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Local, Chinese national share experience of massive landslide in Papua New Guinea

China

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Local, Chinese national share experience of massive landslide in Papua New Guinea

2024-05-25 22:22 Last Updated At:05-26 16:47

People are still trying to dig out bodies from a massive landslide that hit a remote region in northern Papua New Guinea (PNG) early Friday, said a local resident, adding they are in urgent need of food, shelter and other necessities.

A massive landslide struck Kaokalam village in Enga province, located over 600 km northwest of PNG's capital Port Moresby early on Friday morning.

The disaster has claimed more than 100 lives and buried over 3,000 others under rubble, local media reported.

Karen Wai, a resident in Sirunki of Enga Province, about seven kilometers away from the disaster area, shared her experience with China Global Television Network (CGTN).

Wai said many bodies remain in the mud and rubble even though the government has sent disaster relief forces to the site.

"Currently, the bodies are yet to be retrieved. The locals are still working and trying to dig out more of the bodies. Provincial government is sending natural disaster team with healthcare team and police and defense personnel to go there and check out and assist at the site," said Wai.

She said many of her families and friends were also affected by the disaster which wiped out everything, from gardens and houses to livestock.

"Their gardens were wiped out. Animals and livestock, yeah, everything was buried underneath there. They're appealing to our government, the NGOs for food and shelter temporarily. And they're also working [with] their locals, they're trying to retrieve the bodies and they're trying to dig out some of the bodies now. They started yesterday, so they need the government, the companies, NGOs to help them retrieve the bodies. Yeah, they are okay. But they are still shocked, very shocked. And they really need of food and shelter," said Wai.

A Chinese national who works in the Pacific island country said that the disaster caused significant damage to infrastructure, adding to the difficulty of the rescue.

"Currently, 100 persons' lives were lost. The number of the casualties is yet to be confirmed. The landslide broke the main highway, making the rescue more difficult. Currently, the Enga provincial government has sent the ambulance, police and defense forces to carry out the rescue and potentially worse at the scene," said Huang Rongsheng, deputy general manager of the PNG branch of China's Guangdong Foreign Construction Company.

Local, Chinese national share experience of massive landslide in Papua New Guinea

Local, Chinese national share experience of massive landslide in Papua New Guinea

Local, Chinese national share experience of massive landslide in Papua New Guinea

Local, Chinese national share experience of massive landslide in Papua New Guinea

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Chinese central bank adds liquidity via reverse repos, MLF

2024-06-17 16:53 Last Updated At:17:07

The People's Bank of China injected liquidity into the banking system through reverse repos and medium-term lending facility (MLF) on Monday.

The central bank conducted 4 billion yuan (about 562.2 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent.

A total of 182 billion yuan was also injected into the market via the MLF, which will mature in one year at an interest rate of 2.5 percent.

The move is aimed at keeping liquidity reasonable and ample in the banking system to fully satisfy the needs of financial institutions, the central bank said in a statement.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

The MLF tool was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.

Chinese central bank adds liquidity via reverse repos, MLF

Chinese central bank adds liquidity via reverse repos, MLF

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