Weekly Round-Up

 

UN Secretary General Ban Ki-moon speaks at the second UN Conference on Land Locked Developing Countries in Vienna this week. Photo courtesy of the Austrian Foreign Ministry flickr account used under a creative commons license.

UN Secretary General Ban Ki-moon speaks at the second UN Conference on Land Locked Developing Countries in Vienna this week. Photo courtesy of the Austrian Foreign Ministry flickr account used under a creative commons license.

Asia Pacific

  • India continues to block the implementation of the 2013 World Trade Organization trade-facilitation agreement, refusing to push forward with the deal until the WTO guarantees protection of India’s massive state food purchases. It is now doubtful that a compromise can be reached before the G20 summit next week. Critics see India’s food stockpiling measures as amounting to harmful subsidies, artificially encouraging farmers to grow more food which may eventually be dumped on world markets.
  • One year after the Typhoon Haiyan struck the Philippines, there is renewed attention on the affected areas. The UN estimates that 475,000 people are still living in unsafe or inadequate temporary shelters, some in areas considered dangerous. According to the mayor of hard-hit Tacloban, the city has only received about $5.5 million in aid from Manila despite international pledges of $1.6 billion for rebuilding in the Philippines.
  • The Australian Department of Foreign Affairs and Trade (DFAT) will formally launch its Development Innovation Hub in early 2015 as part of Australia’s new foreign aid paradigm. The project has been in the works since being unveiled in June of this year. Australia has allocated $122.2 million in funding to encourage innovative new ways to deliver aid programs, which may open the door for private sector partners to be more active in the planning and design phase of projects.

Africa

  • In response to the armed coup in Burkina Faso, Canadian Minister of International Development Christian Paradis announced that Canada will immediately suspend development assistance to Burkina Faso. International observers, including the African Union, have condemned the coup and are calling for a transition to civilian authority.
  • Moody’s Investors Service cut South Africa’s foreign debt rating on Thursday from Baa1 to Baa2, moving the country’s rating in line with countries like Brazil and Russia. The rating was revised down on concerns about labor instability and power shortages.
  • IFC launched a $450 million initiative to spur private sector trade and investment in Ebola-Affected countries. The initiative will include $250 million in rapid-response projects, and at least $200 million in investment projects to spur post-epidemic recovery.

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Weekly Round Up

This week in development…

Pakistani teen Malala Yousafzai was awarded the Nobel Peace Prize this week

Pakistani teen Malala Yousafzai was awarded the Nobel Peace Prize this week

  • The World Bank released a report titled The Economic Impact of the 2014 Ebola Epidemic, estimating total economic loss associated with the outbreak could be as high as $32.6 billion by the end of 2015. The crisis has been escalating, and according to WHO officials is “much worse than it was 12 days ago.”  Today, in a move to combat the outbreak, the U.S. Congress approved another $700 million in funding.
  • This week over 10,000 development stakeholders were in Washington D.C. for the 2014 Annual World Bank and IMF Meetings. There are over 70 different panels and conferences on the official schedule, not to mention hundreds of meetings with periphery organizations. This weekend’s major highlights will include high-level meetings on the State of the Africa Region, Development Committee Press Conference, and The Future of Finance.

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