KYIV: Ukraine needs about $3 billion in foreign financial aid on a monthly basis to get through 2024, Finance Minister Serhiy Marchenko said on Wednesday, highlighting the challenges Kyiv faces as US support begins to falter.
Marchenko said Ukraine’s macroeconomic stability during the war with Russia had been possible due to a steady inflow of international financial aid from Kyiv’s allies, something he added remained crucial this year.
“In 2024, the monthly need for external financing will reach about $3 billion. We cannot allow a delay in attracting external financing,” Marchenko said in a statement.
Ukraine has received more than $73 billion in financial aid from its Western partners in the two years since Russia launched its full-scale invasion in February 2022.
So far this year the level of support has been much lower as major packages from the European Union and the United States have suffered major delays.
The EU finally approved its 50 billion euro four-year facility for Ukraine this month but the US financial and military support package remains stuck in Congress, blocked by Republican lawmakers.
Addressing finance ministers and central bankers from the Group of Seven major industrialized nations on Wednesday, Marchenko said the government had been more active on the domestic debt market this year and looked for other ways to increase its budget revenues.
Senior executives of several of Ukraine’s biggest state-owned companies have told Reuters they had paid some of their obligatory budget payments in advance to help the government cover the budget deficit.
Ukraine’s budget gap is about $37 billion this year.
Ukraine channels most of its budget revenues into the defense effort and relies on foreign aid to pay pensions and state employees’ wages, and to cover social and humanitarian spending.
Finance ministry data shows Ukraine received about $1.2 billion from Japan and Norway in the first two months of this year.
“International donors’ help is not just a financial issue, but an opportunity to support millions of Ukrainians who need it and to save the lives of thousands of soldiers,” Marchenko said.
Ukraine needs $3 billion in financial aid per month in 2024, Kyiv says
https://arab.news/p78rc
Ukraine needs $3 billion in financial aid per month in 2024, Kyiv says
- “We cannot allow a delay in attracting external financing,” Marchenko said
- The EU finally approved its 50 billion euro four-year facility for Ukraine this month
Germany defends EU-Israel deal as ‘important forum’ for talks
Kornelius reiterated Germany’s “great concern at the humanitarian situation in Gaza“
BERLIN: Germany on Wednesday defended an EU-Israel cooperation deal, a day after the bloc had ordered a review of it in a bid to pressure Israel over the Gaza war.
Without explicitly confirming media reports that Berlin had opposed the review, foreign ministry spokesman Christian Wagner said that “the EU-Israel Association Agreement is an important forum that we must use in order to discuss critical questions” over the situation in Gaza.
The review announced on Tuesday comes as some European nations take a tougher line with Israel over the devastating impact of its offensive in Gaza and the humanitarian crisis unfolding in the territory.
EU foreign affairs chief Kaja Kallas said “a strong majority” of the 27 member states had backed the review.
Diplomats said 17 EU states pressed for the review under an article of the agreement that calls for a respect for human rights, with the Netherlands spearheading the latest push.
On Monday the leaders of Britain, France and Canada condemned Israel’s “egregious actions” in Gaza and warned of joint action if it did not halt its heightened military offensive there.
On Wednesday Stefan Kornelius, spokesman for Chancellor Friedrich Merz, reiterated Germany’s “great concern at the humanitarian situation in Gaza” but stopped short of mentioning any possible further action.
Wagner also confirmed that on Tuesday nine German nationals had been evacuated from Gaza “in close co-ordination with the Israeli government,” together with three of their immediate family members.
Indian Navy inducts first vessel built in ancient shipbuilding style
- Ship design is based on 5th-century artwork found in Ajanta Caves
- The ship’s first transoceanic voyage is planned from Gujarat to Oman
New Delhi: The Indian Navy inducted on Wednesday its first vessel constructed using traditional shipbuilding techniques dating back to the 5th century.
The 21-meter wooden ship is a stitched ship, a type of boat that is carvel-built, with its planks stitched together using cords or ropes. The technique was popular in ancient India in constructing ocean-going vessels.
Named Kaundinya, the ship is a recreation of a vessel inspired by a painting from the Ajanta Caves — a UNESCO World Heritage Site in Maharashtra state, where ancient Buddhist rock-cut monuments feature exquisite murals dating from the 2nd century B.C.E. to the 5th century C.E.
“The whole concept was to kind of connect to our ancient methodology of how the construction takes place and also, subsequently, connect to the historical maritime routes which Indian seafarers took during that particular time,” Cdr. Vivek Madhwal, spokesperson of the Indian Navy, told Arab News.
Funded by the Ministry of Culture, the project was launched in July 2023 and constructed by artisans from Kerala, who were led by master Indian shipwright Babu Sankaran. The vessel was completed in February this year.
The INSV Kaundinya’s induction into the Indian Navy took place in the presence of Culture Minister Gajendra Singh Shekhawat at the Naval Base Karwar in Karnataka, on the country’s western coast along the Arabian Sea.
The ship will sail its first transoceanic voyage from Gujarat to Oman.
“That is one of the routes which was used by the ancient seafarers,” Madhwal said, adding that new routes will be considered in the future, after the first journey.
The Indian Navy collaborated with the Department of Ocean Engineering at the Indian Institute of Technology-Madras to conduct model testing of the vessel’s hydrodynamic behavior at sea. The navy has also tested the wooden mast system, which was constructed without the use of contemporary materials.
“Every aspect of the ship had to balance historical authenticity with seaworthiness, leading to design choices that were both innovative and true to the maritime traditions of ancient India,” the Indian Ministry of Defense said in a statement.
“The combination of a stitched hull, square sails, wooden spars, and traditional steering mechanisms makes the vessel unlike any ship currently in naval service anywhere in the world.”
Saudi hospitality reaches Dhaka as immigration officers assist Hajj pilgrims
- Saudi Arabia launched Makkah Route initiative for Bangladeshi pilgrims in 2019
- About 87,000 Bangladeshis are expected to travel to Kingdom for Hajj this year
DHAKA: Bangladeshi pilgrims are enjoying the care and attention of dozens of Saudi officers who under the Makkah Route initiative are working around the clock at Dhaka’s main airport to ensure smooth immigration for Hajj.
About 87,000 Bangladeshi pilgrims are expected to perform the spiritual journey that is one of the five pillars of Islam. This year, the Hajj is expected to start on June 4 and end on June 9.
Most of the pilgrims are departing under the flagship pre-travel program, which the Kingdom launched in 2019 to help pilgrims meet all the visa, customs and health requirements at their airport of origin and save them long hours of waiting before and on arrival in the Kingdom.
“It’s a very pleasant experience for the pilgrims as they receive the heartiest welcome by the Saudi immigration officials,” Lokman Hossain, director of the Hajj Office at the Ministry of Religious Affairs, told Arab News on Wednesday.
“The immigration officials here serve the pilgrims very gently and always with a welcoming smile. It’s something that they can anticipate as the Kingdom’s hospitality for Hajj pilgrims … This is something extraordinary, and offers the pilgrims a comfort in their journey to the holy places.”
Bangladesh is among seven Muslim-majority countries — including Pakistan, Malaysia, Indonesia, Morocco, Turkiye and Cote d’Ivoire — where Saudi Arabia is operating its Makkah Route initiative.
“The moment pilgrims enter into the airport, their Saudi immigration formalities are taken care of by the immigration staffers stationed here temporarily by the Kingdom’s authorities,” Hossain said.
“There is no need to wait in any queues. Saudi immigration officials are offering instant services to our pilgrims with more than a dozen service counters. Women immigration staffers are also deployed here, which brings ease for our women pilgrims also.”
The moment they enter the Makkah Route facilities at the airport, the pilgrims are “treated like distinguished guests,” he added.
“Sometimes, the pilgrims receive greetings in their local language too. It creates a sense of comfort in the pilgrims’ minds.”
Special pilgrimage flights from Dhaka started in late April, as many pilgrims arrive early to make the most of the once-in-a-lifetime opportunity to fulfill their religious duty. More than 51,400 Bangladeshi pilgrims have already traveled to the Kingdom as of Tuesday.
“Makkah Route initiative is a very significant and helpful offer for our pilgrims,” Hossain said. “Our pilgrims are enjoying this facility.”
Indian Navy inducts first vessel built in ancient shipbuilding style
- Ship design is based on 5th-century artwork found in Ajanta Caves
- The ship’s first transoceanic voyage is planned from Gujarat to Oman
NEW DELHI: The Indian Navy inducted on Wednesday its first vessel constructed using traditional shipbuilding techniques dating back to the 5th century.
The 21-meter wooden ship is a stitched ship, a type of boat that is carvel-built, with its planks stitched together using cords or ropes. The technique was popular in ancient India in constructing ocean-going vessels.
Named Kaundinya, the ship is a recreation of a vessel inspired by a painting from the Ajanta Caves — a UNESCO World Heritage Site in Maharashtra state, where ancient Buddhist rock-cut monuments feature exquisite murals dating from the 2nd century B.C.E. to the 5th century C.E.
“The whole concept was to kind of connect to our ancient methodology of how the construction takes place and also, subsequently, connect to the historical maritime routes which Indian seafarers took during that particular time,” Cdr. Vivek Madhwal, spokesperson of the Indian Navy, told Arab News.
Funded by the Ministry of Culture, the project was launched in July 2023 and constructed by artisans from Kerala, who were led by master Indian shipwright Babu Sankaran. The vessel was completed in February this year.
The INSV Kaundinya’s induction into the Indian Navy took place in the presence of Culture Minister Gajendra Singh Shekhawat at the Naval Base Karwar in Karnataka, on the country’s western coast along the Arabian Sea.
The ship will sail its first transoceanic voyage from Gujarat to Oman.
“That is one of the routes which was used by the ancient seafarers,” Madhwal said, adding that new routes will be considered in the future, after the first journey.
The Indian Navy collaborated with the Department of Ocean Engineering at the Indian Institute of Technology-Madras to conduct model testing of the vessel’s hydrodynamic behavior at sea. The navy has also tested the wooden mast system, which was constructed without the use of contemporary materials.
“Every aspect of the ship had to balance historical authenticity with seaworthiness, leading to design choices that were both innovative and true to the maritime traditions of ancient India,” the Indian Ministry of Defense said in a statement.
“The combination of a stitched hull, square sails, wooden spars, and traditional steering mechanisms makes the vessel unlike any ship currently in naval service anywhere in the world.”
Japan’s agriculture minister resigns after a rice gaffe causes political fallout
- Taku Eto’s comment that he ‘never had to buy rice’ because he got it from supporters as a gift got him into trouble
- The gaffe could be further trouble for the ruling Liberal Democratic Party before a national election in July
TOKYO: Japan’s agriculture minister was forced to resign Wednesday because of political fallout over his recent comments that he “never had to buy rice” because he got it from supporters as a gift. The resignation comes as the public struggles with record high prices of the country’s traditional staple food.
Taku Eto’s comment, which many Japanese saw as out of touch with economic realities, came at a seminar Sunday for the Liberal Democratic Party, which leads a struggling minority government. The gaffe could be further trouble for the party before a national election in July. A major loss could mean a new government or could mean Prime Minister Shigeru Ishiba would have to step down.
“I made an extremely inappropriate remark at a time when consumers are struggling with soaring rice prices,” Eto told reporters after submitting his resignation at the prime minister’s office. He was the first minister to resign under Ishiba’s leadership that began October.
The government has released tonnes of rice from its emergency stockpile in recent months, but the latest agricultural ministry statistics show little impact from the move. Some supermarkets have started selling cheaper imported rice.
Eto also sought to clarify the comments that got him in trouble. He said he does actually buy white rice himself and was not living on rice given as gifts. He said the gift comment referred to brown rice, which he wants people to become interested in because it can reach market faster.
Ishiba appointed popular former Environment Minister Shinjiro Koizumi, the son of a former prime minister, to lead the ministry, noting his experience in agriculture and fisheries policies and enthusiasm for reforms.
Koizumi told reporters Ishiba instructed him to do everything to stabilize the rice supply and prices to address consumer concern.
“I was told to put rice before anything,” Koizumi told reporters. “At this difficult time, I will do my utmost to speedily tackle the high rice prices that people feel and worry about in their everyday lives.” He said he shares consumers’ concerns as he feeds his children packaged instant rice sometimes.
Ishiba, also a former farm minister, said he wants to strengthen Japan’s food security and self-sufficiency. He has proposed agricultural reforms, including increased rice production and possible exports, though critics say he should urgently fix the ongoing rice problem first.
Noting the rice situation, Ishiba said he suspects the rice price surge is “not a temporary but a structural problem.”
“It may not be easy to find an answer,” he said, but repeated his pledge to do the utmost to ease consumers’ difficulties and to reform rice policies.
Koizumi said the measures so far have proved ineffective and that he will speed the effort as soon as he formally takes office later Wednesday. He stressed the need to reform Japanese rice policy, which has focused on powerful organizations that represent farmers, to focus more on the benefit of consumers.
Japanese rice demand has decreased over recent decades as people’s diets have diversified, but rice remains a staple food and an integral part of Japanese culture and history.
“Rice is the staple food for the Japanese. When its prices are rising every week, (Eto’s) resignation is only natural,” said Shizuko Oshima, 73.
The shortfall started last August with panic buying following a government caution over preparedness for a major earthquake. The supply pressure eased after the autumn harvest, but a shortage and price increases hit again early this year.
Officials have blamed the supply shortage on poor harvests because of hot weather in 2023 and higher fertilizer and other production costs, but some experts blame the government’s long-term rice production policy.
The unprecedented release from emergency rice stockpiles was seen in part as an attempt to figure out distribution problems. The government has denied there is now a rice shortage, but officials say it’s a mystery why rice is not reaching consumers as expected. Some experts say the rice shortage could be serious but it’s difficult to trace rice as its distribution route has become so complex since the end of government control in 1995.
