Latest news with #GlobalDevelopment
The National
12 hours ago
- Business
- The National
Antonio Guterres: We need a rescue plan for sustainable development
This month, leaders will gather in Sevilla, Spain, on a rescue mission: to help fix how the world invests in sustainable development. The stakes could not be higher. A decade after the adoption of the Sustainable Development Goals and many global commitments to finance them, two thirds of the targets are lagging. And the world is falling short by over $4 trillion annually in the resources developing countries need to deliver on these promises by 2030. Meanwhile, the global economy is slowing, trade tensions are rising and aid budgets are being slashed while military spending soars and international co-operation is under unprecedented strain. The global development crisis is not abstract. It is measured in families going to bed hungry, children going unvaccinated, girls being forced to drop out of school and entire communities deprived of basic services. We must correct course. That begins at the Fourth International Conference on Financing for Development in Sevilla, where an ambitious, globally supported plan to invest in the Sustainable Development Goals must be adopted. That plan should include three essential elements. First, Sevilla must help accelerate the flow of resources to the countries who need it most. Fast. Countries must be in the driver's seat, mobilising domestic resources by strengthening revenue collection and addressing tax evasion, money laundering and illicit financial flows through international co-operation. This would provide much-needed resources to prioritise spending on areas with the greatest impact such as education, health care, jobs, social protection, food security and renewable energy. At the same time, national development banks, regional and Multilateral Development Banks need to come together to finance major investments. To support this, the lending capacity of these banks needs to triple so developing countries can better access capital on affordable terms with longer timelines. This increased access should include re-channeling of unconditional reserve assets – or Special Drawing Rights – to developing countries, preferably through Multilateral Development Banks to multiply their impact. A decade after the adoption of the Sustainable Development Goals and many global commitments to finance them, two-thirds of the targets are lagging Private investment is also essential. Resources can be unlocked by making it easier for private finance to support bankable development projects and by promoting solutions that mitigate currency risks and combine public and private finance more effectively. Throughout, donors must keep their development promises. Second, we must fix the global debt system. It is unfair and broken. The current borrowing system is unsustainable, and developing countries have little confidence in it. It's easy to see why. Debt service is a steamroller crushing development gains, to the tune of more than $1.4 trillion a year. Many governments are forced to spend more on debt payments than on essentials like health and education combined. Sevilla must result in concrete steps to reduce borrowing costs, facilitate timely debt restructuring for countries burdened by unsustainable debt, and prevent debt crises from unfolding in the first place. In advance of the conference, a number of countries put forward proposals to ease the debt burden on developing countries. This includes making it easier to pause debt service in times of emergency; establishing a single debt registry to strengthen transparency; and improving how the IMF, World Bank and credit-ratings agencies assess risks in developing countries. Finally, Sevilla must raise the voice and influence of developing countries in the international financial system so it better serves their needs. International financial institutions must reform their governance structures to enable greater voice and participation of developing countries in the management of the institutions they depend on. The world also needs a fairer global tax system, one shaped by all governments – not just the wealthiest and most powerful. The creation of a 'borrowers club' for countries to coordinate their approaches and learn from one another is another promising step toward addressing power imbalances. The meeting in Sevilla is not about charity. It's about justice, and building a future in which countries can thrive, build, trade and prosper together. In our increasingly interconnected world, a future of haves and have-nots is a recipe for even greater global insecurity that will keep weighing down progress for all. With renewed global commitment and action, Sevilla can spark new momentum to restore a measure of faith in international co-operation and deliver on sustainable development for people and planet.
Indian Express
18-05-2025
- Health
- Indian Express
How AI can help personalise and predict health care
In this episode of Our Own Devices, our host Nandagopal Rajan, COO, The Indian Express Online is joined by Kalavathi GV, Executive Director & Head, Global Development Center, Siemens Healthineers. Our guest today, explores the connection between AI and Healthcare. She explains how artificial intelligence has the power to enable diagnosis during early onset of a disease and how it can empower the health care professionals and physicians to focus on the patient and the treatment more than anything else. She also shares how digital twinning can make a person understand how a disease will impact them in the long run. To learn how AI can aid in the world of healthcare and make sure it reaches more and more people, tune into today's episode of Our Own Devices with Nandagopal Rajan. Produced by Niharika Nanda Edited and mixed by Suresh Pawar
Yahoo
28-01-2025
- Business
- Yahoo
ING Group inks deal to exit Russia
Dutch financial firm ING Group announced on Tuesday that it has finalized an agreement to sell its Russian business to Global Development JSC, a company owned by a Moscow-based investor. Under the terms, Global Development will acquire ING Bank (Eurasia) JSC, taking over all Russian onshore activities and staff. The transaction, to be closed in the third quarter of 2025, will effectively end ING's activities in Russia. ING expects a negative profit and loss (P&L) impact of around €0.7 billion ($0.73 billion) post tax. This includes an estimated book loss of around €0.4 billion, representing the difference between the sale price and the book value of the business, which would have a negative impact of about five basis points on ING's Common Equity Tier 1 (CET1) ratio. It also includes an estimated negative impact of approximately €0.3 billion from recycling the currency translation adjustment through P&L. This currency translation adjustment recycling will not affect ING's CET1 ratio and net profit. Post transaction, ING will continue to further reduce its offshore exposure to Russian clients. This exposure, which is booked by other ING entities outside of Russia, amounted to €1 billion as of September 30, 2024, of which €0.5 billion is under Export Credit Agency (ECA) or Credit and Political Risk Insurance (CPRI) cover. Upon the completion of the acquisition, Global Development intends to continue to serve customers in Russia under a new brand. Sign in to access your portfolio
