G20 likely to boost IMF resources by $400bn-$500bn

April 14, 2012
eco_G20-likely


Jeddah, April 14: The Kingdom and other new members of G20 should ask for more voting power at key global groupings such as the International Monetary Fund, a top Saudi economic analyst said yesterday as reports emerged that the world's 20 biggest economies are likely to agree to increase the resources of the IMF by between $400 and $500 billion.

G20 finance ministers are set to meet in Washington soon to discuss the IMF's call for more resources from January after the euro zone increased the size of its own crisis-fighting funds in March in response to G20 pressure.

Sami A. Al-Nwaisir, chairman of the board of ALSAMI Holding Group, said G20 members such as Saudi Arabia, Turkey, India, South Africa, etc. "should ask for more voting power and more concessions to better and favorable deal in trade and legal issues."

Al-Nwaisir added: "Once this is clear I think we would look at the world as small village but that notion should start from the people who originated the IMF first then other members of the G20 will follow."

In an exclusive report earlier yesterday, Reuters said the G20 economies are likely to agree to increase the resources between $400 billion and $500 billion, rather than the $600 billion initially sought by the IMF

"It is clear that the global imbalances are among the chief causes and manifestations of the structural problems that gave us the global economic crisis," Jarmo T. Kotilaine, chief economist at the National Commercial Bank, said in his reaction to the new report,

He added: "The IMF has already played an important role in supporting the EU in its efforts to contain the euro zone crisis. But this challenging time for the global economy is far from over and many of the structural weaknesses have proven remarkably persistent, which continues to pose risks for any recovery."

Kotilaine added: "The IMF will need additional resources to play an effective role in the process. Combining its capital increase with a more formal recognition of the changing balance of global economic power makes every sense."

IMF Managing Director Christine Lagarde, quoted by Reuters, said on Thursday that reaching an agreement on additional resources could take some time, a sign that next week's meeting may not be the last word.

Commenting on the latest developments, Al-Nwaisir explained: "The European countries only should increase their contribution. This should happen without asking other members of IMF to bear the expenses of bill that they have nothing to do with, in the first place, as this is a structural problem in the European economy".

He added: "What we are witnessing now is an attempt to raise new funds from new members of G20. I think this is too expensive bill for the new members to swallow while they see double standards in the approach of financial remedies in Europe."

He said the IMF handled almost the same problem in 1997 in a different way than now.

"In 1997, when the Asian crisis happened with Malaysia and other Asian countries the IMF's prescription was different than now with that of the European situation. The IMF asked the Asian countries at that time that they should work harder, change the structure of their economies and improve working habits and place their economies under very tough rules and regulations. The IMF should ask the European countries to take similar measures as they did for the Asian countries in 1997," Al-Nwaisir added.


Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 20,2025

talibanminister.jpg

Sher Mohammad Abbas Stanekzai, the Taliban's acting deputy foreign minister, delivered a powerful plea to his senior leadership, urging them to reopen schools for Afghan girls. In a speech that resonated as one of the strongest criticisms of the Taliban’s policies on female education, Stanekzai emphasized the injustice and non-compliance with Islamic Sharia law that the current restrictions represent.

“We request the leaders of the Islamic Emirate to open the doors of education,” he declared, invoking the teachings of Islam. “In the time of the Prophet Muhammad (Peace Be Upon Him), the doors of knowledge were open to both men and women.” His words underscored the historical precedence and religious justification for granting education to all.

Stanekzai did not shy away from highlighting the gravity of the issue. “Today, out of a population of forty million, we are committing injustice against twenty million people,” he stated, pointing to the female population of Afghanistan who remain deprived of their fundamental right to education.

His remarks come as a rare public rebuke of the Taliban’s ongoing school closures for girls, a policy that has faced internal disagreements and widespread international criticism. Sources indicate that the decision was enforced by the Taliban’s supreme spiritual leader, Haibatullah Akhundzada, despite opposition within the group.

The Taliban’s shifting stance on women’s education has drawn sharp condemnation globally. After initially promising to reopen high schools for girls in 2022, they reversed course, leaving the doors of secondary education and universities firmly closed to female students. The administration has claimed it is working on a plan for reopening these institutions but has yet to announce any concrete timeline.

Stanekzai’s speech adds to the chorus of criticism from Islamic scholars and the international community, who have called for the Taliban to honor women’s rights in accordance with Islamic principles. Western diplomats have made it clear that formal recognition of the Taliban government hinges on significant policy changes, particularly in the area of women’s education.

As of now, there has been no immediate response from a Taliban spokesman in Kandahar, where Haibatullah Akhundzada resides, regarding Stanekzai’s statements.
 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 13,2025

losangeles.jpg

Los Angeles wildfires have continued their trail of devastation, razing death tolls to 24 and destroying thousands of structures, while intensifying winds are worsening the situation for both civilians and firefighters.

In an update on Sunday evening, the County of Los Angeles Department of Medical Examiner said a total of 24 people have died due to the wildfires.

According to the examiner, this number is only an estimate as hundreds of people in various parts of the county are still missing.

Weather forecasters in California are also warning fierce winds which fuelled the infernos around Los Angeles are expected to pick up again this week.

The notoriously dry Santa Ana winds would pick up again from Sunday night until Wednesday, reaching speeds of up to 96km/h, they said.

The most dangerous day will be Tuesday, said weather service meteorologist Rich Thompson. “You are going to have really strong gusty Santa Ana winds, a very dry atmosphere and still very dry brush, so we still have some very critical fire weather conditions out there,” he added.

On Saturday, the flames spread east, creeping closer to Interstate 405 and a busy mountain pass. This is a “significant development,” said L.A. County spokesman Jesus Ruiz.

With the fire rapidly growing and moving in the direction of “a heavily populated area … we are definitely concerned,” he continued.

Gavin Newsom, governor of California said that he believes that in terms of costs associated with the wildfire, it will be the worst natural disaster in terms scale and scope in the history of the US, and the fatalities is likely to increase significantly as well.

On Sunday, private forecaster Accuweather increased its preliminary estimate of financial losses from the blazes to between $250 billion to $275 billion. The wildfires are on track to be among the costliest in US history.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 18,2025

israelitech.jpg
Israel’s Unit 8200 is a secretive cyber warfare team that is said to be building the artificial intelligence (AI) systems that helped the regime commit the genocide against Palestinian people in the Gaza Strip. According to a report, Unit 8200 is building AI systems for global tech and AI companies.

Former Unit 8200 members who specialize in AI, machine learning and big data are working for Meta, Google, Apple, Amazon, Microsoft, Open AI and Nvidia, which is an AI company determined to be the biggest in the world, the ¡Do Not Panic! website reported on Friday.

Former Unit 8200 spies specializing in AI are based worldwide, from San Francisco to New York, Spain to Switzerland, and London to Jerusalem al-Quds.

The report also said that AI leaders from Unit 8200 are now working for AI start-ups or heralded by corporate media as the next generation of AI.

The report revealed that most of these AI people have expressed support for Israel’s genocidal war against the people in Gaza. It was also exposed that not a single person from these people ever voiced opposition to Israel’s mass murder in Gaza.

Advocacy groups have also said AI and machine learning is central to the architecture of occupation and apartheid established before the genocidal Gaza campaign, from the use of facial recognition technology, and AI-directed guns at checkpoints, to spy apps known as ‘Blue Wolf’ and ‘Red Wolf’.

According to another report published in November last year, Israel has been employing an AI firing system jointly manufactured by an Indian arms company during its genocide in Gaza.

Citing documents and news reports, the Middle East Eye (MEE) news portal reported on November 20 that the occupation forces have been using the Arbel system since the beginning of the Israeli regime’s bloody war on Gaza.

Arbel was unveiled at a defense expo in Gandhinagar in the Indian state of Gujarat in October 2022 as a co-venture between Israeli Weapons Industries (IWI) company and India’s Adani Defense & Aerospace.

At the time, several Indian media described it as “India’s first AI-based firing system.”

In April 2024, IWI introduced Aber as a new “computerized small arms system” designed to increase combat lethality.

India, which is the largest purchaser of Israeli weapons, has in recent years become a major co-producer of Israeli weapons.

Israel unleashed its bloody Gaza onslaught on October 7, 2023, after the Hamas resistance group carried out its historic operation against the usurping entity in retaliation for the regime’s intensified atrocities against the Palestinian people.

The Tel Aviv regime has so far killed at least 46,788 Palestinians, mostly women and children, and injured 110,453 others, according to the Gaza Health Ministry.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.