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ADB: Myanmar’s Economy Faces Dramatic Slump After Coup

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Myanmar’s economy is set to slump dramatically in the wake of the Feb. 1, military coup, according to the Asian Development Bank (ADB).

The institution has now predicted an 18.4-per-cent year-on-year decline in Gross Domestic Product (GDP) for the troubled country in its economic outlook for the region for 2021.

The country formerly known as Burma was the only country in South-East Asia in the list where economic output was declining.

The Myanmar currency rate has been decreasing and the central bank has sold at least 45 million dollars within the last 10 days, but it has not stopped the rise in the U.S. dollar exchange rates on the market.

Junta chief Min Aung Hlaing this week expressed optimism that the crisis can be overcome by means of a six-month national plan.

“If Myanmar can upgrade the industries based on agriculture and livestock farms, the state economy is sure to resurge,’’ he said.

Experts see it differently. Citizens have as little trust in the military leadership as in the central bank, an adviser to a top business group in Myanmar, who wished to remain anonymous, told dpa on Friday.

“Due to the decrease in the economy, there isn’t much demand from the consumers, so they are buying only necessity items.

“To revive this within six months is impossible,” the adviser stressed.

In 2020, GDP growth was still around 3.2 per cent. In 2019, Myanmar was even still among the most dynamic economies in the region, with GDP growth of 6.8 per cent. (dpa/NAN)

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ECOWAS Convenes Meeting in Ghana on Withdrawal of Niger, Mali, Burkina Faso

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The Economic Community of West African States (ECOWAS) Council of Ministers has convened a meeting in Accra, Ghana, to deliberate on the withdrawal of Niger, Mali, and Burkina Faso from the regional bloc.

The Chairman of the Council, Nigeria’s Minister of Foreign Affairs Amb.

Yusuf Tuggar, made this known in a statement issued by Alkasim Abdulkadir, his Special Assistant on Media and Communications Strategy.

“The Extraordinary Session follows directive from the Authority of Heads of State and Government during its 66th Ordinary Session, mandating the Council to adopt modalities and a contingency plan for the disengagement of the three Sahelian nations.

“The ECOWAS Commission is expected to present memoranda addressing the withdrawal process, suspension of programmes in the affected countries, and challenges related to the free movement of people, goods and services.

“Additionally, the Council will examine the potential relocation of ECOWAS institutions and agencies currently based in Burkina Faso, Mali and Niger with an eye toward mitigating any disruptions caused by their exit,” Tuggar said.

He said the session marked a difficult moment in ECOWAS’s history, adding it was never the community’s wish to deliberate on the withdrawal of member states.

“In recognising the sovereignty of these nations under their current military governments, we must now adapt and chat a forward-looking path”.

He urged the ministers to embrace institutional renewal and recommitment to regional integration, emphasising ECOWAS remain the most integrated regional bloc in Africa, underpinned by harmonised policies and shared vision for political, economic and security cooperation.

“As we look ahead, our responsibility is to maintain the ECOWAS legacy and pass it on stronger to the next generation. Our unity has been tested before and we emerged stronger. We will do so again,” he stated.

The chairman of the council stressed the need for the ministers to engage in constructive deliberations and ensure the effective implementation of the countries withdrawal, reaffirming ECOWAS remain the premier platform for tackling West Africa’s collective challenges.

“Membership, as the saying goes, has its privileges,” he added.

He expressed appreciation of member states to the government and people of Ghana for their hospitality in hosting the critical session on sideline of the inauguration of “ECOWAS@50” celebrations.

The minister described the commemorative activities as timely reflection of the bloc’s achievements and aspirations, saying the gathering demonstrated unwavering commitment to advance the sub-regional community and fulfill ECOWAS’s core purpose.

NAN reports that on Jan. 29,Burkina Faso, Mali and Niger  formally withdrew from the regional bloc.

The military-led governments in the three West African nations decided to withdraw from the bloc, and formed their own security alliance, the Alliance of Sahel States, in September 2023.

With the withdrawal of the three states, ECOWAS now has 12 members. (NAN)

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Pope Francis’ Body Moved to St. Peter’s Basilica for Public to Pay Respects

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Pope Francis’ body is due to be brought in a procession from Saint Martha’s House, his residence in the Vatican, to St. Peter’s Basilica on Wednesday morning to allow believers the opportunity to bid farewell to the late head of the Catholic Church.It is anticipated that tens of thousands will pay their last respects to him in St.

Peter’s before his funeral and burial on Saturday, with world leaders expected to attend.
Until now, only cardinals, members of the Curia and Vatican employees have been able to bid farewell to the deceased pontiff in Saint Martha’s House.Francis was 88 years old and had been ill for a long time, ultimately dying of a stroke and heart failure on Easter Monday.
Unlike most popes, Francis’ final resting place will not be in St. Peter’s Basilica – the most important church in Roman Catholicism – as he has requested to be laid to rest in the significantly smaller Basilica of Saint Mary Major near Rome’s main train station. (dpa/NAN)

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Pope Francis funeral Holds on Saturday Morning at 10:00 AM.

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The Holy See Press Office announced on Tuesday that Cardinal Giovanni Battista Re, Dean of the College of Cardinals, will preside at the funeral Mass, which will be concelebrated by Patriarchs, Cardinals, Archbishops, Bishops, and priests from across the globe.

The Eucharistic celebration will conclude with the Ultima commendatio and the Valedictio, marking the beginning of the Novemdiales, or nine days of mourning and Masses for the repose of Pope Francis’ soul.

The late Pope’s body will then be taken into St. Peter’s Basilica and then to the Basilica of St. Mary Major for entombment.

Earlier, on Wednesday, the coffin containing the Pope’s body will be carried from the chapel of the Casa Santa Marta to St.

Peter’s Basilica.

Cardinal Kevin Farrell, Camerlengo of the Holy Roman Church, will preside over the rite of translation on April 23, which will begin at 9:00 AM with a moment of prayer.

The procession will pass through Santa Marta Square and the Square of the Roman Protomartyrs, according to the Holy See Press Office.

The procession will then exit through the Arch of the Bells into St. Peter’s Square and enter the Vatican Basilica through the central door.

At the Altar of the Confession, the Cardinal Camerlengo will preside over the Liturgy of the Word, at the conclusion of which the visits to the body of the Roman Pontiff will commence.

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