US to stop funding Palestinian refugee agency

Agencies
September 1, 2018

Washington, Sep 1: The Trump Administration has announced an end to all funding to the United Nations Palestine Refugee Agency (UNRWA), alleging it to be "irredeemably flawed".

"The administration has carefully reviewed the issue and determined that the United States will not make additional contributions to UNRWA," State Department Spokesperson Heather Nauert said on Friday.

"The fundamental business model and fiscal practices that have marked UNRWA for years – tied to UNRWA's endlessly and exponentially expanding community of entitled beneficiaries – is simply unsustainable and has been in crisis mode for many years," she said. 

"The United States will no longer commit further funding to this irredeemably flawed operation,” Nauert said.

In January, it had made a USD 60 million contribution to the UNRWA.

At the same time, she said the US was very mindful of and deeply concerned regarding the impact upon innocent Palestinians, especially school children, of the failure of the UNRWA and key members of the regional and international donor community to reform and reset the body.

These children are part of the future of the Middle East. Palestinians, wherever they live, deserve better than an endlessly crisis-driven service provision model. They deserve to be able to plan for the future, she said.

As such, the United States will intensify dialogue with the United Nations, host governments, and international stakeholders about new models and new approaches, which may include direct bilateral assistance from the United States and other partners, that can provide today's Palestinian children a more durable and dependable path towards a brighter tomorrow, Nauert said.

The United Nations regretted the US decision in this regard.

"We regret the United States' decision to provide no further funding to UNRWA, which provides essential services to Palestine refugees and contributes to stability in the region. The US has traditionally been the largest single contributor to UNRWA. We appreciate its support over the years," a statement attributable to Stephane Dujarric, Spokesman for the UN Secretary-General, said.

The UNRWA enjoys the full confidence of the Secretary-General. Commissioner General Pierre Krahenbuhl has led a rapid, innovative and tireless effort to overcome the unexpected financial crisis UNRWA has faced this year, Dujarric said.

It has expanded the donor base, raised considerable new funding, and explored new avenues of support. In addition, the UNRWA took extraordinary internal management measures to increase efficiencies and reduce costs, he said.

The UNRWA, he asserted, has a strong record of providing high-quality education, health and other essential services, often in extremely difficult circumstances, to Palestine refugees who are in great need. 

"The Secretary-General calls on other countries to help fill the remaining financial gap, so that UNRWA can continue to provide this vital assistance, as well as a sense of hope this vulnerable population," the UN statement said.

 

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Agencies
July 24,2020

New Delhi, Jul 24: Telecom companies lost 82.3 lakh subscribers during the COVID-19 lockdown period of April, data released by the Telecom Regulatory Authority of India (TRAI) on Friday showed.

As per the reports received from 342 operators in April, TRAI said the number of broadband subscribers decreased from 68.7 crore at the end of March to 67.6 crore at the end of April with a monthly decline rate of 1.64 per cent.

Top five service providers constituted 98.98 per cent market share of total broadband subscribers with Reliance Jio Infocomm (38.9 crore), Bharti Airtel (14.4 crore), Vodafone Idea (11.1 crore), BSNL (2.1 crore) and Atria Convergence (16 lakh).

The number of overall telephone subscribers decreased from 117.7 crore at the end of March to 116.9 crore at the end of April, showing a monthly decline rate of 0.72 per cent.

The TRAI said total wireless subscribers (2G, 3G and 4G) decreased from 115.7 crore at the end of March to 115 crore at the end of April, thereby registering a monthly decline rate of 0.71 per cent.

Wireless subscription in urban areas decreased from 63.8 crore to 62.9 crore but increased in rural areas from 51.9 crore to 52 crore. Monthly growth rates of urban and rural wireless subscription were minus 1.42 per cent and 0.16 per cent respectively.

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News Network
March 13,2020

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.

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News Network
January 27,2020

Jan 27: Bidders for Air India Ltd. will need to absorb $3.26 billion of its debt, as Prime Minister Narendra Modi’s administration tries once again to sell the national carrier.

The entire company will be sold but effective control needs to stay with Indian nationals, according to preliminary terms published Monday. Bids are invited by March 17 with Ernst & Young LLP India as transaction adviser.

Air India, which started in 1932 as a mail carrier before winning commercial popularity, saw its fortunes fade with the emergence of cutthroat low-cost competition. The state-run airline has been unprofitable for over a decade and is saddled with more than $8 billion in debt.

Indian regulations allow a foreign airline to buy as much as 49% of a local carrier, while overseas investors other than airlines can buy an entire carrier. The government didn’t find a single bidder when it tried to sell Air India in 2018.

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