Connect with us

International News

World Bank Chief Warns As Mistrust Divides Global South, West

Published

on

The President of the World Bank, Ajay Banga, has expressed concern over the increasing mistrust that is driving a wedge between the Global South and the West.

He pointed out that the Global South’s frustration with the developed world’s response to climate change is entirely understandable.

During a crucial gathering of G20 finance ministers in India, the newly-appointed World Bank chief highlighted the perilous consequences of widening disparities between wealthy and impoverished nations.

He emphasized that such divisions could exacerbate poverty in the developing world, particularly as many countries continue to grapple with the aftermath of the COVID-19 pandemic and the impact of global fuel and commodity price fluctuations resulting from Russia’s war in Ukraine.

Climate change, meanwhile, is most painfully affecting some of the poorest countries least able to cope.

Ajay Banga, president of the World Bank, said he feared a lack of progress was in danger of splitting the global economy, to the detriment of the world’s poorest.

“The thing that keeps me up at night is a mistrust that is quietly pulling the Global North and South apart at a time when we need to be uniting,” Banga told the two-day meeting of finance ministers and central bank chiefs in Gandhinagar, Gujarat state.

“The Global South’s frustration is understandable. In many ways they are paying the price for our prosperity,” said Indian-born Banga, a naturalised American citizen who took up the bank post last month after being nominated by United States President Joe Biden.

“When they should be ascendant, they’re concerned promised resources will be diverted to Ukraine’s reconstruction, they feel energy rules aren’t applied evenly, constraining ambition, and they’re worried the grip of poverty will pull down another generation.”

The World Bank said it is working to increase its financial capability – including by raising hybrid capital from shareholders – to spur growth and jobs, but said the future economy could not rely on expansion at the cost of the environment.

“The simple truth is: we cannot endure another period of emission-intensive growth,” Banga said.

‘Balanced and inclusive growth’
Indian Finance Minister Nirmala Sitharaman, chair and host of the get-together, launched talks on Monday by reminding leaders of their responsibility “to steer the global economy towards strong, sustainable, balanced and inclusive growth”.

Click to comment

International News

I Won’t Resign, Says Spain’s PM

Published

on

Prime Minister Pedro Sanchez of Spain has officially announced that he will not be resigning, bringing an end to a period of intense political speculation.

His declaration, made during a public address on Monday, follows days of uncertainty surrounding his tenure.

Earlier reports had hinted at Sanchez’s potential resignation amidst ongoing investigations into his wife, Begona Gomez’s alleged involvement in influence peddling and corruption.

However, Sanchez clarified that his contemplation of resignation was not driven by political strategy but rather by concerns over growing polarization and the dissemination of deliberate misinformation within the political landscape.

Sanchez passionately addressed the need to combat the degradation of public discourse, stating, “For too long, we’ve allowed toxic methods to corrupt our political and public life, methods that were unthinkable just a few years ago… Do we truly desire this for Spain?”

He emphasized his conviction, declaring, “I have acted with a clear determination: either we declare ‘enough is enough’ or allow this deterioration of public life to shape our future and condemn our nation.”

Sanchez’s choice to remain in office was significantly influenced by a strong demonstration of support at the Socialist Party’s headquarters in Madrid, where enthusiastic supporters passionately chanted, “Pedro, stay!” This outpouring of solidarity occurred shortly after the public prosecutor’s office recommended closing the investigation into Gomez.

Sanchez’s reaffirmation of his leadership role comes at a pivotal juncture as he gears up to guide his party through the upcoming regional elections in Catalonia on May 12.

The Socialists are poised to contest against the pro-independence factions currently holding sway, underscoring the significance of his continued leadership.

 

Continue Reading

International News

UK Imposes Sanctions On Businesses Linked To Sudan Conflict

Published

on

Britain has taken a decisive stance against the escalating conflict in Sudan by announcing sanctions targeting businesses associated with the warring factions.

Since the outbreak of fighting between rival generals on April 15 last year, the situation has deteriorated drastically, resulting in thousands of casualties and forcing approximately 1.8 million people to seek refuge in neighboring countries.

Aid workers on the ground have painted a grim picture of the humanitarian catastrophe unfolding in the country, with civilians enduring starvation, sexual violence, ethnic killings, and executions.

The UK’s Foreign Office has underscored the severity of the situation, emphasizing that “strict measures” will be implemented, including asset freezes on companies with ties to the Sudanese Armed Forces (SAF) and its rival, the paramilitary Rapid Support Forces (RSF).

British foreign minister David CameronCameron said “We continue to see appalling atrocities against civilians, unacceptable restrictions on humanitarian access and an utter disregard for civilian life.

“The businesses that support the warring parties must be held to account, alongside those responsible for human rights abuses.  The world must not forget about Sudan. We urgently need to end the violence.

The sanctions target specific entities, including Alkhaleej Bank, implicated in financing the RSF, and Al-Fakher Advanced Works, a holding company facilitating gold exports for the organization, with proceeds funnelled into weapons acquisition.

Additionally, Red Rock Mining, known for providing funds to the SAF, faces sanctions. The company’s close ties to Defence Industries System, the economic and manufacturing arm of the SAF, further solidify its inclusion in the sanctions, as stated by the Foreign Office.

France, currently hosting an international conference on Sudan, is urging for aid contributions and heightened global attention to address what officials describe as a crisis overshadowed by ongoing conflicts in Ukraine and Gaza.

Will Carter, Sudan country director for the Norwegian Refugee Council, emphasized the dire conditions faced by civilians in the region, including starvation, widespread sexual violence, ethnic massacres, and executions.

According to the UN, over 8.5 million people have been displaced since the onset of the conflict.

The World Health Organization has issued warnings about the country’s collapsing health system, citing acute shortages of medical staff and essential medicines as pressing concerns.

 

 

Continue Reading

International News

JUST IN: Iran Summons 3 European Ambassadors Over Israel Attack

Published

on

In response to what it perceives as undue criticism from officials in France, Britain, and Germany, Iran summoned their respective ambassadors to Tehran on Sunday.

The move comes in the wake of Iran’s recent missile and drone strike on Israel.

According to the official IRNA news agency, the Iranian Ministry of Foreign Affairs cited “irresponsible positions” from certain officials in these countries regarding Iran’s retaliation against perceived Israeli provocations impacting Iranian citizens and interests.

The Agency said, “The British, French, and German ambassadors to Tehran were summoned to the Ministry of Foreign Affairs following the irresponsible positions of certain officials of these countries regarding Iran’s response to the actions of the Zionist regime (Israel) against the nationals and interests of our country.”

 

More to follow……. 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.