Cairo’s Financial Lifeline: UAE Infusion and IMF Deal Buoy Egypt Amid Economic Strain By Ben Fishman, Senior Fellow, The Washington Institute’s Rubin Program on Arab Politics. In a significant move poised to buoy Egypt’s faltering economy, Cairo’s principal financial ally, the United Arab Emirates, has extended a substantial financial lifeline. This intervention, comprising extensive loans, investments, and Central Bank transfers, aims to halt Egypt’s economic descent, albeit at the cost of short-term consumer discomfort. On March 6, the Central Bank of Egypt enacted a long-anticipated currency devaluation, a strategic move designed to unlock an expanded $8 billion loan program from…
Author: BRICS+ News Services
NSSO’s Annual Survey Highlights Glaring Shortcomings in Data Collection June 14, 2024 – New Delhi: The release of the "Annual Survey of Unincorporated Sector Enterprises (ASUSE)" by the National Sample Survey Office (NSSO) on June 14, 2024, has brought to light significant gaps and inconsistencies in official statistics. These shortcomings are not merely academic; they carry profound implications for policy-making, especially in an economy as complex as India’s. The survey’s partial data, lack of context, and surprising omissions reveal deeper issues in statistical governance. Overview and Core Findings The ASUSE report is divided into two annual reports — ASUSE 2021-22,…
SEOUL, South Korea – A recent summit in Pyongyang between Russian President Vladimir Putin and North Korean leader Kim Jong Un has resulted in a strategic partnership agreement, which both leaders are touting as a breakthrough. However, the true implications of this landmark pact for their bilateral relationship remain uncertain. This agreement could potentially signify the most significant accord between the two nations since the Cold War era. Opinions vary on the extent of Russia’s security commitments to North Korea under this new arrangement. North Korean leader Kim Jong Un has described the deal as elevating the bilateral relationship to…
Saudi Authorities Use Lethal Force in Land Clearance for Neom Mega-Project, Says Ex-Intelligence Officer Saudi authorities have allegedly authorized the use of lethal force to clear land for construction of the futuristic desert city, Neom, an ex-intelligence officer revealed to the BBC. According to Col Rabih Alenezi, he was instructed to evict members of a tribe to make way for “The Line,” a vital part of the Neom eco-project. One villager was subsequently shot and killed while protesting the eviction. Neither the Saudi government nor Neom’s management provided comments on these allegations. Neom, a $500 billion (£399 billion) eco-region, is…
Saudi Arabia Commences Issuance of Umrah Visas Following 2024 Hajj Season In a significant development, Saudi Arabia has officially begun issuing Umrah visas post the 2024 Hajj season. This decision follows the completion of the annual Islamic pilgrimage to Mecca, allowing pilgrims to now embark on their spiritual journey for Umrah. The Ministry of Hajj and Umrah announced that the issuance of Umrah visas has resumed, a move expected to facilitate millions of Muslims worldwide who wish to perform the lesser pilgrimage. The ministry emphasized the streamlined processes and enhanced facilities aimed at ensuring a seamless experience for international pilgrims.…
Saudi Arabia Reduces Dependency on US Dollar Amid Strategic Financial Shifts Riyadh, Saudi Arabia—Recent reports suggesting the termination of the US-Saudi petrodollar agreement and speculating the potential for Saudi Arabia to sell oil in various currencies, including the Chinese yuan, have been accompanied by significant inaccuracies. Contrary to popular belief, Saudi Arabia has conducted transactions in non-dollar currencies for decades. Additionally, there has never been a formal treaty governing the so-called "petrodollar system" with a specified expiration date. Despite these misconceptions, there are clear indications of Saudi Arabia progressively reducing its dependence on the United States. This trend is possibly…
Over 900 Pilgrims Dead, Including 68 Indians, During Hajj in Saudi Arabia, Says Diplomat In a tragic occurrence during this year’s Hajj pilgrimage in Saudi Arabia, more than 900 pilgrims have reportedly died, with the fatalities including 68 Indian nationals. The information was confirmed by a diplomat who indicated the gravity of the situation affecting pilgrims from various nationalities. The cause of these deaths has not been fully detailed, but the incident underscores the potential risks and challenges faced during the annual Islamic pilgrimage which draws millions of Muslims from around the globe. This devastating news comes at a moment…
Russia’s Ugra Media Holding Partners with TV BRICS to Amplify Regional Presence in BRICS+ Countries Russia’s Ugra Media Holding, the preeminent media conglomerate in the Khanty-Mansi Autonomous Okrug and the Ural Federal District, has solidified a strategic partnership with TV BRICS, an international media network dedicated to the BRICS+ nations. This landmark agreement was formalized during the XV International IT Forum held in Khanty-Mansi, aiming to elevate Ugra’s profile within the BRICS+ alliance while disseminating information about its activities to the local Russian population. Tatyana Goreva, Deputy Director of the Ugra TV and Radio Company, emphasized the significance of this…
South African MP Suspended Amid Resurfaced Racial Controversy: A Blow to the Coalition Government Johannesburg, 20 June 2024 – The Democratic Alliance (DA) has moved to suspend Renaldo Gouws, a newly sworn-in member of the South African Parliament, following the re-emergence of video clips wherein Gouws is heard making violent, racist remarks aimed at black individuals. The timing of this controversy has intensified the political turmoil for President Cyril Ramaphosa, amidst the formation of a delicate coalition government. The videos, initially dismissed by Gouws as fabricated, were later confirmed as authentic by the DA. In these clips, Gouws is seen…
In a recent discourse illuminating Iran’s subsidy policies, prominent political figures outlined their perspectives on the current economic landscape and proposed remedial measures. The speeches reflect a deep-seated recognition that equitable distribution of wealth and maintaining justice are paramount to the nation’s fiscal health and societal well-being. Mohammad Bagher Ghalibaf emphasized the imperative of purposeful allocation of subsidies to ensure justice and the preservation of public wealth. He declared, "From the beginning, our subsidy strategies have lacked direction. We must remember that our people’s right is to live well, not just an ordinary life." Ghalibaf highlighted that the incoming president…