Accounts – Sneer Sun, 09 Jan 2022 07:28:27 +0000 en-US hourly 1 Accounts – Sneer 32 32 Chinese Foreign Minister in Sri Lanka to discuss “Belt and Road” – Sun, 09 Jan 2022 07:28:27 +0000

Chinese Foreign Minister Wang Yi, left, poses for the media ahead of his meeting with Sri Lankan Prime Minister Mahinda Rajapaksa in Colombo, Sri Lanka on Sunday, January 9, 2022 (AP Photo / Eranga Jayawardena)

COLOMBO, Sri Lanka (AP) – Chinese Foreign Minister Wang Yi was in Sri Lanka on Sunday to try to push forward Beijing’s ambitious “Belt and Road” initiative as the island nation tries to extricate itself from a currency and debt crisis, in part because of the infrastructure built with Chinese loans that does not generate income.

Wang arrived in Sri Lanka from the Maldives on Saturday on the last leg of a multi-city trip that also took him to Eritrea, Kenya and the Comoros in Africa.

In Sri Lanka, Wang met with President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa. Later, Wang and the prime minister were to speak at the port city of Colombo, a reclaimed island developed with Chinese investment.

The visit comes as Sri Lanka faces one of its worst economic crises, with foreign exchange reserves of around $ 1.6 billion, barely enough for a few weeks of imports. It also has external debt obligations exceeding $ 7 billion in 2022, including the repayment of bonds worth $ 500 million in January and $ 1 billion in July.

China loaned money to build a seaport and an airport in the southern district of Hambantota, in addition to an extensive network of roads. But the projects failed to make any money.

Figures from the Central Bank show that current Chinese loans to Sri Lanka total around $ 3.38 billion, not including loans to state-owned enterprises, which are accounted for separately.

“Technically, we can pretend we’re bankrupt now,” said Muttukrishna Sarvananthan, senior researcher at the Point Pedro Development Institute. “When you have foreign exchange reserves in the red, that means you are technically bankrupt. ”

The situation has left households facing severe shortages. People line up to buy essentials like powdered milk, cooking gas and kerosene. Prices have risen sharply and the Central Bank indicates that the inflation rate reached 12.1% at the end of December against 9.9% in November. Food inflation has risen to over 22% over the same period.

Due to a shortage of foreign exchange, importers are unable to clear their cargo containing essential products through customs, and manufacturers cannot purchase raw materials from abroad.

Remittances from expatriates also fell after the government ordered mandatory foreign currency conversion and exchange rate controls.

The downgrades of rating agencies have cost Sri Lanka much of its borrowing power. In December, Fitch Ratings noted an increased likelihood of credit default.

The Central Bank has added a $ 1.5 billion Chinese currency exchange to reserves, but economists disagree on whether this can be part of foreign exchange reserves or not.

Wang’s visit is also of regional significance, as China and India, Sri Lanka’s closest neighbor, compete for influence on the island.

“We can see Sri Lanka standing between India and China for a possible bailout,” political analyst Ranga Kalansooriya said. “India has been dragging its feet for some time as China tries to manipulate the situation as much as possible.”

India is wary of the increase in Chinese investments and loans to Sri Lanka since the end of the civil war in 2009. India considers Sri Lanka to be part of its territory of influence. China sees Sri Lanka as an essential link in its Belt and Road global infrastructure initiative.

Kalansooriya said Wang may also seek to smooth relations with Sri Lanka after it was recently strained over a shipment of fertilizers that allegedly contained harmful bacteria and trade deals signed with China’s rivals the United States. United and India.

But he said China was unlikely to pull Sri Lanka out of its economic crisis.

“They will be looking for more business opportunities, fishing in the troubled waters of the country’s economic slump,” he said.

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My private student loans are preventing me from accessing homeownership Wed, 05 Jan 2022 15:25:06 +0000
  • Reading the financial jargon at 18 was overwhelming, so I just signed off on everything I needed to start class.
  • Unlike federal student loans, private loans are not covered by student loan forgiveness plans.
  • I’m worried that I will never be able to own a home because of my student loans, but I remain optimistic and focus on solutions.
  • Read more stories from Personal Finance Insider.

When I was 18, I was already overwhelmed by the amount of choices I had to make.

What career path should I pursue? Which school will I choose? Do I go with the school that gave me the most scholarships, or the one that offers programs that interest me the most? How will I prepare myself mentally, emotionally and physically to leave my parents’ house for the first time?

With all of that to think about, finding student loans was the last thing I wanted to think about. All I wanted was to start building a career and a life that I was passionate about as soon as possible. According to my school, I was eligible for federal student loans, but they were not enough to cover tuition costs.

Fortunately, my mom helped me by co-signing my student loans. However, reading the financial jargon at 18 was really overwhelming and I just signed off on everything I needed to start class.

This is how signing a private student loan has changed my life.

I barely reduced the principal amount of the loan 10 years later

For a very long time, I was too ashamed and too guilty of my situation to even see on my Navient account. Once I finally checked it out, I realized that the principal balance had actually increased even though I had made regular payments.

Because I went through financial difficulties, I put my loans on hold for a few months. During this time, my loans were accumulating capitalized interest. To be fair, if my mom’s credit weren’t on the line, I would choose not to pay my Navient bill just to build up a healthy emergency savings fund.

I’m afraid I’ll never be able to save for big steps

Because my monthly payments are so high, I’m afraid that I will never be able to buy a house or start my own family. Whenever I make my monthly payments, I fantasize about how I can use that money for family planning instead, especially since fertility treatments for LGBTQIA + people are sometimes not covered by insurance. sickness.

Because I don’t have a lot of credit, I feel trapped in a cycle of paying off debts and seeing my savings dwindle because I can’t afford to deal with emergencies. Unlike federal student loans, private loans are not covered by student loan forgiveness plans. Even if President Biden gave Americans nationwide student loan forgiveness, I would still pay for private loans.

Once I realized how predatory the student loan system was, I decided to focus on solutions.

Earlier this year, I learned that 89% of fully employed borrowers were not financially secure enough to repay their student loans. Seeing that number – 89% – helped me realize that I’m not the only one battling my student loan debt and that giant student loan companies don’t really care about our quality of life.

Once I stopped blaming myself for signing these papers without reading them, I was able to focus on the solutions. In 2022, I plan to start refinancing my student loans for a shorter repayment term and lower interest rates. I will also be working with a financial planner to build an emergency fund and start taking control of my finances.

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Topeka Lien release program Mon, 03 Jan 2022 17:12:00 +0000

TOPEKA, Kan. (WIBW) – The Topeka city hopes that a new release of lien program will help residents beautify their properties.

City officials announced on Monday the creation of the privilege release program.

The program affects residents who have a current privilege with the Topeka City Housing Services Division.

The city has provided thousands of rehabilitation loans to residents over the past 40 years. A lien was then placed on the property and over time a partial forgiveness of the loan was granted.

With the new program, city officials say 100% of any loan a resident could have taken out from the Topeka City Housing Services Division will be forfeited if the landlord declares to stay in the residence for at least five year.

According to a press release, the city of Topeka says 80 liens have already been released, returning nearly $ 300,000 to low-income households.

“By removing the lien on the property, we allow people to make improvements to their property using their own funds. It was something that we have been looking at for some time and I am delighted to see it come to fruition, ”said Corrie Wright, Division Director of Housing Services.

The program is only for people with current privileges with the city’s housing services division, and officials say the new policy will apply to future pardon loans.

For more information, contact the Housing Services Division at 785-368-3711.

Copyright 2022 WIBW. All rights reserved.

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Five Chelsea loaned stars wish they had availability amid injury crisis Sat, 01 Jan 2022 16:37:36 +0000

The hectic festive period of meetings has taken its toll on most teams, and Chelsea are starting to rack up a host of issues that could be resolved by bringing back stars on loan.

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Thomas Tuchel reacts to the interview with Romelu Lukaku