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Arab News Saudi Arabia

Marriott International continues to develop young talent in Saudi

This year’s programme in Saudi Arabia, also includes Bahraini nationals, will feature more than 37 new participants…reports Asian Lite News

Marriott International has reinforced its commitment to developing local talent in Saudi Arabia by launching its fourth iteration of the Tahseen leadership programme. The 12-month programme, designed in partnership with Cornell University, aims to develop the next generation of hospitality leaders. This year’s programme in Saudi Arabia, which also includes Bahraini nationals, will feature more than 37 new participants.

Francisca Martinez, Chief Human Resources Officer, Europe, Middle East & Africa, Marriott International: “Our commitment to investing in young local talent to ensure the success of the Kingdom’s travel and tourism sector is unwavering. We are excited to launch the fourth edition of Tahseen in Saudi Arabia and look forward to developing the next group of hospitality leaders in the Kingdom. We are also delighted to see the continuous career advancement of those leaders who previously graduated from the program in the Kingdom despite the challenges brought on by the pandemic.”

In partnership with Cornell University, the fourth year of Tahseen in the Kingdom will see 37 participants go through a unique and highly individualized 12-month programme focused on practical application across all departments as well as an in-depth understanding of leadership skills led by teams across Marriott’s participating hotels. Tahseen provides candidates with operational experience and theoretical training, empowering them with the knowledge, skills and expertise to accelerate in leadership roles within the industry.  

Tahseen recently celebrated the graduation of its 2021 class, which saw 46 graduates, of which nearly half were women, step into leadership within their respective hotels and in the department of their choice.

Since its inception in 2018, more than 110 candidates have graduated from the Tahseen programme in Saudi Arabia and moved into roles within Marriott International’s properties in the Kingdom. To date, more than 75 per cent of the graduates remain employed at a Marriott International hotel and have progressed in their careers across the Kingdom in managerial, supervisor and director roles across functions such as Sales, Human Resources, Food & Beverage, Marketing, Finance and Operations.

The Tahseen programme supports Saudi Arabia’s National Tourism Strategy, which aims to create a thriving industry that will provide new employment prospects to a generation of Saudis. The strategy works alongside the Kingdom’s Vision 2030 reforms, which aim to create one million jobs in the tourism sector, attract 100 million visitors annually, and shape the tourism sector to contribute to 10 percent of the country’s GDP by 2030.

Tahseen’s recent graduates and new candidates shared their thoughts on the programme and its impact on their careers.

ALSO READ: 3 UAEU students successfully finished internship for Lulu Money

Abdulrahman Al Hadi joined Marriott International as a Telephone Operator. Since graduating from the Tahseen programme in 2018, he has moved on to become the Director of Sales at Four Points by Sheraton Jeddah. Looking back at his journey, Al Hadi said, “Taking part in the Tahseen programme allowed my career to grow exponentially. I was able to work my way up from Telephone Operator at the Le Meriden Al Hada to working on important commercial accounts, thanks to the business and communication skills I acquired during the programme. In addition, rotating between departments was the best experience, as it helped me understand how my decisions can impact various departments.”

Najd Alruwaili, Executive Assistant at The Ritz-Carlton, Riyadh, who will be a candidate in this year’s programme said, “I am thrilled to be a part of such an incredible programme that will offer me the tools and resources I need to succeed in hospitality. I look forward to working closely with my colleagues in the different departments and learning how each department contributes to the hotel’s overall success.”

Tahseen is a programme that falls under Marriott International’s Sustainability and Social Impact Platform, Serve 360: Doing Good in Every Direction, which guides how the company makes a positive and sustainable impact wherever it does business. From empowerment opportunities to sustainable hotel development, the platform is designed to foster business growth while balancing the needs of associates, customers, owners, the environment and communities. One of the priority areas, or “coordinates”, of Serve 360 is Empower Through Opportunity. Tahseen is a programme that directly supports and brings this vision to life.

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Arab News News

Lebanon’s Deputy Minister announces country’s bankruptcy

Lebanon’s Deputy Prime Minister Saade Chami has announced “the bankruptcy of the state and the Central Bank” of the cash-strapped nation…reports Asian Lite News

“The state has gone bankrupt as did the Central Bank of Lebanon, and the loss has occurred; we will seek to reduce losses for the people,” Xinhua news agency quoted the Minister as saying.

He added that the negotiations to sign a preliminary deal between Lebanon and the International Monetary Fund (IMF) on a package to exit a deep financial crisis in the country are currently underway.

The talks covered the restructuring of the banking sector, an economic recovery plan, approval of the budget as well as a capital control draft bill, he noted.

ALSO READ: UN urges Lebanon to rebuild country’s education system

Lebanon has been facing a major financial crisis amid a steep shortage of foreign currency.

The country’s financial experts accused commercial banks of depositing clients’ foreign currency deposits at the Central Bank of Lebanon in return for high interest rates.

Meanwhile, the central bank used the clients’ deposits to stabilize the exchange rate of the Lebanese pound and finance the state’s budget deficit, experts said.

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-Top News Dubai UAE News

UAE hosts ISA interior ministers

A meeting of the interior ministers of the International Security Alliance states, chaired by Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, held in Dubai…reports Asian Lite News

The alliance includes the UAE, France, Italy, the UK, Morocco, Spain, Israel, Senegal, Singapore, Slovakia. The Netherlands also joined the alliance, which has its General Secretariat hosted by the UAE Ministry of Interior.

Sheikh Saif conveyed the greetings of the UAE leadership, government and people to the meeting held as part of the work process and objectives of ISA in promoting joint international action in protecting societies, security and stability and combating crime in all its forms. He also welcomed the Netherlands to the Alliance and described its move as a great addition to this joint integrated action.

UAE hosts ISA interior ministers (WAM)

The ministers listened to a briefing on the developments of the work of ISA committees and the results of the last exercise (ISALEX 2.0), the first of its kind in the world to be held on the Metaverse.

A number of future projects and initiatives were adopted, aiming to enhance the security and safety of the member states, unify security and police concepts and joint coordination of mutual expertise about security and crimes.

The meeting issued the statement of the fourth ministerial meeting, in which, attendees stressed that the member states of the Alliance are continuing to step up their efforts to confront organised and transnational crimes and to combat extremism and radicalism in all its forms.

They also indicated that ISA, established in 2017 as an act of solidarity among member states, continues its endeavours to achieve more peace, security and stability in the societies of the member states and all communities around the world.

UAE hosts ISA interior ministers (WAM)

The statement added, “Our alliance, which was created in 2017 as an act of solidarity between friendly and brotherly countries, continues its quest to achieve greater peace, security and stability in the societies of member states and the international community as a whole.”

“We discussed the security challenges faced by some of the member states of the International Security Alliance over the past year. We also strongly condemn the terrorist missile attack that hit the UAE earlier this year.

ALSO READ:UAE building bridges for stability and prosperity: Gargash

“We remain committed to a serious and positive partnership, and we will continue to stand and work together, based on unity, common purpose and an enduring commitment to peace.”

The statement concluded by saying, “We welcome the addition of the Kingdom of Netherlands to the alliance and look forward to what they will bring in terms of practical and safe experiences that will raise the level of coordination between international work teams and strengthen the exchange of police expertise, in particular by increasing the capacities of the ministries of the interior of the Alliance member states.”

The meeting, which was held in person and remotely, was attended by Lt. General Sheikh Rashid bin Abdullah Al Khalifa, Minister of Interior of Bahrain; Minister for Home Affairs and Minister for Law of Singapore K Shanmugam; Interior Minister of Spain, Fernando Grande-Marlaska; Morocco’s Interior Minister Abdelouafi Laftit; Minister of Interior of Senegal, Antoine Felix Diome; Israeli Public Security Minister Omer Barlev; Italian Interior Minister Luciana Lamorgese; Vendelín Leitner, State Secretary of Ministry of Interior of the Slovak Republic; Dilan Yesilgöz-Zegerius, the Dutch Minister of Justice and Security ( the Kingdom of the Netherlands), along with representatives of the interior ministers of the countries of ISA and relevant security officials.

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-Top News Dubai UAE News

Global brands launch yachts at Dubai Boat Show

De Antonio Yachts unveil its D50 Open and D46 Cruiser, while EVO Yachts debuted its EVO R4 unit, the newest version of the brand’s popular Evo 43…reports Asian Lite News

Three luxury yachts debuted this weekend at Dubai Harbour as part of the ongoing Dubai International Boat Show 2022 as the world’s leading brands and exhibitors raced to present their nautical handiwork to this year’s crowds at the Middle East’s largest and most-popular leisure marine event.

The 28th edition of the five-day event, which finishes on Sunday, saw De Antonio Yachts, a Barcelona-based boat manufacturer, and EVO Yachts, a brand from Blu Emme Yachts, reveal their latest vessels to the public for the first time at Dubai Harbour, the Middle East’s largest marina.

Global brands launch yachts at Dubai International Boat Show 2022

EVO Yachts, following the recent partnership announcement with regional dealer EVO Yachts Dubai, debuted its EVO R4 unit with unique interiors over the weekend. ‘Like something from a Transformers movie’, the Evo R4 is the newest version of the extensible yacht Evo 43, a fast 13m day-cruiser with sleek, sculpted contours and two Volvo IPS 650 engines.

Speaking from the show, Marcus Giltay, Managing Director, EVO Yachts Dubai, said, “The quality of visitors to our stand has been excellent and as of now we already have three to four potential buyers, which is fantastic. Dubai is the perfect platform to launch our boats as the clientele here love technology and gadgets, but also super high quality, which describes our vessels to a tee.”

Since its launch, EVO 43’s revolutionary ‘XTension’ bulwarks have sparked wide attention, opening hydraulically in less than 30 seconds to increase usable deck space by 40% and turn the cockpit into a 25sqm terrace.

Meanwhile, De Antonio Yachts launched its D50 Open, a 50ft yacht with two, three, or four hidden outboard engines and built on the award-winning D46 Open hull. With a top speed of 50 knots and a maximum power of 1800hp, the exclusive yacht provides what De Antonio Yachts claims to be unrivalled navigation efficiency.

EVO Yachts debuted its EVO R4 unit, the newest version of the brand’s popular Evo 43

The yacht can be ordered with two or three rooms, one of which can be converted into a skipper cabin and has a customisable interior layout. Similarly, the interior can include two or three bathrooms, making it a great match for each owner’s needs. A 2.5-metre saltwater jacuzzi in the bow will be the envy of all.

Elsewhere, De Antonio Yachts’ D46 Cruiser, another nautical marvel, was also launched this weekend and is aimed at the most sophisticated and demanding shipowners. The D46 Cruiser is a motorboat with a spacious deck, large aft sundecks, and a large central lounge area, all of which are sheltered by a sleek retractable roof cabin that comfortably seats up to 12 people.

ALSO READ: Dubai unveils ‘One Billion Meals’ campaign

The yacht has a spacious interior with one, two, or three cabins and is fuelled by powerful hidden outboard engine configurations that deliver unrivalled performance with minimal maintenance.

“The Dubai International Boat Show attracts the perfect clientele for our target market,” said Ali Batterjee, Marine Division Manager at Samaco Marine & Power Sports – regional distributor for De Antonio Yachts. “We are consecutively launching the brand in three markets, Australia, United Arab Emirates, and Kuwait, so being here at the central point of the three is fantastic.”

Dubai International Boat Show 2022 took place from 9th-13th March at Dubai Harbour. For more information, please visit www.boatshowdubai.com

Categories
Films News Sharjah

Khorfakkan to debut on international streaming platforms

The film documents the epic resistance of the people of Khorfakkan against colonial invasion and will stream on Amazon, Google Play, Apple Store, and Sky Store…reports Asian Lite News

The Sharjah Book Authority (SBA) has partnered with a major international film distributor to stream ‘Khorfakkan’, a film based on the historical book, Khorfakkan’s Resistance Against the Portuguese Invasion of September 1507, authored by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, on major streaming platforms worldwide. The SBA production will be screened on Microsoft, Amazon, Google Play, Apple Store, Sky Store, and Chile to international audiences outside the Middle East region.

The two-hour movie highlights the epic resistance put up by Khorfakkan’s residents during a colonial invasion over 500 years ago. The cast includes distinguished Emirati and Arab actors and an international team specialising in producing historical films. The film amassed significant viewership in local and Arab theatres since its debut in 2020 and was translated to English, Spanish, and Portuguese.

Khorfakkan to debut on international streaming platforms

Through the partnership, SBA is looking towards showcasing its productions on international platforms to spotlight the emirate’s film industry that produces high-quality blockbusters, including Khorfakkan, which is the outcome of precise documentation techniques including scientific, historical research followed by the Sharjah Ruler while authoring the book, and outstanding audiovisual effects using the latest technologies.

A model for the Arab Cinema sector

HE Mohammed Hassan Khalaf, Director General of SBA, emphasised that the lavish production should be a model for Emirati and Arab cinema industries. The historical drama is based on studies of documented history by His Highness the Ruler of Sharjah and the detailed attention to the authenticity of the historical period when the courageous people of the coastal city successfully resisted the invasion has been a significant contributing factor to the success of the movie.

ALSO READ: Spider-Man is now the sixth-highest grossing movie in history

He added: “Screening the movie on international platforms reflects the vision of the Sharjah Ruler in portraying the authentic image of Arab culture and history, and its contribution towards the creative industries. SBA aims to utilise  the latest technologies in its productions and showcase its portfolio of distinguished TV and film creations to the rest of the world, especially those that highlight the rich Emirati history and culture.”

The SBA production highlights the heroic defence of Khorfakkan’s people during the invasion in 1507 led by naval commander General Afonso de Albuquerque. The film was directed by Maurice Sweeney and British Ben Mole, and the cast includes Syrian actor Rasheed Assaf, Emirati actors Ahmed Al Jasmi, Mohammed Al Ameri, and Dr. Habib Ghloum; Syrian Qais Shaikh Najeeb; and other prominent actors.

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-Top News Dubai

Dubai records 2021 best year for commodities

2021 saw Dubai Multi Commodities Centre achieve its best June, August, September and November, reaching a total of over 20,000 member companies…reports Asian Lite News

Dubai Multi Commodities Centre – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has announced that it achieved its best year on record, attracting 2,485 companies to Dubai in 2021.

The year also saw DMCC achieve its best June, August, September and November, reaching a total of over 20,000 member companies. The record-breaking performance follows on from the 2,025 companies that joined the business district in 2020.

Driven by strong international demand, the expansion of its commodities centres and the launch of the DMCC Crypto Centre, DMCC attracted companies from a broad range of sectors. Significant attraction was seen in key target markets, including China, US, UK and Russia, demonstrating Dubai’s continued commercial appeal, and the ease of setting up and doing business at DMCC.

“With our sights set firmly on positioning Dubai as the preeminent place to do business in any sector, DMCC has seen substantial growth across all aspects of the business. This unprecedented performance is reflective of the value that DMCC provides to its member companies through its facilities and services, and the significant progress we are making in emerging sectors such as crypto,” said Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

“This year, I have seen first-hand how crypto interlinks across our industries, so I am proud that DMCC is championing the cryptographic space in Dubai. Given the incredible momentum that the DMCC team has collectively achieved this year, I am convinced that 2022 will feature major milestones, including the completion of Uptown Tower”.

“From 2018 to 2021, 8,347 new companies joined DMCC and became ambassadors for doing business in Dubai. Had our trade ecosystem – strategically developed and enhanced over two decades – not been in place, Dubai could have lost out on the substantial associated economic impact. The future is bright and further records will be broken. We look forward to working alongside our leadership, governments abroad, DMCC members and the wider private sector and together, continue delivering for Dubai,” he added.

DMCC, in partnership with CV Labs, officially inaugurated the DMCC Crypto Centre, a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors. Located in Almas Tower, the DMCC Crypto Centre has become a hub for the development and application of crypto and blockchain technologies. The Crypto Centre offers a home to all types and sizes of crypto businesses, from companies developing blockchain-enabled trading platforms, through to firms offering, issuing, listing, and trading crypto assets.

In April, DMCC signed a land sale and purchase agreement with REIT Development to establish the largest precious metals refinery and storage facility across the GCC and the first to be completely enabled by blockchain in the GCC. The facility will refine and store precious metals including gold, silver, platinum, palladium and rhodium.

Throughout 2021, Dubai built upon its status as the global hub for the commodities trade.

Earlier in the year, DMCC announced plans to add to its portfolio of commodities with the addition of a dedicated Cacao Centre and other commodity trade centres including meat, honey and saffron.

ALSO READ: Dubai attracts talents with new freezone pass

DMCC Tradeflow, a fully digital and interactive ownership registry, recorded a total value of AED 1.1 trillion (USD 299 billion), an 48% increase over 2020.

DMCC continued to promote Dubai as a prime destination for FDI during 2021, conducting roadshows physically and online in seven markets across the world to highlight the opportunities in the emirate. With the world convening in the UAE for Expo 2020 Dubai, DMCC hosted a range of high-profile delegations from countries including Brazil, the Netherlands, Botswana, Colombia, Fiji and Poland. The conversations centred around how DMCC and Dubai can better connect with these markets to boost bilateral trade and demonstrate the commercial appeal of the emirate.

In 2021, DMCC attracted a broad range of entrepreneurs, SMEs and larger multinationals to Dubai through its world-class facilities and digital support services, demonstrating their value-add for member companies. 2,485 companies joined DMCC in 2021, representing 146 geographies. In recognition of its continued efforts to enhance its ecosystem, DMCC was named Global Free Zone of the Year by the Financial Times’ fDi Magazine for the seventh year in a row in October 2021.

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Afghanistan News World

IOM raises alarm over millions of displaced Afghans

The Ministry said that it has launched a nationwide distribution of aid to the displaced people…reports Asian Lite News

The International Organization for Migration (IOM) has expressed serious concerns over the massive number of displaced people in Afghanistan, saying that there were “664,000 newly displaced by the conflict in 2021” and the ongoing humanitarian crisis.

In a statement, the UN agency said: “There are now an estimated 5.5 million Internally Displaced Persons (IDP) in Afghanistan, including those living in protracted situations, and 664,000 newly displaced by conflict in 2021.

“This is in addition to more than 924,744 undocumented Afghan returnees who returned from Iran and Pakistan between January 1, 2021 and the end of September 2021, and the more than 2.2. million refugees and 3.5 million undocumented Afghan nationals already in neighboring countries, primarily Iran and Pakistan.”

Afghanistan is going through a severe humanitarian crisis, and many world countries and humanitarian organisations have voiced their concerns but there has yet to be a substantial amount of aid provided, reports TOLO News.

Narmi, a mother of five children and one of hundreds of thousands of displaced Afghans who are struggling with difficult conditions, said: “Life is passing. The government didn’t help me. We don’t have food at home.”

ALSO READ: Concern raised over millions of displaced Afghans

“We have left our homes due to war and poverty. I am working to find food,” Mohammad Afzal, another displaced person, told TOLO News.

Meanwhile, the Taliban-led government’s Ministry of Refugees and Repatriation said it has been trying to gain more humanitarian assistance from international donors to support the displaced people.

The Ministry said that it has launched a nationwide distribution of aid to the displaced people.

However, a former media officer for a UN office in Afghanistan said: “We are in a condition that both the international organisations and the Afghan government are incapable of solving.”

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-Top News UAE News

Int’l organisations hail establishment of NHRI in UAE

The heads of the organisations commended the formation of the NHRI and the appointment of its Board of Trustees from qualified Emirati cadres enjoying long experience in the field…reports Asian Lite News

International organisations have hailed the establishment of the National Human Rights Institution (NHRI) in the UAE as an independent entity in line with the Paris Principles to promote and ensure the protection of human rights in accordance with international best practices. The heads of the organisations commended the formation of the NHRI and the appointment of its Board of Trustees from qualified Emirati cadres enjoying long experience in the field.

Int’l organisations hail establishment of NHRI in UAE

Advisor Issa Rashid Al Arabi, President of the Arab Federation for Human Rights (AFHR), said that the NHRI’s establishment in the UAE is a major stride, noting that it reflects the keenness of the UAE’s wise leadership to ensure that human rights are respected, and its firm belief in the importance of promoting human values.

He added that the move exemplifies the UAE’s eagerness to strengthen and deepen its partnership with the international community towards promoting human values, and enhances the UAE’s role as a champion of human rights, especially as it prepares to assume its responsibilities as a member of UN Human Rights Council for the 2022-2024 term.

The AFHR President explained that the deliberate process adopted to select the NHRI board of trustees and have it combine national and international expertise is a qualitative step that will contribute to strengthening the UAE’s global position and its human rights protection efforts.

Lawyer Ala Chalabi, the Chairman of the Arab Organisation for Human Rights, an entity with an advisory capacity at the United Nations, has commended the formation of the Institution, stressing that it will contribute to safeguarding human rights in the UAE and the entire Arabian Gulf region.

Dr Amjad Shamout, the former head of the Standing Arab Human Rights Committee at the Arab League, who is also the Chairman of Al-Jisr Al-Arabi Human Rights Centre in Jordan, said the establishment of NHRI is a qualitative addition to the efforts made in the human rights field in the Emirates that reflects the UAE leadership’s strong will to prioritise human rights and ensure all those living in the country enjoy the same rights without any discrimination.

He added that the move corroborates the leading role the UAE plays at the regional and international levels and motivate other nations to follow suit.

Ayman Nasri, the Head of the Arab- European Forum for Dialogue and Human Rights, another entity with an advisory capacity at the UN, said the formation of the NHRI is a step forward toward reinforcing cooperation between local and international human rights agencies and organisations that will significantly contribute to establishing human rights organisations capable of communicating efficiently with the international community.

“NHRI will help present the UAE human rights file in a transparent manner to the international community and to the permanent members of the United Nations Human Rights Council (UNHRC) as per the recognised international best practices.

“By establishing the NHRI, the UAE political leadership reaffirms the importance of empowering specialised national councils being a key tool for international organisations to assess the human rights conditions in the UN member states,” he added.

Khalid Al Ajami, Chairman of the Board of Kuwait Human Rights Society, noted that the establishment of NHRI is a step in the right direction toward reinforcing the human rights-related initiatives taken by the UAE in line with the determination of their leadership to promote human rights in continuation of the efforts pioneered by the Founding Father Sheikh Zayed bin Sultan Al Nahyan.

For his part, Mohamed Fazie’, the former Chairman of the Human Rights Committee at the Arab League, congratulated the UAE on forming the NHRI, which he described as a culmination of the diligent efforts being made by the UAE for long years to protect human dignity and empower the human capital being the mainstay of sustainable development.

ALSO READ: UAE to participate in Gujarat’s investor summit

Dr. Abduljabbar Ahmed Al-Tayeb, Chairman of the Bahrain Jurists Society, another entity with an advisory status at the UN, said that the UAE leadership’s keenness to ensure 50 percent of the NHRI members are women in line with the Paris Principles reflects the pioneering role played by women in the UAE.

It’s worth mentioning that President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued federal law No. 12 of 2021 pertaining to the National Human Rights Institution (NHRI).

Article 3 of the law stipulates that the institution shall be an independent legal entity, which has financial and administrative autonomy in the exercise of its functions, activities and competencies.

According to article 4, the NHRI aims to promote and protect human rights and fundamental freedoms following the provisions of the UAE Constitution, laws and legislation in force in the UAE, as well as relevant international conventions.

Categories
Bangladesh India News News

IMF projects 6.6% growth for B’desh

The International Monetary Fund (IMF) has forecasted a 6.6 per cent GDP growth for Bangladesh in the current fiscal year 2021-2022 (July 2021-June 2022)…reports Asian Lite News

The projection came after an IMF staff team, led by Rahul Anand, visited Dhaka from December 5-19, reports Xinhua news agency.

“Despite being hit by multiple waves of the Covid-19 pandemic, quick and decisive actions by the authorities, supported by the external environment, led to a much quicker rebound than Bangladesh’s regional peers,” the IMF team said in a statement posted on its website on Sunday.

IMF projects 6.6% growth for B’desh

“Growth is expected to pick up to 6.6 per cent in FY22 as the impact of Covid-19 abates and policies remain accommodative,” it said.

Reflecting non-food price inflation and recent fuel price increases, according to the IMF, inflation is projected to be slightly higher than the authorities’ target.

The fiscal deficit is projected to reach 6.1 per cent of the GDP in FY22 as the pandemic-related spending increases, it said.

ALSO READ: Gita Gopinath to take on new role at IMF

“With the economy rebounding, the central bank should closely monitor inflationary pressures and stand ready to normalise,” said the IMF team.

Caps on the lending and borrowing rates limit the policy space and should be phased out to strengthen market-based pricing and to improve credit allocation and monetary transmission, it noted.

“Greater exchange rate flexibility, together with safeguarding foreign exchange reserves, will help buffer external shocks,” the IMF team said.

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-Top News Afghanistan World

OIC pledges trust fund for Afghanistan

The OIC also urged Afghanistan’s rulers to abide by “obligations under international human rights covenants, especially with regards to the rights of women, children, youth, elderly and people with special needs”, reports Asian Lite Newsdesk

The Organisation of Islamic Cooperation (OIC) has vowed to set up a humanitarian trust fund for Afghanistan as the country is witnessing a major crisis with millions facing poverty and hunger.

Pakistan organised a summit of foreign ministers from the OIC. An OIC resolution released after the meeting said the Islamic Development Bank would lead the effort to free up assistance by the first quarter of 2022, Al Jazeera reported.

OIC pledges trust fund for Afghanistan

It also urged Afghanistan’s rulers to abide by “obligations under international human rights covenants, especially with regards to the rights of women, children, youth, elderly and people with special needs”.

The OIC meeting did not give the new Taliban government any formal international recognition and Afghan Foreign Minister Amir Khan Muttaqi was excluded from the official photograph taken during the event.

Muttaqi said his government “has the right to be officially recognised”.

“The current Afghanistan government is cooperating with every foreign organisation,” he told reporters, adding that sanctions “must be removed”.

“Any government when it can’t pay its salaries for its public servants, hospitals, doctors, nurses, any government is going to collapse but chaos suits no one, it certainly does not suit the United States.”

Addressing the meeting virtually, UN Emergency Relief Coordinator Martin Griffiths Afghanistan’s economy is in “free fall” and warned that if decisive and compassionate action is not taken immediately, it may “pull the entire population with it”.

Griffiths painted a grim picture of 23 million people facing hunger; malnourished children overflowing in health facilities; 70 per cent of teachers working without salaries; and millions of students – Afghanistan’s future – out of school.

Moreover, this is occurring as the value of the Afghani currency plummets, a lack of confidence in the financial sector destroys trade and the space for borrowing and investment dramatically constricts.

Afghanistan assets

Afghanistan’s acting foreign minister Amir Khan Motaqi said that the United States must unfreeze billions of dollars of Afghanistan as the country desperately needs cash.

Speaking at the OIC’s extraordinary session on Afghanistan, Amir Khan Motaqi said that weakening the government of Afghanistan will not benefit anyone, Khaama Press reported.

OIC pledges trust fund for Afghanistan

He said that drought, COVID-19, and the stoppage of foreign aids have contributed to the already fragile economic situation of Afghanistan and called on the member states of OIC to provide Afghan people with humanitarian aids.

“Afghan people have hardly been affected by COVID-19 and drought. Over $9.5 billion of Afghanistan’s funds have been frozen and the foreign aids of the World Bank, Asian Banks, and IMF have been stalled. All foreign-funded projects have also been stopped that affected the educational and health sector that ultimately impacts the lives of millions of people,” Said Motaqi.

The international community does not recognise the hardline Islamist group, which gained control of Afghanistan in August after foreign troops hastily withdrew from a two-decade deployment.

More than half of Afghanistan’s 38 million people are facing food shortages, according to the United Nations.

Washington seized nearly USD 9.5 billion in assets belonging to the Afghan central bank after the Taliban gained control of the country and the aid-dependent economy has effectively collapsed.

6-point proposal

Pakistani Foreign Minister Shah Mahmood Qureshi on Sunday presented a six-point proposal to avert a crisis in Afghanistan, which includes the creation of a mechanism for immediate and continuous delivery of humanitarian and financial aid to the Afghan people.

The Foreign Minister said: “The consequences of a humanitarian crisis and an economic collapse will be horrendous… we must not allow this to happen.”

“We should also agree to increase investment in the people of Afghanistan, bilaterally or through the OIC, in areas such as education, health and technical and vocational skills to the Afghan youth,” he said during the 17th extraordinary session of the OIC Council of Foreign Ministers in Islamabad, as quoted by Pakistani newspaper Dawn.

Meanwhile, Prime Minister Imran Khan has warned that “If Afghan government fails to counter-terrorism, other countries may face spillover”.

Khan said that owing to a dearth of resources, if the Afghan government remained unable to counter-terrorism, other countries may also face its spillover impact, reported Geo News.

ALSO READ: OIC meet on Afghanistan kicks off in Pakistan

While Pakistan has been blamed globally the for burgeoning Afghanistan crisis and helping the Taliban, Prime Minister Imran Khan put the onus on corrupt government, suspension of foreign aid, freezing of foreign assets and a dysfunctional banking system for the collapse of Afghanistan.

He also underscored the need for humanitarian aid to Kabul and said that if the world failed to act in a timely manner, Afghanistan could potentially become the “biggest man-made disaster.”

Highlighting the collapsing hospitals, education sector, and the deteriorating humanitarian situation in Afghanistan, the prime minister called for the world to take immediate action as Afghanistan was heading towards chaos, reported Geo News. (ANI)