Half of humanity live in countries prioritizing debt servicing over healthcare: UN official

President of the General Assembly Dennis Francis addresses the 78th session of the United Nations General Assembly, Sept. 19, 2023 at United Nations headquarters. (AP)
Short Url
Updated 20 September 2023
Follow

Half of humanity live in countries prioritizing debt servicing over healthcare: UN official

  • The UN chief called for “reforms to the global financial architecture” to address the problems of financing for sustainable development, a systemic solution welcomed by member states

LONDON: Half of humanity — about 3.3 billion people — live in countries that spend more on debt servicing than on health, education, or social protection, said Dennis Francis, president of the 78th UN General Assembly, on Wednesday.   

Francis emphasized that “the current financial architecture has fallen short in mobilizing the stable, long-term, and equitable financing required to achieve the Sustainable Development Goals.”   

This came during the UN High-level Dialogue on Financing for Development in New York, which discussed practical solutions to tackle the financing gap between developed and developing nations as some 40 percent of developing countries suffer from severe debt issues.  

Owing to this financing divide between the Global South and the Global North, developing nations have been victims of what UN Secretary-General Antonio Guterres described as a “debt trap” hindering development.   

“Developing countries face borrowing costs up to eight times higher than developed countries — a debt trap,” he said, adding that “over 40 percent of people living in extreme poverty are in countries with severe debt challenges.”  

Recognizing the need for urgent action, Guterres said that “a two-track world of haves and have-nots is already driving a crisis in global trust.”  

The UN chief called for “reforms to the global financial architecture” to address the problems of financing for sustainable development, a systemic solution welcomed by member states.  

“The algorithm of the past no longer works in today’s world,” said European Council President Charles Michel in agreement.   

He added: “Financial institutions were created 80 years ago, and 80 years ago many of today’s UN members were not yet independent. The world has changed and the challenges have changed, so our institutions must also change or be left behind in the dust of history.”  

Citing the avalanche of debt-related challenges developing countries have been facing, Mohammed Al-Jasser, head of the Islamic Development Bank, referred in his keynote speech to mounting fiscal space difficulties, with poverty, debt stress, environmental challenges, and the aftermath of the COVID-19 pandemic all requiring financing.   

Al-Jasser explained that “multilateral development institutions, including mine, have been struggling to provide financing,” which, despite being critical for alleviating the pressures member states have been facing, is not sufficient.   

“We need something a lot more sustainable by the world community,” he said. “I think (that) first multilateralism has to be really restored as the guiding principle of all of our operations because if we act singularly, we are not going to have the punching power necessary to make significant changes in the circumstances of these countries.”   

The chief of the Islamic Development Bank pointed out that debt servicing in some African countries is about 5.5 percent of their gross domestic product, while only 3.7 percent is spent on education.   

“After COVID, more than 1.5 million children had no education for two years because they had no connections,” he added.   

Al-Jasser called for the mobilization of more resources, “particularly more concessional because 29 of the 57 member states are least developed countries and cannot afford a lot of the financing available.”  

The UN High-level Dialogue on Financing for Development, held this year under the theme “Financing the SDGs for a world where no one is left behind,” brought together world leaders, heads of international financial institutions, and multilateral development banks to discuss action to achieve the SDGs.


Belgium’s Ghent university severs ties with three Israeli institutions

Updated 4 sec ago
Follow

Belgium’s Ghent university severs ties with three Israeli institutions

BRUSSELS: Belgium’s University of Ghent (UGent) is severing ties with three Israeli educational or research institutions which it says no longer align with UGent’s human rights policy, its rector said.
Pro-Palestinian protesters in Ghent have been protesting against Israel’s military offensive in Gaza and have been occupying parts of the university since early this month.
The university’s rector, Rik Van de Walle, said in a statement that ties were being cut with Holon Institute of Technology, MIGAL Galilee Research Institute, and the Volcani Center, which carries out agricultural research.
“We currently assess these three partners as (very) problematic according to the Ghent University human rights test, in contrast to the positive evaluation we gave these partners at the start of our collaboration,” Van de Walle said.
Partnerships with MIGAL Galilee Research Institute and the Volcani Center “were no longer desirable” due to their affiliation with Israeli ministries, an investigation by the University of Ghent found, and collaboration with the Holon Institute “was problematic” because it provided material support to the army for actions in Gaza.
A spokesperson for the university said the move would affect four projects.
The three Israeli institutions did not immediately comment.
The protesters told Belgian broadcaster VRT they welcomed the decision but regarded it as only a first step. They said they would continue their occupation of parts of the university “until UGent breaks its ties with all Israeli institutions.”
The actions mirror those of students in the United States and elsewhere in Europe, calling for an immediate permanent ceasefire and for schools to cut financial ties with companies they say are profiting from what they regard as the oppression of Palestinians.

Muslim professionals quit ‘hostile’ France in silent brain drain

Updated 51 min 29 sec ago
Follow

Muslim professionals quit ‘hostile’ France in silent brain drain

PARIS: After being knocked back at some 50 interviews for consulting jobs in France despite his ample qualifications, Muslim business school graduate Adam packed his bags and moved to a new life in Dubai.
“I feel much better here than in France,” the 32-year-old of North African descent told AFP.
“We’re all equal. You can have a boss who’s Indian, Arab or a French person,” he said.
“My religion is more accepted.”
Highly-qualified French citizens from Muslim backgrounds, often the children of immigrants, are leaving France in a quiet brain drain, seeking a new start abroad in cities like London, New York, Montreal or Dubai, according to a new study.
The authors of “France, you love it but you leave it”, published last month, said it was difficult to estimate exactly how many.
But they found that 71 percent of more than 1,000 people who responded to their survey circulated online had left in part because of racism and discrimination.
Adam, who asked that his surname not be used, told AFP his new job in the United Arab Emirates has given him fresh perspective.
In France “you need to work twice as hard when you come from certain minorities”, he said.
He said he was “extremely grateful” for his French education and missed his friends, family and the rich cultural life of the country where he grew up.
But he said he was glad to have quit its “Islamophobia” and “systemic racism” that meant he was stopped by police for no reason.
France has long been a country of immigration, including from its former colonies in North and West Africa.
But today the descendants of Muslim immigrants who came to France seeking a better future say they have been living in an increasingly hostile environment, especially after the attacks in Paris in 2015 that killed 130 people.
They say France’s particular form of secularism, which bans all religious symbols in public schools including headscarves and long robes, seems to disproportionately focus on the attire of Muslim women.
Another French Muslim, a 33-year-old tech employee of Moroccan descent, told AFP he and his pregnant wife were planning to emigrate to “a more peaceful society” in southeast Asia.
He said he would miss France’s “sublime” cuisine and the queues outside the bakeries.
But “we’re suffocating in France”, said the business school graduate with a five-figure monthly salary.
He described wanting to leave “this ambient gloom”, in which television news channels seem to target all Muslims as scapegoats.
The tech employee, who moved to Paris after growing up in its lower-income suburbs, said he has been living in the same block of flats for two years.
“But still they ask me what I’m doing inside my building,” he said.
“It’s so humiliating.”
“This constant humiliation is even more frustrating as I contribute very honestly to this society as someone with a high income who pays a lot of taxes,” he added.

A 1978 French law bans collecting data on a person’s race, ethnicity or religion, which makes it difficult to have broad statistics on discrimination.
But a young person “perceived as black or Arab” is 20 times more likely to face an identity check than the rest of the population, France’s rights ombudsman found in 2017.
The Observatory for Inequalities says that racism is on the decline in France, with 60 percent of French people declaring they are “not at all racist”.
But still, it adds, a job candidate with a French name has a 50 percent better chance of being called by an employer than one with a North African one.
A third professional, a 30-year-old Franco-Algerian with two masters degrees from top schools, told AFP he was leaving in June for a job in Dubai because France had become “complicated”.
The investment banker, the son of an Algerian cleaner who grew up within Paris, said he enjoyed his job, but he was starting to feel he had hit a “glass ceiling”
He also said he had felt French politics shift to the right in recent years.
“The atmosphere in France has really deteriorated,” he said, alluding to some pundits equating all people of his background to extremists or troublemakers from housing estates.
“Muslims are clearly second-class citizens,” he said.
Adam, the consultant, said more privileged French Muslims emigrating was just the “tiny visible part of the iceberg”.
“When we see France today, we’re broken,” he said.


North Korea fires ballistic missile, South Korea’s military says

Updated 55 min 32 sec ago
Follow

North Korea fires ballistic missile, South Korea’s military says

  • South Korea’s Joint Chiefs of Staff did not immediately provide details of the projectile or its trajectory
  • North Korea has launched a range of ballistic and cruise missiles as well as tactical rockets in recent months

SEOUL: North Korea fired a ballistic missile toward the sea off its east coast, South Korea’s military said on Friday.
South Korea’s Joint Chiefs of Staff did not immediately provide details of the projectile or its trajectory.
North Korea has launched a range of ballistic and cruise missiles as well as tactical rockets in recent months, describing them as part of a program to upgrade its defensive capabilities.
Earlier on Friday, the powerful sister of North Korea leader Kim Jong Un said its tactical rockets were intended solely as a deterrent against South Korean military aggression, while denying that Pyongyang was exporting the weapons.
The missile launch comes at the same time as a visit by Russian President Vladimir Putin to the Chinese northeastern city of Harbin.


French police ‘neutralized’ armed person who tried to set fire to synagogue in Rouen — Darmanin

Updated 51 min 25 sec ago
Follow

French police ‘neutralized’ armed person who tried to set fire to synagogue in Rouen — Darmanin

  • The incident occurred early on Friday morning

PARIS: French police in Rouen shot dead an armed man who set fire to the city’s synagogue, Interior Minister Gerald Darmanin and local officials said on Friday.
The incident occurred in central Rouen, 130 kilometers northwest of Paris, early on Friday morning, Darmanin said in a post on social network X.
The attacker’s identity and motive were still unclear. He was carrying a knife and iron bar, according to local authorities.
France hosts the Olympic Summer Games in two months and recently raised its alert status to the highest level against a complex geopolitical backdrop in the Middle East and Europe’s eastern flank.
Elie Korchia, the president of France’s Consistoire Central Jewish worshippers body, said police had “avoided another anti-Semitic tragedy.”
Regional broadcaster France 3 said fire fighters were on the site. The fire had been brought under control, a Rouen city hall official said.
Rouen’s mayor said the Normandy town was ‘battered and shocked’.
The city in 2016 was rocked by an attack later claimed by the Islamic State, when a priest was killed with a knife during service in town of Saint-Étienne-du-Rouvray, in the southern part of Rouen’s urban agglomeration.


Suspected gunshots near Israeli embassy in Stockholm prompt police cordon

Updated 17 May 2024
Follow

Suspected gunshots near Israeli embassy in Stockholm prompt police cordon

STOCKHOLM: Swedish police have detained several people and cordoned off an area in Stockholm after a patrol heard suspected gunshots, they said on Friday, with the Israeli embassy located in the closed-off area.
"A police patrol at Strandvagen in Stockholm heard bangs and suspected there had been a shooting," police said on their website, adding that the affected area lay between the capital's Djurgarden Bridge, its Nobel Park and the Oscar Church.
Several people have been detained and an investigation has been launched into a suspected serious weapons crime, they added.
"In connection with the ongoing forensic investigation, findings have been made that strengthen the suspicions that a shooting took place," police said on its website.
Reuters could not immediately reach police and the Israeli embassy for comment.
Swedish news agency TT said police declined to comment on whether there was a link between the incident and the Israeli embassy.