Alwaleed Philanthropies donating $1m for Sri Lanka flood relief

A boy carries water bottles near a flood affected area near Colombo. (AP)
Updated 24 May 2016
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Alwaleed Philanthropies donating $1m for Sri Lanka flood relief

RIYADH: Alwaleed Philanthropies (AP), chaired by Prince Alwaleed bin Talal, is donating $1 million to provide support to those affected by the recent floods and landslides that have caused devastation in Sri Lanka.
The announcement comes as delegates from 175 countries gather in Istanbul today for the opening of the first ever World Humanitarian Summit.
At the summit, global leaders are discussing how to effectively respond to major humanitarian challenges like the one in Sri Lanka, and how to be better prepared to meet challenges of the future.
The disaster in Sri Lanka has claimed the lives of dozens of people, with hundreds of thousands displaced from their homes.
Though Sri Lanka frequently experiences severe monsoons and flooding, this year’s devastation was unusually fierce for so early in the rainy season.
 AP’s funds will be used to provide vital relief to victims of the disaster, through the foundation’s partnerships with the UN World Food Programme, Habitat for Humanity and International Medical Corps.
The UN World Food Programme is the world’s largest humanitarian agency fighting hunger worldwide. In emergencies, it gets food to where it is needed, saving the lives of victims of war, civil conflict and natural disasters. After the cause of an emergency has passed, it uses food to help communities rebuild their lives.
Habitat for Humanity works with the poorest and the most vulnerable to help provide them with a decent place to call home and the opportunity for a life built on hope and potential, self-reliance and dignity.
International Medical Corps works to relieve the suffering of those impacted by war, natural disaster and disease by delivering vital health care services that focus on training, helping devastated populations return to self-reliance.
 “This crisis reinforces just how important this week’s discussions are at the World Humanitarian Summit. One of the core aims of the Summit is to enable countries and communities to better prepare for and respond to crises just like this one in Sri Lanka,” said Nauf Al-Rawaf, executive manager of Global Initiatives at AP.
For over 35 years, Alwaleed Philanthropies has supported and initiated projects in over 120 countries regardless of gender, race, or religion.
Alwaleed Philanthropies collaborates with a range of philanthropic, governmental and educational organizations to combat poverty, empower women and youth, develop communities, provide disaster relief and create cultural understanding through education.


IMF warns G20 economic leaders that tariffs hurting global economy

Updated 22 July 2018
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IMF warns G20 economic leaders that tariffs hurting global economy

BUENOS AIRES: The International Monetary Fund (IMF) warned world economic leaders on Saturday that a recent wave of trade tariffs would significantly harm global growth, a day after US President Donald Trump threatened a major escalation in a dispute with China.
IMF Managing Director Christine Lagarde said she would present the G20 finance ministers and central bank governors meeting in Buenos Aires with a report detailing the impacts of the restrictions already announced on global trade.
“It certainly indicates the impact that it could have on GDP (gross domestic product), which in the worst case scenario under current measures...is in the range of 0.5 pct of GDP on a global basis,” Lagarde said at a joint news conference with Argentine Treasury Minister Nicolas Dujovne.
Her warning came shortly after the top US economic official, Treasury Minister Steven Mnuchin, told reporters in the Argentine capital there was no “macroeconomic” effect yet on the world’s largest economy.
Long-simmering trade tensions have burst into the open in recent months, with the United States and China — the world’s No. 2 economy — slapping tariffs on $34 billion worth of each other’s goods so far.
The weekend meeting in Buenos Aires comes amid a dramatic escalation in rhetoric on both sides. Trump on Friday threatened tariffs on all $500 billion of Chinese exports to the United States.
US Treasury Secretary Steven Mnuchin will try to rally G7 allies over the weekend to join it in more aggressive action against China, but they may be reluctant to cooperate because of US tariffs on steel and aluminum imports from the European Union and Canada, which prompted retaliatory measures. .
The last G20 finance meeting in Buenos Aires in late March ended with no firm agreement by ministers on trade policy except for a commitment to “further dialogue.”
German Finance Minister Olaf Scholz said he would use the meeting to advocate for a rules-based trading system, but that expectations were low.
“I don’t expect tangible progress to be made at this meeting,” Scholz told reporters on the plane to Buenos Aires.
Mnuchin told reporters on Saturday that he has not seen a macroeconomic impact from the US tariffs on steel, aluminum and Chinese goods, along with retaliation from trading partners.
But he said there have been microeconomic effects on individual businesses, he said, adding that the administration was closely monitoring these and looking at ways to help US farmers hurt by retaliatory tariffs.
The US dollar fell the most in three weeks on Friday against a basket of six major currencies after Trump complained again about the greenback’s strength and about Federal Reserve interest rate rises, halting a rally that had driven the dollar to its highest level in a year.