In the latest news, the 'grey list' of countries was updated, Pakistan is on it, and schools and offices in Sri Lanka are closing due to a lack of dollars for imported fuel. The UK has criticised the Russian-backed rebels in eastern Ukraine, and wildfires have hit Spain. There's also a political debate on whether or not India should lift restrictions on Mastercard. The latest news includes these stories, plus more.
Pakistan on 'grey list'
A new report published by the Financial Action Task Force (FATF) puts Pakistan on a list of countries with a high risk of terrorism financing and money laundering. While the group has been demanding more action from Pakistan since joining the organisation in 2003, it has also added the country to its "grey list," a list of countries that have not formally committed to work with the organization. Nevertheless, the report shows that Pakistan has been able to avoid blacklist status with the help of its close allies.
The Financial Action Task Force said that Pakistan is unlikely to be removed from the 'grey list' at its deliberations in Berlin, Germany. Pakistan hopes to secure an onsite visit from the FATF to get off the watch list. The country's lobbying will keep Islamabad on the 'grey list' until February 2019, but the next meeting of the group is likely to occur before then. However, the report also said that the list remains on the "grey list" until March 2022.
Sri Lanka schools, offices to close due to lack of dollars to pay for imported fuel
The shortage of imported fuel has forced the government of Sri Lanka to suspend classes and office activities for two weeks, putting the nation's schools and offices at risk of closure. Government officials have called on expatriates to send money home and banks to finance new oil purchases. But despite the government's efforts, the shortage of foreign currency will continue to make the situation worse, leaving the country with no foreign exchange at all. Without foreign exchange reserves, Sri Lanka has no means to pay for its essential imports, including fuel. The country's garment industry is the biggest revenue earner and currently has fuel stocks in reserve for a week or ten days. Based on current demand, these stocks will be exhausted within a week.
Without the foreign currency, Sri Lankan import bills will be unpaid, forcing the government to suspend its payments to foreign creditors. This situation will cause further strain on the economy, which has already faced the worst economic crisis since 1948. With its foreign debt at an all-time high, the country has no money to pay for basic goods, including fuel. This situation has exacerbated a country's already precarious economic situation and complication the government's negotiations with the IMF. Sri Lanka's currency has declined nearly 45 percent against the dollar since March. The government has spent months frittering away its foreign exchange reserves to service its debts. As a result, schools, offices, and even hospitals have closed.
UK criticises Russian-backed rebels in eastern Ukraine
The UK has been vocal in its criticism of Russia's role in the conflict in Ukraine, arguing that it has failed to protect the interests of the Ukrainian people. The British Foreign Office has summoned the Russian ambassador, but has made no progress in resolving the crisis. The UK government has urged the Russian government to halt military support for the rebels. Britain has also warned that the conflict in Ukraine could aggravate the situation, with food prices rising across Europe and Africa.
The UK is calling for Russia to end its support for the separatists, saying that their actions are threatening the country's security. Meanwhile, Russia's leadership is denying any involvement in the conflict. The Ukrainian government accuses Moscow of supporting the rebels, but Russia denies the allegations. There are no definite proofs, but the evidence of the escalation is mounting.
Wildfires in Spain
Massive forest fires are destroying vast tracts of woodland in northern Spain. Authorities predict the worst year in decades. But amidst the chaos, there are also heartwarming moments. Professional forest firefighters such as those from the Spanish association #BomberosForestales and Portugal's AAMM have come to the rescue. One video showing a forest firefighter giving water to a roe deer has gone viral.
Fire is an ecological agent in Mediterranean countries, where many species rely on it for regeneration and protection. Forestry practices and the abandonment of rural areas have also led to the growth of dense forests. Among the factors contributing to fires are agricultural fields and increased pyrophytes. Yet, no management strategy can fully offset the effects of climate change on fire. It is therefore imperative to reduce fuel availability and build a climate-friendly infrastructure.
Food crisis in Ethiopia
The recent food crisis in Ethiopia has exposed the country's dire need for humanitarian aid. The country's economy is barely able to support its own population, and conflict between farmers and armed groups has decimated livestock herds. The drought has also resulted in a short rainy season, leaving many farmers and herders without sufficient food to survive. Corruption and poor roads have made the distribution of humanitarian aid difficult.
The country has suffered famines in the past. The famine in the 1980s killed more than one million people and captured the attention of the world. This disaster accelerated a lack of rain, and the politics sparked a national outcry. In a recent study, the World Food Programme estimates that nearly one million children in Ethiopia will go hungry by 2021. A famine can cause severe stunting and death, and a failed rainy season can further exacerbate the problem.
Drug arrests in Ivory Coast
While large-scale drug seizures are rare in Ivory Coast, they are common along the West African Atlantic Coast. The region is an important transit point for illegal drugs, with an estimated 40 tonnes of cocaine passing through its borders each year. The police in Ivory Coast have begun cracking down on drug trafficking and seizing huge amounts of cocaine. But despite the recent drug busts, more arrests are needed.
In March of this year alone, a record number of people were arrested for drug offences, and two-thousand kilograms of cocaine were seized in Abidjan and San Pedro. The estimated market value of the drug is 41 billion CFA francs, or 62 million euros. The arrests come as a response to the current conflict in the region. The drug trade in the country has fueled widespread violence and displaced millions.
Comments
Post a Comment