United Nations Secretary-General Antonio Guterres on Tuesday warned that the escalating conflict in the Middle East has triggered what he called the “mother of all energy shocks.” He said the crisis threatens global economic stability and could have severe consequences for vulnerable nations. The warning is significant because rising energy costs can quickly affect inflation, […]
developing countries
Scholar urges new global economic order amid US trade shockwaves
ISLAMABAD – A research scholar at SOAS University of London has proposed dismantling the current multilateral trade system and replacing it with a “New International Economic Order” to protect developing countries from the disruptive effects of US trade policies. Read More: India moves to finalize major trade deal with US Professor Ha-Joon Chang highlighted that recent US tariff […]
Corruption costs developing countries USD 1.26 trillion per annum
ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice (Retd) Javed Iqbal on Friday said that corruption costs some USD 1.26 trillion to developing countries each year owing to bribery, theft, and tax evasions, which was approximately nine times of the official development assistance funding. Addressing the United Nations General Assembly Special Session against Corruption being held […]
World Bank, IMF ask manufacturers to scale up of vaccine production
WASHINGTON: The World Bank and the International Monetary Fund (IMF) on Thursday called on countries anticipating excess vaccine supplies in the coming months to release their surplus doses and options as soon as possible to developing countries. “The coronavirus pandemic will not end until everyone has access to vaccines, including people in developing countries,” World […]
Macron pledges 700 million euros for new solar projects
NEW DELHI: French President Emmanuel Macron on Sunday pledged hundreds of millions of dollars for solar projects in developing countries, as world leaders met in India to promote greater investment in renewable energy. Macron, who in December warned that the global shift to a green energy future was too slow, said France would extend an […]