UN Secretary-General Antonio Guterres yesterday sought India’s support in mobilizing G20 nations to help out developing countries saddled with debt, with three of India’s neighbors already seeking IMF loans as their economies struggle.
India takes over the G20 presidency from Indonesia for a year from Dec. 1. India’s neighbors Sri Lanka, Pakistan and Bangladesh have in the past few months sought IMF loans as high oil prices complicate efforts to recover from the economic damage of the COVID-19 pandemic.
“I count on India’s support in mobilizing G20 countries around debt relief,” Guterres told the students and faculty of the Indian Institute of Technology in Mumbai. “Many developing countries are at or near debt distress and require multilateral action, including the expansion and extension of the G20 Debt Service Suspension Initiative.”
Photo: AP
Established in May 2020 during the pandemic, the initiative allowed nearly 50 countries to suspend US$12.9 billion in debt service payments until the end of last year.
Guterres said climate change was “already a grave threat” to India’s economy, agriculture and food sector, and to the health, lives and livelihoods of hundreds of millions of people.
“Record-breaking heat waves, droughts and floods in parts of India are causing havoc already,” he said. “These are a foretaste of what is to come without much greater global climate action.”
He said G20 countries were responsible for 80 percent of global emissions and must take the lead in cutting those.
Rich countries should also financially help developing ones do so, he said.
“I have called for coalitions of support around countries including India, with ambitious plans to accelerate the deployment of renewables,” Guterres said.
Guterres also urged the country to condemn hate speech unequivocally, protect the rights and freedoms of journalists, human rights advocates, students and academics, and ensure the independence of the judiciary.
OPTIMISTIC: A Philippine Air Force spokeswoman said the military believed the crew were safe and were hopeful that they and the jet would be recovered A Philippine Air Force FA-50 jet and its two-person crew are missing after flying in support of ground forces fighting communist rebels in the southern Mindanao region, a military official said yesterday. Philippine Air Force spokeswoman Colonel Consuelo Castillo said the jet was flying “over land” on the way to its target area when it went missing during a “tactical night operation in support of our ground troops.” While she declined to provide mission specifics, Philippine Army spokesman Colonel Louie Dema-ala confirmed that the missing FA-50 was part of a squadron sent “to provide air support” to troops fighting communist rebels in
PROBE: Last week, Romanian prosecutors launched a criminal investigation against presidential candidate Calin Georgescu accusing him of supporting fascist groups Tens of thousands of protesters gathered in Romania’s capital on Saturday in the latest anti-government demonstration by far-right groups after a top court canceled a presidential election in the EU country last year. Protesters converged in front of the government building in Bucharest, waving Romania’s tricolor flags and chanting slogans such as “down with the government” and “thieves.” Many expressed support for Calin Georgescu, who emerged as the frontrunner in December’s canceled election, and demanded they be resumed from the second round. George Simion, the leader of the far-right Alliance for the Unity of Romanians (AUR), which organized the protest,
ECONOMIC DISTORTION? The US commerce secretary’s remarks echoed Elon Musk’s arguments that spending by the government does not create value for the economy US Secretary of Commerce Howard Lutnick on Sunday said that government spending could be separated from GDP reports, in response to questions about whether the spending cuts pushed by Elon Musk’s Department of Government Efficiency could possibly cause an economic downturn. “You know that governments historically have messed with GDP,” Lutnick said on Fox News Channel’s Sunday Morning Futures. “They count government spending as part of GDP. So I’m going to separate those two and make it transparent.” Doing so could potentially complicate or distort a fundamental measure of the US economy’s health. Government spending is traditionally included in the GDP because
Two daughters of an Argentine mountaineer who died on an icy peak 40 years ago have retrieved his backpack from the spot — finding camera film inside that allowed them a glimpse of some of his final experiences. Guillermo Vieiro was 44 when he died in 1985 — as did his climbing partner — while descending Argentina’s Tupungato lava dome, one of the highest peaks in the Americas. Last year, his backpack was spotted on a slope by mountaineer Gabriela Cavallaro, who examined it and contacted Vieiro’s daughters Guadalupe, 40, and Azul, 44. Last month, the three set out with four other guides
RSS