World
Ukraine war could increase shocks for developing countries, UN warns
Ukraine war could increase shocks for developing countries, UN warns
UN on Tuesday warned that the fallout from the war in Ukraine could dramatically worsen the economic outlook for developing countries already grappling with debt financing related to the COVID-19 pandemic.
UN, in a report published on Tuesday, stated that while rich nations were able to support their pandemic recovery with record sums borrowed at ultra-low interest rates, the poorest countries spent billions servicing debt, thus preventing them from investing in sustainable development.
COVID-19 pushed 77 million more people into extreme poverty in 2021 while many economies remained below pre-2019 levels, according to the” Financing for Sustainable Development Report: Bridging the Finance Divide.” report.
Furthermore, it is estimated that one in five developing countries will not see their Gross Domestic Product (GDP) return to 2019 levels by the end of 2023, even before absorbing the impacts of the Ukraine conflict, which is already affecting food, energy, and finance across the globe.
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The report was produced by the UN Department of Economic and Social Affairs (DESA) together with more than 60 international agencies, including within the UN system, and international financial institutions.
UN Deputy Secretary-General Amina Mohammed described the findings as “alarming”, given that the world is at the halfway mark for financing the Sustainable Development Goals (SDGs).
“There is no excuse for inaction at this defining moment of collective responsibility, to ensure hundreds of millions of people are lifted out of hunger and poverty.
“We must invest in access for decent and green jobs, social protection, healthcare and education leaving no one behind,” she said.
The report reveals that on average, the poorest developing countries pay around 14 per cent of revenue for interest on their debt, while the figure is 3.5 per cent for richer nations.
The pandemic forced governments to cut budgets for education, infrastructure and another capital spending.
Fallouts from the war in Ukraine – such as higher energy and commodity prices, as well as renewed supply chain disruptions – will only exacerbate these challenges and spark new ones.
The war is also likely to result in further increases in debt distress and increased hunger, further widening “pandemic recovery gaps” that existed before the conflict.
Liu Zhenmin, the DESA chief, pointed to a potential silver lining for the way forward.
“The developed world proved in the last two years that millions can be lifted out of poverty by the right kind of investment – in resilient and clean infrastructure, social protection or public services.
“The international community must build on that progress, and ensure developing countries can invest at similar levels while reducing inequality and securing a sustainable energy transition,” he said.
The past year was also marked by some advances in poverty reduction, social protection and investment in sustainable development, driven by actions in developed countries and some large developing nations, including some 17 trillion dollars in COVID-19 emergency spending.
Additionally, Official Development Assistance (ODA) reached 161.2 billion dollars in 2020, the highest level ever.
However, 13 governments also cut this support to developing countries, and the record sum is still insufficient to meet the vast needs.
The UN fears that increased spending on refugees in Europe, another fallout of the war in Ukraine, could lead to cuts in aid to the world’s poorest countries.
To bridge the “great finance divide”, the report calls for countries to urgently address financing gaps and rising debt.
This can occur through several measures, such as speeding up debt relief and expanding eligibility to highly indebted middle-income countries.
“It would be a tragedy if donors increased their military expenditure at the expense of Official Development Assistance and climate action.
“It would be a tragedy if developing countries continue to default, at the expense of investments in social services and climate resilience,” Mohammed said.
Cuba Condemns Reintroduction of Sanction by Trump
…Describes US President Imperialist
By: Michael Mike
Cuban Government has condemned the reintroduction by US President Donald Trump of tough economic warfare measures against Cuba, stating that it “proves the aggressiveness of US imperialism against the sovereignty, peace and welfare of the Cuban people.”
A statement by the Cuban Revolutionary Government read: “US President Donald Trump lashes out against Cuba from day one and without pretext. The decision to reinstate the tough economic warfare measures against Cuba, which his predecessor removed just days before, proves the aggressiveness of US imperialism against the sovereignty, peace and welfare of the Cuban people. These measures comprise the inclusion of our country, once again, in the arbitrary list of States that allegedly sponsor terrorism, a designation that shows an absolute disregard for the truth.
“This is no surprise. The statement of the Ministry of Foreign Affairs of January 14 already warned: “that the government of that country could reverse in the future the measures adopted today, as has happened on other occasions and as a sign of the lack of legitimacy, ethics, consistency and reason in its conduct against Cuba”. It also affirmed that “U.S. politicians do not usually stop to find honest justification…” That is how they run their government in that country.”
The statement added that: “Trump has construed his coming to power as the coronation of an emperor. His ambition comprises, just to begin with, the conquest of Canada, the usurpation of Greenland, the renaming of the Gulf of Mexico and stripping the Panamanians of their canal. The hegemonic Monroe Doctrine and Manifest Destiny, which were enforced with blood and fire in Latin America and the Caribbean, are the driving force of the new government team.
“Those groups and politicians, who have made aggression against Cuba a way of life, profited for decades from the anti-Cuban business and today share the heady intoxication of the new president, are associated with him. They all bear a heavy responsibility in the difficult economic situation of the country and in the increase of the migratory flow from Cuba to the United States.
“This new act of aggression by the US government against the Cuban people shows, once again, the true, cruel and merciless purpose of these and so many other measures of siege and asphyxiation against Cuba for sake of dominating it. It constitutes a reaction of impotence given their inability to bend our will and the respect, sympathy and support that the Revolution commands among the peoples of the world.”
The statement lamented that: “The tightening of the economic blockade and the new aggressive measures will continue to weigh, with very harmful effects, on our economy, the standard of living, the potential for development and the legitimate dreams of justice and well-being of the Cuban people, as has been the case in recent years.”
The statement however assured that: “They will not deflect us from the Socialist course, from our determination to recover the economy, promote the widest possible solidarity, creativity, talent, spirit of work, and defend freedom, independence, sovereignty and the privilege of building a future without foreign interference as an ironclad stronghold.”
“The Cuban people appreciate the numerous expressions of support and solidarity received from all over the world, from governments, Cubans living abroad, parliaments, political, religious and social organisations, and political leaders from the United States and other countries.
No one should be mistaken. The Cuban people expressed itself with clear determination and force during the December 20 march. The conviction that CUBA WILL OVERCOME is what prevails here,” the statement further added.
Cuba Condemns Reintroduction of Sanction by Trump
Ceasefire Announced: Gaza Emerges Triumphant Over The Zionist Regime
By: Husaini Mohammed Isa
The unbreakable spirit of Palestinian resistance has compelled Israel into a humiliating ceasefire after failing to achieve any of its war aims.
After 15 months of Israel’s brutal genocide in Gaza, Israel has exposed to the world its true nature of barbarism, racial supremacy and oppression.
In stark contrast, the Palestinian people have displayed breathtaking heroism, dignity and resilience in the face of the US-backed Zionist onslaught, and are now beginning to see the fruits of their struggle.
As we celebrate this moment of triumph and jubilation with the Palestinians, we also acknowledge that their fight for liberation continues and we will continue to support them with prayers for them to succeed.
It is our duty in Nigeria to stand firmly with them and support their noble cause until full victory over the Zionist enemy is achieved.
Ceasefire Announced: Gaza Emerges Triumphant Over The Zionist Regime
Chinese Foreign Minister Arrives Nigeria
By: Michael Mike
The Foreign Minister of the People’s Republic of China, Wang Yi will arrive in Abuja, Nigeria, on Wednesday for an official visit.
According to a press statement on Tuesday by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, the visiting Foreign Minister who is also a Member of the Political Bureau of the Central Committee of the Communist Party of China will be received on arrival by the Permanent Secretary, Ministry of Foreign Affairs, Ambassador Dunoma Ahmed at the Nnamdi Azikiwe International Airport.
Ebienfa said: “During his visit, H.E. Mr. Wang Yi will meet with the Honourable Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar OON, at the Ministry of Foreign Affairs, Abuja on Thursday 9th January 2025 for bilateral talks that will focus on strengthening relations between the Federal Republic of Nigeria and the People’s Republic of China.
“The visiting foreign minister will also pay a courtesy call on President Bola Ahmed Tinubu, GCFR, to deliver a special message from the Chinese President at the Presidential Villa.”
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