As the most robust economy in Central Africa, Cameroon, has in the past decade taken steps to further boost growth, making major advances in providing health, education, and clean water, and launching an ambitious infrastructure investment programme to become a middle-income country by 2035, according to the AfDB’s Cameroon Country Brief released on 2 November 2017.
The report highlights the country’s efforts towards achieving this objective, with the Bank’s support, by aligning its development actions to AfDB High 5 strategic pillars.
“Progress has been impressive, but a big leap in business competitiveness is required, to create a more diverse, inclusive, regional economy,” said Simon Mizrahi, Director of the Delivery, Performance Management and results.
Here are a few highlights and insights from the report:
- Light Up and Power Cameroon: With abundant sun, rivers, and natural gas reserves, Cameroon could potentially be an electricity exporter to the Central African Economic and Monetary Community (CEMAC). But for now, the country must address domestic power shortages, strong annual demand growth of 8%, and low electricity access in rural areas. As of next year, however, 2.7 million Cameroonians will have better electricity access, due to a national plan to expand production and transmission with AfDB’s support.
- Feed Cameroon: To fulfill its potential in agriculture, which accounts for 40% of GDP, , the AfDB has helped Cameroon double agriculture output, which has lifted the livelihoods of 4.6 million farmers by 15%, including promoting small holders agribusiness, better nutrition, and strengthening food security.
- Industrialise Cameroon: The economy rebounded to 5.7% growth in 2015, boosted by agribusiness and construction, and the time to start a business shrank to 15 days from 45. However, the country should cut red tape and make it easier for businesses to get loans. Internet use rose 10-fold but stands at 11%, although that will grow: the Central African Backbone will install 1,000 km of fiber optic cables with AfDB financing.
- Integrate Cameroon: Intra-Africa trade tripled in the past decade, but a big investment gap remains to build transport, energy, and information and communications infrastructure to underpin further growth. Recent trade growth was boosted by an AfDB-backed road, the 535 km corridor in the fertile zone from Bamenda in Cameroon to Enugu in Nigeria, which cut travel time to hours instead of days, and lifted the incomes of traders and farmers.
- Improve the Quality of Life for Cameroonians: Despite investing heavily in health centers, schools, and clean water – only three-quarters of the population currently have clean drinking water – Cameroon must create more jobs, especially for its youth.
To better serve Cameroon, AfDB has recently expanded its Yaounde office, striking new partnerships to leverage more financing, and raising its investment to $2.8 billion.
Looking forward, Cameroon has several ambitious endeavours in its bid to narrow the investment gap in trade, energy, and transport, and to further expand its position as the largest regional trading partner in Central Africa, though projects, such as the AfDB-funded study on the Cameroon-Chad electricity Interconnection Line, one of the largest projects in the Economic community of Central African States (ECCAS).
Canada’s bold policies can underpin a successful energy transition
Canada has embarked on an ambitious transformation of its energy system, and clear policy signals will be important to expand energy sector investments in clean and sustainable energy sources, according to a policy review by the International Energy Agency.
Since the IEA’s last in-depth review in 2015, Canada has made a series of international and domestic climate change commitments, notably setting a target to cut greenhouse gas emissions by 40-45% from 2005 levels by 2030 and a commitment to reach net zero emissions by 2050.
To support those climate and energy targets, governments in Canada have in recent years worked on a number of policy measures, including an ambitious carbon-pricing system, a clean fuels standard, a commitment to phase out unabated coal-fired electricity by 2030, nuclear plant extensions, methane regulations in the oil and gas sector, energy efficiency programmes and measures to decarbonise the transport sector.
“Canada has shown impressive leadership, both at home and abroad, on clean and equitable energy transitions,” said IEA Executive Director Fatih Birol, who is launching the report today with Jonathan Wilkinson, Canada’s Minister of Natural Resources. “Canada’s wealth of clean electricity and its innovative spirit can help drive a secure and affordable transformation of its energy system and help realise its ambitious goals. Equally important, Canada’s efforts to reduce emissions – of both carbon dioxide and methane – from its oil and gas production can help ensure its continued place as a reliable supplier of energy to the world.”
Canada’s profile as a major producer, consumer and exporter of energy presents both challenges and opportunities for reaching the country’s enhanced targets. Energy makes up 10% of gross domestic product and is a major source of capital investment, export revenue and jobs. Moreover, Canada’s highly decentralised system of government means that close coordination between federal, provincial and territorial governments is essential for a successful energy transition.
“This report acknowledges Canada’s ambitious efforts and historic investments to develop pathways to achieve net-zero emissions by 2050 and ensure a transition that aligns with our shared objective of limiting global warming to 1.5 degrees Celsius, “ said Minister Wilkinson. “These are pathways that make the most sense for our people, our economy and our country and will also yield technology, products and know-how that can be exported and applied around the world.”
The IEA finds that emissions intensity from Canada’s oil and gas production has declined in recent years, but the sector remains a major source of greenhouse gases, accounting for about a quarter of the country’s GHG emissions. Along with strong action to curb methane emissions, improving the rate of energy technology innovation will be essential for the deep decarbonisation that is needed in oil and gas production, as well as in the transport and industry sectors. Canada is actively advancing innovation in a number of key fields, including carbon capture, utilisation and storage; clean hydrogen; and small modular nuclear reactors, with a view to serving as a supplier of energy and climate solutions to the world. The IEA notes that further federal support for research, development and demonstration would help accelerate progress towards these goals.
The IEA is also recommending that Canada’s federal government promote a comprehensive energy efficiency strategy in consultation with provinces and territories that sets clear targets for energy efficiency in the buildings, industry and transport sectors
The IEA report highlights that Canada’s electricity supply is among the cleanest in the world, with over 80% of supply coming from non-emitting sources, thanks to the dominance of hydro and the important role of nuclear. To further support the expansion of clean power and electrification, the report encourages increased interconnections among provinces and territories to ensure balanced decarbonisation progress across the country.
The IEA commends Canada on its efforts to advance a people-centred approach to its clean energy transition, including initiatives to promote diversity and inclusion in clean energy sectors; programmes to increase access to clean energy in northern, remote and Indigenous communities; and actions to enable just transitions for coal workers and their communities.
“Canada has laid out a comprehensive set of policy measures and investments across sectors to meet its climate targets, including a strong clean energy component to its Covid-19 economic recovery efforts,” said Dr Birol. “I hope this report will help Canada navigate its path toward economy-wide emissions reductions and a net zero future.”
WHO recommends two new drugs to treat patients with COVID-19
The World Health Organization (WHO) on Thursday reccommended two new drugs to treat patients with COVID-19, one for patients with critical disease, and another deemed effective for non-severe cases.
The first drug, baricitinib, is a Janus kinase (JAK) inhibitor- a class of drugs used to treat autoimmune conditions, blood and bone marrow cancers, and rheumatoid arthritis.
According to the WHO Guideline Development Group, it is “strongly recommended” for patients with severe or critical disease in combination with corticosteroids.
The group of international experts based their recommendation on “moderate certainty evidence” that it improves survival and reduces the need for ventilation.
There was no observed increase in adverse effects.
The experts note that it has a similar effectas other arthritis drugs called interleukin-6 (IL-6) inhibitors. Because of that, when both drugs are available, they suggest choosing the best option based on cost, availability, and clinician experience.
It is not recommended to use both drugs at the same time.
The experts also advise against the use of two other JAK inhibitors (ruxolitinib and tofacitinib) for patients with severe or critical cases of COVID-19 infection.
According to them, trials undergone using these drugs failed to show any benefits arising using either drug,and suggested a possible increase in serious side effects with tofacitinib.
In the same update, WHO makes a conditional recommendation for the use of a monoclonal antibody known as sotrovimab in patients with non-severe cases.
According to them, the drug should only be administered to patients at the highest risk of hospitalisation. In those at lower risk, it onlyshowed “trivial benefits”.
A similar recommendation has been madepreviously, for another monoclonal antibody drug, casirivimab-imdevimab, and the experts say there is insufficient data to recommend one over the other.
For both, the effectiveness against new variants, like Omicron, is still uncertain.
The group will update their guidelines for monoclonal antibodies when more data becomes available.
These recommendations are based on new evidence from seven trials involving over 4,000 patients with non-severe, severe, and critical infections.
Developed by WHO with the methodological support of MAGIC Evidence Ecosystem Foundation, the guidelinesprovide trustworthy guidance and help doctors make better decisions with their patients.
According to the agency, the guidelines are useful in fast moving research areas, because they allow researchers to update evidence summaries as new information becomes available.
The latest guidance also updates recommendations for the use of interleukin-6 receptor blockers and systemic corticosteroids for patients with severe or critical COVID-19; conditional recommendations for the use of casirivimab-imdevimab (another monoclonal antibody treatment) in selected patients; and against the use of convalescent plasma, ivermectin and hydroxychloroquine, regardless of disease severity.
Vietnam’s economic growth is expected to accelerate to 5.5% in 2022
Vietnam’s economic recovery is likely to accelerate in 2022 as GDP growth is expected to rise to 5.5% from 2.6% in the year just ended, the World Bank’s economic update for Vietnam Taking Stock says.
Assuming the COVID-19 pandemic will be brought under control at home and abroad, the forecast envisions that Vietnam’s services sector will gradually recover as consumer and investor confidence firms, while the manufacturing sector benefits from steady demand from the United States, the European Union, and China. The fiscal deficit and debt are expected to remain sustainable, with the debt-to-GDP ratio projected at 58.8 percent, well below the statutory limit.
The outlook, however, is subject to serious downside risks, particularly the unknown course of the pandemic. Outbreaks of new variants may prompt renewed social distancing measures, dampening economic activity. Weaker-than-expected domestic demand in Vietnam could weigh on the recovery. In addition, many trading partners are facing dwindling fiscal and monetary space, potentially restricting their ability to further support their economies if the crisis persists, which in turn could slow the global recovery and weaken demand for Vietnamese exports.
Careful policy responses could mitigate these risks. Fiscal policy measures, including temporary reduction of VAT rates and more spending on health and education, could support aggregate domestic demand. Support for affected businesses and citizens could be more substantial and more narrowly targeted. Social protection programs could be more carefully targeted and efficiently implemented to address the severe and uneven social consequences of the crisis. Heightened risks in the financial sector should be closely monitored and addressed proactively.
Entitled “NO TIME TO WASTE: The Challenges and Opportunities of Cleaner Trade for Vietnam,” this edition of Taking Stock argues that greening the trade sector should be a priority. Trade, while an important driver of Vietnam’s remarkable economic growth over the past two decades, is carbon-intensive —accounting for one-third of the country’s total greenhouse gas emissions — and polluting.
While Vietnam has started to decarbonize activity associated with trade, more needs to be done to respond to mounting pressures from main destination markets, customers, and multinational companies for greener products and services.
“Trade will be key component of Vietnam’s climate actions in the years to come,” said Carolyn Turk, World Bank Country Director for Vietnam. “Promoting greener trade will not only help Vietnam follow through on its pledge to reach net zero emission in 2050 but will also help it keep its competitive edge in international markets and ensure trade remains a critical income and job generator.”
The report recommends the Government act on three fronts: facilitate the trade of green goods and services, incentivize green foreign direct investment, and develop more resilient and carbon-free industrial zones.
Taking Stock is the World Bank’s bi-annual economic report on Vietnam.
Decade of Sahel conflict leaves 2.5 million people displaced
The UN Refugee Agency (UNHCR) called on Friday for concerted international action to end armed conflict in Africa’s central Sahel...
Omicron and Vaccine Nationalism: How Rich Countries Have Contributed to Pandemic’s Longevity
In a global pandemic, “Nobody is safe until everyone is safe”, – it is more of true with respect to...
Canada’s bold policies can underpin a successful energy transition
Canada has embarked on an ambitious transformation of its energy system, and clear policy signals will be important to expand...
SADC extends its joint military mission in Mozambique
The Southern African Development Community (SADC) has collectively decided to extend its force mission mandate in Mozambique for three months...
Green Infrastructure Development Key to Boost Recovery Along the BRI
The Belt and Road Initiative (BRI) presents a significant opportunity to build out low-carbon infrastructure in emerging and developing economies...
The Crypto Regulation: Obscure Classification Flusters Regulators as Crypto Expands into Derivatives Markets
Crypto regulation has long been a topic of debate in policymaking circles. As the white-hot market continues to soar in...
China-US and the Iran nuclear deal
Iranian Foreign Minister Hossein Amir Abdollahian met with Chinese Foreign Minister, Wang Yi on Friday, January 14, 2022 in the...
Tech News4 days ago
C-Suite Toolkit Helps Executives Navigate the Artificial Intelligence Landscape
South Asia4 days ago
Major Challenges for Pakistan in 2022
Middle East3 days ago
Kurdish Education in Turkey: A Joint Responsibility
Finance3 days ago
Why cash is a critical resource with no substitute in cashless societies
Crypto Insights3 days ago
Investing in the Crypto Sphere: A Guide for Beginners in 2022
Central Asia4 days ago
A Reflection on President Xi’s message to Kazakh President Tokayev
Russia3 days ago
Russia’s Potential Invasion of Ukraine: Bringing In Past Evidence
East Asia3 days ago
Japan’s Rohingya Policy: Deviation From Long-held Distinction