Connect with us

International

World Bank grants Somalia USD 125 millon for drought insurance

Published

on

World Bank grants Somalia USD 125 millon for drought insurance

Mogadishu, Aug 1 (IANS) The World Bank has approved a 125-million-US Dollar grant for Somalia to introduce drought index insurance for 180,000 pastoralists including 90,000 women.

The Development Policy Financing (DPF) is the first of two operations aimed at boosting revenue, enhancing debt management and accountability of public spending, and increasing climate-smart private sector investments.

“This DPF signals the government’s commitment to continuing important structural reforms following the Heavily Indebted Poor Countries Completion Point, paving the way for a more stable and sustainable future,” said Kristina Svensson, the World Bank country manager for Somalia, in a statement released Wednesday evening.

The World Bank said the program will facilitate access to microfinance for lower-income groups including pastoralists that operate mostly in climate-vulnerable sectors of the economy such as agriculture, fisheries, and micro businesses.

The DPF also seeks to expand access to greener and cost-effective electricity, support fisheries development to harness new sources of economic growth and assist the government in funding crucial public services using resources from the grant.

ALSO READ:  2 killed, 2 injured in Israeli airstrikes on Lebanon

The approval of the grant comes at a time when Somalia continues to grapple with multiple and overlapping shocks that hinder economic growth and exacerbate widespread poverty, Xinhua news agency reported.

According to the World Bank, Somalia ranks as the world’s second most vulnerable country to the impacts of climate change, and projections for temperature rise have the highest certainty.

Climate change is exacerbating the frequency and severity of periodic droughts and floods in Somalia, which are intricately intertwined with the country’s social and political vulnerabilities, said the global lender.

Stella Ilieva, task team leader and senior economist, said the sustainability of public finances, supported by the DPF, is critical for ensuring economic resilience. “Actions to strengthen domestic revenue mobilization, manage better public debt, and enhance accountability of public spending create the building blocks for adequate funding for development and contribute to macroeconomic stability,” Ilieva said.

ALSO READ:  Norway joins EU in sanctions against Israeli settlers

According to the lender, the reforms supported in this operation complement the World Bank’s broader engagement in Somalia and are aligned with the objectives of the World Bank’s Country Partnership Framework for Somalia (FY24-28).

“The proposed series is part of the World Bank’s support to help Somalia construct a more stable, visible, and legitimate state, foster inclusive private sector-led growth, and enhance resilience, with a long-term view to restoring the social contract and enabling Somalia’s emergence from fragility, conflict, and violence,” it said.

–IANS

as/

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

International

Lee Hsien Yang seeks refuge in United Kingdom

Published

on

Lee Hsien Yang, the youngest son of Singapore’s founding father, the late Lee Kuan Yew, announced on Tuesday that he is now a political refugee in the United Kingdom after seeking asylum from the British government “as a last resort.”

“I remain a Singapore citizen and hope that someday it will be safe to return home,” Lee stated in a Facebook post, as reported by Channel News Asia (CNA).

Citing what he described as the Singapore government’s “attacks” against him, Lee, who is the younger brother of former Prime Minister Lee Hsien Loong, revealed that he sought asylum protection in 2022.

Lee Hsien Yang and his late sister, Lee Wei Ling, who passed away earlier this month, have been in conflict with their brother Lee Hsien Loong over the fate of their father’s home following his death in 2015, resulting in a public dispute that has estranged the siblings.

In an interview with the UK-based newspaper The Guardian, Lee alleged that a “campaign of persecution” compelled him to seek asylum in Britain.

ALSO READ:  Russia says NATO conducting nuclear strike drills near its border

In response to his claims, the Singapore government stated that there is “no basis” for his allegations of “a campaign of persecution” or other assertions regarding political repression in the country.

“Singapore’s judiciary is impartial and makes decisions independently. This is why Singaporeans have a high level of trust in the judiciary,” a government spokesperson remarked.

The spokesperson added that there are no legal restrictions preventing Lee and his wife, lawyer Lee Suet Fern, from returning to Singapore. “They are and have always been free to return to Singapore,” the spokesperson said.

Lee and his wife have been outside of Singapore since 2022, having opted not to attend a scheduled police interview regarding potential offenses related to providing false evidence in judicial proceedings concerning their father’s will and the family home.

Lee and his late sister, who had been living at the property, alleged they felt threatened while trying to fulfill their father’s wish to demolish the house. They also accused their elder brother, former Prime Minister Lee Hsien Loong, of abusing his governmental influence to advance his personal agenda.

ALSO READ:  Norway joins EU in sanctions against Israeli settlers
Continue Reading

International

Indo-Russian ties are stronger than ever before at BRICS

Published

on

Kazan, Russia: Prime Minister Narendra Modi held a bilateral meeting with Russian President Vladimir Putin on the sidelines of the 16th BRICS Summit.

During the meeting, President Putin remarked, “I recall our meeting in July, where we had productive discussions on various issues. We’ve also spoken over the phone several times. I am very grateful you accepted the invitation to come to Kazan. Today, we will attend the BRICS Summit’s opening ceremony, followed by dinner.”

PM Modi responded by expressing his appreciation, saying, “I sincerely thank you for your friendship, warm welcome, and hospitality. It’s a great pleasure to visit such a beautiful city as Kazan for the BRICS Summit. India shares deep historical ties with this city, and the opening of our new embassy here will further strengthen these connections.”

ALSO READ:  Russia says NATO conducting nuclear strike drills near its border
Continue Reading

International

Laos seeks to enhance nutrition amid climate change concerns

Published

on

By

Laos seeks to enhance nutrition amid climate change concerns

Laos seeks to enhance nutrition amid climate change concerns

Vientiane (Laos), Aug 22 (IANS) Representatives from the Lao government and development partners have attended a conference here titled “Climate Change and Nutrition in Laos: Intersections and Interventions” to discuss the impact of climate change on nutrition in the Southeast Asia country and potential solutions.

Speaking at the conference, deputy director general of the Department of Hygiene and Health Promotion under the Lao Ministry of Health Viengkhan Phixay, said, “We gather to address a critical and interwoven issue: the impact of climate change on nutrition and how we can work together to tackle these challenges,” Xinhua news agency reported.

The Lao government is actively engaged in this endeavor, with numerous policies and initiatives aimed at addressing both climate change and nutrition, Lao National Television reported on Thursday.

“By leveraging the Scaling Up Nutrition network in Laos, which is led by the government, and supported by civil society, donors, and the United Nations, we have a robust platform to tackle the negative impacts of climate change while improving nutrition and overall health for everyone in Laos,” Viengkham said at the conference held on Monday.

ALSO READ:  Norway joins EU in sanctions against Israeli settlers

The conference featured a series of presentations that not only detailed evidence-based research but also introduced innovative tools for measuring and enhancing nutrition under the impact of climate change.

The conference stressed the critical need for integrated approaches to tackle the intertwined challenges of climate change and nutrition, and setting the stage for impactful future collaborations.

–IANS

int/psd

Continue Reading

International

One killed, seven injured in shootout in Iraq

Published

on

By

One killed, seven injured in shootout in Iraq

One killed, seven injured in shootout in Iraq

Baghdad, Aug 22 (IANS) A civilian was killed while seven others were injured on Thursday in a tribal shootout in Iraq’s holy Shiite province of Najaf, according to a local security source.

The shootout erupted in the early hours between armed men from the local tribe in the al-Zarga area in northern Najaf, some 160 km south of Baghdad, a local police officer told Xinhua on condition of anonymity.

The clash resulted in the killing of an Iraqi civilian and the injury of seven others, including three Iranian Shiite pilgrims, the source added.

A joint force from the Interior Ministry’s emergency response division and Najaf provincial police arrested 53 gunmen from both sides of the shootout and seized weapons and ammunition, the Interior Ministry said in a statement.

It added that search operations are ongoing to locate additional gunmen and weapons, with more details to be released later.

The incident took place as numerous pilgrims traveled to the city of Karbala to observe Arbaeen, which marks the end of a 40-day mourning period for the killing of Imam Hussein, the grandson of Prophet Muhammad, in the Battle of Karbala in 680 A.D.

ALSO READ:  Norway joins EU in sanctions against Israeli settlers

Typically, these pilgrims also visit Najaf as part of their journey to Karbala.

–IANS

int/jk/arm

Continue Reading

International

Bangladesh seeks $1 billion budget support from World Bank

Published

on

By

Bangladesh seeks  billion budget support from World Bank

Bangladesh seeks $1 billion budget support from World Bank

Dhaka, Aug 22 (IANS) Bangladesh’s interim government has sought $1 billion from the World Bank as budgetary support.

The call came from the country’s Power, Energy and Mineral Resources Adviser Muhammad Fouzul Kabir Khan’s meeting with Abdoulaye Seck, the World Bank’s Country Director for Bangladesh and Bhutan, in Dhaka on Wednesday.

He made the plea as the ministry owes more than 2 billion dollars to suppliers in import costs of power and energy, Xinhua news agency reported.

Khan mentioned that the interim government, which was formed with many pressing mandates, is due to settle a $2 billion debt left by the previous government in the power sector.

He said they have already suspended activities under the much-criticized Quick Enhancement of Electricity and Energy Supply Act 2010 and abolished the government’s power to set energy prices without any public hearing.

On August 5, the former Prime Minister of Bangladesh, Sheikh Hasina, was ousted from her country and power, ending her rule since January 2009.

ALSO READ:  Flash floods hit Australia's New South Wales

This event was seen as a massive escalation, with what initially started as student’s protests and resulted in a major crisis in Bangladesh.

Earlier on August 8, Nobel laureate Muhammad Yunus took oath as the head of Bangladesh’s interim government.

–IANS

int/jk/as

Continue Reading

Trending