Sri Lanka Secures $2.9B Bailout From IMF
Sri Lanka has reportedly obtained a [nearly] $3B bailout from the International Monetary Fund (IMF) as it endures a crippling economic crisis. [Editors Note - widely reported as 2.9B in multiple sources.]
The IMF's Executive Board approved the four-year bailout program, authorizing an immediate release of about $333M and opening up financial support from other institutions following Colombo's adoption of austerity measures to meet IMF preconditions.
Narrative A
While Sri Lanka has endured many hardships over the past few years due to converging crises, the country has an opportunity to rise above economic collapse and political instability to forge a new future. The road to recovery will not be easy, but with some help from creditors and buy-in from citizens, Sri Lanka can start to provide its people with hope and security.
Narrative B
Sri Lanka’s economic crisis has spiraled into a human rights catastrophe that must be addressed before it is too late. Sri Lankans are struggling to put food on the table and many people are unable to receive vital healthcare. The IMF’s loan will do little to reverse the deep human cost of the ongoing crisis until the country's social problems are effectively dealt with.
US: War Crimes by All Sides in Ethiopia's Tigray Conflict
The US claimed on Monday that all parties in Ethiopia's two-year Tigray conflict committed war crimes, and called for those most responsible to be held accountable.
Sec. of State Antony Blinken said the "calculated and deliberate" war crimes were committed by the Ethiopian and Eritrean national armies as well as the Tigray People’s Liberation Front (TPLF) and neighboring Amhara region forces.
Narrative A
While Washington supposedly blames all parties involved for the atrocities of the Tigray conflict, it accuses only Addis Ababa and its allies of "crimes against humanity." By doing so, the US continues its campaign against Ethiopia on a smaller scale, having already punished only Addis Ababa and Eritrea but not the TPLF. With the TPLF having lost the war, caution is needed when the US pretends to now want "peace and reconciliation."
Narrative B
Though Addis Ababa may not like it, Blinken's remarks are based on an unbiased US review of atrocities during the Tigray War. Amid Blinken's visit to Ethiopia and a new aid package, the US has signaled that the time has come to revitalize the longstanding bilateral relations. Washington and the international community must keep a close eye on Prime Minister Abiy Ahmed since he bears the main responsibility for the outbreak of the devastating civil war.
Ukraine Launches Drone Attack on Crimea
Overnight on Monday, a drone attack on Crimea struck the city of Dzhankoi in the north of the peninsula annexed by Russia in 2014. While Ukraine hasn't claimed responsibility, its defense ministry alleged that Russian Kalibr missiles intended for its Black Sea Fleet were destroyed as they were being transported by rail.
Russian media denied the presence of military targets near the strike and said only civilian infrastructure was damaged — including a shop, a house, and a school dormitory. Local officials said one civilian was injured and alleged that the drones were packed with shrapnel. Neither the Ukrainian nor Russian account could be independently confirmed.
Anti-Russia narrative
The attack on Crimea — illegally annexed by Russia in 2014 — not only struck a legitimate military target, destroying cruise missiles to be used by Russia in its illegal invasion of Ukraine, but it also served another blow to Putin and exposed major weaknesses in Moscow's defense systems.
Pro-Russia narrative
Russia's air defense was able to successfully counter Ukraine's attack on Crimea, which hit civilian targets only — damaging a shop, a house, and part of a school. The people of Crimea overwhelmingly voted in favor of joining the Russian Federation in 2014, and these types of assaults can't be tolerated.
Nerd narrative
There's a 2% chance that Ukraine will officially recognize a former Ukrainian territory (Luhansk, Donetsk or Crimea) as independent before 2024, according to the Metaculus prediction community.
Report: UK's Met Police 'Racist, Misogynistic, and Homophobic'
The UK's Metropolitan Police (Met) is rife with "systematic and fundamental" issues, and the institution itself rests on a bedrock of discrimination, according to a report from Baroness Louise Casey released on Tuesday.
The review, commissioned following the rape and murder of Sarah Everard in 2021 by a serving officer, details shortcomings in basic procedures, including the poor state or usage of fridges containing forensic samples, reportedly leading to evidence becoming unusable and rape cases being dropped.
Left narrative
The severity of this report raises the possibility of abolishing an institution that's failing the public and is set on a bedrock of discrimination. Perhaps most significantly, Casey finds that the depravity and suffering detailed in the review all link back to the austerity imposed under the coalition and Conservative governments since 2010. There's little chance that the Tories will be able to defend their record on crime in the lead-up to the next election. Their blind-sided focus on balancing the books has put the British public at risk and led to the country's largest police force reaching a potentially irreversible state of corrupt dilapidation.
Right narrative
Overemphasizing the role of austerity in this sorry state of affairs risks implying some kind of vindication of Met management, which Casey identifies as a "series of disconnected and competing moving parts" with "broken" vetting procedures and a lack of long-term planning. Senior officers facilitated a culture of bullying and discrimination to dominate an institution that's supposed to ensure justice and provide protection. Though the findings that the Met is institutionally sexist, racist, and homophobic are certainly contentious, there's no doubt the Met requires fundamental reform, which must come from the top.
Biden Orders COVID & Wuhan Lab Intel Release
US Pres. Joe Biden signed off on legislation on Monday requiring the Office of the Director of National Intelligence to declassify information on any possible links between a Chinese lab and the origins of COVID.
The House approved the COVID origins bill on March 10, after the Senate passed it without opposition a week prior. Following a week of deliberation, Biden said in an official statement that he shares Congress's goal of releasing as much information as possible about COVID.
Democratic narrative
Ultimately, Biden has made the right call by passing this legislation. Though the bill may exacerbate tensions with China amid an already strained relationship between Biden and Xi Jinping, it is a sound move by the Democratic leader, who is dealing with stiff Republican resistance and endeavoring to scientifically determine how COVID came to be.
Republican narrative
Though this is, of course, good news, the next step must be holding the government and Biden admin. accountable for their poor response to this origin controversy. The American people deserve to hear what they knew about COVID in the early days and after. As the US intelligence committee continues to move toward the lab leak theory, the US will have to put even more pressure on China and the US bureaucracy for answers.
Fox Producer Sues Network, Claims Lawyers Coached Dominion Testimony
On Monday, Fox News producer Abby Grossberg filed two lawsuits against the network, claiming its lawyers pressured her into giving deceptive testimony in the $1.6B defamation suit filed by Dominion Voting Systems.
Dominion Voting Systems is suing Fox News for its highly controversial claims surrounding the 2020 presidential election. Grossberg alleges that before her September 2022 deposition, she was coached in a "coercive and intimidating manner" to protect executives and on-air figures.
Left narrative
Fox News finds itself in real jeopardy concerning its defamation lawsuit defense. While media outlets rarely lose defamation cases, the amount of evidence against the network is exponentially growing. Not only did it knowingly promote false claims, but — as detailed in Grossberg's filings — the network also tried to cover its tracks by targeting its own employees.
Right narrative
While Grossberg's allegations should undoubtedly be investigated, the defamation lawsuit against the network and the stories that have accompanied it — gleefully parroted by the media — are baseless. Freedom of the press is foundational to democracy, and to continue to push that Fox is guilty of anything but journalism is dangerous.
Texas Adds HSBC to Energy Sanctions List
On Monday, Texas added HSBC Holdings to its list of financial firms that are allegedly boycotting the oil and gas industry in light of Europe's largest bank's new fossil fuel funding policy.
This comes after HSBC's December announcement that it will no longer provide new finance and advisory services for projects pertaining to new oil and gas fields as part of its updated climate strategy.
Republican narrative
Prioritizing ESG, which is part of progressives' effort to promote woke capitalism, leads financial firms to discount their financial duties. Such policies don't just promote liberal priorities ranging from renewable energy to the Black Lives Matter movement, they lead to disinvestment in fossil fuel companies that provide tax revenue and jobs.
Democratic narrative
ESG considers the financial costs of environmental damage and social upheaval; it doesn't in any way prioritize political or ideological objectives. With ESG funds expected to see massive growth in the coming years, US states can attract investors by highlighting projects and companies with a favorable climate or social impact.
Narrative C
HSBC's annual lending to fossil fuel projects is to the tune of $20B. In the past, the bank's executives have downplayed climate change risks. Moreover, HSBC will continue to finance existing fossil fuel projects in line with current and future declining global oil and gas demand, which is why labeling HSBC as a financial company that prioritizes ESG issues is misplaced.
Nerd narrative
There's a 75% chance that the US will withdraw from the Paris Climate Agreement before 2029, if a Republican wins the 2024 US presidential Election, according to the Metaculus prediction community.
Saudi Arabia Releases Jailed US Man
On Tuesday, Saudi Arabia released US-Saudi dual national Saad Ibrahim Almadi from prison, more than a year after he was arrested for tweets critical of the kingdom, according to his son. The 72-year-old was sentenced to 16 years in prison before an appeals court upped his sentence to 19 years last month.
Almadi’s son said his father remains banned from traveling and is staying at his home in the Saudi capital of Riyadh. He added, “All charges have been dropped but we have to fight the travel ban now.”
Narrative A
Saudi Arabia’s imprisonment of Almadi was part of a pattern of human rights abuses by the government. Dozens of people have been prosecuted for their opinions in Saudi Arabia, and there must be global action to combat this systemic oppression. Riyadh's criminalization of dissent must end now.
Narrative B
Almadi’s release is a step in the right direction for human rights in Saudi Arabia. Almadi should never have been imprisoned, but it’s encouraging to see Saudi Arabia loosen up a little bit in the name of justice. With continued work, hopefully, Riyadh's record on human rights will improve along with better relations between the US and Saudi Arabia.
Nigeria: Obi Petitions Court Over Disputed Presidential Election
Peter Obi, Nigeria’s opposition Labor Party candidate, filed a formal court petition on Tuesday to challenge the outcome of last month’s presidential election.
Labour Party spokesperson Yunusa Tanko told journalists on Tuesday that the party is "challenging the qualifications of the candidate that was declared the winner. We are also challenging the processes that led to his declaration as the winner, among others.”
Narrative A
The Labour Party is right to explore all legal and peaceful options to prove that Obi won the election. There were many issues with this year's election, and additional oversight is needed to check the election results. Tinubu is not qualified to be president.
Narrative B
Tinubu has already been declared the winner of the February presidential election and received the necessary number of votes. Political rivals of Tinubu and their supporters need to drop their baseless challenges and join together to strengthen the nation.
GOP Caucus Opposes Guaranteeing Bank Deposits Above $250K
The Republican House Freedom Caucus on Monday issued a statement voicing its opposition to any universal federal guarantee of bank deposits more than the current limit.
Currently, the Federal Deposit Insurance Corporation guarantees bank deposits up to $250K. The GOP group wrote that insuring deposits of more than that amount “enshrines a dangerous precedent” that “encourages future irresponsible behavior” that then gets paid for by those who obeyed the rules.
Pro-establishment narrative
At this time of shaky consumer confidence in the US banking system, the least the government could do is temporarily insure all deposits to prevent a dreaded bank run. Such a situation would lead to less competition while the big banks would get even bigger. After all, the smaller banks are not taking the same risks as the bigger ones, so they should not have to be put at risk.
Establishment-critical narrative
The government is propping up ultra-wealthy, politically-connected individuals at the expense of average Americans, and this has to stop. Universally protecting all deposits would be a moral hazard that would allow banks to continue their risky behavior without skin in the game. The FDIC is funded on the backs of bank customers. This attempt to protect the wealthy is nothing but another questionable bailout.
Nerd narrative
There's a 50% chance that at least 4 FDIC-insured banks will fail in 2023, according to the Metaculus prediction community.