International
The GEF Council allocates $916 million for biodiversity and pollution control
New Delhi, Feb 6 (IANS) The 186 member governments of the Global Environment Facility (GEF) have committed $916 million to international action on biodiversity, climate change, nature renewal and control of pollution, and have advanced five integrated programs designed to address complex challenges in their entirety.
The GEF Council, meeting in Washington on Monday, approved funding for 45 projects and programs, including four blended finance initiatives involving the private sector.
The support will directly help more than 12 million people, including indigenous peoples and local communities.
The program of work, the second largest in GEF history, includes $530 million for integrated programs for the ocean, food systems, transportation infrastructure, wildlife conservation and critical forest biomes which have been designed to break down silos and advance holistic action. across sectors and borders.
“To achieve an impact that lasts, we must work in an integrated and inclusive way,” said Carlos Manuel Rodríguez, CEO and President of GEF. “The GEF is moving quickly and efficiently to target donor contributions to urgent needs. We also recognize that funding alone cannot reverse environmental degradation in the long term. Therefore, this work program highlights not not only because of its size, but also because of its focus on a whole-of-society approach to eliminating harmful practices.”
The GEF Trust Fund’s program of work envisages mobilizing $7.5 billion in co-financing, including from bilateral governments and multilateral development banks. It covers 77 countries, including 22 least developed countries and 14 small island developing states, with the largest regional parts of the financing package going to Africa and Asia.
Pooled funding from the GEF Family of Funds is expected to top $1 billion this week when the Council considers another $203 million from the Least Developed Countries Fund (LDCF) and the Special Climate Change Fund (SCCF). The new Board of the Global Biodiversity Framework Fund will also meet for the first time this week.
GEF Trust Fund programming will contribute to global environmental benefits across the board, with boosts for protected areas, landscape management, greenhouse gas emissions reductions, and terrestrial and marine ecosystems. Progress is also planned on 21 of the 23 targets of the Kunming-Montreal Global Biodiversity Framework.
With the Council’s decision, the GEF has deployed almost half of the record eighth replenishment of $5.3 billion for the period 2022-2026.
While most of the GEF-8 support approved on Monday will be provided as grants, the work program also includes $81 million for four blended finance projects that are expected to mobilize $1.36 billion in external investment, a co-financing ratio of 17 to 1. This includes innovative initiatives related to biodiversity, climate change mitigation, soil restoration and chemicals and waste, and a particular focus on innovative capital market solutions and small and medium-sized companies.
Projects and programs funded by the GEF are implemented by selected international organizations in collaboration with national and local institutions.
In this program of work, most of the funding will be managed by the Food and Agriculture Organization of the United Nations, the United Nations Development Program, the International Fund for Agricultural Development , the World Bank, the US World Wildlife Fund and the International Union for Conservation of Nature.
— IANS
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International
Xi Jinping congratulates Iran’s Pezeshkian on presidential election win
Beijing, July 6 (IANS) Chinese President Xi Jinping on Saturday sent a message to Masoud Pezeshkian, congratulating him on his election as the President of Iran.
In his message, Xi said China and Iran enjoy a long history of friendly exchanges, and bilateral relations have maintained sound and steady development since the establishment of diplomatic ties between the two countries more than half a century ago.
In the face of the complex regional and international landscapes, China and Iran have always supported each other and stuck together through thick and thin, continuously consolidating strategic mutual trust, steadily promoting exchanges and cooperation in various fields, and maintaining sound communication and coordination on regional and international affairs, which has not only benefited the two peoples, but also made positive contributions to promoting regional and world peace and stability, Xi added.
The Chinese President also said he attaches great importance to the development of China-Iran relations, and is willing to work with Pezeshkian aiming to guide the deepening of the comprehensive strategic partnership between the two countries.
–IANS
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International
PM Modi congratulates Keir Starmer, discusses India-UK FTA
New Delhi, July 6 (IANS) Prime Minister Narendra Modi on Saturday extended an invitation to newly-elected British Prime Minister Keir Starmer for an early visit to India as both leaders agreed to work towards the early conclusion of a mutually beneficial India-UK Free Trade Agreement (FTA).
The two leaders spoke over phone as PM Modi congratulated Starmer on his and Labour Party’s “remarkable victory” in the general elections.
“Pleased to speak with Keir Starmer. Congratulated him on being elected as the Prime Minister of the UK. We remain committed to deepening Comprehensive Strategic Partnership and robust India-UK economic ties for the progress and prosperity of our peoples and global good,” PM Modi posted on X after the call.
Both leaders recalled the historic relations between the two countries and reaffirmed their commitment to further deepen and advance the Comprehensive Strategic Partnership between India and the UK.
“Appreciating the positive contributions of the Indian community in the social, economic, and political development of the UK. The two sides agreed to continue to promote close people-to-people ties. Both leaders agreed to remain in touch,” the Prime Minister’s Office (PMO) said in a statement.
–IANS
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International
Labour govt will reconnect Britain, promises new UK Foreign Secretary
London, July 6 (IANS) Asserting that “diplomacy matters”, Britain’s new Foreign Secretary David Lammy said on Saturday that the new Labour government will begin with a “reset” with Europe on climate and with the global South.
Outlining his priorities following his appointment, Lammy highlighted that the world is currently facing “huge challenges” with more countries engaged in conflict than at any time since World War II.
“This government will reconnect Britain for our security and prosperity at home. What happens here in the Foreign, Commonwealth, and Development Office is essential.
“Diplomacy matters. We will begin with a reset with Europe, on climate, and with the global South. And a gear-shift when it comes to delivering on European security, global security, and British growth,” Lammy said in a statement released by the UK Foreign Ministry on Saturday.
The 51-year-old Labour Party politician promised that the new government is determined to deliver for working people and committed to building a better future for everyone.
“It is the honour of my life to stand before you as Foreign Secretary. A descendant of enslaved people. A black, working-class, man from Tottenham. A community which never produced a Foreign Secretary before. This speaks to what a modern, multicultural Britain can be. Proudly internationalist,” he said.
Lammy also mentioned that Britain has “enormous potential” and that the change has begun now – a slogan with which the Keir Starmer-led party fought the general elections.
–IANS
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International
Pak's macroeconomic environment was challenging in 2023: Central bank
Islamabad, July 6 (IANS) Pakistan’s macroeconomic environment in the calendar year 2023 remained challenging amid rising inflation, weak foreign exchange inflows, pressures on external account and local currency, and low business confidence, particularly in the first half, the State Bank of Pakistan (SBP) said.
However, the policy measures and regulatory interventions that were taken to address growing imbalances coupled with securing a nine-month stand-by agreement from the International Monetary Fund (IMF) helped improve the macroeconomic conditions in the second half of 2023, the SBP said in its financial stability review for 2023, Xinhua news agency reported.
Inflation started falling, economic growth recovered, and the exchange rate stabilised towards the year-end, the central bank said in the report.
Against this backdrop, the financial sector exhibited strong growth and performance, and maintained financial soundness and operational resilience, it added.
The asset base of the financial sector expanded by 27 per cent in 2023, mainly driven by the banking sector, according to the report.
–IANS
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International
Flood alert for Pakistan provinces as monsoon season begins
Islamabad, July 6 (IANS) Pakistan’s National Disaster Management Authority (NDMA) has issued a warning about the potential for flash floods and urban flooding due to the ongoing torrential rain, marking the beginning of the monsoon season in various parts of the country.
The National Emergency Operation Centre of the NDMA anticipates that the ongoing rain may cause flash floods in local streams of Islamabad, parts of east Punjab, and northwest Khyber Pakhtunkhwa provinces, the authority said in a statement, Xinhua news agency reported.
The torrential rain may also cause urban flooding in several districts of the two provinces, including their densely populated capital cities, the statement added.
The NDMA also advised provincial disaster management authorities and local administrations to closely monitor the situation and take appropriate measures to safeguard the at-risk population, the statement read.
The NDMA also urged citizens to download its mobile application for disaster alerts, which provides notifications, guidelines, and precautionary measures to address urban flooding in their areas so they can stay alert and informed.
–IANS
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