Connect with us

Foreign News

Coronavirus: France Urges Debt Relief for Africa

Published

on

Share

 French President Emmanuel Macron on Wednesday called for a global moratorium on debt repayments by African countries, amid warnings that sub-Saharan Africa is headed for its worst economic performance in at least 50 years due to the coronavirus pandemic.

Macron said that he hoped a virtual meeting on Wednesday of finance ministers from the G20 industrialised countries and emerging economies could agree on the moratorium.

It should involve all major Western powers, China, Russia and the Gulf States, as well as multilateral lenders, Macron said.

Developed countries had all responded to the crisis with massive monetary and budgetary action, but Africa’s large debts as well as credit flight made such moves harder there, he said.

“Every year a third of Africa’s commercial exports go to service its debt,” he argued. “It’s crazy!”

Macron said he favoured a large-scale cancellation of African countries’ debts, but the AU considered that a moratorium was more likely to find agreement in the short term.

The International Monetary Fund (IMF) predicted on Wednesday that sub-Saharan Africa’s economy is now set to shrink by 1.6 per cent this year, according to the head of its African Department, Abebe Selassie.

This is the worst performance seen since at least 1970, Selassie said.

“The possibility that growth could contract more still is quite high. No country will be spared,’’ he said.

He spoke of a “poisonous cocktail of shocks,” including the economic impact of restrictions that have been imposed to curb the spread of the new coronavirus.

And also falls in remittance flows, tourism, investment and demand for the region’s goods and services.

“A contraction in the size of the economy means that there’s less income that is being generated and that will translate into a decline in standards of living,” he said.

“I cannot stress how significant the threat to the region is,” he added.

“This crisis is unprecedented and equally calls for bold and decisive support from the international community.”

The IMF is set to provide about 11.5 billion dollars in new financing and debt relief to 32 sub-Saharan countries that have already requested help, he said.

Governments, multilateral institutions, philanthropic groups, non-governmental organizations and private businesses should all “join forces in an unprecedented effort to consolidate Africa’s health defences,” more than a dozen African and European leaders  said on Tuesday.

They called for a stimulus package of at least 100 billion dollars to give African countries “the fiscal space they need to devote more public health resources to fighting the virus, while mitigating its economic and social consequences.”

“This crisis has shown how interconnected we all are. No region can win the battle against COVID-19 alone.

“If it is not beaten in Africa, it will return to haunt us all,” the leaders warned.

Africa has so far recorded around 16,000 cases and 875 deaths, according to the continent’s Centres for Disease Control and Prevention.

Macron said there was no guarantee that African countries would continue to be spared the worst of the pandemic, but Europe would be better placed to help if the peak in Africa came after European countries had got over the worst of it.

African leaders should try and delay the epidemic on their soil with measures such as lockdowns, he suggested. (dpa/NAN)

Foreign News

Russian Army Fires Ballistic Missiles at Kiev from Crimean Peninsula

Published

on

Share

The Russian Army has hit the Ukrainian capital, Kiev, with ballistic missiles, injuring four people and damaging an uninhabited three-storey building, according to officials.

Kiev Mayor Vitali Klitschko said  that two of the injured  people were in a central neighbourhood and  had been taken to hospital.

Rocket debris also fell in two other neighbourhoods.

According to the Ukrainian air force, two ballistic missiles were fired at the city of millions, from the Russian-controlled Crimea Peninsula.

Both were shot down.

Half a dozen explosions from anti-aircraft missiles had previously been heard in the city centre.

The air raid warning was only triggered a few seconds beforehand, it said.

Ukraine has been facing  Russian invasion for over two years.

Since then, the Ukrainian air defence system has been massively reinforced with Western systems. (dpa/NAN)

Continue Reading

Foreign News

Cambodia Arrests 2 Foreigners for Smuggling 2.27 kg Narcotics

Published

on

Share

Cambodian customs police at the Phnom Penh International Airport said they have arrested two South Korean nationals for an attempt to smuggle 2.27 kg narcotics to South Korea.

The duo, a man and woman, were caught Sunday night while they checked in for a ZA215 flight bound for Seoul.

The General Department of Customs and Excise of Cambodia said in a news release on Monday.

In their body searches, our customs officials found many packs of drugs wrapped around their waists, the news release said.

“As a result, some 1.29 kg of crystal methamphetamine and 0.98 kg of ketamine were seized from the two suspects’ possession.’’

The Southeast Asian country has no death sentence for a drug trafficker.

Under its law, someone found guilty of trafficking more than 80 grammes of illicit drugs could be jailed for life.

According to the country’s Anti-Drug Department (ADP), Cambodia nabbed 3,899 drug-related suspects, including 106 foreigners, in 1,659 cases from Jan. 1 to March 3, 2024.

According to the report they confiscated a total of 2.79 tonnes of narcotics.

Most of the seized drugs were ketamine, crystal methamphetamine, methamphetamine tablets, heroin, ecstasy, and cocaine. (Xinhua/NAN)

Continue Reading

Foreign News

February Ends with Extreme Heat – WMO

Published

on

Share

The UN weather agency, the World Meteorological Organisation (WMO), says February saw more extreme heat and unusually high temperatures in both hemispheres.

Summarising the state of the climate, it said the month ended with extreme heat in the southern hemisphere where it is summer, while high temperatures atypical of the northern hemisphere winter prevailed.

Parts of North and South America, northwest and southeast Africa, southeast and far eastern Asia, western Australia and Europe all saw record-breaking temperatures, either on a daily basis or for all of February.

“The anomalous heat is consistent with the persisting warming observed since June 2023, with seven consecutive new global monthly temperature records, including January 2024,” Alvaro Silva, a climatologist working with the WMO, said in a statement.

Global sea surface temperatures were record high. While the El Niño weather pattern “has stoked temperatures in some parts of the world, human induced climate change is the long-term major contributing factor,” he added.

Conversely, a large part of northwestern Canada, central Asia – and from southern central Siberia to southeastern China – witnessed exceptional cold during the last week of the month.

The meteorological winter in the northern hemisphere and summer in the southern hemisphere finished officially at the end of February.

Meanwhile, the UN refugee agency (UNHCR) raised increasing concern on Friday that more refugees would cross into Chad from Darfur in the coming weeks amid a worrying lack of food and other essentials.

Almost a year since the start of the civil war between rival militaries in Sudan, neighbouring Chad urgently needs more humanitarian aid and significant development investment, the agency reported, especially in its eastern areas which are hosting the refugee influx.

This investment will allow the country to continue its generous open-door stance towards refugees.

“Chadian officials are concerned that many more hungry Sudanese families will come in the next weeks,” said Kelly Clements, UNHCR’s Deputy High Commissioner, who is in the country to review the relief operation.

“The country is committed to keeping its borders open, despite the fragility of this region.

“But, doing so will put even more strain on Chad, which has so graciously been hosting refugees from Sudan’s war – now raging almost a year – and other refugees still here from earlier emergencies.” (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS3 hours ago

Board Sanctions 118 Immigration, Civil Defence Officers

ShareThe Board of NSCDC, Fire Service, Correctional, and Immigration Service, has approved the sanction of 118 personnel for various offences....

NEWS4 hours ago

NSCDC Inaugurates Female Strike Force to Secure FCT Schools

Share The FCT Commandant of Nigeria Security and Civil Defence Corps (NSCDC), Mr Olusola Odumosu, has inaugurated the corps Female...

NEWS4 hours ago

Tinubu Appoints Bello as new Chairman of CCB

Share President Bola Tinubu has appointed Dr Abdullahi Usman Bello as the new Chairman of the Code of Conduct Bureau...

NEWS4 hours ago

170 Incidents of Electrical Installation Vandalism Reported in 2 years in S/East – EEDC

Share The Enugu Electricity Distribution Company (EEDC), says at least 170 incidents of electrical installation vandalism were reported within two...

NEWS4 hours ago

Diri Tasks New SSG on Performance

ShareFrom Mike Tayese, YenagoaGovernor Douye Diri of Bayelsa State, has charged the newly appointed Secretary to the State Government (SSG),...

NEWS4 hours ago

Ogah tasks CAN chair, Nwokolo to account for N100m given by Nwifuru

ShareFrom Godwin Okeh, AbakalikiThe Factional chairman of the Christian Association of NIgeria CAN, Ebonyi state chapter, Alloy Ogah has urged...

NEWS4 hours ago

Adamawa Poly Admits 180 Non-Formal Students For Skill Qualifications Certificate

ShareBy Yagana Ali, YolaThe Adamawa State Polytechnic, Yola have admitted about 180 trainees from the informal sector into various skills...

OPINION4 hours ago

Politics as the Fourth Factor of Production

ShareBy Majeed Dahiru The advent of the industrial revolution in the 18th century in the United Kingdom, continental Europe and...

NEWS4 hours ago

Projects: Wike Thanks Tinubu for the Opportunity to Serve

ShareBy Laide Akinboade, AbujaThe Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, on Thursday commended  President Bola Tinubu...

NEWS4 hours ago

30,000 Tertiary, Primary /Secondary Students Benefit From Ogun Educash Scheme

ShareFrom Kunle Idowu, AbeokutaSo far, no fewer than twenty thousand Ogun State  students in tertiary institutions across the country have...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc