The International Monetary Fund (IMF) has announced to block Afghanistan’s access to the emergency reserve. The reserves were worth USD 460 million which will not be accessed by the Taliban after they took over the control of the country. The decision was taken after being pressured by the Biden administration to restrict the Taliban to access the funds. The terror group entered the capital city Kabul of Afghanistan and seized control of the country. Taliban has taken over the parliament building, malls, government offices and taken everything under their control. The United Nations h
The second quarter of Japan’s economy has joined the turnaround seen across G7 countries as the lockdown restriction eases. The consumers were seen rushing to the shops after relaxation in the lockdown. The world's third-largest economy returned to health with a surge in exports. Japan beats the expectation of City analysts by capitalizing on global trade’s return. The first quarter saw a drop of 0.9% after which the economic output expanded to 0.3% in the second quarter, or by 1.3% using the annualized calculation which is more commonly cited by Tokyo. However, the analysts expected t
Indian Prime Minister Mr. Narendra Modi has announced Rs.100 lakh-crore to “Gati Shakti Master Plan” in his speech on 75th Independence Day. In PM’s speech, he pegged the project to be the source of employment opportunity in the future for the youth of the nation. Mr. Modi said in his speech that in the coming years they will launch the PM Gati Shakti Plan, a huge national infrastructure master plan that will make a foundation for “holistic infrastructure” and will give an integrated pathway to India. It will help raise the global profile of local manufacturers of the nation and
The Chinese president Mr. Xi Jinping’s government said it will make new laws on national security, monopolies, education, and culture. Signaling on that ongoing crackdown on various industrial sectors will continue to be the same. China’s cabinet, the ruling Communist Party of China (CPC), and the state council have published the plans as a part of a five-year plan. On Wednesday, the five-year plan was publicized for building a law-based government. Xi Jinping has made the “rule of law” which is one of the several signature aspects of his governance style. It will be extended to th
On Wednesday, World Health Organization Direct-General Mr. Tedros Adhanom Ghebreyesus called for a moratorium on administering booster shots of the COVID-19 vaccine. The appeal was generally made to the wealthier countries that have far outpaced the developing world in vaccinating its citizens. WHO wants to help and ensure that the doses are available in the countries where fewer people have received their first shots. According to the AsiaOne survey, richer countries have administered 100 doses for every 100 people on an average for coronavirus vaccines. Meanwhile, the poorer countries ar
International Monetary Fund (IMF) is a government body that approved $650 billion in the agency’s resources to support economically vulnerable countries. The funds will support those who are battling with the coronavirus pandemic and the economic downturn. On August 2, 190-nation leading institute IMF said that its Board of Governors approved the expansion of its reserves. These reserves are known as Special Drawing Rights. They assume this to be the largest increase in the institution’s history. It is believed to be a historic decision for the global economy at a time of unprecedented
On Monday, the World Bank introduced a new channel to allow developing countries to purchase COVID-19 vaccines collectively through the Covax facility. The Covax facility was set up to ensure access to vaccines for 92 developing territories with the cost covered by donors. Covax is co-led by the World Health Organization (WHO), the Gavi vaccine alliance, and the coalition for Epidemic Preparedness Innovations. The Gavi chief executive Seth Berkley said in a statement that the financial mechanism will allow Covax to unlock additional doses for a subsidized rate and the middle-income countri
Israel government reports that they will cut the emission of carbon by 85% from 2015 levels by 2050. Israelian prime minister said the decision will be helpful in gradually shifting to a low carbon economy. They signed the Paris climate deal and set themselves an interim goal of cutting emissions by 27% by 2030. The plan is to target emissions from the transport sector, electricity sector, and municipal waste. However, critics aim for more ambitious targets for renewable energy and bigger economic incentives for change. Since the industrial era has begun, the world has warmed up by about 1
Nations producing oil have agreed to increase their outputs and reduce the prices for the same. It aims to ease the pressure on the world economy. From August the OPEC and the partners such as Russia focus on boosting the supply for oil after the price hike for two-and-half-year highs during the COVID-19 Pandemic. The increase in Brent crude oil for this year is up by 43% which is almost $74 a barrel. Due to the pandemic, last year OPEC decided to cut the production by a record of 10 million barrels per year (BPB). However, after the economies reopened this year the price of oil surged whi
Pacific Rim leaders will gather virtually to discuss the strategies for helping the economies rebound from the resurgent COVID-19 pandemic. The Pacific Rim includes world leaders such as the U.S. President Joe Biden, China’s Xi Jinping, Japan’s Yoshihide Suga, and Vladimir Putin of Russia. On Friday, New Zealand Prime Minister Jacinda Ardern will chair the special leader’s meeting. The meeting includes a 21-member Asia-Pacific Economic Cooperation forum. White House stated that there was a telephonic conversation between Biden and Ardern ahead of the leader’s retreat to discuss U.S