The United Nations on Monday warned of a big collapse of Afghanistan’s banking system. The country’s economy has been badly hit after withdrawal of foreign development support, which has led to a crunch in liquid cash, lower deposits in the bank and people being unable to repay loans. The U.N. Development Programme (UNDP) has written a three-page report on Afghanistan's banking and financial system, which notes that the economic cost of a banking system collapse “would be colossal,” and it would cause a negative social impact. The report explains that if the banking system fails
On Tuesday, the virtual summit between United States President Joe Biden and China’s President Xi Jinping saw the nations exchanging a sharp remark on Taiwan ahead of the hotly awaited summit between leaders. Both presidents expressed their concerns over the other’s position on Taiwan over the telephonic conversation. The Chinese Foreign Minister Wang Yi slashed the US for their ‘wrong words and deeds’ and said that “any connivance of and support for the Taiwan independence forces would only boomerang in the end”. The Chinese government has also reacted angrily to a congress
On Wednesday, the United of America and China pledged to work together to speed up the climate action for this decade. The new pact in which the nations are working in the face of global warming is already wreaking disasters around the globe. In Glasgow, this announcement came as the crunch COP26 headed towards its pivotal final days. All the negotiators are working hard to find ways to limit global warming and bring it as low as 1.5-2 degrees Celsius from the previous industrial level. Earlier this week, China’s President Xi Jinping was criticized by President Joe Biden for not atten
Boris Johnson, the British prime minister, outlined his plans for a green revolution on Tuesday in order to force Western economies to end their dependency on fossil fuels. Later this month, Britain is set to host the COP26 United Nations climate talks in Glasgow, Scotland. The meet aims to strengthen global action on global warming. The UK Prime Minister Boris Johnson said, “with the major climate summit COP26 just around the corner, our strategy sets the example for other countries to build back greener, too, as we lead the charge towards global net-zero”. Earlier, Mr. Johnson was a
On Tuesday, the International Monetary Fund ripped this year’s economic growth forecast for Asia. The IMF warned Asia about risks by a fresh wave of COVID-19 infections, supply chain disruption, and inflation. According to the reports, this year China’s economy will see a growth of 8% and 5.6% in 2022. However, the recovery will remain “unbalanced” as fiscal tightening and repeated outbreaks of the coronavirus weigh on consumption. In its report, the IMF stated that any "untimely policy normalization or misconstrued communication from the United States Federal Reserve could lead to
On Monday, the National Bureau of Statistics said in a statement that gross domestic product grew 4.9% in the third quarter from a year ago. It has missed the expectations of 5.2% expansion, according to analysts polled by a news agency. Despite a less-than-expected rise in industrial activity in September, China's third-quarter GDP grew by only 4.9%. In September, industrial production rose by 3.1% below the 4.5% expected. On Monday, in a press conference in Mandarin, the spokesperson for the National Bureau of Statistics Fu Linghui said, “Since entering the third quarter, domestic and
Myanmar is combatting a low-hanging local currency amid an unprecedented dollar shortage that drove up the cost of imports. It has aggravated the economy’s struggle with dual challenges of the pandemic and post-coup financial isolation. Myanmar’s national currency kyat has tumbled nearly 60% since the military seized power this February. It triggered a freeze on the key sources of foreign currency supplies of Myanmar’s foreign reserves held in the US, and suspension of multilateral aids. The safety of money in banks is fueling worries as the restriction on cash withdrawals is seen in
On Sunday, the UAE’s Economy Minister Abdulla bin Touq Al-Marri announced the agreement that The United Arab Emirates and Syria have agreed to expand their economic cooperation and explore new opportunities. According to the ministry’s data, the value of non-oil trade between the two countries in 2021’s first half was one billion dirhams ($272 million). The decision came after the economy minister of UAE met with his Syrian counterpart. In an informal meeting outside Dubai Expo 2020, UAE's economy minister and Syria's counterpart discussed ways to expand their relationship, according
On Tuesday, Prime Minister Mr. Narendra Modi will launch the “Azadi@75- New Urban India: Transforming Urban Landscape” conference-cum-expo. The conference and Expo will be held in Lucknow that will showcase and launch many development projects. The Prime Minister’s Office issued a statement where they said that Mr. Modi will interact with everyone virtually. He is scheduled to hand over the keys of Pradhan Mantri Awas Yojana- Urban (PMAY-U) houses, virtually to 75,000 beneficiaries in 75 districts of Uttar Pradesh. Mr. Modi will lay the foundation stone and launch 75 urban developmen
Last year, when the pandemic took hold and threatened to destroy the economy, Australia came up with the solution of an innovative A$90 billion (S$88 billion) scheme. The scheme gave the money to the employers to keep their staff employed. A stunning success at first glance at least, the scheme was called JobKeeper. According to the data, the scheme has saved 7,00,000 jobs and avoided a surge in unemployment. Nearly 3.8 million workers benefited along with one million businesses. In July last year, lockdown caused unemployment to increase to a peak of 7.4%. However, the jobless rate has fa