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NC leader Paudel elected as new President of Nepal

London — In the voting that took place for the Head of State of the country, Paudel was elected to the post with 33,802 votes. Paudel defeated CPN-UML Vice-chair Subash Chandra Nembang, who got 15,518 votes.

The President is elected by an Electoral College consisting of the members of the Federal Parliament (House of Representatives and the National Assembly) and the Provincial Assembly. A total of 313 members of the Federal Parliament and 518 provincial assembly members took part in the vote today.

The vote weightage of the federal MP is 79 and of the provincial assembly member is 48. Voting took place from 10 am to 3 pm today.

Former Speaker of the House of Representatives, Poudel was a joint candidate of CPN (Maoist Center), CPN (Unified Socialist), Janata Samajwadi Party Nepal, Loktantrik Samajbadi Party Nepal, Janmat Party, Nagarik Unmukti Party, Rastriya Janamorcha and Nepal Samajbadi Party along with his party, the Nepali Congress.

Also a Speaker and Chairperson of the Constituent Assembly, Nembang represented the CPN-UML. The term of office of the president is five years and can be elected for not more than two terms.(RSS)

Nepal’s envoy to Malta presented the letters of credence to the President of Malta

London— Nepal’s Ambassador to the Republic of Malta, Gyan Chandra Acharya, presented his Letters of Credence to Dr. George Vella, President of the Republic of Malta, at a special ceremony held at the Presidential Palace in Valetta today.

During the audience that followed, the two leaders expressed their hope that the existing ties of friendship between the two countries would continue to be further strengthened during Ambassador Acharya’s tenure.
They also discussed expanding the current state of bilateral relationships through collaboration in the fields of tourism, education, employment opportunities, and the Nepalese community in Malta.

The ambassador also briefed the president about the latest political, social, and economic development of Nepal and development priorities of the current government.
The ceremony was attended by senior officials of the government of Malta and the Office of the President.

South Asia’s human capital is the resilience it needs

By : Martin Raiser, Vice President for the South Asia Region, World Bank Group

The last few years have ushered in a harsh new reality where crises are the norm rather than the exception. Pandemics, economic slumps and extreme weather events were once tail-end risks, but all three have hit South Asia in rapid succession since 2020.  COVID-19 alone put millions of lives and livelihoods at risk and its impacts have already undermined decades of development gains.

This is deeply distressing because the knowledge, skills and health that people accumulate — their human capital — is a critical source of the resilience that countries rely on for recovery. To strengthen resilience and protect the well-being of future generations, governments across South Asia need to take urgent policy action and invest in human capital.

South Asia’s people are its biggest asset but remain wastefully underutilized.  With nearly half its population under the age of 24 and over one million young people set to enter the labor force every month until 2030, the region could reap an enviably high demographic dividend. But South Asia is also home to over one third of the world’s stunted children. And a child born in the region today can, by the age of 18, expect to attain only 48 per cent of their full productive potential. If the quantity and quality of South Asia’s human capital were to improve, regional GDP per worker could double. 

These numbers are jarring but will be hard to shift without more resources. South Asian governments on average spend just 1 per cent of GDP on health and 2.5 per cent on education. In comparison, the global average is 5.9 per cent on the former and 3.7 per cent on the latter.

Against this background, the COVID-19 pandemic, which pushed an additional 35 million people across South Asia into extreme poverty, dealt an unprecedented blow to the region’s human capital.  Among its most woeful impacts is a rise in learning poverty, or the inability to read and understand a simple text by age 10. While around the world, on average, schools remained closed for in-person learning between 2020 and 2022 for 141 days, in South Asia they were shut for 225 days. Coupled with ineffective remote instruction, this increased South Asia’s learning poverty from 60 to 78 per cent.

The poorest and most vulnerable people fell further behind. For example, in Bangladesh, the poorest students lost 50 per cent more in terms of learning than the richest students. Several countries still show little to no signs of recovery, and South Asia’s students could lose up to 14.4 per cent of their future earnings.

While the outlook is grim, it’s important to remember that well designed and implemented interventions can make a difference if governments act fast. Recent evidence suggests that even simple and low-cost education programs can lead to sizable gains in skills.  In Bangladesh, for example, attending a year of additional pre-school through two-hour sessions significantly improved literacy, numeracy and social-development scores. Meanwhile, in the Indian state of Tamil Nadu, six months of extra remedial classes after school helped students catch up on about two-thirds of lost learning linked to 18 months of school closures. And in Nepal, government teachers ran a phone tutoring program that helped increase students’ foundational numeracy by 30 per cent. And Pakistan significantly expanded its flagship Benazir Income Support Program (BISP) and provided urgently needed cash transfers to over 15 million households, one of the largest responses worldwide.

Given the high returns to human capital, the huge losses inflicted by the pandemic, and the region’s vulnerability to a variety of shocks, even with constrained government budgets, scaling up these interventions should be a no-brainer.

Globally, countries that have systems in place to support individuals and families before a crisis strikes can better protect their citizens during the crisis.  A new World Bank study, Collapse and Recovery: How COVID Eroded Human Capital and What to Do About It, which analyses the pandemic’s impacts on young people, stresses the multi-dimensional and complementary nature of human development. The health, education and skills people acquire at various stages of their lives, build and depend on each other. To be effective, human development systems must recognize and exploit these overlapping connections. In other words, they should be agile, resilient, and adaptive.

Such systems will help countries better respond to future shocks as well. Crises are unpredictable and often present rapidly changing circumstances. A well-functioning system is one that can spring into action the moment a shock strikes, ensure that essential services such as healthcare and learning remain uninterrupted, and have the flexibility to evolve as needs change such as social protection systems that ramp up to meet urgent needs. Since services are provided by different individual sectors, human development systems must be able to coordinate efficiently across sectors. Lastly, as data and technology play a crucial role in the delivery of services, human development systems should ensure they are effectively used.

The road ahead for South Asia is rocky. The next crisis may be just around the corner. A robust human development system would not only mitigate the damage, but also help ensure that lives and livelihoods are protected.  It could provide the resilience South Asia needs to prosper in an increasingly volatile world. (From : World bank blog)

16 confirmed dead in Bangladeshi commercial building explosion

An official has reported that a large explosion took place in a commercial building in the old part of Bangladesh’s capital, Dhaka, on Tuesday, resulting in the death of at least 16 people and many others being injured.

The Dhaka district’s administration chief, Mominur Rahman, confirmed that 16 bodies have been brought to the hospital, while around 20 individuals with critical injuries were admitted.

The explosion occurred in a seven-storyed building that contained several sanitary stores, causing damage to two buildings, a nearby bank branch with shattered glass walls, and a passenger bus. Rescue operations are still ongoing, and the cause of the explosion is currently unknown.

Global hunger set to spiral as debt crisis bites, says a new report

Doha, March 6 –  Leading food systems experts have warned that the food price crisis is entering a dangerous new phase, as the world teeters on the brink of a debt crisis that could plunge millions more into hunger. The International Panel of Experts on  IPES-Food special report comes as global leaders meet in Qatar (LDC5) to address challenges faced by the world’s Least Developed Countries – with ‘debt sustainability and debt cancellation’ finally on the agenda.

Presenting the report entitled ‘Breaking the cycle of unsustainable food systems, hunger, and debt,’ at the Civil Society Forum panel in Doha on Monday, Million Belay, IPES-Food expert, said: “Many African countries’ economies and food systems are on the brink of meltdown. Africa is stuck in a bind. We’re selling coffee and cotton to the rich to pay off debts, while we import increasingly unaffordable staple foods from outside, climate change batters our harvests, and interest payments spiral out of control. The economic system prioritizes servicing debt over feeding people, while our governments are starved of cash to build the sustainable food systems we need to feed ourselves.”

A year after Russia’s invasion of Ukraine, record-high food prices have receded, but growing numbers of countries are facing rising hunger and soaring debt repayments, the report said. 60% of low-income countries are now considered at high risk of, or already in, debt distress, while some 21 countries are nearing catastrophic levels of both debt distress and food insecurity. Zambia, Sri Lanka, and Suriname already defaulted on their debts; Ghana and Pakistan are currently in urgent talks to avoid default.

Policymakers are ignoring the critical role of unsustainable, import-heavy food systems in driving rising debt and hunger, the experts said. Skyrocketing costs for imports of food, fertilizer, and energy are straining the public finances of many low-income (and also some middle-income) countries. Rising interest rates and plunging currencies are sending debt bills higher, constraining the ability of governments to ensure the food security of their citizens. Those same countries are locked into exporting cash crops (such as cocoa, coffee, and cotton) to pay off dollar-denominated debts and import basic necessities – at the expense of feeding local populations.

Moreover, record high debt burdens are preventing urgently-needed investments in sustainable, climate-resilient food production and food security, creating a vicious cycle, says the report. Debt repayments dwarf spending on climate resilience and social protection in the world’s poorest countries. Failure to break this vicious cycle of unsustainable debt and unsustainable food systems will mean the reversal of decades of progress in addressing poverty and hunger, and abject failure to meet the Sustainable Development Goals, the experts said.

They have called for urgent action to:

● Provide debt relief and development finance on a scale sufficient to meet the needs of COVID-19 recovery, climate-resilient food systems, and the Sustainable Development Goals; ● Repair historical injustices that have left countries funneling wealth to the global North – through windfall taxes on food profiteers and steps to achieve tax justice, and repay ‘ecological’ and historical debts;

● Democratize financial and food systems governance: reform decision-making over food systems and in the World Bank and IMF to put the interests of the world’s poorest countries and marginalized populations first.

21 countries are nearing catastrophic levels of both debt distress and food insecurity – including Afghanistan, Cameroon, Ethiopia, Haiti, Lebanon, Somalia, Sri Lanka, Sudan, and Zimbabwe, the report said. By November 2022, some 349 million people were facing acute food insecurity, with 49 million on the brink of famine, 45 countries in need of external food assistance, and some 828 million facing persistent hunger.

As food prices spiked, countries in Sub-Saharan Africa spent an additional $4.8 billion on food imports in 2022 while receiving less food overall. The world’s 77 ‘net food-importing developing countries’ faced a crippling $21.7 billion in additional costs, the report said.

The full report can be accessed at:

http://www.ipes-food.org/pages/debtfoodcrisis

Channel migrants will be unable to apply for British citizenship under new legislation

London — Under new legislation, individuals who arrive in the UK via small boats will be removed from the country, barred from future entry, and unable to apply for British citizenship. The government is expected to provide more details on these measures on Tuesday, BBC reported.

The Refugee Council has criticized the plans, arguing that many individuals will be left in limbo. The Prime Minister, Rishi Sunak, has stated that “if you come here illegally, you will not be able to stay.” The proposed legislation would require the home secretary to remove anyone who arrives via small boats to Rwanda or a “safe” third country as soon as possible and permanently ban them from returning. Currently, asylum seekers have the right to seek protection under the UN’s Refugee Convention and the European Convention on Human Rights. However, a clause in the Illegal Migration Bill is expected to apply a “rights brake” to allow the conventions to be circumvented.

The government has been attempting to address the increasing numbers of asylum seekers making the perilous journey from France to the UK, but it is unclear how they plan to limit the rights of asylum seekers. Additionally, plans to deport individuals to Rwanda are currently on hold as no migrants have been sent there yet, and there is no returns agreement with the EU in place.

LDCs are facing multiple crises and need urgent support to deal with them: Civil Society leaders

By Bhagirath Yogi in Doha – Civil Society leaders have called upon the developed governments to keep their past promises and extend urgent support to some of the poorest countries of the world that are passing through multiple crises.

Addressing the Parliamentary Forum organised jointly by the LDC 5 Secretariat, The Shura Council of Qatar and Inter-Parliamentary Union at the Qatar National Convention Center on Saturday, global coordinator of LDC Watch, a global alliance of civil society organisations, think tanks and academics based in the LDCs, Dr Arjun Karki said that the LDCs are suffering from Covid pandemic, impact of climate change and debt crisis, among others.

‘Covid pandemic created 40 new billionaires, while more than half a billion people were pushed into extreme poverty. The Global Hunger Index 2022 indicates that 21 LDCs in Africa have ‘serious’ hunger, seven are facing an ‘alarming’ rate of hunger, while one country is facing ‘extremely alarming’ hunger,’ said Dr Karki adding, ‘Official Development Assistance (ODA) to LDCs did not meet the threshold of at least 0.15-0.20 per cent of OECD Development Assistance Committee (DAC) countries’ GNI contribution, despite the Istanbul Programme of Action (IPoA). 

Dr Karki further said that the LDCs’ total external debt servicing has more than tripled in the last ten years. ‘We strongly call upon our development partners to follow the principle of country ownership, transparency, and untied aid to improve aid effectiveness. It is equally crucial, that LDCs’ dependency on aid should be reduced. Instead, domestic revenue should be raised by broadening the tax base and enhancing compliance and transparency, introducing wealth taxation and curbing illicit financial flows. While we welcome the UN resolution to take on a global tax leadership role paving the way for a UN convention on taxation, we insist that a new UN-led global tax body be quickly instituted,’ Dr Karki added.

Under Secretary General of the United Nations and Secretary General of the LDC 5, Rabab Fatima, said that last 10 years had been a difficult journey for LDCs due to pandemic, climate crisis and conflicts around the world. ‘There are deep rooted problems in the LDCs including low human development, limited financial resources and unsustainable debt,’ said Fatima adding, ‘First, we must secure good and effective governance. Second, we must work together to develop potential of science and technology and extend stronger support for LDCs for their  capacity building. Third, LDCs should effectively mobilise domestic resources and these must be supported by the international community.’

President of Inter-Parliamentary Union (IPU), Duarte Pacheco, said that LDCs are suffering from climate change, Covid and ongoing food and energy crisis. ‘Advancing LDCs can make big difference in achieving Sustainable Development Goals (SDGs). LDCs have to cover a  long journey towards sustainable development. We are not allowed to give up. One day we will achieve our goal,’ he added.

Speaker of Shura Council of Qatar, Hasan Bin Abdulla Al Ghanim, said that expressed hope that LDC 5 summit will come up with new vision to improve productivity in the LDCs including promoting investment in infrastructure and facing climate change. He said development aid should be provided in such a way that helps LDCs for their social and environmental development.

Taffere Tesfachew, Member, UN Committee for Development Policy, said that LDC countries are suffering from low income, low human development, environmental shocks and structural impendiments. ‘There is the need for integrated approach and need for coherence. Internal support measures provided by internal community should complement LDCs’ efforts,’ he added.

‘LDCs facing triple challenges’

Member of Parliament from Bangladesh, Saber Chowdhury, said that LDCs are facing  three major challenges – Climate Change, Covid and Conflict.

‘Our very existence is challenged by climate change. Water stress, drought, biodiversity lss, food security. LDCs are at the receiving end,’ said Mr Chowdhury adding, ‘LDCs account for only 1.1 percent of global Green House Gas emissions but are affected the most. External shocks are going to challenge us like never before. We have to think differently, and we have to work differently. Governments will have to do that, and we will exercise our oversight how govts are acting.’

Jitendra Dev, a parliamentarian from Nepal, said that  the LDCs are marginalised due to the  biased global economic system. These potnetials can be tapped only when significant investment is made to improve human capabilities. There is an urgent need to make a global system to support them. IFIs need to adopt – Climate Finance goals must be met. Adequate financing and technologies must be available, a preferential market access within a rule-based multilateral trading system. We need to change the current model of eco progress -switching to green and circular. We need to work collectively. LDCs have untapped potential in terms of human and natural potential.

Civil society activists from around the world have gathered in Doha to take part in the 5th UN LDC Summit. They are calling upon fundamental shift in the international system so as to address the poverty and underdevelopment of some of the poorest countries of the world.

Global crisis looms as over half the world’s population on course to be overweight by 2035

More than half of the world’s population will be overweight or obese by 2035 if significant action is not taken, according to a new report.
The World Obesity Federation’s 2023 Atlas predicts that 51 percent of the world’s population, or more than four billion people, will be obese or overweight in the next 12 years.
According to the report, obesity is increasing particularly rapidly among children and in countries with lower incomes. Louise Baur, president of the World Obesity Federation
, described the data as a “clear warning” and said policymakers must act now to prevent the situation from getting worse.
“It is particularly worrying to see that obesity is increasing more rapidly among children and young people,” he said in a statement.
Governments and policy makers around the world must do everything possible to avoid passing on the health, social and economic costs to younger generations.
According to the report, childhood obesity could more than double from 2020 levels to 208 million boys and 175 million girls by 2035.
According to society, the health problems associated with excess weight have high costs for society. Specifically, by 2035, it will be more than trillion dollars (3.77 trillion euros) per year, or 3 percent of the world’s gross domestic product.
The authors said they did not blame individuals, but called for a focus on the social, environmental and biological factors involved.
When evaluating the report, the body mass index (BMI) is used, which is calculated by dividing a person’s weight in kilograms by the square of their height in meters. According to the World Health Organization guidelines, a BMI value of more than 25 is overweight and more than 30 is obese.
In 2020, 2.6 billion people, or 38 percent of the world’s population, fell into these categories.
The report also found that almost all the countries where obesity will increase the most in the coming years are low- and middle-income countries in Asia and Africa.
The information will be presented to UN decision makers and member states next week.

Event about climate change to take place at Syangboche on March 8

Kathmandu —  A special programme has been scheduled to take place at Syangboche of Solukhumbu on coming March 8 on the occasion of International Women’s Day. 

The event aims to draw global attention towards the impact of climate change on mountain life and call for climate justice for the affected community. 


The event to be organised by ‘Sath Saathai’ a women-focused non-profitable organisation, is supported by the Ministry of Forest and Environment, Ministry of Culture, Tourism and Civil Aviation, UNDP, ICIMOD, NTNC, and Embassy of the United Arab Emirates in Nepal. 


The organisation hosted the ‘Mission to Kalpathhar’ campaign last year on the occasion of International Women’s Day and it concluded by issuing the 10-point Kalapaththar declaration.     


According to organisation chair Prajeeta Karki, following the Kalapaththar declaration, the organisation has decided to reach the site each year with a programme aiming to advocate for and promote climate justice.    


Deputy Speaker Indira Rana Magar, Supreme Court judge Sapana Pradhan Malla, National Assembly member and former Minister Dr Bimala Paudyal Rai, representatives from the UAE Embassy and climate experts are among those attending the event.    


“Through the event, we want to create pressure on the bodies concerned and the government to raise the issues about climate change’s impact on mountain life seriously during the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28), 2023 to be hosted by the UAE.

     
The organisation has planned another seminar at Namche of Solukhumbu aiming to highlight the impact of climate change on women’s life. 


The objectives of programmes are to empower women for climate change-resilient societies, to seek support from the international community for the empowerment of target groups and to draw global attention towards challenges caused by climate change in the mountainous and low-lying areas and snow melting as a consequence of climate change, it is said. 

In addition to this, a national-level dialogue on the ‘Gravity of Climate Change and Climate Justice’ has been scheduled to take place in Kathmandu on coming March 17. (RSS)

ILO welcomes renewed commitments to support recovery and sustainable development in LDCs

New York — New Commitments and Partnerships to Support Least Developed Countries to be Unveiled at UN Conference

Global leaders are set to present new commitments and partnerships to support Least Developed Countries (LDCs) at the United Nations Conference on the Least Developed Countries (LDC5) in Doha, Qatar from March 5-9, 2023. The commitments are aimed at accelerating recovery and achieving sustainable development in the 46 LDCs.

The first part of LDC5 was held in March 2022 at the UN Headquarters in New York, where the Doha Programme of Action (DPoA) was adopted, establishing a new 10-year framework for LDCs. The DPoA focuses on strengthened commitments between LDCs and their development partners, including the private sector, civil society, and governments.

During the second part of LDC5 in Doha, world leaders will join parliamentarians, young people, and representatives from the private sector and civil society to discuss new ideas and make new pledges of support. The International Labour Organization (ILO) has welcomed the plans and will deliver a statement highlighting key commitments and actions aimed at addressing LDC-specific challenges, in line with the DPoA.

The ILO, which has prepared a report titled “Present and Future Work in the Least Developed Countries” for the meeting, has highlighted the significant potential of LDCs to take advantage of the shift to greener economies, given their expanding, youthful populations and abundant natural resources. The report emphasizes the need for employment and macroeconomic policy measures that can help create jobs in both existing and new sectors, enhance productivity, and drive innovation by encouraging investment in green and digital economic opportunities.

As part of the Youth Track at the meeting, the ILO will host an event, “Decent Jobs for Forcibly Displaced Youth in LDCs”, focusing on the challenges and opportunities in helping these young people to secure a smooth transition into decent work while promoting their meaningful engagement and participation.

The ILO will also showcase a photo exhibition at the meeting, highlighting the resilience of Yemeni workers who are beneficiaries of ILO interventions.

The LDC5 Conference was divided into two parts due to the COVID-19 pandemic.

Conference of Least Developed Countries to set DPoA at Doha from 5 to 9 March

Doha — The upcoming conference for Least Developed Countries (LDCs), known as LDC5, is scheduled to take place from 5 to 9 March 2023.

LDC5 aims to prioritize the needs of the 46 designated countries by addressing the challenges they face in achieving sustainable development.

LDCs are countries that have the lowest indicators of socioeconomic development, including a gross national per capita income (GNI) below USD$1,018 and low scores in nutrition, health, school enrollment, and literacy.
They are also highly vulnerable to economic and environmental risks such as natural disasters and climate change.

The international community, including the United Nations, has provided development financing, multilateral trading systems, and technical assistance to support LDCs.

The Doha Programme of Action is the development roadmap for LDCs, which aims to address poverty, science and technology, international trade, climate change, environmental degradation, and global partnerships.
The implementation of the DPoA is expected to help LDCs recover from the COVID-19 pandemic and achieve the SDGs.

LDC5 will bring together various stakeholders to agree on partnerships, commitments, innovations, and plans to achieve the SDGs.
The conference is also an opportunity for LDCs to meet targets that will enable them to graduate from the least developed country status.

Global decision-making must be democratized if it has to have a future: India

NEW DELHI: External Affairs Minister S Jaishankar on Thursday highlighted the flaws in the global decision-making process at the United Nations while addressing the foreign delegates at the G20 Foreign Ministers’ Meeting (G20FMM) in New Delhi.
“Current global architecture is in its 8th decade. The number of members of the UN has quadrupled in this period. It neither reflects today’s politics, economics, demographics or aspirations,” he said.

“Since 2005, we have heard sentiments for reform being expressed at the highest level. But as we all know, these have not materialized. The reasons are no secret either,” Jaishankar said.

The longer we put it off, the more the credibility of multilateralism stands eroded. Global decision-making must be democratized if it has to have a future, he added in an opening remark.

The EAM began the first session of the G20 Foreign Ministers’ Meeting by reminding foreign delegates that “this grouping bears an exceptional responsibility.”

“We first came together in the midst of a global crisis and are today, once again, actually confronting multiple ones. These include the impact of the Covid pandemic, concerns of fragile supply chains, the knock-on effects of ongoing conflicts, anxiety of debt crises and the disruption of climate events. In considering these issues, we may not all always be of one mind,” he said.

“In fact, there are some matters of sharp differences of opinions and views. Yet, we must find common ground and provide direction, because that is what the world expects of us,” said Jaishankar.

Speaking on the future of multilateralism, he said, “As we look ahead, there are both pressing and more systemic challenges that we all confront. The future of multilateralism depends very much on our ability to strengthen it in a changing world.”

He focussed on developing cooperation to mitigate the food crisis magnified by recent events. “Food and energy security are immediate anxieties, magnified by recent events. But they do have long-term repercussions and solutions. And development cooperation is part of that larger solution that we are deliberating upon today,” said Jaishankar.

He also discussed the agendas for today’s discussions that included challenges of food, fertilizers and fuel security that are make-or-break issues for developing countries.

He said that G20 group have individually and collectively an obligation to contribute to international growth and prosperity, adding that these can be implemented through sustainable partnerships and goodwill initiatives.

“On its part, India has undertaken development projects in 78 countries and has actively encouraged exchanges and capability building, he added.

According to him, during the Covid pandemic, “we made a conscious effort at contributing to global solutions even while looking after our own. Today’s situation demands that we continue to live up to our international responsibilities.”

He opined that the G20 must be sensitive to all our partners’ priorities and economic concerns, especially those more vulnerable.

“We must ensure demand-driven and sustainable development cooperation based on country ownership and transparency. Respect for sovereignty and territorial integrity are essential guiding principles for such cooperation,” added Jaishankar.

He reaffirmed that G20 Foreign Ministers can send a collective message of its determination to address the complex challenges that the world face at this juncture, adding, “I look forward to our deliberations in this regard.” (ANI)

The Pandemic Damaged Cognitive Development and Lifetime Earnings of Children and Youth- World Bank

Washington — The COVID-19 pandemic has caused a significant collapse in human capital for millions of children and young people across South Asia, according to a new report by the World Bank. The report, which analyzed data for people who were under the age of 25 at the onset of the pandemic, found that in South Asia, today’s students could lose up to 14.4% of their future earnings due to COVID-19-induced education shocks. The cognitive deficit in today’s toddlers could also translate into a 25% decline in earnings when these children become adults.

The pandemic shuttered schools and disrupted key services that protect and promote human capital, such as healthcare and job training, leading to significant declines in cognitive and social-emotional development across the region. In South Asia, between April 1, 2020, and March 31, 2022, schools were fully or partially closed for 83% of the time, significantly longer than the global average of schools being closed for 52% of that same period.

The report provides an approach to help countries prioritize among different crisis recovery policy options. In the short term, countries should support targeted campaigns for vaccinations and nutritional supplementation; increase access to pre-primary education, including social-emotional skills; and expand coverage of cash transfers for vulnerable families. For school-aged children, governments need to keep schools open and increase instructional time; assess learning and match instruction to students’ learning level; and streamline the curriculum to focus on foundational learning.

In the longer term, countries need to build agile, resilient, and adaptive health, education, and social protection systems that can better prepare for and respond to current and future shocks. The World Bank is working closely with governments in South Asia to protect and invest in people as they cope with and recover from the pandemic.

Sri Lanka widens currency trading band to secure IMF bailout

Bloomberg, Colombo : Sri Lanka allowed its currency to trade in a wider band, stepping up efforts to secure a $2.9 billion International Monetary Fund bailout. The rupee advanced.

The currency was allowed to trade at a maximum of 5 rupees from the middle rate effective Monday, the central bank said on its website. The trading band, which was introduced in May, had been set at 2.6 rupees since October. The currency climbed 1.3 per cent to 359.52 per dollar on Tuesday.

Sri Lanka joins some of the world’s most indebted nations in loosening its grip on the currency in order to unlock financing from the IMF. Pakistan, Egypt and Lebanon were among those that have dropped their exchange rates this year. The IMF funds are crucial for Sri Lanka as dollar shortages have left it unable to pay for imports of medicine and food, with the economy deep in a recession.

The rupee advanced more than 2 per cent this year after sliding 45 per cent in 2022 after the nation defaulted on its sovereign debt. Sri Lanka is in talks with creditors for debt restructuring, another key condition for the IMF to approve a loan to the nation.

Bangladesh cabinet agrees to allow dual citizenship of 44 more countries

DHAKA — Bangladesh’s cabinet on Monday passed a proposal that paved the way for Bangladeshis to acquire dual citizenship of 44 more countries.

After a cabinet meeting with Prime Minister Sheikh Hasina in the chair, Spokesman Mahbub Hossain told reporters that the cabinet approved that Bangladeshis can avail dual citizenship of 44 newly added countries while keeping their Bangladeshi citizenship.

Previously, Bangladeshis could hold dual citizenship of 57 countries besides their country of birth.

Briefing media in Dhaka on Monday, Cabinet Secretary Mahbub Hossai said that the proposal over dual citizenship was proposed by the Security Services Division of the Home Ministry which was approved by the cabinet.

Out of these 44 countries 19 countries are in Africa, 12 countries are in South America, 12 countries are in the Caribbean region and one in Oceania. The new list  includes Egypt, South Africa, Kenya, Algeria, Sudan, Brazil, Bolivia, Argentina, Peru, Chile, Cuba, Trinidad and Tobago, Barbados and Fiji among others.

Bangladesh allows for dual citizenship under limited circumstances based on procedures prescribed by the government. Bangladeshi origin people who are citizens of the USA, UK, Australia, Canada and Europe are allowed to take up dual citizenship of Bangladesh. Such people based on their application and fulfilling certain conditions are issued a Dual Nationality Certificate (DNC) and they can obtain a Bangladeshi passport, apart from the passport of those countries.

However, people with dual citizenship are not permitted to become members of parliament or contest elections in Bangladesh. People from the SAARC region are not allowed to have dual citizenship as per Bangladeshi law. (Newsonair/Xinhua)

Major ruling coalition member of Nepal withdraws support to the government

Kathmandu : The largest party of ruling coalition member of Nepal CPN (UML) has left the government today . Similarly, the party has also decided to withdraw its support to the Prime Minister Pushpa Kamal Dahal ‘Prachanda’ led government.

A meeting held at the Party Central Office Chyasal, Lalitpur decided to leave the government and withdraw the party’s support to the current government on Monday. 

Speaking to the journalists after the meeting vice-chair Bishnu Prasad Paudel said that after Prime Minister Pushpa Kamal Dahal ‘Prachanda’ defying the December 25 agreement and pressuring UML to leave the government meeting took the decisions.

Meanwhile, just hours before Foreign Minister Bimala Rai Paudyal was scheduled to fly to Geneva to attend a high-level session of the UN Human Rights Council, Prime Minister Prachanda asked her to cancel the visit.

The development comes as a new ruling coalition minus the CPN-UML is in the making in Kathmandu just ahead of the presidential election on March 9, Nepalease media reported on Monday.

Eight political parties, including CPN-Maoist Centre led by Prachanda, have decided to support senior Nepali Congress leader Ramchandra Poudyal for the post of head of the state during the election.

Prachanda, the 68-year-old Maoist leader was sworn in as the Prime Minister for the third time on December 26 last year after he dramatically walked out of the pre-poll alliance led by the Nepali Congress and joined hands with opposition leader Oli.

The Rashtriya Prajatantra Party (PPP), a key partner in the seven parties ruling alliance in Nepal, has already decided to withdraw its support to ‘Prachanda’-led government, citing changes in the political equation.

Maoist Center Chairman and Prime Minister ‘Prachanda’ has dealt a blow to the ruling alliance by selecting a presidential candidate from outside the ruling alliance.