Poverty 4th leading cause of death in United States

Research published this week in the Journal of the American Medical Association estimated that poverty was linked to at least 183,000 deaths in the United States in 2019 among people aged 15 or older, making inadequate income the nation's fourth-leading mortality driver that year behind heart disease, cancer, and smoking.

“Poverty kills as much as dementia, accidents, stroke, Alzheimer's, and diabetes," said David Brady, a professor of public policy at the University of California, Riverside and the lead author of the new analysis.

"Poverty silently killed 10 times as many people as all the homicides in 2019," Brady continued. "And yet, homicide, firearms, and suicide get vastly more attention."

Rev. Dr. William J. Barber II, co-chair of the Poor People's Campaign, wrote Wednesday that the research underlines the importance of connecting extremists' inaction on gun violence to other forms of policy murder.

The new analysis, co-authored by Ulrich Kohler of the University of Potsdam in Germany and Hui Zheng of Ohio State University, stressed that the US perennially has a far higher poverty rate than peer-rich democracies, which presents an enormous challenge to population health given that considerable research demonstrates that being in poverty is bad for one's health.

Poverty, which the study defined as less than half the median US income, was associated with greater mortality than many far more visible causes in 2019—10 times as many deaths as homicide, 4.7 times as many deaths as firearms, 3.9 times as many deaths as suicide, and 2.6 times as many deaths as drug overdose."

The researchers argued their results indicate that poverty should be considered a major risk factor for death in the US, which has seen life expectancy decline since 2015—and fall sharply amid the coronavirus pandemic.

"Because the US consistently has high poverty rates, these estimates can contribute to understanding why the US has comparatively lower life expectancy," the researchers wrote. "Because certain ethnic and racial minority groups are far more likely to be in poverty, our estimates can improve understanding of ethnic and racial inequalities in life expectancy."

The mortality associated with poverty is also associated with enormous economic costs, they continued. Therefore, benefit-cost calculations of poverty-reducing social policies should incorporate the benefits of lower mortality. Moreover, poverty likely aggravated the mortality impact of Covid-19, which occurred after our analyses ended in 2019. Therefore, one limitation of this study is that our estimates may be conservative about the number of deaths associated with poverty.

The onset of the coronavirus pandemic in 2020 brought about a sharp increase in US poverty as millions of people got sick, were thrown out of work, and lost health insurance.

Federal aid initiatives enacted in response to the public health and economic crisis—from stimulus checks to boosted unemployment benefits to enhanced nutrition assistance—ultimately led to a significant drop in poverty, further bolstering the case that poverty is a policy choice.

However, many of those poverty-reducing aid programs, including the enhanced Child Tax Credit that sharply slashed poverty among kids in the US, have since lapsed or been terminated, threatening to reverse any recent progress.

Brady said in a statement that if the US had less poverty, there'd be a lot better health and well-being, people could work more, and they could be more productive.

"All of those," he added, "are benefits of investing in people through social policies."

 

Pakistan Posts Current Account Surplus in March 2023

Pakistan has posted US$654 million current account surplus in March 2023, against a current account deficit (CAD) of US$36 million in February 2023. It is the first monthly surplus since November 2020 and the numbers are higher than market expectations.

This is the first monthly surplus since November 2020, thanks to tighter monetary and fiscal measures along with administrative steps taken by the government. CAD for 9MFY23 has been reported at US$3.372 billion against a CAD of US$13.014 billion in 9MFY22.

Balance of Trade in Goods and Services improved considerably and reported at US$1.595 billion in March 2023 against a Balance in Trade of Goods and Services of US$3.437 billion in March 2022. Even Balance of Trade in Goods improved by 9%MoM.

Workers’ remittances were reported at US$2.533 billion in March 2023 against US$2.835 billion in March 2022. Remittances have improved by 27%MoM. The trend in remittances is improving after 10-15% gap between official and unofficial rate of local currency has eliminated.

A Topline Securities report about falling workers’ remittances dated January 16, 2023 had indicated that rising gap between official and unofficial rate of USD forced workers to remit money through non-banking channels. This was also seen in Sri Lanka and Bangladesh and remittances recovered once the countries moved to a more market based exchange rate.

Exports for March 2023 were reported at US$2.427 billion against exports of US$3.071 billion in March 2022, posting a decline of 21%YoY, mainly on the back of falling global demand and a fall in commodity prices. The SBP has taken measures to encourage exporters to bring back export proceeds in a timely manner.

Imports were reported at US$3.990 billion in March 2023 against US$6.114 billion in March 2022, posting a decline of 35%YoY.

Imports were down due to a weaker exchange rate along with administrative measures to curb imports.

To recall, State bank of Pakistan (SBP) in its Monetary Policy Statement on the April 04, 2023 stated that CAD had narrowed considerably and more than previously anticipated mainly on the back of import containment.

The SBP also stated that while the CAD had narrowed, the Balance of Payments (BOP) position remained under stress and noted that foreign currency reserves remained at low levels.

A reduction in imports led to a major improvement in CAD. Administrative measures such as a ban on Machinery Import which was later removed and replaced with banks prioritizing the imports of essential items.

Similar administrative controls on imports in Sri Lanka and Bangladesh played a key role. In fact after IMF deal in Sri Lanka it has been agreed that this L/C restriction will be lifted gradually, not immediately.

Topline Securities expects import controls to be removed gradually and expect no abrupt change in policy.

The brokerage house expects the Current Account Balance to remain muted for the remainder of the year. It estimates FY23 current account deficit of US$3.5 billion.

The brokerage house highlights that Pakistan’s main issue is external debt repayment. It believes that Pakistan has to talk to its lenders to push out maturities of its debt.

It believes that discussions on debt restructuring/ re-profiling will be done after elections by the new government along with a new IMF support program.

 

Saudi Arabian visas for Yemenis

Saudi Arabian Embassy in Yemen has issued about 850,000 work visas and 350,000 family visit visas to Yemenis since 2018, according to Saudi Ambassador in Sanaa Muhammad Saeed Al-Jaber.

Al-Jaber made the remarks on his official Twitter account, indicating that the visas issued since mid-2018 included Yemenis from all governorates in the country without exception.

He noted that this came within the keenness of Saudi Arabia to support the Yemeni people.

Meanwhile, the Prosthetics and Rehabilitation Center in Taiz Governorate provided various medical services to 326 beneficiaries in March 2023, as part of the support extended by King Salman Humanitarian Aid and Relief Center.

The center, within the project, has offered 1,201 services, benefiting 67% males and 33% females. The percentage of displaced persons was 11% of the total beneficiaries.

The center manufactured, installed, and maintained prostheses for 77 patients, which included handing over the prostheses, measuring and maintaining them.

Among the services provided by the center includes physiotherapy, which benefited 249 patients who received the services in multiple sessions, in addition to specialized consultations.

This comes as an extension of the humanitarian work provided by the Kingdom, represented by the center, to increase the health sector's capabilities, and its attempt to alleviate the suffering of the Yemeni people.

 

India and Russia to tap full potential of economic relationship

The Indian Ministry of External Affairs said in a statement that the 24th India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation was held in New Delhi on April 17-18. Both the countries agreed to unlock full potential of bilateral trade and economic relationship.

Indian External Affairs Minister S. Jaishankar and Deputy Prime Minister and Minister of Trade and Industry of Russia Denis Manturov, who arrived in Indian capital Monday heading a high-level delegation comprising senior officials from several Russian ministries, co-chaired the 24th session of the Inter-governmental commission.

The Inter-governmental Commission, which is a mechanism for monitoring bilateral progress of trade and economic cooperation between the two countries, agreed to address the trade deficit and market access issues.

The visiting Russian deputy PM also met Indian Commerce and Industry Minister Piyush Goyal, Finance Minister Nirmala Sitharaman and National Security Advisor Ajit Doval.

The India-Russia Business Dialogue was also held on Monday with participation of key businesses from both the countries enabling Jaishankar, Manturov and business leaders to engage and drive the momentum of shared priorities of deeper and wider bilateral commercial cooperation.

Though Indian authorities claim that the visit is in continuation of the regular high-level dialogue between the two nations, it assumes greater importance as New Delhi’s closer ties with Russia even while the latter is engaged in a bloody battle in Ukraine is seen with caution in western capitals.

India has so far resisted Western pressure to condemn Russian aggression and instead expressed concern over the humanitarian crisis arising out of the war and called to resolve all differences through dialogue and diplomatic means.

Jaishankar has said that discussions are on over the payments issue with Russia, referring to the trade in local currencies (rupee-ruble).

“There are discussions on the payments issue under the scheme of international trade settlement in Indian rupees through the special rupee vostro account system.

“And I think the payments issue clearly needs to be worked through between our systems. It is something we will be discussing,” said Jaishankar at the India-Russia Business Dialogue.

The event was organized by the Ministry of External Affairs in partnership with FICCI and the Business Council for Cooperation with India (BCCI). India and Russia have a Special and Privileged Strategic Partnership.

“For the period between April 2022 and February 2023, bilateral trade was about $45 billion and is expected to grow,” Jaishankar added.

Russia has said that within the framework of the inter-governmental dialogue, they propose to consider the possibility of the wide use of national currencies.

Meanwhile, Russia also wants to take its partnership with India to another level by having a Free Trade Agreement (FTA).

“Together with the Eurasian Economic Commission, we are looking forward to intensifying negotiations on the FTA with India.

“Additionally, we are working on signing the Russia-India Bilateral Agreement for the Promotion and Protection of Investments,” said Manturov.

To protect the principles of free trade, Russia has undertaken a set of measures which includes permitting import of original goods without consent of the rights’ owners from unfriendly countries — so-called parallel imports.

“Besides, we’ve launched the program of preferential loans and insurance of Russian importers towards procurement of priority products from foreign countries.

“Among the most demanded goods under this program are components and equipment for road construction, products of chemical and pharmaceutical industries. I am sure that this will create opportunities for Indian companies to increase their supplies to Russia,” Manturov added.

Russia has also invited Indian companies who are keen on joint projects to consider ‘cluster investment platform’.

“This provides preferential credits for designing and manufacturing of priority products, subsidies for pilot batches of goods, insurance premium and income tax preferences.

“As far as certain components and technologies are concerned we will definitely rely on trusted foreign partners. We are working in this manner with our Indian friends for decades,” Manturov added.

Marupov also met National Security Advisor Ajit Doval and discussed a wide range of issues under the India-Russia Strategic Partnership.

Iran to expand trade ties with Bangladesh

Iranian President Ebrahim Raisi urged the growth of commercial and trade links with Bangladesh while reiterating his administration’s commitment to fostering connections with other Muslim nations.

In a phone conversation with Bangladeshi Prime Minister Sheikh Hasina on Monday, Raisi emphasized the need for Islamic nations to unite and support Palestine while denouncing the Zionist regime’s aggressions, particularly the brutal Israeli actions in Al-Aqsa Mosque and against the fasting Palestinian worshippers.

Raisi expressed congratulations to the government and the Muslim people of Bangladesh on Eid-al-Fitr and stated that Iran’s foreign policy is built on bolstering ties with all nations, particularly those in the Islamic world.

He also expressed optimism for strong ties between Bangladesh and Iran, particularly for the advancement of economic and commercial cooperation.

Sheikh Hasina, for her part, vehemently denounced the criminal activities of the Zionist regime against the Palestinian people, saying, “Supporting the oppressed people of Palestine and condemning the aggressions of the Zionist regime is the fixed position of the government and the people of Bangladesh.”

She stressed the need for improving connections with Iran, particularly in the commercial and economic spheres, as well as regional cooperation.

 

Saudi Foreign Minister Meets Syrian President

Syrian President Bashar Al-Assad met with Saudi Foreign Minister Prince Faisal Bin Farhan on Tuesday. The Saudi minister is visiting Damascus currently in a significant step towards ending Syria’s decade-long regional isolation.

Al-Assad and Prince Faisal discussed the necessary steps to achieve a comprehensive political settlement to the Syrian crisis to end all its repercussions, achieve national reconciliation, and contribute to the return of Syria to its Arab surroundings.

They also discussed efforts made to reach a politician solution of the Syrian crisis that preserves the unity, security, and stability of Syria.

The Saudi minister stressed to the Syrian president the importance of providing a suitable environment for the arrival of aid to all regions in Syria, and preparing the necessary conditions for the return of the Syrian refugees and displaced persons to their homeland.

He also called for taking more measures that would contribute to stabilizing the situation in Syrian lands.

Prince Faisal conveyed the greetings of Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Mohammed Bin Salman to the Syrian president, and their best wishes to the government and people of Syria to have security and stability.

The Syrian president extended his greetings and appreciation to Custodian of the Two Holy Mosques and the Crown Prince and for the government and people of Saudi Arabia.

The reception was attended by the Undersecretary of the Ministry of Foreign Affairs for Political Affairs Dr. Saud Al-Sati and the Director General of Prince Faisal office Abdul Rahman Al-Dawood.

Saudi Foreign Ministry said the visit comes within the framework of Saudi Arabia's keenness and interest to reach a political solution to the Syrian crisis that ends all its repercussions and preserves Syria's unity, security, stability, and Arab identity. It also aims to restore Syria to its Arab surroundings, in a way that achieves the good of its people.

Prince Faisal was received upon his arrival at Damascus International Airport by the Minister of Presidency Affairs Mansour Azzam.

Last Friday, Saudi Arabia hosted a meeting of the GCC countries, Egypt, Jordan and Iraq, to discuss the Syrian crises. They called for unity in Syria and its return to the Arab fold.

They stressed the need to preserve Syria’s sovereignty by ending the presence of militias, emphasizing that the political solution is the only solution to the Syrian crisis.

Bangladesh to repay Russian nuclear power plant loan in Chinese yuan

Reportedly, Bangladesh will repay a US$318 million loan owed to the state-owned Russian firm Rosatom in Chinese yuan so that construction can continue on a nuclear power plant in the country.

Dhaka had been unable to make the payment in US dollars since Russia’s February 2022 invasion of Ukraine. The US and European sanctions barred Moscow from accessing the dollar-denominated international banking system.

Moscow initially wanted Dhaka to make the payment in rubles for the US$13 billion Rooppur plant, said a Rosatom official on the condition of anonymity.

“Both countries agreed to make transactions through yuan,” the official told BenarNews, adding the decision was made on Thursday.

“The ruble created some complications as it is not an official currency for Bangladesh’s foreign payments.”

Mezbaul Haque, a spokesman for the nation’s central bank, Bangladesh Bank, told BenarNews that the yuan is one of five official currencies for foreign exchange. The others are the US dollar, the British pound, the euro and the yen.

Uttam Kumar Karmaker, the head of the European affairs wing of the Bangladeshi Finance Ministry’s economic relations division, told The Washington Post that the transaction was yet to be completed because payment details needed to be resolved.

Russia is constructing as well as financing 90% of the total cost for the Rooppur Nuclear Power Plant (RNPP) in Pabna, a district in northwestern Bangladesh. In late 2017, the Russian state-run nuclear energy firm Rosatom began building the plant, which is expected to be ready in mid-2023.

Dhaka’s decision to make the loan repayment in yuan was a positive one, a former lead economist at the World Bank’s Dhaka office said on Monday.

“The decision is a timely one for both Dhaka and Moscow, as over 90% of the work on the project has been completed,” Zahid Hussain told BenarNews.

Observers had anticipated delays at the plant since February 2022 when the Russia-Ukraine conflict began, although Bangladesh Prime Minister Sheikh Hasina said last year that Dhaka would not stop doing business with Moscow.

Still, Bangladesh blocked a Russian ship from entering a local port just before Christmas because of  US sanctions on the vessel linked to Moscow’s war in Ukraine. The ship was carrying cargo for the Rooppur plant.

Then in January, Bangladesh banned the entry of nearly 70 US-sanctioned Russian ships.

Russia was not happy, and a month later summoned Bangladesh’s envoy to Moscow and said the ban did not bode well for the cooperation between the two nations.

In its statement, the Russian Foreign Ministry spoke obliquely of the help it is providing Bangladesh, saying that blocking its ships may have a negative impact on the prospects for our cooperation in various fields.

Hasina counts Russia as one of her strongest allies. The ties between her Awami League party and the Russian state date to Bangladesh’s war of independence in 1971, which the Soviet Union supported.

Immediately after she returned to power following the 2008 election, Hasina signed a treaty with Russia to build the Rooppur nuclear power plant. The costliest infrastructure project ever undertaken in Bangladesh, it has solidified ties between the two countries.

A Rosatom official told BenarNews in February that the Russian firm planned to send some light equipment for the plant via air.

“Most of the heavy materials have already been sent to the site,” said the official in Bangladesh, who asked not be named because he was not allowed to talk to the media.

“If needed, the company would use such vessels which are out of sanctions, in the future,” the official said to BenarNews.