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USD 844 million paid, without currency printing: President

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President Mohamed Muizzu announced that a total of USD 844 million has been paid to various parties without resorting to currency printing since he took office seven months ago. This statement was made during the inauguration ceremony of the main ruling party People’s National Congress (PNC)’s headquarters, PNC House.

During his speech, President Muizzu emphasised the economic progress achieved in the initial months of his administration. He highlighted significant efforts to implement the declared economic strategy, noting that positive outcomes are already evident. He proudly stated that his administration’s decision to halt money printing has been praised by international monetary agencies. Criticizing the previous administration for printing more money to cover state expenses, he argued that it was not the best course of action.

President Muizzu also mentioned that his administration has stopped taking loans with heavy repayment requirements. Instead, they have managed to pay public and private companies and make loan repayments from generated revenue without incurring new debt or printing more money. The government has repaid USD 259.8 million of the USD 584 million owed to private companies, USD 454.6 million to public companies, and spent USD 175 million on loan repayments. Additionally, when President Muizzu took office, the Sovereign Development Fund had USD 2 million. Over the past seven months, his administration has deposited USD 54 million into the fund.

Reiterating his administration’s commitment to achieving the development goals desired by the public, President Muizzu leveraged the party’s super majority in the parliament. He addressed opposition attempts to undermine the administration’s economic achievements, urging the ruling party to actively share the details of their work with the public through the PNC House.

President Muizzu concluded by affirming that his administration will work tirelessly to fulfill the economic agenda promised during the presidential campaign, maintaining a steadfast approach without any changes.

Source(s): PsmNews

World

World Insights: How extreme weather events impact the world?

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UN Secretary-General Antonio Guterres in a video address marking World Environment Day on June 5 warned of “a climate hell.”

BEIJING, June 27 (Xinhua) — In recent years, there has been a noticeable increase in the frequency and intensity of extreme weather events worldwide, leading to significant repercussions for both human society and ecosystems.

WORLDWIDE HEATWAVES

Let’s first take a look at the occurrence of extreme heat events on a global scale. With scorching heatwaves and rampant wildfires, many regions around the world have recently been hit by sweltering temperatures, resulting in the deaths of thousands of people due to heat-related factors.

In Asia, India has experienced its longest-lasting heatwave on record this year. According to local meteorological authorities, since May 14, the capital city of New Delhi has seen temperatures exceeding 40 degrees Celsius continuously for 38 days. In states like Uttar Pradesh and Bihar, temperatures have reached around 50 degrees Celsius. The Indian Ministry of Health reports a total of 110 heat-related deaths and over 40,000 suspected cases of heatstroke from March 1 to June 18.

In the Gaza Strip, the ongoing high temperatures have intensified the plight of displaced Palestinians and led to a severe public health crisis.

Richard Peacock, an official responsible for overseeing health affairs in the Gaza Strip and the West Bank of the Jordan River, stated on June 21 that due to intensifying heat, the problems of water source pollution, food spoilage, and mosquito breeding have become more severe in the region. As a result, the number of diarrhea cases has increased 25 times compared to previous years.

Several European countries have also been hit by high temperatures. According to local media reports, Rome, the capital of Italy, and eight other cities such as Perugia issued red alerts for high temperatures on June 21, with temperatures in some cities expected to surpass 40 degrees Celsius. Relevant authorities have warned that the heat can have a significant impact on human health, particularly posing a risk to the elderly, children, and individuals with chronic illnesses.

In North America, the prolonged heatwave has resulted in wildfires at multiple locations across the western United States. Currently, nearly 20 large wildfires are burning in states such as New Mexico, California, Arizona, Colorado, and Washington. According to statistics, on June 20, approximately 100 million people in the United States were under high-temperature warnings and alerts.

EXCESSIVE RAINFALL

In addition to extreme heatwaves, there also have been changes in international and regional precipitation patterns, resulting in frequent heavy rainfall and floods, causing severe damage and loss of life. According to data from the United Nations Environment Programme, the frequency of global flooding has more than doubled in the past forty years.

Bangladesh has been experiencing heavy rainfall for days in a row this June, leading to a rise in the water levels of rivers. As a result, large areas of land in the northeast region have been submerged by floods, causing extensive damage to residential buildings, crops, and roads. According to data released by the local government in Sylhet district, at least 136 towns and villages have been affected by the floods, leaving over a million people affected.

The United Nations Children’s Fund (UNICEF) representative in Bangladesh said in a statement that the floods in the northeastern part of the country have affected 772,000 children, more than 810 public schools in the Sylhet region have been submerged, and nearly 500 schools are being used as temporary shelters.

In recent days, several countries in Latin America have also experienced heavy rainfall, leading to floods and landslides, and causing significant loss of life and property damage. Experts have pointed out that extreme weather events are becoming more frequent and intense, and the resulting natural disasters may have ripple effects.

EXTREME COLD WEATHER

Moreover, there is also a noticeable increase in global blizzards and extreme cold weather. According to data from the World Meteorological Organization, the rate of winter temperature increase in the Arctic region is more than twice the global average. This has led to a continuous reduction in Arctic sea ice, further exacerbating the deterioration of global climate warming. At the same time, blizzards and extreme cold weather have brought severe cold and heavy snowfall to regions such as North America, Europe, and Asia, causing significant impacts on transportation, power supply, and agricultural output.

GLOBAL WARMING, HUMAN ACTIVITIES BLAMED

So, why are global extreme weather events becoming more frequent and severe? Scientists widely believe that global warming is one of the main contributing factors. According to the report by the Intergovernmental Panel on Climate Change (IPCC), global temperatures have already risen by about one degree Celsius, and even if the goals of the Paris Agreement are achieved, global temperatures may still rise by more than two degrees Celsius. This global warming has led to instability in the climate system, making extreme weather events more frequent and intense.

Additionally, human activities are exacerbating the occurrence of global extreme weather events. Large-scale industrialization and excessive consumption of natural resources have resulted in the emission of large amounts of greenhouse gases, further intensifying the greenhouse effect on Earth. According to data from the International Energy Agency, global carbon dioxide emissions have continued to rise over the past decade, contributing to the occurrence of global warming and extreme weather events.

IMMEDIATE ACTIONS URGED

The weather and climate agency of the UN called for immediate actions to address climate change, pointing to the findings of a report which predicts a high likelihood of global temperatures surpassing a critical warming threshold. There is an 80-percent chance that annual average global temperatures will exceed the 1.5-degree Celsius warming mark in at least one of the next five years, according to the Global Annual to Decadal Update from the World Meteorological Organization (WMO). It is 86 percent likely that at least one year by 2028 will set a new temperature record, smashing the records set in 2023, the report added.

In the face of the challenges posed by global extreme weather events, international cooperation is needed. Reducing greenhouse gas emissions is key, and countries must enhance their endeavors in promoting sustainable development and the adoption of clean energy sources.

UN Secretary-General Antonio Guterres in a video address marking World Environment Day on June 5 warned of “a climate hell.”

“It’s climate crunch time,” he said, emphasizing that “the need for action is unprecedented but so is the opportunity — not just to deliver on climate, but on economic prosperity and sustainable development.”

“We are way off track to meet the goals set in the Paris Agreement,” said WMO Deputy Secretary-General Ko Barrett. “We must urgently do more to cut greenhouse gas emissions, or we will face increasingly high economic costs, millions of lives affected by extreme weather, and extensive damage to the environment and biodiversity.”

Source(s): Xinhua

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President decides to reduce political posts and forgo independence day events

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President Dr. Mohamed Muizzu, on Thursday night, announced his decision to reduce political posts in light of the nation’s current financial and economic state, and forgo events planned for this year’s Independence Day.

The President, via a post on X, said many steps are in the pipeline in order to reduce the state’s expenses, adding they include various steps to reduce recurrent expenses.

In this regard, the President detailed that these include reducing political posts and either forgoing or reducing the cost of events planned for this year’s Independence Day.

He said relevant authorities have been instructed just organize the national function to mark the Independence Day, at a much lower cost and forgo events such as the reception, float parades and sports events.

President Muizzu noted that additional steps will be announced in the coming days.

The steps come following a warning by Erdem Atas the World Bank Country Economist and Resident Coordinator for Maldives, for immediate expenditure cuts to overcome its current economic vulnerabilities

In a statement on X, Atas said that the economic vulnerabilities Maldives is now facing is a combination of debt stock accumulation in the last 10 years.

Besides this, he said that the continuous high fiscal and current account deficits over the same period also negatively impacted the country’s economy.

Meanwhile, Fitch Ratings – a global credit rating agency – had downgraded the Maldives’ long-term foreign-currency Issuer Default Rating (IDR) from ‘B-‘ to ‘CCC+’.

Source(s): Xinhua

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Maldives shares climate change mitigation efforts with USA

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Maldives has shared climate change eforts with US Council on Foreign Relations. During his visit to the United States from June 24-27, Foreign Minister Moosa Zameer engaged with the US -Council on Foreign Relations to discuss the Maldives’ initiatives in combating climate change.

Foreign Minister Zameer presented the Maldivian government’s climate change policies to members of the US Council on Foreign Relations. He highlighted President Dr. Mohamed Muizzu’s strong commitment to addressing climate change and shared ongoing efforts to mitigate its impacts.

In addition to his engagement with the Council, Minister Zameer met with several US Congress members, including Congressman Michael McCaul and Congresswoman Young Kim, to further discuss climate change and other bilateral issues.

The visit began in Washington, DC, where Foreign Minister Zameer held talks with US Secretary of State Antony Blinken. Their discussions focused on strengthening Maldives’ military, democracy, economy, and climate change mitigation efforts.

In Washington, he also met with Samantha Power, Administrator of the United States Agency for International Development (USAID). The Foreign Minister expressed gratitude for USAID’s assistance to the Maldives and explored avenues for future cooperation.

Minister Zameer also took the opportunity to connect with Maldivians living in Washington.

Following his engagements in Washington, the Foreign Minister arrived in New York. There, he is scheduled to meet with the UN Secretary-General and the UN Under-Secretary-General for Economic and Social Affairs.

In New York, Minister Zameer will engage with Maldivian communities in New York and New Jersey. He is also set to meet with tour operators and travel advisors in New York to strengthen tourism ties.

Minister Zameer’s visit underscores the Maldives’ commitment to addressing climate change and enhancing international cooperation in this critical area.

Source(s): PsmNews

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