International

Swiss give over $300 mn to global Covid fight

AFP/Editor

Switzerland said Wednesday it would provide over $300 million to help boost access to jabs, tests and treatments in the fight against Covid-19, and to ensure developing countries get their fair share.

The Swiss government voiced its commitment “to ensuring equitable access to vaccines, tests and medicines worldwide in order to combat the Covid-19 pandemic sustainably.”

In a statement, Bern said it planned to donate some 300 million Swiss francs ($328 million, 272 million euros) to the Access to Covid Tools (ACT) Accelerator.

The multi-billion-dollar global programme is coordinated by a range of international bodies including the World Health Organization, the Gavi vaccine alliance, and the World Bank.

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It aims to help develop and ensure access to vaccines, medicines and tests against Covid-19 and strengthen healthcare systems.

“While great progress has been made in the development of tests, treatments and vaccines, broad and equitable worldwide access to these resources is lacking,” Bern said.

It voiced deep concern over the “emerging, highly contagious mutations of the virus”, which are complicating the pandemic fight.

“A quick, efficient end to the pandemic is very much in Switzerland’s interest,” it said, stressing that “the virus can only be successfully contained once its spread is curbed worldwide.”

The Swiss government said its main goal with supporting ACT-A was therefore to help developing countries.

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It said that more than a third of the 300 million francs earmarked for ACT-A would go to Gavi, which works to improve access to vaccines in poorer countries, while some funding would go towards boosting research and development and access to Covid-19 tests and medicines.

The remaining funds, it said, would be used to strengthen local healthcare systems in developing countries.

The Swiss parliament will discuss the required supplementary credit during its summer session, Bern said.

ACT-A is in dire need of additional funds. It has sought $22 billion this year, but by the end of last week, it was still $19 billion short.

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International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.