International

Pandemic pushed LatAm extreme poverty to 20-year high, says UN

AFP/Editor

Extreme poverty in Latin America has reached its worst level in 20 years due to the coronavirus pandemic, a report by the UN said today. Poverty is also at its highest level in 12 years after the number of poor people in the region rose by 22 million in 2020 to 209 million.

The UN’s Economic Commission for Latin America and the Caribbean (ECLAC) said “the indices of inequality in the region worsened along with employment and labor participation rates, among women above all, due to the Covid-19 pandemic and despite the emergency social protection measures that countries have adopted to halt this phenomenon,” said ECLAC.

Without those measures the figures would have been much worse, ECLAC said.

The body predicts that the region of around 650 million people will experience a 7.7 percent drop in GDP in 2020. “It is estimated that in 2020 the extreme poverty rate was 12.5 percent while the poverty rate affected 33.7 percent of the population,” ECLAC said.

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The number of people living in extreme poverty rose by eight million to 78 million.The report said that poverty is greater in rural areas, among children and adolescents, indigenous and Afro-descendent people, and in the population with lower educational levels.

Latin America and the Caribbean has suffered 20 million coronavirus cases and 635,000 deaths. Although it accounts for just 8.4 percent of the world’s population, it has registered 27.8 percent of Covid-19 deaths.

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.