Assurance News – Sri Lanka, which is trying to secure a much-needed $2.9 billion bridge loan from the International Monetary Fund (IF), has sought financial guarantees from its main creditors – China, Japan and India – which is the required condition. for Colobus to obtain the ransom. The IF bailout package has been suspended while Sri Lanka continues negotiations with its creditors to fulfill the global lender’s conditions for the facility.
India has formally sent to the International Monetary Fund the assurance the UN financial body expects from its creditors for providing a rescue package to Sri Lanka, the Ministry of External Affairs said on Thursday, hoping it will help the island nation to “seal the deal”. Ministry of External Affairs Spokesperson Arinda Bagchi said this at a press conference here shortly after Minister S. Jaishankar arrived in Colobo for a much-awaited visit to Sri Lanka where he will meet the country’s top leaders without money to finalize a debt restructuring plan to help. Colobus navigated his worst economic crisis.
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Responding to a question on Lanka’s economic problems, Bagchi said: “We would like to provide our support, we provide our support bilaterally in terms of assistance. It is now important to have a sustainable debt framework and structure for Sri Lanka. “That and as part of that, they wanted financing guarantees from other lenders. We did that. We formally submitted it to FI.”
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“We hope that this and the talks with the IF will help to conclude this agreement and bring about a change in the way debt is restructured, additional financing will be required and that Sri Lanka will be able to get on the road to recovery. “more sustainable budget management”, she declared. she said.
Sri Lanka, which is trying to secure a much-needed $2.9 billion bridge loan from the International Monetary Fund (IF), has sought financial guarantees from its main creditors – China, Japan and India – which is the required condition. for Colobus to obtain the ransom.
The IF bailout package has been suspended while Sri Lanka continues negotiations with its creditors to fulfill the global lender’s conditions for the facility.
Speaking about Jaishankar’s recently concluded visit to the Aldives, Bagchi said that India has a very special relationship with the Aldives.
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When asked when Pushpa Kaal Dahal (Prachanda), Minister of Nepal Prie, would visit India, he replied: “We would be very happy to receive the Father of Napal on a suitable date. » During the 2023 budget announcement on Tuesday (14 February), Finance Minister Lawrence Wong announced further improvements to the GST Insurance Program (AP).
As cost of living concerns continue to weigh on Singapore, the Ministry of Finance will add 3 billion Singapore dollars to augment the existing AP. This includes a one-off payment of up to S$400 for eligible adult Singaporeans.
With the latest round of top-ups, the size of the insurance program has increased to S$9.6 billion. Insurance package includes special payment of up to S$400
Announcing Budget 2023 on Tuesday (14 February), Deputy Prime Minister (DPM) Lawrence Wong announced further improvements to PA’s cash payment aimed at offsetting the effects of the GST hike that began this year .
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For starters, the government will increase AP Cash payments for Singaporeans aged 21 and over to between S$300 and S$650 by 2026.
This brings the total cash payment amount to between S$700 and S$2,250 over a five-year period starting in 2022.
DPM Wong also announced a special one-off cost of living payment for Singaporeans. Eligible adult Singaporeans can expect to receive a special payment of between S$200 and S$400.
Meanwhile, children aged six and under will receive an additional S$400 in their child development account. Older children will receive an additional S$300 in their Edusave or post-secondary education (PSEA) accounts.
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In January 2024, Singaporeans can also expect an additional S$300 worth of CDC vouchers, which they can spend at supermarkets and city center stores. Subsidies will cover increased expenses for low-income families
Speaking in Parliament on February 14, DPM Wong said the latest round of improvements will “fully cover” the increase in expenses for low-income households due to inflation and the rise in the GST.
With the latest round of top-ups, DPM Wong noted that the PA has reached S$9.6 billion. First introduced in 2020 to cushion the impact of the GST hike
Announced in 2020, the PA was implemented with the aim of cushioning the impact of the ICMS increase, from 7% to 9%.
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After several postponements, largely due to the Covid-19 pandemic, the government announced that the ICMS increase would occur in two stages:
With this top-up, all Singaporeans aged 21 and above would receive cash payments ranging from S$700 to S$1,600 over a five-year period.
The first such payment was made in December 2022, a month before the first round of GST increases.
Additionally, about 850,000 low-income Singaporeans would receive cash GST voucher payments of between S$600 and S$900 over a three-year period.
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However, it appears that many Singaporeans already found themselves a few hundred dollars richer on Saturday (2 December), well before the stipulated payment date.
OCBC users were apparently the first to receive payment, with some receiving funds as early as Friday (December 1). OCBC users are among the first to receive Insurance Package payments
As with previous government payments, OCBC customers would have been the first to receive AP payments this year.
OCBC users on the HardwareZone forum began sharing that they had received cash payments from AP around 3am on Friday (December 1).
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The AP Cash component was announced in February during the 2023 budget. Payments for this year were higher than in 2022 to offset rising inflation and cost-of-living concerns.
This payment was boosted in September when Finance Minister Lawrence announced the Cost of Living Support (COL) Scheme, which allowed around 2.5 million eligible Singaporeans to receive additional payments of up to 200 Singapore dollars. Eligible Sporians will receive up to S$200 in cash in December 2023 and S$200 in CDC vouchers
The Ministry of Finance (MOF) announced last month that eligible Singaporeans who have linked their NRIC to PayNow would receive AP cash payments from next Tuesday (Dec 5). Eligible S’poreans will receive up to S$800 cash payment in December
Alternatively, those who provide their bank details to MOF before November 27th will receive payments from December 13th.
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Meanwhile, eligible Singaporeans who do not have a bank account linked to PayNow-NRIC and who have not provided their bank details to MOF will receive payments via GovCash, starting from 22 December.
Have you received your payments and if so, when did you receive them? Share with us in the comments below.
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Under the new rules, there will be a single cap on administration fees for life insurers, general insurers and independent health insurers. Currently, there are segmented and sub-segmental management limits for insurance companies. There is a separate commission cap for health and property insurers, but with this new rule there will be a single cap on administration fees for insurers.
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The government has issued a notification on expense management (EoM) limit for insurance companies and the new rules will be applicable from April 1, 2023, ET NOW’s Anurag Shah reported.
After this new rule, the commission may increase up to the MOE limit. MOE is the sum of management expenses (salaries, fixed costs and commissions, etc.). Now, companies can offer commissions up to the MOE limit, which means that large private players in the insurance sector will have more space to expand their business, as they will be able to offer more commissions in different segments of their business.
On the other hand, it will be negative for PSU general insurers like New India Assurance. In the case of New India Assurance, its management expenses are much higher than those of private players. For New India Assurance, the scope to increase commissions will be limited.
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