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World Bank says 26 poorest nations in worst financial shape since 2006
Most of the countries in the study are in sub-Saharan Africa, from Ethiopia to Chad and Congo, but the list also includes Afghanistan and Yemen, read the report.
The world's 26 poorest countries, home to 40% of the most poverty-stricken people, are more in debt than at any time since 2006 and increasingly vulnerable to natural disasters and other shocks, a new World Bank report showed on Sunday.
The report finds that these economies are poorer today on average than they were on the eve of the COVID-19 pandemic, even as the rest of the world has largely recovered from COVID and resumed its growth trajectory, Reuters reported.
Released a week before World Bank and International Monetary Fund annual meetings get underway in Washington, the report confirms a major setback to efforts to eradicate extreme poverty and underscores the World Bank's efforts this year to raise $100 billion to replenish its financing fund for the world's poorest countries, the International Development Association (IDA).
The 26 poorest economies studied, which have annual per-capita incomes of less than $1,145, are increasingly reliant on IDA grants and near-zero interest rate loans as market financing has largely dried up, the World Bank said. Their average debt-to-GDP ratio of 72% is at an 18-year high and half of the group are either in debt distress or at high risk of it.
Most of the countries in the study are in sub-Saharan Africa, from Ethiopia to Chad and Congo, but the list also includes Afghanistan and Yemen, read the report.
Two-thirds of the 26 poorest countries are either in armed conflicts or have difficulty maintaining order because of institutional and social fragility, which inhibit foreign investment, and nearly all export commodities, exposing them to frequent boom-and-bust cycles, the report said.
"At a time when much of the world simply backed away from the poorest countries, IDA has been their lifeline," World Bank chief economist Indermit Gill said in a statement. "Over the past five years, it has poured most of its financial resources into the 26 low-income economies, keeping them afloat through the historic setbacks they suffered."
IDA normally is replenished every three years with contributions from World Bank shareholding countries. It raised a record $93 billion in 2021 and World Bank President Ajay Banga is aiming to exceed that with more than $100 billion in pledges by Dec. 6.
Natural disasters have also taken a greater toll on these countries over the past decade. Between 2011 and 2023, natural disasters were associated with average annual losses of 2% of GDP, five times the average among lower-middle-income countries, pointing to the need for much higher investment, the World Bank said.
The report also recommended that these economies, which have large informal sectors operating outside their tax systems, do more to help themselves. This includes improving tax collections by simplifying taxpayer registration and tax administration and improving the efficiency of public spending.
Eight Afghan migrants died after a speedboat carrying migrants capsized off Greece's eastern island of Rhodes on Friday, the Associated Press reported.
Greek authorities said that the capsizing was the result of the boat’s maneuvering to evade a patrol vessel.
A total of 18 migrants — 12 men, three women and three minors — all Afghan nationals, were rescued, Greece's coast guard said Saturday. The dead were also from Afghanistan, it said.
Some migrants remained hospitalized, with one in critical condition, authorities said.
Two Turkish citizens, ages 23 and 19, were arrested as the suspected traffickers. The boat sank after capsizing, the coast guard said.
The sinking off Rhodes was the second deadly incident involving migrants in the past week.
Seven migrants were killed and dozens were believed missing after a boat partially sank south of the island of Crete over the weekend — one of four rescue operations during which more than 200 migrants were rescued.
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Norwegian Chargé d’Affaires meets with IEA deputy foreign minister
Welcoming the diplomat’s visit to Kabul, Stanikzai underscored the importance of political relations between Afghanistan and Norway, the foreign ministry said in a statement.
The Norwegian Chargé d’Affaires for Afghanistan, Per Albert Ilsaas, on Saturday met with IEA’s Deputy Foreign Minister for Political Affairs, Sher Muhammad Abbas Stanikzai, in Kabul.
Welcoming the diplomat’s visit to Kabul, Stanikzai underscored the importance of political relations between Afghanistan and Norway, the foreign ministry said in a statement.
In addition to focusing on bilateral political, humanitarian, and other pertinent issues, the two sides expressed hope that continued engagement would lead to constructive solutions to related issues.
This comes two weeks after the Foreign Ministry Spokesman Abdul Qahar Balkhi expressed disappointment regarding the decision by the Norwegian government to downgrade diplomatic relations with Afghanistan.
Balkhi said in a post on X that such decisions should not be linked with internal affairs of other countries.
“Diplomatic engagement is most effective when it fosters mutual understanding and respect, even amidst differing viewpoints,” he stated.
“Access to consular services is a fundamental right of all nationals. We strongly urge all parties to prioritize this principle in the spirit of international cooperation,” he added.
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A new polio vaccination campaign is set to launch in Afghanistan
Afghanistan and Pakistan are the only two countries in the world where polio has not been eradicated.
The “Afghanistan Polio-Free” organization announced that a new round of polio vaccinations will begin on Monday, December 23, in various provinces of Afghanistan.
The organization did not specify which provinces will be targeted or how long the vaccination campaign will last.
Afghanistan and Pakistan are the only two countries in the world where polio has not been eradicated.
On December 4, 2023, the World Health Organization (WHO) issued a statement reporting a 283% increase in polio cases in Afghanistan. According to the WHO, the number of positive environmental samples for wild poliovirus type 1 in Afghanistan in 2024 reached 84, compared to 62 cases in 2023.
The Ministry of Public Health claimed in November 2024 that no new cases of polio had been reported in Afghanistan for the year.
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