Saudi Arabia, Tajikistan to join Beijing-backed development bank

[Edison Chen]

Jan 13 (Reuters) - Saudi Arabia and Tajikistan will join 24 other nations as founding members of the Asian Infrastructure Investment Bank, China's Ministry of Finance said on Tuesday.

The entry, which China said was approved unanimously by the other founding members of the China-backed multilateral lender, brings the total number of founder nations intending to join the $50-billion bank to 26, according to statements published on the ministry's website, www.mof.gov.cn.

AIIB, launched in Shanghai in October but still under development, is seen by the United States as a challenge to the Western-dominated World Bank and Asian Development Bank, potentially diluting U.S. strategic influence in the region, analysts have said.

Some key Asia-Pacific nations, noticeably Australia and South Korea, have held back from signing up for the bank, which aims to give project loans to developing nations. China is set to be AIIB's largest shareholder with a stake of up to 50 percent.

Indonesia and a few others, which did not join at its launch, later agreed to be part of it.

Saudi Arabia, Tajikistan to join Beijing-backed development bank| Reuters

 

[Kompromat]

It can be a great option for Pakistan. Saying goodbye to American IMF will be a great step forward for Pakistan's economy.

 

[TaiShang]

AIIB is becoming a truly international organization.

 

[Tshering22]

Saudi too?

But won't they have to face 'Freedom and Democracy' in some time if they do?

 

[LittleFish]

The deadline is 3.31, hurry up international friends...I'm afraid US may join AIIB in the last day.

 

[TaiShang]

The deadline is 3.31, hurry up international friends...I'm afraid US may join AIIB in the last day.

I think it will not. This is a frontal struggle between China and the US.

 

[LittleFish]

That's it. Uncle Sams will never be glad to be in the second position in any organzation.

I think it will not. This is a frontal struggle between China and the US.

If Obama joins, US ultra-nationalists will go berserk.

 

[TaiShang]

That's it. Uncle Sams will never be glad to be in the second position in any organzation.

The US has recently been literally on a fighting mode on multiple fronts. Russia, Venezuela, Bolivia, Syria, China, North Korea...

That sort of suggests aggressiveness out of a declining status. US' political ammunition has been declining in direct relation to its growing military ammunition. Hence it is unable to sit down and talk. Only the combined forces of China and Russia at the UNSC were able to stop the US from launching a war in Syria.

And now there is Latin America that is being bullied increasingly by the US. Thankfully, gone are the days when a junta general graduated from the School of Americas or sponsored by a US fruit company would overthrow a democratically elected leader in LA.

Indeed, interesting times.

***

US sanctions on Venezuala spark backlash from irate Latin America
By Xia Lin, Mao Pengfei and Zhang Tuo

The US has created yet another paradox on international relations in Latin America by slapping sanctions on Venezuela while seeking rapprochement with Cuba, a long-time foe it has punished for over 50 years with embargoes.

In announcing the third set of sanctions against the Venezuelan government in four months, US President Barack Obama declared a national emergency and signed an executive order imposing additional sanctions against several current and former Venezuelan officials over alleged human rights abuses and corruption.

Venezuelan President Nicolas Maduro was irate in his preliminary reaction on March 9, saying that Obama had taken "the most aggressive" step yet against Venezuela and labeled it as a "desperate" effort by Washington to oust his socialist government.

Fortunately, Maduro turned reasonable and sober on Friday by asking for a dialogue with Washington, while requesting Latin American and Caribbean organizations to protect Venezuela against any "escalation" of the unwanted situation.

As strategic stakeholders of this chase-and-catch game, a bunch of Latin American nations stood in tandem by the shoulder of Venezuela and even mocked the conflicting models of US diplomacy.

Bolivian President Evo Morales elaborated the stance on Friday, "If Obama doesn't want to meet with any resistance at the Summit of the Americas, then he should apologize to Latin America, especially to Venezuela."

The US government should avoid implementing the sanction policy that has failed in other cases and only led to hostility between peoples and their governments, said a declaration published by the Argentine government on Thursday.

With two years left in the White House and roadblocks in domestic reforms, Obama is looking for a political legacy and trying to win credit for the Democratic Party in the next election by restoring relations with Cuba and rebuilding US influence in Latin America.

However, Cuba rallied behind Venezuela at this very moment, offering "unconditional support."

Retired Cuban leader Fidel Castro congratulated Maduro's recent speech on his "brilliant and brave" stance against the US in a letter published Tuesday by the Cuban press. An official statement published in the island nation's state-run media despised the sanctions as "arbitrary and aggressive."

Also on March 10, Ecuador's Ministry of Foreign Affairs said it "rejects any external or internal attempts to destabilize the democratic order and calls on the international community, and the US in particular, to respect Venezuela's sovereignty."

As Venezuela and its regional partners cooperated to put forward their wise and justified stance, the table has been turned on Washington, which left it holding a hot potato.

If it continues in what the Latin American countries' leaders believe to be a witch hunt, the US is bound to strike a disharmonious chord at the summit of the Organization of American States (OAS), which it views as a manageable platform to tame the nations and guarantee the safety of its "backyard."

In case that the sanctions are withdrawn or partly evoked to make most participants happy in Panama, where OAS will be held in April, Washington will be frustrated and angry.

Whatever the scenario will possible be, more and more Latin American leaders are shouting out the same stance as Morales to remind Washington that the era of US dominance over the region has come to an end, and "the tutoring from above is over."

 

[LittleFish]

The US has recently been literally on a fighting mode on multiple fronts. Russia, Venezuela, Bolivia, Syria, China, North Korea...

That sort of suggests aggressiveness out of a declining status. US' political ammunition has been declining in direct relation to its growing military ammunition. Hence it is unable to sit down and talk. Only the combined forces of China and Russia at the UNSC were able to stop the US from launching a war in Syria.

And now there is Latin America that is being bullied increasingly by the US. Thankfully, gone are the days when a junta general graduated from the School of Americas or sponsored by a US fruit company would overthrow a democratically elected leader in LA.

Indeed, interesting times.

***

US sanctions on Venezuala spark backlash from irate Latin America
By Xia Lin, Mao Pengfei and Zhang Tuo

The US has created yet another paradox on international relations in Latin America by slapping sanctions on Venezuela while seeking rapprochement with Cuba, a long-time foe it has punished for over 50 years with embargoes.

In announcing the third set of sanctions against the Venezuelan government in four months, US President Barack Obama declared a national emergency and signed an executive order imposing additional sanctions against several current and former Venezuelan officials over alleged human rights abuses and corruption.

Venezuelan President Nicolas Maduro was irate in his preliminary reaction on March 9, saying that Obama had taken "the most aggressive" step yet against Venezuela and labeled it as a "desperate" effort by Washington to oust his socialist government.

Fortunately, Maduro turned reasonable and sober on Friday by asking for a dialogue with Washington, while requesting Latin American and Caribbean organizations to protect Venezuela against any "escalation" of the unwanted situation.

As strategic stakeholders of this chase-and-catch game, a bunch of Latin American nations stood in tandem by the shoulder of Venezuela and even mocked the conflicting models of US diplomacy.

Bolivian President Evo Morales elaborated the stance on Friday, "If Obama doesn't want to meet with any resistance at the Summit of the Americas, then he should apologize to Latin America, especially to Venezuela."

The US government should avoid implementing the sanction policy that has failed in other cases and only led to hostility between peoples and their governments, said a declaration published by the Argentine government on Thursday.

With two years left in the White House and roadblocks in domestic reforms, Obama is looking for a political legacy and trying to win credit for the Democratic Party in the next election by restoring relations with Cuba and rebuilding US influence in Latin America.

However, Cuba rallied behind Venezuela at this very moment, offering "unconditional support."

Retired Cuban leader Fidel Castro congratulated Maduro's recent speech on his "brilliant and brave" stance against the US in a letter published Tuesday by the Cuban press. An official statement published in the island nation's state-run media despised the sanctions as "arbitrary and aggressive."

Also on March 10, Ecuador's Ministry of Foreign Affairs said it "rejects any external or internal attempts to destabilize the democratic order and calls on the international community, and the US in particular, to respect Venezuela's sovereignty."

As Venezuela and its regional partners cooperated to put forward their wise and justified stance, the table has been turned on Washington, which left it holding a hot potato.

If it continues in what the Latin American countries' leaders believe to be a witch hunt, the US is bound to strike a disharmonious chord at the summit of the Organization of American States (OAS), which it views as a manageable platform to tame the nations and guarantee the safety of its "backyard."

In case that the sanctions are withdrawn or partly evoked to make most participants happy in Panama, where OAS will be held in April, Washington will be frustrated and angry.

Whatever the scenario will possible be, more and more Latin American leaders are shouting out the same stance as Morales to remind Washington that the era of US dominance over the region has come to an end, and "the tutoring from above is over."

"The tutoring from above"

 

[Echo_419]

It can be a great option for Pakistan. Saying goodbye to American IMF will be a great step forward for Pakistan's economy.

No need to replace IMF a nation should keep all her options open
On topic
Good news

 

[Viet]

I wonder about the hype of this chinese sponsored bank. this will end up like other chinese project "silkroad": more propaganda than substance.

 

[LittleFish]

I wonder about the hype of this chinese sponsored bank. this will end up like other chinese project "silkroad": more propaganda than substance.

But Vietnam chose to join. If just propaganda, why those Western powers were eager to join?

 

[Edison Chen]

I wonder about the hype of this chinese sponsored bank. this will end up like other chinese project "silkroad": more propaganda than substance.

Yes, it's propaganda, and all the other 20 more countries believe this propaganda. Stop lying to yourself.

 

[Viet]

But Vietnam chose to join. If just propaganda, why those Western powers were eager to join?

have you seen how many trade pacts we sign and are going to sign? a lot.

we sign everything, even to join this bank. I try to get more info on the internet how the proposed bank will work and be organised, but found nothing, except bla bla bla...infrastructure money falling from the sky. no info which criteria a country needs to meet before receiving money. since this bank is chinese sponsored institution, I bet, vietnam will never see a penny.

Yes, it's propaganda, and all the other 20 more countries believe this propaganda. Stop lying to yourself.

should the asian infrastructure bank give loans to super rich saudi sheiks because they want to build super highways to their shopping centres?

 

[LittleFish]

have you seen how many trade pacts we sign and are going to sign? a lot.

we sign everything, even to join this bank. I try to get more info on the internet how the proposed bank will work and be organised, but found nothing, except bla bla bla...infrastructure money falling from the sky. no info which criteria a country needs to meet before receiving money. since this bank is chinese sponsored institution, I bet, vietnam will never see a penny.

If not a penny for VN, why your govt joined? Only to show support for China? That's something you don't have to worry about, your govt is much knowledgable than you.
IMF&WB is criticized for applying strict additional conditions for a loan, and that's why AIIB is welcomed by developing countries. AIIB is setup to distribute unconditional loans to developed countries.