Paris conference urges global financial system overhaul to combat poverty and climate change 

From right: South African President Ramaphosa, EC President Von Der Leyen, Egyptian President El-Sisi and Colombian President Petro Urrego take part in a roundtable at the Summit for a New Global Financing Pact in Paris on Thursday. (AN Photo by Ammar Abd Rabbo)
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Updated 23 June 2023
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Paris conference urges global financial system overhaul to combat poverty and climate change 

  • Summit for a New Global Financial Pact aims to improve lending system for developing countries 
  • Without equitable access to finance, poor nations could remain mired in poverty, world leaders warn

PARIS: Without an overhaul of the global financial system, the international community will fail to address the twin challenges of poverty and climate change, world leaders heard on the opening day of the Summit for a New Global Financing Pact in Paris on Thursday.

The two-day conference, hosted by French President Emmanuel Macron and attended by Saudi Crown Prince Mohammed bin Salman, was organized to find ways to improve the lending system for developing countries mired in poverty and threatened by climate disaster. 

In his opening remarks, Macron told delegates that the world needs a “public finance shock” — a global surge of financing — to fight these challenges, adding the current system was not well suited to address them.




French President Emmanuel Macron opening the Summit for a New Global Financing Pact in Paris on Wednesday.  (Photo by Ammar Abd Rabbo)

“Policymakers and countries shouldn’t ever have to choose between reducing poverty and protecting the planet,” Macron told the summit. 

Indeed, those nations that are most vulnerable to extreme weather events caused by climate change are often the least equipped to respond to protect their populations or to implement emissions-cutting policies of their own.

Without some form of debt relief for developing countries to address environmental challenges, or new methods of financing that take into account their poverty-reduction priorities, experts believe the fight against climate change and hardship is already lost. 

During a roundtable on day one of the summit, titled “A new method: green growth partnerships,” moderated by Catherine Colonna, France’s minister for Europe and foreign affairs, world leaders discussed the potential for multi-stakeholder partnerships.




Saudi Crown Prince Mohammed bin Salman (2nd right) attending the New Global Financing Pact in Paris, with UN Secretary-General Antonio Guterres on his left and Tunisian President Kais Saied on his right. (AN Photo by Ammar Abd Rabbo) 

Questioned by Colonna about the collective challenges posed by rising temperatures, panelist Abdel Fattah El-Sisi, the Egyptian president, said: “Climate change threatens all countries worldwide and requires states to work together to face these challenges.” 

Recalling the UN Climate Change Conference, COP27, held in Egypt’s Red Sea resort town of Sharm El-Sheikh last November, El-Sisi said: “We have heard many commitments during COP27, but the major problem that persists concerns access to financing both at the national and international levels.” 

El-Sisi called for the implementation of a fair financing system in all sectors that promote sustainable development, highlighting access to vital resources such as water, food and energy. 

“These development programs require the establishment of partnerships,” he said. “We must continue to finance projects that align with the objectives of the Paris Agreement. We must continue to develop multilateral partnerships with defined programs centered on sustainable development.” 

El-Sisi further emphasized the need to find solutions and recommendations to curb or erase the debts of poor countries and to suspend or cancel taxes to enable banks to meet current requirements.

“In Egypt, we have implemented a renewable energy development plan. We need the assistance of our partners and international financial institutions to support us in project implementation,” he added.




Egyptian President Abdel Fattah El-Sisi during the panel discussion.   (Photo by Ammar Abd Rabbo)

During her own intervention, Ursula von der Leyen, president of the European Commission, called for the creation of an “environment conducive to private capital and to encourage investors to be more involved in energy transition projects.”

She said access to capital markets is crucial. 

“At the European Commission, we are interested in the most attractive sectors in green growth, particularly in emerging and developing countries that face limited financing, lack of training, and an increase in interest rates practiced by banks,” she said.

“We must share our expertise and limit risks for investors.”

Another way to even out the burden of climate costs is the implementation of carbon pricing. One method is to make polluters such as transport and logistics companies pay a tax on their emissions, thereby incentivising more sustainable practices. 




European Commission President Ursula von der Leyen (R) and US Treasury Secretary Janet Yellen attending the Global Climate Finance summit in Paris on June 22, 2023. (Pool via REUTERS)

“They will have the choice to either adopt more environmentally friendly methods or pay a tax that will finance sustainable and environment conscious projects,” von der Leyen told the roundtable.

“Carbon pricing will generate revenue that will be allocated to financing a greener economy,” she added.

Speaking on the same panel, Gustavo Petro Urrego, president of Colombia, said nations should change production methods in industry and agriculture, and cooperate on water conservation. 

“We must reorganize territories and change methods, but these strategies require the mobilization of billions of dollars,” he said. “We all know that capital is essential in achieving the goals of ecological transition and sustainable development.”

To make access to financing more just and equitable, Petro called for a global Marshall Plan — in reference to the post-war reconstruction fund provided to Europe by the US — to address global challenges related to climate change and sustainable development.




French President Emmanuel Macron, right, welcomes Colombian President Gustavo Petro at the New Global Financial summit in Paris onJune 22, 2023. (Pool via AP) 

He also called for debt cancelation for poor countries in exchange for concrete commitments to sustainable development.

A separate roundtable on Thursday focused on ways to enable environments for the private sector to implement sustainable infrastructure and financing for small- and medium-sized enterprises, or SMEs. 

According to Yoshimasa Hayashi, Japan’s minister of foreign affairs, achieving the UN’s Sustainable Development Goals by 2030 will be challenging due to the post-pandemic global context.

Nevertheless, asked about the contribution of the private sector to sustainable development and the green economy, Hayashi said Tokyo had incentivised firms to make private capital contributions to the development of green economy programs. 

“We encourage the private sector to get involved in achieving our objectives in terms of sustainable development and respect for human rights,” he said. 




Japan's Foreign Minister Yoshimasa Hayashi stressed the need for the public and private sectors to work together to invest in infrastructure construction. (Pool photo via AFP) 

Hayashi said the public and private sectors must work together to invest in infrastructure construction, citing Japan’s support for programs launched by companies involving the ecological transition.

Speaking on the same roundtable, Khadem Khadem Al-Remeithi, executive director of the Abu Dhabi Investment Authority, a UAE sovereign wealth fund, recommended working “with various organizations such as the French Development Agency to identify concrete solutions, particularly in terms of building infrastructure.”

In the course of his work, Al-Remeithi said he ensures the actions carried out by the investment fund are committed to implementing regulatory rules and operational platforms to organize selected projects and programs.

“We ensure that our actions yield results,” he said, citing successful projects carried out by the African Development Bank in many countries. 

“The financing of small- and medium-sized enterprises engaged in sustainable development and the investments necessary for the construction of basic infrastructure require the support of capital from international financial institutions.”

Al-Remeithi, who called for the establishment of regulatory mechanisms that effectively combat “the hesitations of banks and potential investors regarding risks,” said such measures would encourage dialogue between public and private operators to enhance their contributions to sustainable development programs.

Beyond policy shifts at the nation and boardroom level, however, the world’s developing countries need to see tangible change in the rules-based order of finance if they are to reap any benefits in the short-to-medium term.

Speaking during the summit’s opening session on Thursday, Mia Mottley, prime minister of Barbados, called for a reimagining of the role of the World Bank and IMF in an era of climate crisis.




Barbados Prime Minister Mia Mottley. Supplied)

Mottley, whose Caribbean island nation is threatened by rising sea levels and tropical storms, said: “What is required of us now is absolute transformation and not reform of our institutions. We come to Paris to identify the common humanity that we share and the absolute moral imperative to save our planet and to make it livable.” 

Outlining the challenges facing developing countries, Antonio Guterres, the UN secretary-general, said more than 50 nations were now in or near debt default, while many African countries are spending more on debt repayments than on health care. 

Guterres said the post-Second World War global financial system was failing to rise to modern challenges and now “perpetuates and even worsens inequalities.”




UN Secretary-General Antonio Guterres (R) is received by French President Emmanuel Macron (C) for an official dinner at the Elysee Palace on the sidelines of the New Global Financial Pact Summit in Paris on June 22, 2023. (AFP)

“We can take steps right now and take a giant leap toward global justice,” he said, adding that he has proposed a stimulus of $500 billion a year for investments in sustainable development and climate action. 

In a nod to those looking for tangible progress from the summit, IMF Director Kristalina Georgieva announced that a key pledge to rechannel $100 billion of liquidity boosting “special drawing rights” into a climate and poverty fund had been met. 

Macron said he was hopeful that a 2009 pledge to deliver $100 billion a year in climate finance to poorer nations by 2020 would finally be fulfilled this year, although actual confirmation the money has been delivered will take months, if not years.

 


Father of American man slain by Israeli settlers tells Arab News US officials do not care

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Father of American man slain by Israeli settlers tells Arab News US officials do not care

  • Sayfollah Musallet was beaten to death on his family’s land in the West Bank
  • ‘Where is the outcry from America for an American? We need justice now’

CHICAGO: Kamel Musallet, the father of a 20-year-old American citizen slain by Israeli settlers on Friday, told Arab News that US officials should treat his son’s killing “the same way they’d treat the murder of any American in any country.”

Sayfollah Musallet was beaten to death by settlers on land the family owns outside the Palestinian village of Al-Mazra’a Ash-Sharqiya in the occupied West Bank.

The family are American citizens of Palestinian heritage who have lived in Port Charlotte, Florida, most of their lives.

Sayfollah Musallet, who was born and raised in Florida, went to see family in Al-Mazra’a Ash-Sharqiya when he was confronted by “gangs of settlers” on their nearby land.

Kamel Musallet said he has only received condolences from “someone” at the US Embassy in Jerusalem, but not from any American officials in the US. 

“Where is the concern? My son is an American,” he added, describing him as “a kind person, a good person.”

He said Israeli soldiers prevented family and friends from reaching his son, and medical personnel from treating him.

“He was there, injured, dying, for nearly three hours … The settlers killed him and nothing has been done,” he added.

“Settlers have been going to Palestinian-owned lands randomly attacking any Palestinians they see, trying to steal these lands.

“They’re trying to put tents up on these lands to create new settlements, destroying olive trees and killing farm animals … We’ve asked for protection but have gotten nothing … They’ve been doing this for years.”

He added: “My whole family is American. Who is speaking up in America for our rights, our lives? Where is the outcry from America for an American? We need justice now.”

He said his son had been running an ice cream store that the family opened a year before in Tampa, Florida.

“Sayfollah was such a kind soul, a hard worker. I'm an entrepreneur, so he wanted to be like me … He left a positive impression on everyone he met.”


Trump envoy arrives in Kyiv as US pledges Patriot missiles to Ukraine

Updated 14 min 8 sec ago
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Trump envoy arrives in Kyiv as US pledges Patriot missiles to Ukraine

  • Donald Trump last week teased that he would make a ‘major statement’ on Russia on Monday
  • US leader made quickly stopping the Russia-UKraine war one of his diplomatic priorities

KYIV: US President Donald Trump’s special envoy to Ukraine and Russia, retired Lt. Gen. Keith Kellogg, arrived in Kyiv on Monday, a senior Ukrainian official said, as anticipation grew over a possible shift in the Trump administration’s policy on the more than three-year war.

Trump last week teased that he would make a “major statement” on Russia on Monday. Trump made quickly stopping the war one of his diplomatic priorities, and he has increasingly expressed frustration about Russian President Vladimir Putin’s unbudging stance on U.S-led peace efforts.

Putin “talks nice and then he bombs everybody,” Trump said late Sunday, as he confirmed the US is sending Ukraine badly needed US-made Patriot air defense missiles to help it fend off Russia’s intensifying aerial attacks.

Russia has spread terror in Ukrainian cities, including the capital, Kyiv, with hundreds of drones and cruise and ballistic missiles that Ukraine’s air defenses are struggling to counter. June brought the highest monthly civilian casualties of the past three years, with 232 people killed and 1,343 wounded, the UN human rights mission in Ukraine said Thursday. Russia launched 10 times more drones and missiles in June than in the same month last year, it said.

That has happened at the same time as Russia’s bigger army is making a new effort to drive back Ukrainian defenders on parts of the 1,000-kilometer frontline.

A top ally of Trump, Republican Sen. Lindsey Graham of South Carolina, said Sunday that the conflict is nearing an inflection point as Trump shows growing interest in helping Ukraine fight back against Russia’s full-scale invasion. It’s a cause that Trump had previously dismissed as being a waste of US taxpayer money.

“In the coming days, you’ll see weapons flowing at a record level to help Ukraine defend themselves,” Graham said on CBS’ “Face the Nation.” He added: “One of the biggest miscalculations (Russian President Vladimir) Putin has made is to play Trump. And you just watch, in the coming days and weeks, there’s going to be a massive effort to get Putin to the table.”

Also, NATO Secretary-General Mark Rutte was due in Washington on Monday and Tuesday. He planned to hold talks with Trump, Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, as well as members of Congress.

Talks during Kellogg’s visit to Kyiv will cover “defense, strengthening security, weapons, sanctions, protection of our people and enhancing cooperation between Ukraine and the United States,” said the head of Ukraine’s presidential office, Andrii Yermak.

“Russia does not want a cease fire. Peace through strength is President Donald Trump’s principle, and we support this approach,” Yermak said.

Russian troops conducted a combined aerial strike at Shostka, in the northern Sumy region of Ukraine, using glide bombs and drones early Monday morning, killing two people, the regional prosecutor’s office said. Four others were injured, including a 7-year-old, it said.

Overnight from Sunday to Monday, Russia fired four S-300/400 missiles and 136 Shahed and decoy drones at Ukraine, the air force said. It said that 61 drones were intercepted and 47 more were either jammed or lost from radars mid-flight.

The Russian Defense Ministry, meanwhile, said its air defenses downed 11 Ukrainian drones over Russian regions on the border with Ukraine, as well as over the annexed Crimea and the Black Sea.


Fatal Air India crash probe ‘far from over’ says CEO days after preliminary report

Updated 14 July 2025
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Fatal Air India crash probe ‘far from over’ says CEO days after preliminary report

  • The Boeing 787 Dreamliner bound for London began to lose thrust and sink shortly after takeoff
  • Air India jetliner crashed after engine fuel cutoff switches flipped almost simultaneously

NEW DELHI: The probe into last month’s Air India Dreamliner crash in Ahmedabad city is “far from over,” CEO Campbell Wilson said in an internal memo on Monday, adding that the airline is open to further inquiries and warned against “premature conclusions.”

The memo, seen by Reuters, comes after a preliminary report on Saturday showed confusion in the cockpit shortly before the Air India jetliner crashed and killed 260 people last month, after the plane’s engine fuel cutoff switches flipped almost simultaneously and starved the engines of fuel.

The Boeing 787 Dreamliner bound for London from the Indian city of Ahmedabad began to lose thrust and sink shortly after takeoff, according to the report on the world’s deadliest aviation accident in a decade released by Indian accident investigators.

The memo said that the preliminary report found no mechanical or maintenance faults and that all required maintenance had been carried out.


Wildfire destroys a historic Grand Canyon lodge and other structures

Updated 14 July 2025
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Wildfire destroys a historic Grand Canyon lodge and other structures

  • Millions of people visit the park annually, with most going to the more popular South Rim

FLAGSTAFF: A fast-moving wildfire destroyed a historic lodge and dozens of other structures on the Grand Canyon’s North Rim, forcing officials to close access to that area for the season, the park said Sunday.
The Grand Canyon Lodge, the only lodging inside the park at the North Rim, was consumed by the flames, park Superintendent Ed Keable told park residents, staff and others in a meeting Sunday morning. He said the visitor center, the gas station, a waste water treatment plant, an administrative building and some employee housing were among the 50 to 80 structures lost. “Numerous” historic cabins in the area also were destroyed, the park said.
Two wildfires are burning at or near the North Rim, known as the White Sage Fire and the Dragon Bravo Fire. The latter is the one that impacted the lodge and other structures.
Started by lightning on July 4, the Dragon Bravo Fire was initially managed by authorities with a “confine and contain” strategy to clear fuel sources. They shifted to aggressive suppression a week later as it rapidly grew to 7.8 square miles (20 square kilometers) because of hot temperatures, low humidity and strong wind gusts, fire officials said.
No injuries have been reported.
Arizona Governor Katie Hobbs called on the federal government late Sunday to investigate the National Park Service’s response to the wildfire.
“They must first take aggressive action to end the wildfire and prevent further damage,” she said in a post on X. “But Arizonans deserve answers for how this fire was allowed to decimate the Grand Canyon National Park.”
Millions of people visit the park annually, with most going to the more popular South Rim. The North Rim is open seasonally. It was evacuated last Thursday because of wildfire, and will remain closed for the rest of the season, the park said in a statement.
Firefighters at the North Rim and hikers in the inner canyon were evacuated over the weekend. The park said along with the fire risk, they could potentially be exposed to chlorine gas after the treatment plant burned. Chlorine gas is heavier than air and can lead to blurred vision, irritation or respiratory problems if high amounts of it are breathed in, according to the Centers for Disease Control and Prevention.
Rafters on the Colorado River through the Grand Canyon also were told to bypass Phantom Ranch, which has a set of cabins and dormitories along the river.
Historic lodge burned
The Grand Canyon Lodge was often the first prominent feature that visitors see, even before viewing the canyon. A highway ends at the lodge, which was known for its sloped roof, huge ponderosa beams and massive limestone facade. By walking across the lobby and descending a stairwell, visitors could get their first view of the Grand Canyon shining through windows across the “Sun Room.”
“It just feels like you’re a pioneer when you walk through there (the lodge),” said Tim Allen, a longtime resident of Flagstaff, Arizona, and yearly visitor to the Grand Canyon. “It really felt like you were in a time gone by.”
Allen said the North Rim felt special and more personal because of its remoteness and reduced number of tourists. He often spent time there camping and doing rim-to-rim hikes, trekking all the way to the bottom of the canyon and back out.
“It’s heartbreaking,” he said of the destruction caused by the fire.
Caren Carney was staying at the lodge with her husband, parents and 12-year-old son when a park ranger knocked on their door Thursday and told them to evacuate. Carney’s parents first took her to the North Rim in the early 90s when she was 12, and the family decided to do the same with her son this year now that he was the same age. She was overjoyed to show her husband and son the serene beauty of the North Rim for the first time, and to bring her dad back to one of his favorite places in the world.
Carney said she was heartbroken Sunday to hear that such a “magical place” had burned down. After evacuating, the family from Georgia relocated to the South Rim to continue their vacation and they could see the blaze from across the canyon.
“We told my son while visiting that this is now a family tradition and he should bring his children when they are 12,” Carney said. I hope there will be something as magnificent for them to see in the future, and I’m so glad we got to have one final look at it in the present before it was lost.”
Aramark, the company that operated the lodge, said all employees and guests were safely evacuated.
“As stewards of some our country’s most beloved national treasures, we are devastated by the loss,” said spokesperson Debbie Albert.
An original lodge burned down from a kitchen fire in 1932, four years after construction was completed, according to the Grand Canyon Historical Society. The redesigned lodge using the original stonework opened in 1937.
Thomas Sulpizio, president of the historical society, said the lodge contained some valuable archives that he wasn’t sure were saved.
The lobby also contained a famous 600-pound bronze statue of a donkey named “Brighty the Burro.”
Meanwhile, officials reported progress in battling a second wildfire burning north of the Grand Canyon. Fire lines on the White Sage Fire that forced evacuations at the North Rim and in the community of Jacob Lake were holding, officials said. By Sunday afternoon the fire had charred 63 square miles (162 square kilometers) of terrain.
On the southern edge of the fire, hand crews and bulldozers were working uphill, and the spread of the blaze had been minimal.
But to the east and north, the fire has spread rapidly, with grasses and standing dead trees contributing to the fire’s intensity, officials said. The fire was pushing downhill toward the Vermilion Cliffs area, and crews were assessing opportunities to create buffer zones that help slow or halt the fire’s progress.
Wildfire closes national park in Colorado
Elsewhere, one of several wildfires burning in Colorado that closed Black Canyon of the Gunnison National Park, about 260 miles (420 kilometers) southwest of Denver, has burned 5.6 square miles (14.5 square kilometers) and forced the evacuation of homes near the park. The fire was started by lightning on Thursday on the south rim of the park, a dramatic, deep gorge carved by the Gunnison River.
Colorado Gov. Jared Polis issued a disaster declaration on Sunday because of it and other fires burning in western Colorado. His office said they were all started the same day by the same storm.
Another wildfire burning near the Colorado-Utah border near La Sal, Utah, also started Thursday and has burned around 14 square miles (36.3 square kilometers).


South Korea medical students end 17-month class boycott

Updated 14 July 2025
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South Korea medical students end 17-month class boycott

  • South Korean health care was plunged into chaos early last year when then-president Yoon Suk Yeol moved to sharply increase medical school admissions
  • The initiative met fierce protest, prompting junior doctors to walk away from hospitals and medical students to boycott their classrooms

SEOUL: Thousands of South Korean medical students are set to return to classrooms after a 17-month boycott, an industry body said Monday, ending part of a standoff which also saw junior doctors strike.

South Korean health care was plunged into chaos early last year when then-president Yoon Suk Yeol moved to sharply increase medical school admissions, citing an urgent need to boost doctor numbers to meet growing demand in a rapidly aging society.

The initiative met fierce protest, prompting junior doctors to walk away from hospitals and medical students to boycott their classrooms, with operations canceled and service provision disrupted nationwide.

The measure was later watered down, and the government eventually offered to scrap it in March 2025, after Yoon was impeached over his disastrous declaration of martial law.

“Students have agreed to return to school,” a spokesperson for the Korean Medical Association said Monday, adding that it was up to each medical school to decide the schedule for student returns.

The Korean Medical Students’ Association said in an earlier statement that the students had reached this decision because a continued boycott “could cause the collapse of the fundamentals of medical systems.”

Some 8,300 students are expected to return to school, but no specific timeline has been provided.

Prime Minister Kim Min-seok welcomed the decision, calling it a “big step forward” in a Facebook post Sunday, adding President Lee Jae Myung was deliberating ways to solve the issue.

In addition to the student boycott, some 12,000 junior doctors went on strike last year – with the vast majority of them still declining to return to work.

Lee – who took office in June after winning snap elections following Yoon’s removal from office – had said on the campaign trail he would seek to resolve the medical strike.

The increase in medical school admissions led to a record number of students re-taking the college entrance exam in November in a bid to capitalize on reforms that made it easier to get into coveted majors.