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DAKAR, May 1 (Reuters) – U.N. Secretary-General Antonio Guterres on Sunday urged debt relief for African countries and more investment to help their economies recover from the COVID-19 pandemic and weather the impacts of the Ukraine war.
The United Nations chief spoke in Senegal on the first leg of a trip that will also include Niger and Nigeria, where he will visit communities affected by conflict and climate change.
Supply disruptions due to Russia’s invasion of Ukraine have caused simultaneous food, energy and finance crises in Africa and beyond, Guterres said. read more
The coronavirus pandemic pushed many poor countries into debt distress and the Ukraine war has disrupted their economic recovery, according to the International Monetary Fund (IMF). Public debt ratios in sub-Saharan Africa are at their highest in more than two decades, the IMF said last week.
“International financial institutions must urgently put in place debt relief measures by increasing liquidity and fiscal space, so that governments can avoid default and invest in social safety nets and sustainable development,” Guterres said.
The United Nations has made proposals to the World Bank and the IMF regarding the mobilization of various funds and debt relief instruments, but so far the measures taken have been insufficient, he added.
He called on wealthy countries and pharmaceutical companies to accelerate donations of COVID-19 vaccines and invest in local vaccine production, with almost 80% of the African population still not vaccinated against COVID-19.
“Beyond vaccination, we see big imbalances when it comes to investments in post-COVID recovery,” he said, adding that economic growth per capita is projected to be 75% lower in Africa than in the rest of the world over the next five years.
Guterres said he visited a vaccine manufacturing unit in Dakar with Senegal’s president Macky Sall which will soon be equipped to produce vaccines against COVID-19 and other diseases.
An executive at South Africa’s Aspen Pharmacare (APNJ.J) told Reuters earlier, however, that Africa’s first COVID-19 vaccination plant, touted as a trailblazer last year, now risks shutting down after receiving not a single order. read more
Reporting by Nellie Peyton; Editing by Hugh Lawson
Our Standards: The Thomson Reuters Trust Principles.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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