AIIB, Australia - Current Affairs Questions and Answers

ANSWER: Mumbai

Explanation:
India will host third Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) in Mumbai, Maharashtra in June 2018.

In this regard, Union Government and AIIB Secretariat have signed MoU to delineate duties and responsibilities of major stakeholders who would be involved in organizing the aforesaid Annual Meeting.

The theme of the annual meeting is "Mobilizing Finance for Infrastructure: Innovation and Collaboration".

Asian Infrastructure Investment Bank (AIIB)

• The AIIB is multilateral financial institution proposed by China.
• Its purpose is to provide finance to infrastructure development and regional connectivity projects in the Asia-Pacific region.
• Its goals are to boost economic development in Asia-Pacific region, provide infrastructure, and promote regional cooperation and partnership.
• It was founded in October, 2014 and became operational in January 2016. It is headquartered in Beijing.
• Currently, it has 56 member states. It is seen as rival to World Bank and Asian Development Bank (ADB).
• The capital of AIIB is $100 billion, with almost $30 billion invested by China. India is one of the founding members of AIIB and 2nd largest shareholder in AIIB followed by Russia.
• The voting shares are based on size of each member country's economy and not contribution to the bank's authorised capital.

ANSWER: 2+2 dialogue

Explanation:
India and Australia held their first '2+2 dialogue' in New Delhi and highlighted need to maintain Asia-Pacific region as a "free" and "open" zone.

The 2+2 dialogue model between both countries included foreign and defence secretaries.

India and Australia share warm bilateral relations based on shared democratic values and pluralism.

There is a growing convergence of strategic perspectives between the two countries.

2+2 Dialogue: Know More

• It was first meeting of this level since the two sides participated in quadrilateral discussion between India, United States, Australia and Japan in Manila in November 2017 for new strategic partnership targeting the Asia-Pacific region.
• In the 2+2 dialogue, all aspects of bilateral relations with focus on strategic and defence relations between two countries were reviewed.
• Both countries agreed that free, open, prosperous and inclusive Indo-Pacific region serves the long-term interests of all countries in the region and of the world at large.
• The dialogue indicated that focus remains on freedom of navigation in South China Sea, where China has been reclaiming land for infrastructure, boosting its maritime influence.

ANSWER: Australia

Explanation:
Australian PM Malcolm Turnbull on 5th July 2016 refused to step down even as opposition labour party leader Bill Shorten called for Turnbull to quit as leader of the Liberal National Party Coalition indicating the premier was out of touch and unable to provide parliamentary stability promised to Australian voters.

• Turnbull said he will not step down from the post and described the Labour leader’s attack as purely political
• Australia has said that there is no such thing as a failed election

ANSWER: ADB

Explanation:
China-sponsored Asian Infrastructure Investment Bank (AIIB) has chosen a Pakistan based highway construction program among the first batch of projects it will finance.

• The Asian Development Bank has also joined as a co-financer.
• In effect, the two banks have agreed to support one of the projects in the $46 billion China Pakistan Economic Corridor (CPEC), which is the first program under the Silk Road plan introduced by Chinese president Xi Jinping.

ANSWER: Dinesh Sharma

Explanation:
India is one of the founding members of the Asian Infrastructure Investment Bank has been elected to the board of directors of China sponsored AIIB expected to commence loan approvals towards the close of the year. Dinesh Sharma Additional Secretary of Ministry of Finance has been elected to the 12 member board for which a secret ballot has been held. Authorised capital of USD 100 billion and subscribed capital of USD 50 billion will yield investment of various sectors such as urban construction and energy as well as transportation.

ANSWER: President Xi Jingping

Explanation:
China based Asian Infrastructure Investment Bank in which India and 56 other nations have joined as founding members was formally launched by President Xi Jingping. Dinesh Sharma leads the Indian delegation for which the US based ADB has identified potential co-financing projects with AIIB in areas such as transport, urban and water, renewable energy etc.

ANSWER: Luxembourg

Explanation:
Luxembourg on 8th December 2015 became the 10th country to ratify the Articles of Agreement (AoA) that will lay the legal framework for the China-initiated Asian Infrastructure Investment Bank (AIIB). Australia, Austria, Brunei Darussalam, China, Mongolia, Nepal, New Zealand, Singapore and United Kingdom ratified the 60-article agreement so far. 10 nations are among the 57 member founder countries of the multilateral bank. Its headquarters are in Beijing.

ANSWER: Australia

Explanation:
World’s longest chain of continental volcanoes put together in the past 33 million years stretch over 2000 km in eastern Australia. Active volcanic chain is running from central Queensland coast’s Cape Hillsborough to New South Wales and Cosgrove in Victoria. This volcanic chain ws created as Australia moved north-northeast over a mantle plume hotspot now located in Bass Strait.

This kind of volcanic activity occurs away from tectonic plate boundaries where most volcanoes are located. Newly discovered volcanic chain is westerly of 3 volcanic chains running across eastern Australia. The fastest moving continent on Earth is Australia currently.

ANSWER: Malcolm Turnbull

Explanation:
Former Australian PM Tony Abbott lost a leadership ballot through members of his own party in a vote 54 Yes to 44 No to replace him. Party whip Scott Buchholz announced that Liberal Party leader and communications minister Malcolm Turnbull will replace Tony Abbott. Turnbull called for a leadership poll following an opinion survey which called for changes to the conservative coalition government.

ANSWER: 57

Explanation:
The 57-member bank announced that it would be operational by the end of this year. The announcement came after the conclusion of '5th Chief Negotiators' Meeting on Establishing the AIIB', in Singapore. China, with a share of 100 billion dollar is likely take a 25-30 percent stake in the AIIB while India, with a likely share between 10 to 15 percent could be the second-largest shareholder. In all, Asian countries will own between 72-75 percent of the assets of the bank, while European and other nations will own the rest.