HARARE, Nov 29, 2016: Zimbabwe is issuing a new currency, known as bond notes, that officially are equal to the U.S. dollar. The government has gone ahead with the plan despite warnings the new currency will fuel hyperinflation and worsen the already ailing economy.
On Monday, there were still long queues at most ATMs in Harare, despite the release of the new bond notes, which are intended, in part, to ease long-running cash shortages.
The Reserve Bank of Zimbabwe says the new currency will, among other things, increase the country’s exports.
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But economist Prosper Chitambara, of the Labor and Economic Development Research Institute of Zimbabwe, says the bond notes will worsen the country’s situation.
“The costs may probably outweigh the intended benefits. Most of the economic agents in Zimbabwe have to buy imports from outside our borders. So they would require either U.S. dollars or South African dollars, or other internationally tradable currencies to be able to do business. Actually the bond note has even exacerbated the macroeconomic sustainability. It has eroded confidence within the financial system. It has created a lot of uncertainties in the market. Investors are not going to be interested in doing business in Zimbabwe,” Chitambara said.
Zimbabwe’s economy has been struggling for nearly a generation now, since President Robert Mugabe’s government embarked on a controversial land reform program in 2000 which displaced white commercial farmers off their land without compensation.
That affected the country’s backbone, agriculture. What followed were hyperinflation and shortages of almost all goods.
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In 2009, Zimbabwe abandoned its own worthless currency and it has been using all major foreign currencies, but mostly the U.S. dollar.
Now it has introduced bond notes, despite calls to abandon the plan as it might cause the economy to take a nosedive. That advice fell on deaf ears. (VOA)
With its new vision document on China, the US has formally announced the onset of its Cold War with the Asian giant, accusing it of exploiting rule-based world order and re-shaping international system in favour of Chinese Communist Party’s (CCP) ideology and interests.
Just short of calling it Cold War, the US in its latest report titled, ‘United States Strategic Approach to the People’s Republic of China’, released by the White House, has announced that it is “responding to the CCP’s direct challenge by acknowledginga that the two major powers are in a “strategic competition and protecting” their “interests appropriately”.
Until now, the US policy towards the People’s Republic of China (PRC), the report said, was “largely premised on a hope that deepening engagement would spur fundamental economic and political opening” in China and make it a “responsible global stakeholder, with a more open society”.
However, after over 40 years, “it has become evident that this approach underestimated the will of the CCP to constrain the scope of economic and political reform”.
Over the past two decades, reforms have slowed, stalled, or reversed, the report said.
“The PRC’s rapid economic development and increased engagement with the world did not lead to convergence with the citizen-centric, free and open order as the US had hoped. The CCP has chosen instead to exploit the free and open rules- based order and attempt to reshape the international system in its favour.”
Beijing openly acknowledges that it seeks to transform the international order to align with CCP interests and ideology, the US said. “The CCP’s expanding use of economic, political, and military power to compel acquiescence from nation states harms vital American interests and undermines the sovereignty and dignity of countries and individuals around the world.”
The White House pointed out that Beijing in its neighborhood, engages “in provocative and coercive military and paramilitary activities in the Yellow Sea, the East and South China Seas, the Taiwan Strait, and Sino-Indian border areas”.
Just a day ago, US diplomat and acting assistant secretary of state for South and Central Asian affairs, Alice Wells had called out the CCP regime for ratcheting up tensions with India along its borders. Chinese soldiers in the last few months has engaged in several violent faceoffs with Indian soldiers in Arunachal Pradesh, Sikkim and Ladakh over boundary issues.
Announcing its approach, the US report said that it is “working in concert with mutually aligned partnersa”Southeast Asian nations, Japan, India, Australia, Republic of Korea and Taiwan on their outlook on the free, open and secure Indo-Pacific region”.
Guided by a return to principled realism, the report said thatA given the strategic choices China’s leadership is making, “the United States now acknowledges and accepts the relationship with the PRC as the CCP has always framed it internally: one of great power competition”.
The White House made it clear that it is not interested in effecting any change in China’s domestic governance model but at the same time said that it won’t make “concessions to the CCP’s narratives of exceptionalism and victimhood” .
The US policies, the report said, are designed to protect its interests and empower its institutions to withstand the CCP’s malign behaviour and collateral damage from the PRC’s internal governance problems.
Accusing the CCP of running propaganda and false narratives, the White House declared that it will continue to challenge Beijing’s attempts at false equivalency between rule-of-law and rule- by-law; counterterrorism and oppression; representative governance and autocracy; and market-based competition and state-directed mercantilism.
The US will not accommodate Beijing’s actions that weaken a free, open, and rules-based international order, the report said, adding that it will continue to refute the CCP’s narrative that the the US is in strategic retreat.
Using the Cold War terminology, the White House announced that it will work with its robust network of allies and like- minded partners to resist attacks on shared norms and values, within their own governance institutions, around the world, and in international organizations.
The US government said it does not cater to CCP’s demands to create a proper “atmosphere” or “conditions” for dialogue because it sees no value in engaging with Beijing for symbolism and pageantry.
“We instead demand tangible results and constructive outcomes. We acknowledge and respond in kind to Beijing’s transactional approach with timely incentives and costs, or credible threats thereof. When quiet diplomacy proves futile, the United States will increase public pressure on the PRC government and take action to protect United States interests by leveraging proportional costs when necessary,” the report said. (IANS)
As the coronavirus pandemic dominates global news in the United States, progress toward the next presidential election scheduled to be held on November 3 moves slowly forward. President Donald Trump had no real opposition in the Republican party and is running for re-election. And it has now become apparent that former Vice President Joe Biden will be his opponent as the Democratic candidate for president.
What would a Trump victory bode for the future of US-India relations? What would a Biden victory bode? Let me answer each of those questions in turn.
Given the love fests of Prime Minister Narendra Modi’s ‘Howdy Modi’ event in Houston, Texas, in which Trump participated in September of 2019, and Trump’s ‘Namaste Trump’ event hosted by Modi in India in February of this year, it might be assumed that the future for US-India relations is a splendid one. This would be an incorrect assumption.
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Both of these events were more symbolic than substantive. Trump’s participation in them undoubtedly helped to persuade some — perhaps many — Indian American Modi supporters who voted for Hillary Clinton in 2016 to cast their ballots for Trump in 2020. Trump’s campaign team took steps to ensure this by holding an event at his Mar-a-Lago resort in which a group of prominent Indian Americans announced their plans to work for his re-election and to mobilize Indian Americans on his behalf.
To understand the future potential of India’s relations with the US. with Trump as president, however, it is necessary to look beyond these political moves and to examine the present state of those relations and Trump’s personal style.
In a word, the best way to characterize the current relations between the US and India is “functional”. The relationship was relatively good for the first two years of Trump’s presidency. In fact, near the end of 2018, Alice Wells, the Acting Assistant Secretary of State for South and Central Asia, was quoted in the media s saying: “This has been a landmark year for US-India ties as we build out stronger relationships across the board.”
Then, in 2019, the relations went off the track in the first half of the year after the US and India got into a tit-for-tat tariff war after the US terminated India’s Generalized System of Preferences which allowed India to send certain goods to the US duty-free. There have been continuing efforts to structure a “modest” trade deal since then. It was thought there might be some type of deal done in September of 2019 while Modi was in the US by year’s end, and then during Trump’s India visit. But, as of today, there is still no deal.
This inability to get any meaningful trade agreement in place speaks volumes about India’s potential future relations with India with Trump as president. So, too does Trump’s style.
Trump’s campaign slogans this time around are “Keep America Great” and “Promises Made, Promises Kept.” Trump is not a policy wonk and most of his effort will go toward “America First”. This involves making the US more isolated by withdrawing from international agreements, restructuring trade agreements, emphasizing building walls to stop immigrants at the border, using tariffs to block trade with countries who are taking away American jobs, and confronting businesses who are allegedlly stealing American trade secrets.
This perspective suggests what India can expect for its relations with the US if it has to deal with Trump for a second term as president. The relations will stay functional at best. As I have said before, that’s because the words partnership, cooperation and collaboration are not in Trump’s vocabulary. Nationalism, isolationism and protectionism are.
Joe Biden stands in stark contrast to President Trump both professionally and personally. Biden is a strategic thinker and doer with a solid eight-year track record of leadership experience as Vice-President in forging alliances that have made a difference around the world and he has also been a long-standing friend of India.
He was chairman of the Senate Foreign Relations Committee and a leading advocate for the Congressional passage of the Indo-US civic nuclear deal in 2005. At a dinner convened 10 years later in 2015 by the Confederation of Indian Industry and the Carnegie Endowment for International Peace, Vice President Biden discussed the tremendous joint progress that had been made by the two countries in the past and declared “We are on the cusp of a sea change decade.”
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Early in his campaign for the Democratic nomination for president in July of 2019, in laying out his foreign policy vision, Biden stated that the US had to reach out to India and other Asian partners to strengthen ties with them. The items on Biden’s foreign policy agenda for strengthening which are of importance for India include climate change, nuclear proliferation and cyberwarfare.
During his vice presidency, Biden worked side by side with President Barack Obama to do things that would contribute to achieving Obama’s vision stated in 2010 of India and America being “indispensable partners in meeting the challenges of our time.” In 2020, those challenges are even greater than they were a decade ago.
That is why it is so essential that India and the US develop a strategic relationship that enables them to become those indispensable partners. That can happen if Biden assumes the presidency on January 20, 2021. It cannot happen if Donald Trump remains as president for a second term.
The results of this upcoming election in the US matter greatly for the future of the United States. They matter greatly for the future of India-US relations as well. Time and the American electorate will tell what that future will be. (IANS)
Health Minister Dr. Harsh Vardhan emphasised on Social Distancing saying, “Social Distancing and lockdown are the strongest vaccine against COVID-19 at the moment,” during an International Conference on COVID-19: Fallout and Future.
Dr. Harsh Vardhan addressed the International Conference on COVID-19: Fallout and Future organized by Bennett University on April 9, 2020.
Dr. Vardhan spoke about how India has taken all the necessary steps to prevent coronavirus in India and also gives the latest updates on COVID-19 news.
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The minister said that more than a lakh people were trained and educated about the COVID-19 pandemic. These included aviation crew, airport staff, healthcare professionals, etc. Over 2,500 Indians have been evacuated from various countries. There have been dedicated ICU beds and ventilators for COVID-19 patients.
The health minister highlighted that the even bigger challenge than containing COVID-19 is to stop the spread of misinformation. The minister said, “Anyone who wants authentic information about coronavirus should go through the website of Ministry of Health and Welfare to obtain information.”
He also thanked healthcare professionals saying, “I would like to thank all the COVID-19 warriors to fight this war against coronavirus.”
The health minister advises that N95 and surgical masks aren’t to be worn by all citizens but only medical staff due to the shortage. The basic necessity is to cover your mouth using any cloth or cotton mask which can also be homemade.
Talking about the positive aspects, Health Minster Dr. Harsh Vardhan said, “COVID-19 is a blessing in disguise. Most of the medical equipments used to be imported but now with the help of Ministry of Textiles, we have found manufactures in India.”
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“We are in constant touch with the World Health Organization and the WHO has appreciated the efforts taken by the Government of India and Ministry of Health to contain coronavirus,” said Dr. Vardhan.
Many other professionals were present in the conference. These include. Dr. David Nabarro, the special envoy for WHO, Mr. Arvind Virmani, an economic advisor, Mr. Subash Chandra Garg, the former finance secretary of India,Gurcharan Das, Prof. Wenjuan Zhang, Prof. Beatrice Gallelli, Eoghan Sweeney, Irene Jay Liu, a data journalist, Prof. Rasmus Nielsen, Prof. Ashish Kumar Jha and many more.
Other presenters talked about the economic, social and political impacts of the pandemic.
Dr. David Nabarro, the special envoy for the World Health Organization said that all the information given by WHO is based on researches done by scientists and doctors.
Gurcharan Das, an Indian author said, “Biggest failure of the government is not testing enough.” He also said that the Modi government is in a ‘Dharam sankat’ and faced a challenge on whether to lift the lockdown or not.
Mr. Subhash Chandra Garg, the former finance secretary of India believes that there should be a partial lockdown in India.