[ In recent months, Ethiopia has been facing a multitude of health crises, with outbreaks of cholera, measles, and malaria taking a devastating toll on the population. According to a report by the UN Office for the Coordination of Humanitarian Affairs (OCHA), the country has seen a surge in cases of these diseases, particularly in the Afar and Oromia regions. The cholera outbreak, which began in August 2022, is now the longest recorded in Ethiopia’s history, with a worrying third wave currently underway. Measles cases are also on the rise, exacerbated by low immunization coverage and a lack of awareness…
Author: BRICS+ News Services
IMF Increases Financial Aid to Egypt Amid Economic Turmoil The International Monetary Fund (IMF) has announced plans to more than double its financial aid to Egypt, raising its support from an initial $3 billion, announced in October 2022, to a total of $8 billion. This increase comes as Egypt faces its most severe economic crisis in decades, exacerbated by ongoing conflicts in neighboring Gaza and Ukraine. During a recent news conference, Ivanna Vladkova Hollar, the IMF’s mission chief to Egypt, highlighted that the country’s already struggling economy has been further impacted by the conflict between Israel and Hamas, which has…
India Unveils Strategic Action Plan as Chair of Colombo Process for Regional Cooperation India has presented a comprehensive action plan focusing on various priority areas for regional cooperation under the Colombo Process. This regional consultative forum, which includes 12 Asian nations, serves as a critical platform for collaborative efforts on migration and employment issues. The plan was unveiled during a meeting in Geneva on Friday, marking a significant milestone as India chairs the Colombo Process for the first time since its inception. The Colombo Process aims to facilitate safe, orderly, and regular migration for organized overseas employment, primarily benefitting the…
House Speaker Mike Johnson Calls for President Biden’s Immediate Replacement Amid Health Concerns In a dramatic turn of events, House Speaker Mike Johnson has called for President Joe Biden to be removed from office. Johnson’s appeal follows Biden’s faltering performance during the highly anticipated debate with former President Donald Trump. The 81-year-old president seemed visibly frail and often stumbled over his words, raising serious concerns about his mental fitness for the role. Background: The Critical Debate The debate held on Thursday was billed as a crucial moment in the lead-up to the November 5 election. With high stakes for both…
Tragic Explosion Claims Lives at Tamil Nadu Firecracker Factory In a devastating incident on June 29, 2024, four workers lost their lives and one sustained injuries following an explosion at the Guru Star fireworks unit near Sattur in Virudhunagar district, Tamil Nadu. The mishap occurred early in the morning, sending shockwaves through the local community and raising pressing concerns about safety regulations within the firecracker manufacturing industry. The explosion, which occurred in Banthuvarpatti, has been preliminarily attributed to friction during the mixing of chemicals. The Guru Star fireworks unit is a DRO-licensed facility, which ostensibly adheres to mandated safety protocols.…
Egypt’s Inflation Slows in April: What It Means for the Economy Inflation in Egypt witnessed a welcome decline in April 2023, with the annual rate easing to 32.6%, down from March’s 33.4%. This marks the weakest inflation rate since January, providing a slight respite amid the broader economic challenges facing the nation. However, the rate remains significantly above the Central Bank of Egypt’s target range of 5.0–9.0%, indicating ongoing fiscal pressures. A Closer Look at the Numbers April’s inflation figures were largely in line with market expectations. The moderation in inflation was primarily driven by slower price increases for food…
The Buzz About Beekeeping in Saudi Arabia: A Revival of Tradition and Economic Opportunity Honey has long been revered in Saudi Arabian culture, prized for both its medicinal and culinary applications. However, recent developments highlight the country’s efforts to transform this ancient craft into a booming industry with significant economic and environmental benefits. Government Support Fuels Industry Growth In an initiative spearheaded by the Saudi government, over 100 licenses were granted to beekeepers last year, enabling them to produce honey on lands managed by the Imam Abdulaziz bin Mohammed Royal Reserve Development Authority. These efforts are concentrated in the Rawdat…
[ Ethiopia, Africa’s second-most populous country, has seen significant economic growth and poverty reduction over the past two decades. However, the nation now faces challenges such as slowing growth, high inflation, foreign exchange shortages, and the impacts of climate change. In order to continue on a path of successful development, Ethiopia must address these constraints by embracing green growth and development strategies. Highlighting the role of Ethiopia’s banking system in maintaining macroeconomic stability, the country’s banks are predominantly publicly owned and play a crucial role in supporting the government’s developmental strategy through public investments. Monetary policy in Ethiopia follows a…
[ The Commercial Bank of Ethiopia recently announced adjustments to its service charges, set to take effect in late July of this year. The changes will primarily impact mobile banking services, with some transactions that were previously free now incurring fees. One notable change is that withdrawals of any authorized amount will remain free, while mobile money transfers will now be subject to service charges. Digital banking transfers between 1 birr and 10,000 birr used to be free, but starting next week, the bank will charge 3 birr for these transactions. The highest fee will be 20 Ethiopian birr for…
China’s Economic Struggle: A Deep Dive into the Current Crisis and Future Prospects Economic turbulence continues to plague China as efforts to rejuvenate the country’s financially beleaguered property market have so far yielded disappointing results. President Xi Jinping’s recent visible frustration underscores the severity of the situation. China’s extensive stimulus measures, primarily focused on the real estate sector, have yet to catalyze a much-needed economic turnaround. The Root of the Crisis: The Property Sector China’s economic woes trace back to 2021, with the real estate sector at the epicenter. Despite years of neglect, the Chinese authorities began recognizing the gravity…