoking in bars and restaurants in May 2005.
India, Saudi Arabia sign Bilateral Annual Haj 2019 Agreement
India and Saudi Arabia on December 13, 2018 signed the 2019 Bilateral Annual Haj Agreement in Jeddah. Union Minority Affairs Minister Mukhtar Abbas Naqvi and Saudi Arabia's Haj and Umrah Minister Mohammad Saleh bin Taher Benten were present during the signing of agreement.
The agreement will go a long way in further strengthening relations, which have attained new heights under the leadership and guidance of Saudi Arabia's King Salman Bin Abdul Aziz and Prime Minister Narendra Modi.
The Centre had, for the first time, lifted ban on women going for Haj without Mehram in 2018. Following this decision, around 1,300 Indian women went for the pilgrimage without any male companion. They had been exempted from the lottery system.
The Haj Committee of India has received more than 2.47 lakh applications for Haj 2019 of which around 1.36 lakh were online, and of the total number of applicants, 47 per cent are women.
The Union minister said for the first time since Independence, a record number of Muslims -- 1,75,000 -- from India performed Haj 2018 and that too without any subsidy.
What is Hajj?
Hajj is a pilgrimage made to Kaaba, the ‘House of God’, in the sacred city of Mecca in Saudi Arabia. It is a mandatory religious duty for Muslims that must be carried out at least once in their lifetime by all adult Muslims who are physically and financially capable of undertaking the journey, and can support their family during their absence.
BP Singh appointed new President of FTII Society
The Union Ministry of Information and Broadcasting of India on December 13, 2018 appointed Brijendra Pal Singh as the President of Film and Television Institute of India (FTII) society and the chairman of Governing Council of the institute.
B. P Singh is best known for being the producer and director of television series C.I.D. He has stepped in the shoes of Anupam Kher, who resigned in October 2018 citing project commitments.
Brijendra’s tenure will be for the remaining period block of 3 years starting retrospectively from 4 March 2017.
As an alumnus of the organisation, B.P Singh is associated with the institute for quite some time now. He has also held the position as a member of the FTII society in the recent past.
It is his vision that launched FTII's countrywide film education outreach initiative SKIFT (Skilling India in Film and Television) in May 2017 which saw nearly 120 short courses conducted in over 24 cities and towns across India.
Film and Television Institute of India (FTII)
FTII was founded in 1960 and is headquartered in Pune, Maharashtra. Its current Director is Bhupendra Kainthola.
India, ADB sign a $60 Million Loan Agreement to reduce floods in Assam
Assam faces the wrath of mighty Brahmaputra every monsoon due to incessant rain increasing the volume and flow of river leading to flood in Assam. To reduce floods and the riverbank erosion in Assam, India and Asian Development Bank (ADB) on December 13, 2018 signed a $60 million loan agreement.
Assam Integrated Flood and Riverbank Erosion Risk Management Investment Program
The Tranche 2 loan is part of the $120 million multi-tranche financing facility for the Assam Integrated Flood and Riverbank Erosion Risk Management Investment Program approved by the ADB Board in October 2010.
Three sub-project Areas
The Project 2 under the programme will fund a combination of structural and non-structural measures in the three subproject areas of Palasbari-Gumi, Kaziranga and Dibrugarh along the Brahmaputra river which include 20 km of riverbank protection works and upgrading of 13 km of flood embankments.
Term of Loan
The loan will have a 20-year term, including a grace period of five years, an annual interest rate determined in accordance with ADB's lending facility based on the London Interbank Offered Rate, and a commitment charge of 0.15 per cent per year.
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