AEC Feed

The International Monetary Fund, supportive of Malaysia’s currency move, has acknowledged that the ringgit’s current volatile movement is beyond the government’s control.
IMF managing director Christine Lagarde conveyed her views on the matter to Malaysian Prime Minister Najib Tun Razak during an unofficial dialogue held on the sidelines of the Apec Leaders Meeting here on Sunday.
“She is supportive of Malaysia ‘floating the currency as the best line of defence’ as the ringgit’s movement was ‘out of our control’,” he told journalists.
As for the US-Apec Business Coalition meeting, he said Moody’s was present, but its credit rating official did not say that Malaysia was in a state of emergency.
“Hence, if people say Malaysia is in a state of emergency, it is just politically motivated,” he added. – The Star, Lima

Myanmar’s sugar sales to China boom
The Myanmar Commerce Ministry has revealed that the country has re-exported US$677 million (Bt24.1 billion) worth of sugar to China in more than seven months in this fiscal year.
The country earned just $28 million from re-exporting sugar to China during the same period last year.
“It was just the beginning last year. Last year’s sugar re-exports started in August and September. 
“We imported sugar from Brazil, India, Thailand and others. We re-export sugar, mainly to China,” said Khin Maung Lwin, a senior official from the ministry.
The ministry said the green light was ready for re-exporters of other products that had excellent potential. 
Myanmar’s foreign trade is expected to reach $31 billion this fiscal year. – Eleven Media Group 

Russia to buy $2.5 bn worth of RP products 
Russia has committed to buying up to a staggering $2.5 billion worth of Philippine fruit, grains or vegetables during last Saturday’s bilateral discussions between President Duterte and Vladimir Putin, officials said on Sunday.
Trade Secretary Ramon Lopez said the Russian side agreed “immediately” to a proposal for the importation of Philippine fruit and other agricultural products in the next 12 months.
“Their immediate estimate is $2.5 billion. That’s a number they quoted,” the Cabinet official told Filipino journalists covering the Apec Leaders Meeting in Peru’s capital.
This dwarfs the $46 million worth of exports the Philippines ships to Russia every year, he said.
“We were talking of what they could buy from us, especially agricultural products, but nothing was specified. 
“But I understand we supply them with a huge quantity of bananas…and mangoes. With these kinds of discussions, these present more trading opportunities between us,” he said.
Putin also offered to help the Philippines through investments in energy and infrastructure, he said. – Philippine Daily Inquirer, Lima