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UN chief urges debt relief extension for middle-income countries

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UN Secretary-General, António Guterres,
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UN Secretary-General, António Guterres, says innovative measures to address debt are required to help the world’s more than 100 middle-income countries expand their economies and exit the COVID-19 pandemic.

Guterres told the General Assembly on Thursday at UN headquarters in New York while addressing a high-level meeting on these countries.

According to him, middle-income countries account for more than half of the UN’s 193 Member States, underlining the need for financing to help them recover in the wake of the global crisis.

He said middle-income countries should have their debts suspended till 2022 to cope with the social and economic impact of the coronavirus.

Many were already dealing with mounting debt before the pandemic, which has only further aggravated the situation.

“In small island states, for example, the collapse of tourism has greatly hindered their capacity to repay debts.

“And while the global response to the debt crisis is rightly attempting to support low-income countries, middle-income countries must not be left behind,” he said.

According to him, diversity defines the world’s middle-income countries, which were already home to some 62 per cent of the world’s poor prior to the pandemic.

“The list includes India, which has a population of more than one billion, and Palau, an archipelago in the Pacific island with less than 20,000 people.

“Besides population size, these countries also vary in economic activity, geography and income levels per capita, which ranges from 1,000 dollars to 12,000 dollars annually, meaning they often exceed per capita income thresholds for debt relief,” he said.

Guterres emphasised the need for better mechanisms and international cooperation to address what he characterised as their mounting and unsustainable debt levels.

“Even if these countries manage to avoid default, they will see long-lasting limitations on critical government spending on a variety of development and climate objectives in the years to come,” he warned.

He underlined the need for “a new debt mechanism” that would include debt swaps, buy-backs and cancellations.

“This is the moment to tackle long-standing weaknesses in the international debt architecture, from lack of agreed principles, to restructurings that provide too little relief, too late.

“Innovative instruments to allow debt restructuring and meaningful debt reduction can help middle-income countries expand their fiscal space to boost investment and steer a resilient and sustainable recovery from the crisis,” said Guterres.

In March, the secretary-general convened a meeting of world leaders to bolster support for action to stave off the debt crisis in developing countries.

The UN chief was encouraged to see growing recognition around the need for new Special Drawing Rights (SDRs), a type of foreign reserve asset developed by the International Monetary Fund (IMF).

However, he said unused SDRs must be re-allocated to support vulnerable nations, including middle-income countries.

Last year, the G20 leading economies announced a debt service suspension initiative, which allowed the world’s poorest countries to temporarily halt bilateral credit payments.

The secretary-general said the measure should be extended to 2022 and “made available to highly indebted, vulnerable middle-income countries that request it.” (NAN)

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International

Tinubu Receives Ramaphosa, Seeks Stronger Ties Between Nigeria, South Africa

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Tinubu and Ramaphosa
Tinubu and Ramaphosa
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President Bola Tinubu on Thursday received his South African counterpart Cyril Ramaphosa as both leaders held a bilateral talks following the latter’s swearing-in ceremony.

The meeting was hosted by the Nigerian president in Johannesburg, South Africa.

In a statement after the meeting, Tinubu’s spokesman Ajuri Ngelale quoted his principal as saying, “I really enjoyed your speech at the ceremony. I was delighted listening to you. We have lots of issues in common, and we need to work more closely together. It was a good celebration”.

The South African president also thanked Tinubu for attending the inauguration.

“Thank you so much for coming for the inauguration. I was very happy to see my brother at the ceremony,” he said.

Ramaphosa was sworn in on Wednesday after a coalition agreement between the African National Congress (ANC) and other parties.

Tinubu was among African leaders who attended Ramaphosa’s swearing-in. A video of the South African president purportedly snubbing Tinubu at the event had gone viral.

But the Nigerian presidency in the wake of the development, said the video was taken out of context.

The Senior Special Assistant to Tinubu on Digital Communications, Strategy, and New Media O’tega Ogra on his X handle said, “For the record: 1. That first row at today’s inauguration was reserved for South African kings/royalty. 2. The South African President wasn’t expected to start greeting dignitaries at the time of the video you shared and he was respectfully recalled to the podium by the inauguration compere (see video below). 3. Immediately after President Ramaphosa finished the anthem, he went ahead to greet the visiting presidents who were all seated in the second row (similar to the way visiting presidents were seated in the third row during Nigeria’s own inauguration on May 29, 2023…).”

 

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Iranian President, Ebrahim Raisi is dead

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Late Iranian president Ebrahim Raisi
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Iranian president Ebrahim Raisi has died after his helicopter crashed amid heavy fog in northern Iran, state media reported. Raisi was 63.

Rescuers on Monday found the chopper that was carrying the Iranian president, as well as the country’s foreign minister Hossein Amirabdollahian and other senior officials, after it crashed in the mountainous northwest reaches of Iran.

The crash comes as the Middle East remains unsettled by the Israel-Hamas war, during which Raisi, under Supreme Leader Ayatollah Ali Khamenei, launched an unprecedented drone-and-missile attack on Israel just last month.

Under Raisi, Iran enriched uranium closer than ever to weapons-grade levels, further escalating tensions with the West as Tehran also supplied bomb-carrying drones to Russia for its war in Ukraine and continued arming proxy groups in the Mideast such as Yemen’s Houthi rebels and Lebanon’s Hezbollah.

Raisi was a prominent figure in Iranian politics, known for his alignment with conservative and hardline factions. He had been serving as president for nearly three years and was widely expected to run for re-election next year.

Born in Mashhad, a significant religious center for Shia Muslims in northeastern Iran, Raisi’s journey into politics was deeply rooted in his religious education.

He studied at the renowned seminary in Qom, under the guidance of prominent scholars, including Ayatollah Ali Khamenei, the current supreme leader of Iran.

His black turban, a symbol that he was a sayyid, or a descendant of the Prophet Muhammad, held special significance among Twelver Shia Muslims, further cementing his religious and political stature.

Raisi’s career as a prosecutor began in various jurisdictions before he moved to Tehran in 1985. There, he became a part of a controversial committee of judges responsible for the execution of political prisoners, a role that drew significant criticism from human rights organizations.

Raisi’s untimely death leaves a significant void in Iran’s political landscape. As the nation mourns, questions about his potential successor and the future direction of Iranian politics loom large.

 

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Nigeria’s Senate President Akpabio seeks IPU’s voice in ending conflict in Gaza

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President of the Senate, Godswill Akpabio
President of the Senate, Godswill Akpabio
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The President of Nigeria’s Senate, Godswill Akpabio, has called on the International Parliamentary Union (IPU) to lend a strong voice to the restoration of lasting peace in war-torn Gaza.

Akpabio made the call while contributing to discussions at the ongoing 148th Session of the International Parliamentary Union Assembly in Geneva, Switzerland.

He said it is time for nations to rise above sentiments and invoke the spirit of humanity, by doing all they can to bring sustainable peace to the region.

Some of the resolutions, according to the Chairman of Nigeria’s National Assembly, should include access to humanitarian aid, the restoration of normal life in Gaza, and meetings on a permanent truce.

His words: ” Madam President, this is a lone voice from Nigeria. We tried our best in Angola, and we failed to lend a collective voice to what is happening in Gaza. Today, the world is very expectant.

“We must drop ego. It has nothing to do with which country brings the proposal. The basic tenets of humanity demand that we leave here with a resolution for the rest of the world, to show that we have human feelings in us.

“The issues are very clear. If you notice the proposal for 12 blocs; they attempted to even marry the proposals from South Africa. Yes! South Africa has a right to be emotional, but we have children who are dying even as we are talking now. We have people who do not have water to drink, even as we are talking now. We have people who are going to suffer infections from gunshots.

“We have to show the world that we are human beings. The cessation of hostilities must be a part of our resolutions. Access to humanitarian aid must be a part of our resolutions.

‘At the same time, the release of hostages and even those who are prisoners of war, because if both sides take steps in releasing the hostages, releasing the prisoners of war, it means that both sides have agreed that the international community can go to the next stage, which is negotiation for sustainable peace.

“If they cannot agree, I would urge that, from here, we have a three-man drafting committee to come up with those resolutions which we must make before we leave here.

‘We can no longer allow a child to die tonight without lending our voice. It doesn’t matter which side. We are all parents. If we come here to look for ego and then try to be emotional, it’s not affecting them.

“There’s nothing affecting Denmark; there’s nothing affecting South Africa. The people affected are over there and nobody will agree to the lone resolution from Israel. It must be all-encompassing so that we stand up from here as human beings. That would be my plea.

“Let them go aside, meet and remove those vexatious items. In the course of their discussions, we can have amendments. We can add items that we should add, but we must discuss the Gaza issue in this 148th IPU Assembly. That is my position.”

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