Displaying items by tag: Economics

Nicola Sturgeon sent a letter to Boris Johnson saying he should have urgent talks with the administrations in Scotland, Wales and Northern Ireland due to the fast-deteriorating cost of living situation. The PM agreed, but he is now on holiday until 22 August and he will then have two weeks to organise any meeting before he moves out of Number 10. UK ministers had already committed the equivalent of 1.5% of the country's GDP to supporting households with the increasing cost of living. The Government was warned by business leaders that it must put ‘all hands to the pump’ to address the crisis ahead of the autumn.

The Turkish currency is in freefall after President Trump escalated a feud with Ankara by doubling tariffs on metals imports. The lira has long been falling due to worries about President Erdogan's influence over monetary policy and worsening US relations. Turkey and the USA are at odds over many issues, the most pressing being the detention of pastor Andrew Brunson who was jailed for allegedly supporting a group that Ankara blames for the failed coup. He faces 35 years in prison, and on 15 August a court ruled he must remain under house arrest. Qatar has pledged $15 billion of investments after Erdogan said that the shadowy ‘interest rate lobby’ and Western credit ratings agencies were attempting to bring down the economy. He said, ‘If there is anyone who has dollars or gold under their pillows, they should go and exchange it for liras at our banks. This is a national, domestic battle.’ See also

Pakistan plans to seek its largest ever bailout from the IMF as Imran Khan takes office. The loan is to resolve the country’s escalating foreign reserves crisis. However a loan would see IMF impose restrictions on public spending, making it difficult for Khan to fulfil election promises. One government adviser said, ‘We can’t do without the IMF’s support of a $10bn -12bn loan.’ During the election campaign, Mr Khan pledged to spend public money on access to healthcare for all, upgrading schools and expanding the social safety net. Analysts warned these promises would be hard to fulfil, given the reality of Pakistan’s economic situation. 35% live in poverty and Islamabad has kept going with loans from Chinese commercial banks and allowing the rupee to depreciate 20%. Meanwhile, substance abuse is rampant and terrorists have a safe haven there. This is one of the most dangerous countries in the world to be a Christian.

Jadine Louissaint is a second-generation Haitian born and raised in the USA. While growing up, she experienced the stigma associated with her culture and ancestry, and tried to escape from that social disadvantage through education and a good career. She trained as a nurse and did an MBA in healthcare, but in 2015 realised that something was missing from her life. She began to seek God through prayer and fasting. He showed her that His will and purpose for her life was not only to embrace her culture and heritage for herself, but to seek to empower young Haitian women and girls to effect positive change in their country - spiritually, socially, and culturally. In response, she founded TransforMe Ayiti (Transform Haiti), which seeks to provide the next generation of women leaders and innovators with tools for success. Jadine’s vision is to help Haiti become a self-sustained country, by investing in its most precious resource: the youth, specifically young women.