The World Bank Group and International Monetary Fund today convened African leaders, bilateral partners, and multilateral institutions to spur faster action on COVID-19 response in African countries. H.E. Cyril Ramaphosa of South Africa, United Nations Secretary General Antonio Guterres, Director General of the WHO Dr. Tedros Adhanom Ghebreyesus, Africa Union Commission Chairperson Moussa Faki Mahamat, and officials of individual countries outlined their policy plans for effective use of resources, multilateral organizations including the United Nations pledged their continued support, and bilateral partners reemphasized their commitment to a debt standstill beginning May 1, 2020. This comes in response to calls from the World Bank Group President Malpass, International Monetary Fund Managing Director Georgieva, and other partners for creditors to suspend debt repayments in order to provide much-needed support to the poorest countries.
“This pandemic has already had a devastating impact on Africa and its effects will deepen as the rate of infection rises. It is a setback for the progress we have made to eradicate poverty, inequality and underdevelopment,” African Union Chairperson and President of South Africa, H.E. Cyril Ramaphosa said. “While recent announcements from international partners are very welcome, large financing gaps remain and greater support is needed to ensure that African countries are able to respond effectively to the health crisis and address economic challenges.”
Together, official creditors have mobilized up to $57 billion for Africa in 2020 alone—including upwards of $18 billion from the IMF and the World Bank each—to provide front-line health services, support the poor and vulnerable, and keep economies afloat in the face of the worst global economic downturn since the 1930s. Private creditor support this year could amount to an estimated $13 billion. This is an important start, but the continent needs an estimated $114 billion in 2020 in its fight against COVID-19, leaving a financing gap of around $44 billion.
The World Bank Group and the IMF suggested a range of financing options and policy tools as part of the pandemic response, many of which African countries are looking to implement as they plan for the medium and long-term impacts of the crisis. These include further financing from official and private sector creditors.
“The World Bank Group is putting its full capacity to work for people across Africa as they fight this pandemic,” said World Bank Group President David Malpass. “The world has rarely seen a crisis of this magnitude, and no one can stand on the sidelines; we cannot leave any country behind in our response. We have provided emergency support to 30 countries across Africa so far, with more to come, and will continue to advocate for debt relief and increased resources, especially for those countries hardest hit by COVID-19.”
“Our message is clear: We stand with Africa: Through our commitments today we are ‘Mobilizing with Africa’ to help soften the blow of COVID-19 on the continent,” IMF Managing Director Kristalina Georgieva said. “The pandemic is having a monumental impact across Africa and the IMF is leaning forward with many other partners to leverage our resources and to help save lives and livelihoods”. She added that “The IMF will provide more concessional financing and we count on others to step up and do their part, to shield the economy and the people, and provide the foundations for a strong and sustainable recovery”.
It will also be critical for African countries to work together especially on the health response and on limiting trade disruptions to ensure freer movement of medical and food supplies. With so many people working in informal jobs – 89 percent of workers in Sub-Saharan Africa alone – countries need to take immediate steps to expand social safety net programs and support workers and small enterprises. Government services will equally need attention to keep running effectively for the duration of this crisis.
World Bank Group and IMF leaders applauded the groundbreaking accord among G20 countries to temporarily suspend debt payments to IDA and least developed countries beginning May 1, 2020.
The World Bank Group is taking broad, fast action to help developing countries strengthen their pandemic response, increase disease surveillance, improve public health interventions, and help the private sector continue to operate and sustain jobs. It is deploying up to $160 billion in financial support, $55 billion of which will be for Africa, over the next 15 months to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery.
The IMF has been moving rapidly to provide comprehensive support its member countries, by leveraging our $1 trillion lending capacity; doubling annual access limits for our rapid disbursing vehicles to about $100 billion to respond to unprecedented calls for emergency financing from more than 100 countries; approving a short-term liquidity line for countries with very strong economic fundamentals and exploring additional tools to help meet countries’ financing needs; and, revamping our Catastrophe Containment and Relief Trust to help 29 of our poorest and most vulnerable members through rapid debt service relief, 23 of which are in Africa.
Scholz and Macron threaten trade retaliation against Biden
After publicly falling out, Olaf Scholz and Emmanuel Macron have found something they agree on: mounting alarm over unfair competition from the U.S. and the potential need for Europe to hit back, – writes POLITICO.
The German chancellor and the French president discussed their joint concerns during nearly three-and-a-half hours of talks over a lunch of fish, wine and Champagne in Paris.
They agreed that recent American state subsidy plans represent market-distorting measures that aim to convince companies to shift their production to the U.S., according to people familiar with their discussions. And that is a problem they want the European Union to address.
Both leaders agreed that the EU cannot remain idle if Washington pushes ahead with its Inflation Reduction Act, which offers tax cuts and energy benefits for companies investing on U.S. soil, in its current form. Specifically, the recently signed U.S. legislation encourages consumers to “Buy American” when it comes to choosing an electric vehicle — a move particularly galling for major car industries in the likes of France and Germany.
The message from the Paris lunch is: ‘If the U.S. doesn’t scale back, then the EU will have to strike back. That move would risk plunging transatlantic relations into a new trade war.’
Crucially, Berlin — which has traditionally been more reluctant when it comes to confronting the U.S. in trade disputes — is indeed backing the French push. Scholz agrees that the EU will need to roll out countermeasures similar to the U.S. scheme if Washington refuses to address key concerns voiced by Berlin and Paris, according to people familiar with the chancellor’s thinking.
Before bringing out the big guns, though, Scholz and Macron want to try to reach a negotiated solution with Washington. This should be done via a new “EU-U.S. Taskforce on the Inflation Reduction Act” that was established during a meeting between European Commission President Ursula von der Leyen and U.S. Deputy National Security Adviser Mike Pyle.
Uzbekistan’s Artel joins UN’s ‘Orange The World’ campaign against gender-based violence
Artel Electronics LLC (Artel), Central Asia’s largest home appliance and electronics manufacturer, has teamed up with the UN Population Fund (UNFPA) on a public information campaign against gender-based violence.
The campaign is in line with the UN’s 16 Days of Activism against Gender-Based Violence, which utilizes the color orange to symbolize a brighter future. Artel’s green branding turned orange for several days in advertising material throughout Uzbek capital Tashkent, and public figures made statements to raise awareness.
Artel joins an international movement that kicked off on 25th November and lasts for 16 days. Since 1991, it has been used by individuals and organizations to call for the prevention and elimination of violence against women and girls.
This is the second year the company has ‘gone orange’. Artel Electronics HR Director, Lazizbek Mamatov, also took part in a panel discussion about Gender Equality in the Workplace hosted by the UNFPA at Westminster International University in Tashkent in line with the campaign.
Shohruh Ruzikulov, CEO of Artel, said “It is a privilege to once more work with the UN in raising awareness about the issue of Gender Based Violence. In Uzbekistan, this conversation is at a relatively young stage. We are proud to stand against domestic violence and continue Artel’s work in all areas to contribute to a better society.”
Mr. Yu Yu, Country Representative of the United Nations Population Fund, said “We are delighted to partner with a company like Artel on such an important issue. The public reach of the private sector is vital in ensuring our message to stand against domestic violence can be heard across all segments of society. We are grateful to Artel for taking leadership on this important issue in Uzbekistan. Together, we can make the change.”
The true rate of domestic violence in Uzbekistan is not known. However, the government alongside diplomatic partners and aid organizations are prioritizing the issue. In recent years the Presidential Administration has issued decrees targeted at domestic violence prevention, the government has adopted laws guaranteeing equal rights for women, and funding has been provided for information campaigns and rehabilitation centers.
Support for this campaign is just one of Artel’s initiatives to support women’s empowerment. Internally, the company has introduced whistle-blowing mechanisms, and is implementing an internal legal clinic to improve the legal literacy of employees. Over the last year, the proportion of women in the company’s 10,000 employees has risen by 5%, to 35%. The global average for the manufacturing industry is thought to be around 30%.
In 2021, Artel became a full participant of the UN Global Compact (UNGC), the world’s largest business community focused on sustainable development. In doing so, the company committed to promoting ten principles covering human rights, labor rights and environmental protection.
Douglas Macgregor: ‘Russia will establish Victory on its own terms’
The Biden administration repeatedly commits the unpardonable sin in a democratic society of refusing to tell the American people the truth: contrary to the Western media’s popular “Ukrainian victory” narrative, which blocks any information that contradicts it, Ukraine is not winning and will not win this war, notes in his new article Douglas Macgregor, Col. (ret.), who was the former advisor to the Secretary of Defense in the Trump administration.
Months of heavy Ukrainian casualties, resulting from an endless series of pointless attacks against Russian defenses in Southern Ukraine, have dangerously weakened Ukrainian forces.
Predictably, NATO’s European members, which bear the brunt of the war’s impact on their societies and economies, are growing more disenchanted with Washington’s Ukrainian proxy war.
European populations are openly questioning the veracity of claims in the press about the Russian state and American aims in Europe.
The influx of millions of refugees from Ukraine, along with a combination of trade disputes, profiteering from U.S. arms sales, and high energy prices risks turning European public opinion against both Washington’s war and NATO.
After concluding that the underpinning assumptions regarding Washington’s readiness to negotiate and compromise were invalid, Putin directed the STAVKA to develop new operational plans with new goals:
– first, to crush the Ukrainian enemy;
– second, to remove any doubt in Washington and European capitаls that Russia will establish Victory on its own terms;
– and, third, to create a new territorial Status Quo commensurate with Russia’s national security needs.
It is now possible to project that the new Russian armed forces that will evolve from the crucible of war in Ukraine will be designed to execute strategically decisive operations.
The new military establishment will consist of much larger forces-in-being that can conduct decisive operations on relatively short notice with minimal reinforcement and preparation.
Put differently, by the time the conflict ends, it appears Washington will have prompted the Russian State to build up its military power, the very opposite of the fatal weakening that Washington intended when it embarked on its course of military confrontation with Moscow.
Biden’s “take no prisoners” conduct of U.S. foreign policy means the outcome of the next phase of the Ukrainian War will not only destroy the Ukrainian state. It will also demolish the last vestiges of the postwar liberal order and produce a dramatic shift in power and influence across Europe, especially in Berlin, away from Washington to Moscow and, to a limited extent, to Beijing, writes Douglas Macgregor.
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