An $8 billion IMF rescue package and a $35 billion investment deal orchestrated by the UAE have successfully alleviated Egypt’s foreign currency shortage crisis. The Central Bank of Egypt implemented several measures in early March to secure this funding, including a substantial increase in interest rates, a reduction in infrastructure spending, and a deliberate devaluation of the Egyptian pound. In exchange for these adjustments, Egypt’s existing IMF loan was expanded to $8 billion, a move that aligns with the IMF’s longstanding advocacy for a floating exchange rate. The UAE’s massive investment agreement, providing $24 billion for land development projects, paired…
Author: BRICS+ News Services
The Mumbai Police has taken legal action against Mangesh Pandilkar, the brother-in-law of the recently elected Mumbai North West Lok Sabha MP Ravindra Waikar. The case involves allegations of Pandilkar using a mobile phone within a counting center on June 4, the day the Lok Sabha election results were disclosed. Pandilkar supposedly utilized the mobile phone at the counting center in the Goregaon locality in Mumbai to generate a One-Time Password (OTP) required to unlock an electronic voting machine (EVM). Waikar, a Member of Parliament from the Shiv Sena faction under the leadership of Maharashtra Chief Minister Eknath Shinde, clinched…
The Israel Defense Forces (IDF) has announced a strategic initiative to implement daily pauses in its military operations to allow for the delivery of humanitarian aid to the southern part of the conflict-ridden Gaza Strip. This 11-hour window, spanning from 8:00 am to 7:00 pm, will facilitate aid access along a designated route from the Kerem Shalom crossing to the Salah al-Din Road, extending northward towards the Khan Younis area. These tactical pauses are a response to the pressing need for humanitarian assistance in areas affected by the ongoing conflict. Despite facing criticism from various international bodies, including the US…
The term BRIC is derived from the initial countries forming the association, namely Brazil, Russia, India, and China. In 2011, South Africa’s inclusion led to the new name, BRICS. The group expanded further on January 1, 2024, to include Egypt, the United Arab Emirates, Iran, Saudi Arabia, and Ethiopia. The first BRIC meeting occurred on September 20, 2006, and was attended by Russia, Brazil, China, and India’s foreign and defense ministers, respectively. The ministers agreed to foster multifaceted cooperation among their countries. The association’s inaugural full-scale summit took place on June 16, 2009, in Yekaterinburg, Russia. The summit included notable…
In a thrilling showdown between Nepal and South Africa, historic implications loom large as the two nations clash on the international stage. The match is set to unfold in a battleground of skill and strategy, with both teams poised to leave their mark on the annals of cricket history. Drawing parallels to past conflicts and victories, the encounter between Nepal and South Africa holds the promise of an epic narrative, rife with tension and drama. The echoes of battles long fought and won reverberate through the stadium, as players from both sides channel the spirit of past champions. As the…
In an interview with the Iran Press, Iran’s presidential hopeful, Jalili, vigorously underscored the necessity for cogent governance amid mounting challenges he attributed to mishandling by the incumbent administration. As he delved into his vision for Iran, he posited the dire need for robust management and superior efficiency, aiming to vitally infuse coherence into the nation’s governance fabric. Jalili, navigating through the country’s economic quandaries, made nexus with the situation of the Stock Exchange Market. He projected the market as a potential springboard for every Iranian citizen, and instituted the conception of an inclusive strategic planning catering to all individuals.…
In April 2024, the IBC-Br Index of Economic Activity, a principal gauge of Brazilian output growth, demonstrated almost no movement, countering market projections of a 0.45% incline. This lacklustiure performance materialises following a revised 0.36% decline recorded in its previous month. Industrial output in Brazil, a burgeoning global economic powerhouse, contracted by 0.5% in the referenced month, representing a significant shift from the 0.9% expansion observed in the preceding month. Such decrease is reminiscent of the industrial contraction witnessed in the global economic crisis during 2008 and 2009. On another note, the high-performing services sector, a cornerstone of the Brazilian…
Two prominent activists, journalist and feminist Huang Xueqin and labor-rights activist Wang Jianbing, were found guilty of “inciting subversion of state power” and handed prison sentences of five years and three and a half years, respectively, by the Guangzhou Intermediate People’s Court. The international community expressed shock and disappointment at the severity of the punishment meted out to individuals who were simply exercising their freedom of speech and advocating for victims of patriarchal and capitalist oppression. According to Helen Davidson from The Guardian, Huang received the maximum sentence and was also fined $100,000 RMB, while Wang faced deprivation of political…
Addis Ababa, June 16, 2024 (Addis Walta) – Adem Farah, the Vice President of Prosperity Party (PP) and Deputy Prime Minister, is leading a delegation to Vladivostok, Russia. This visit is in conjunction with the forums of Political Parties of BRICS member states. The forum, scheduled to take place from June 16 to 19, 2024, is themed “World Majority for Multipolar Order.” This theme is of particular significance in today’s global political landscape, where power dynamics are shifting towards a more multipolar world order. Accompanying Adem Farah are Sema Tiruneh, the Head of PP Capacity Building, and Addisu Arega, the…
In the expansive agricultural landscape of Saudi Arabia, a profound transformation is taking place, driven by the implementation of cutting-edge technologies. Despite facing obstacles like water scarcity, inefficient methods, and challenging climates, the integration of Internet of Things (IoT) technologies in agriculture is instilling a sense of positivity. This revolutionary approach holds the promise of revolutionizing age-old agricultural practices and paving the way towards a more resilient and prosperous future for Saudi farmers. Economist and policy adviser Mahmoud Khairy, in an interview with Arab News, emphasized that enhancing productivity, resource efficiency, and sustainability in the farming sector are pivotal factors…