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Posts Tagged ‘world bank’

Debt Destroying Dozens of Economies

Posted by feww on August 8, 2015

Total net debts owed by debtor nations rises by 30% since 2011—Report

International debt increased from $11.3 trillion in 2011 to $13.8 trillion in 2014, and it’s predicted that it will reach $14.7 trillion in 2015, resulting in an increase of $3.4 trillion (30%) in four years, according to a report published by Jubilee Debt Campaign.

The countries most at risk:

24 Countries already in debt crisis

  • Significant net debt (more than 30% of GDP), and
  • High current government external debt payments (more than 15% of government revenue).

There are 22 countries which currently have high government debt payments leading to large amounts of money leaving their country each year, along with an overall net debt with the rest of the world:

Armenia, Belize, Costa Rica, Croatia, Cyprus,  Dominican  Republic, El Salvador, Gambia, Greece, Grenada, Ireland,  Jamaica, Lebanon, Macedonia, Marshall Islands, Montenegro, Portugal, Spain, Sri Lanka, St Vincent and the Grenadines, Tunisia and Ukraine.  Also, two countries are in default or debt negotiation: Sudan and Zimbabwe.

Sudan and Zimbabwe do not have high government debt payments because they are both in default on much of their debt. Their overall debt is unpayable. Both are currently trying to enter debt relief initiatives, but have not been accepted yet by Western creditor countries.

14 Countries at high risk of government external debt crisis

  • Significant net debt (more than 30% of GDP)
  • High future government external debt payments (projected to exceed 15% of government revenue–or, where projections are not available, current government external debt already over 50% of GDP)
  • Significant current account deficit (more than 5% of GDP).

We estimate that 14 countries are rapidly heading towards new government debt crises, based on their large external debts, large and persistent current account deficits, and high projected future government debt payments (or, where predictions do not exist, large current government debt).

Bhutan, Cabo Verde, Dominica, Ethiopia, Ghana, Lao PDR, Mauritania, Mongolia, Mozambique, Samoa, Sao Tome and Principe, Senegal, Tanzania and Uganda.

29 Countries at risk of government external debt crisis

  • Significant net debt (more than 30% of GDP), or significant current account deficit (more than 5% of GDP), and
  • Significant future government debt payments (projected to exceed 10% of government revenue– or, where projections are not available, current government external debt already over 40% of GDP).

These countries have significant imbalances with the rest of the world, either through high net debt or high and persistent current account deficits, as well as significant projected future government debt payments.  For some, it may be that the private sector is an even larger source of risk than government debt:

Burkina Faso, Cambodia, Cameroon, Central African Republic, Chad, Cote d’Ivoire, Djibouti, Guyana, Haiti, Hungary, Italy, Kyrgyz Republic, Latvia, Lesotho, Liberia, Lithuania, Madagascar, Maldives, Mali, Niger, Poland, Rwanda, Serbia, Sierra Leone, Slovak Republic, St Lucia, Togo, Tonga and Zambia.

28 Countries at risk of private-sector debt crisis

  • Significant net debt (over 30 % of GDP), and
  • Significant current account deficit (over 5% of GDP).

Debt owed by the private sector, rather than a government, can precipitate debt crises. This can happen either when lending that an economy has become dependent on suddenly falls, when repayment burdens on private sector debt remove significant resources from the country, and/or when the private sector crashes and has to be bailed out by the government. Those countries are:

Albania, Australia, Belarus, Benin, Bosnia, Brazil, Burundi, Colombia, Fiji, Georgia, Guinea, Honduras, Indonesia, Jordan, Malawi, Moldova, Morocco, New Zealand, Nicaragua, Panama, Papua New Guinea, Peru, Seychelles, Solomon Islands, Tajikistan, Turkey, United Kingdom and Vanuatu.

Full report posted at: “The new debt trap: How the response to the last global financial crisis has laid the ground for the next”

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Terrorists Massacre 400, Mostly Women & Kids, in Palmyra, Syria

Posted by feww on May 24, 2015

Global Disasters/ Significant Events

Islamic State Terrorists massacre 400 people in Syria’s ancient city of Palmyra (modern city of Tadmur, Homs Governorate), mostly women and children, said Syrian state television Sunday, media reported.

About a third of Palmyra’s population of 200,000 have fled the city since earlier this week, when the ISIS terrorists overrun the historic city, said the UN refugee agency (UNHCR).

The city was reportedly captured from the Syrian army on Wednesday.

Gaza Economy on the Verge of Collapse

Blockades, war and poor governance have strangled Gaza’s economy and the unemployment rate is now the highest in the world according to the latest World Bank economic update.

The youth unemployment is highest in the region at more than 60 percent.

Mass graves of suspected migrants found in Malaysia near Thai border

Police have discovered at least 30 mass graves containing the remains of hundreds of people in two location in the northern state of Perlis, near the Thai border, reported the Utusan Malaysia newspaper .

About 100 bodies were found in one grave alone, said another report.

“I reckon it was a preliminary finding and eventually I think the number would be more than that,” said the Malaysian Home Minister when asked about the number of mass graves discovered.

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Peru tribes file complaint over oil company

Posted by feww on April 8, 2010

Serial No  1,548. Starting April 2010, each entry on this blog has a serial number. If any of the numbers are missing, it may mean that the corresponding entry has been blocked by the authorities/Google in your country. Please drop us a line if you detect any anomaly/missing number(s).

Peru tribes have filed IFC complaint over Maple Energy oil pollution

A year after about 40 tribal men were killed and 100s more injured in clashes with police over President Alan Garcia’s investor-friendly policies, a Peruvian tribe has filed a complaint with the ombudsman of the World Bank’s International Finance Corp (IFC) against Maple Energy Plc. They oil company stands accused of polluting the tribe’s ancestral land and rivers in the Amazon.

Indigenous protesters fighting logging and drilling blocked a road in northern Peru on Friday as police tear gas hung in the air. (June 5, 2009). Photo: AP. Image may be subject to copyright.

The Shipibo-Konibo indigenous communities in Canaan de Cachicuyo and Nuevo Sucre have cited in their complaint five oil spills over the last 15 months, which has contaminated their food and water.

“Our kids are drinking this water and getting sick. And while Maple is working in our territory and getting rich we’re suffering. The issue has never been resolved; that’s why we’ve launched this demand.” Joaquin Sanancino Rodriguez, a community leader in Canaan, told Reuters.

The IFC may not be the best body to complain to, however. It promotes private sector investment in developing countries and has made substantial loans to Maple Energy Plc, a UK-based oil and gas exploration company.

“The tribe has requested help from the International Accountability Project, a U.S.-based environmental nongovernmental organization, to negotiate an agreement with Maple so that the company would accept responsibility and be monitored by the IFC.” The report said.

A senior manager for IFC Oil & Gas, Lance Crist, dismissed the claims made by the tribes

“We believe that Maple is committed to all of the steps that would be expected on an international best practice basis,” he said.

Related Links:

Posted in Canaan de Cachicuyo, Nuevo Sucre, oil pollution, oil pollution in Amazon, Shipibo-Konibo | Tagged: , , , , | Leave a Comment »

Malnourished Up by 44 million in 2008

Posted by feww on October 12, 2008

[At least] 15 percent of the world population is [severely] malnourished

Food and Fuel Crisis Will Increase Malnourished by 44 million

The number of malnourished people has reached nearly 1 billion, or about 15 percent of the world population, an increase of about 5 percent (44 million) in 2008 caused by high food and fuel prices, the World Bank said.

Food prices are much higher than before and show no sign of declining to previous years levels.

Hunger persists. A severely malnourished 4-year-old in Ethiopia is typical of thousands of children around the world whose health and lives are devastated by lack of adequate food. image credit: Sven Torfinn/Panos Pictures. Image may be subject to copyright.  Caption: Environmental Health Perspectives (EHP)

“While people in the developed world are focused on the financial crisis, many forget that a human crisis is rapidly unfolding in developing countries. It is pushing poor people to the brink of survival,” said World Bank Group President Robert B. Zoellick. “The financial crisis will only make it more difficult for developing countries to protect their most vulnerable people from the impact of rising food and fuel costs.” More…

Related Links:


Posted in abject poverty, Climate Change, politics, Robert Zoellick | Tagged: , , , , | 1 Comment »

How Dirty Is Your Money?

Posted by feww on August 6, 2008

How Much CO2 Does Your Money Produce?

Did you know?

Each dollar you earn (or spend) produces 450g of CO2 pollution!

Original Entry >> Carbon Footprint of Your Dollar

Posted in Climate Change, energy, environment, food, Global Warming, health, politics, Tourism, Travel | Tagged: , , , , , , , , , , , , , , , , | 1 Comment »

Climate-enhanced catastrophes in the US

Posted by feww on May 2, 2008

Snapshots of the most recent weather-related catastrophes in the US:

May 1 – Major flooding in Maine caused by rain and melting snow
As Clinton and Obama spar over gas tax, the National Weather Service said Maine’s St. John River crested at a record high of 31 feet. (Video report)

Apr. 29 – Virginia tornadoes kill one, injure hundreds
Three tornadoes have ripped through Virginia, killing at least one person and injuring 200. A state of emergency has been declared in the tornado-affected areas of the state. (Video report)

Apr. 28 – A wildfire forced more than 1000 people to flee their homes just north of Los Angeles. It has burned more than 400 acres since breaking out in the foothills Saturday afternoon. (Video report)

Note: The experts at Creating a Sustainable Future (CASF) believe that 2008-2010 would be the worst ever period for catastrophic wildfires throughout the United States and elsewhere on the globe!

War-related catastrophes:

Apr. 30 – The Nobel prize-winning economist Joseph Stiglitz accuses the White House of dramatically playing down the cost of the Iraq war.
Besides the heavy human price paid by ordinary Iraqis since the invasion of 2003 (as of May 1 2008, more than 1,205,025 Iraqis have been slaughtered), the former World Bank chief economist argues in his latest book that the economic cost to the U.S. has hit three trillion dollars. (Video report)

Posted in Climate Change, energy, environment, food, Global Warming, health, politics | Tagged: , , , , , , , | Leave a Comment »

UN planning to feed the world?

Posted by feww on May 1, 2008

UN to draw up comprehensive plan to address world food crisis

30 April 2008 – UN News Center– The United Nations is aiming to have a comprehensive plan to tackle the global food crisis in place by the beginning of June, “around which the institutions and leaders around the world can coalesce,” Under-Secretary-General for Humanitarian Affairs John Holmes said today.

Mr. Holmes is one of two coordinators, along with UN System Influenza Coordinator David Nabarro, of a new high-powered task force that was announced yesterday by Secretary-General Ban Ki-moon to organize responses to the global rise in food prices.

Speaking at a news conference today in Geneva, Mr. Holmes said that although the breadth and complexity of the issue needed to be recognized, there was no need to panic. “I think it is clear we can fix these problems. The solutions can be found; the solutions are there. They are very difficult, some of them, in the short term, but they can be done.”

The United Nations Office [Palace?] at Geneva (UNOG) is the representative office of the United Nations in Geneva. More than 1,600 super-privileged front-row individuals handsomely “earn their keep” here!

On the role of biofuel production in the current crisis, Mr. Holmes said: “It is something that needs a new look in present circumstances without wanting to fall in any sense into knee-jerk reactions of saying all biofuels are bad or good. We need to look at it in a careful, sophisticated and differentiated way, between different regions of the world and between different products.”

The Under-Secretary-General also said the crisis was not affecting every country in the same way. “For many countries and population groups it is inconvenient, a problem for their daily budget and their purses, but it is not a matter of life and death. In some places and for some groups, particularly those living on less than a dollar a day, that quickly could become a matter of life and death, or certainly of increased suffering and malnutrition.”

The UN’s action plan is to be in place in time for a meeting of UN agencies in Rome at the beginning of June. The task force is chaired by Mr. Ban and consists of the heads of the World Bank, the International Monetary Fund (IMF), the World Food Programme (WFP), the Food and Agriculture Organization (FAO), the International Fund for Agricultural Development (IFAD), the World Trade Organization (WTO), and other organizations which will be invited to join.

News Tracker: past stories on this issue

Can the world’s poor sue Ban ki-moon, John Holmes and the rest of their lot if they don’t deliver?

Posted in Climate Change, environment, food, food riots, food shortages, Global Warming, health, malnourished, politics, poor | Tagged: , , , , , , , , , | Leave a Comment »