International

UN chief deplores failure of multilateralism to fight Covid

AFP/Editor

UN Secretary General Antonio Guterres gave a stern assessment Monday of the international community’s failure to mount a coordinated response to the Covid-19 pandemic, saying multilateralism is falling short both on vaccines and economic rescue measures.

“Advancing an equitable global response and recovery from the pandemic is putting multilateralism to the test,” Guterres said in a speech to the global body’s Financing for Development Forum.

“So far, it is a test we have failed.”

As an example of the grim picture, the Portuguese national pointed out how just 10 countries are receiving approximately 75 percent of the world’s available vaccines.

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“Many countries have yet to start vaccinating their health care workers and most vulnerable citizens,” Guterres said.

“A global vaccine gap threatens everyone’s health and wellbeing,” he added. “We need equitable access to vaccines for everyone, everywhere.”

A similar “lack of solidarity” on the economic recovery front means massive disparities between countries as they battle against the pandemic, Guterres said.

While some nations have mobilized multi-trillion-dollar relief packages, many developing states face “insurmountable debt burdens that will put the (UN’s Sustainable Development Goals) completely out of reach if not corrected,” Guterres said.

Even in 2019 prior to the pandemic, 25 countries were spending more on debt service than on education, health, and social services combined, the UN chief said.

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“Development assistance is needed more than ever, and I urge donors and international institutions to step up,” he said.

Guterres said the United Nations welcomes the Group of 20’s support for an extension of a temporary suspension of debt service repayments, “but I urge a further extension into 2022.”

Since the start of the pandemic a year ago, about 120 million people have slid back into extreme poverty, while the equivalent of 255 million full-time jobs have been lost, Guterres added.

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.