#Economic Relief

[benjaminallhope-fulltimemind]

My blood boils so badly whenever this comes up, why is canceling student debt a bad thing? We should be asking why student debt has no limits and can't be cancelled through bankruptcy like other forms of debt? Why can businesses declare bankruptcy and be fine while this life ruining form of debt be allowed with no restrictions? Biden has his issues but this is not one of them, but of course republicans oppose anything democrats do out of principle as cults can't cooperate with others! The supreme court is stuffed with crooks protecting crooks, it needs major reform or they will be removed by force if necessary!

[reasonsforhope]

One country in the [climate-change] firing line is Cape Verde. The West African island nation, where 80% of the population lives on the coast, is already feeling the brunt of rising sea levels and increasing ocean acidity on its infrastructure, tourism, biodiversity and fisheries.

The country desperately needs to both mitigate and adapt to these problems, but – as with many Global South countries at present – simply lacks the budget to do it: Cape Verde’s debt reached an all-time high of 157% of GDP in 2021.

In a bid to address both issues simultaneously, the country has signed a novel agreement with Portugal to swap some of its debt for investments into an environmental and climate fund. The former Portuguese colony owes the Portuguese state €140m ($148m) and Portuguese banks €400m.

On a state visit to Cape Verde on 23 January, Portuguese Prime Minister António Costa announced the debt would be put towards Cape Verde’s energy transition and fight against climate change. Costa earmarked projects involving energy efficiency, renewable energy and green hydrogen as possible targets for the fund.

“This is a new seed that we sow in our future cooperation,” said Costa. “Climate change is a challenge that takes place on a global scale and no country will be sustainable if all countries are not sustainable.”

“Debt-for-climate swaps” allow countries to reduce their debt obligations in exchange for a commitment to finance domestic climate and nature projects with the freed-up financial resources. The concept has been knocking about since the 1980s, typically geared at nature conservation. However, after recent deals for Barbados, Belize and the Seychelles, and huge $800m and $1bn agreements in the offing for Ecuador and Sri Lanka, is this financial instrument finally coming of age?

How It Works

Debt-for-climate swaps typically follow a formula. First, a creditor [here, a group or government that money is owed to] agrees to reduce debt, either by converting it into local currency, lowering the interest rate, writing off some of the debt, or a combination of all three. The debtor will then use the saved money for initiatives aimed at increasing climate resilience, lowering greenhouse gas emissions or protecting biodiversity.

The original 'debt-for-nature swaps' began as small, trilateral deals, with NGOs buying sovereign debt owed to commercial banks to redirect payments towards nature projects. They have since evolved into larger, bilateral deals between creditors and debtors...

Debt-for-climate swaps free up fiscal resources so governments can improve resilience and transition to a low-carbon economy without causing a fiscal crisis or sacrificing spending on other development priorities. [These swaps] can create additional revenue for countries with valuable biodiversity or carbon sinks by allowing them to charge others to protect those assets, thereby providing a global public good.

Swaps can even result in an upgrade to a country’s sovereign credit rating, as was the case in Belize, which makes government borrowing cheaper [and improves the country's economy.]

Right now, these [swaps] are needed more than ever, with low-income countries dealing with multiple crises that have put huge pressure on public debt...

Debt-for-climate swaps: “Increasing in size and scale”

Although debt-for-climate swaps are not new, until recently the amount of finance raised globally from the instrument has been modest – just $1bn between 1987 and 2003, according to one OECD study. Just three of the 140 swaps over the past 35 years have had a value of more than $250m, according to the African Development Bank. The average size was a mere $26.6m.

However, the market has steadily picked up pace over the past two decades... In 2016, the government of the Seychelles signed a landmark agreement with developed nation creditor group the Paris Club, supported by NGO The Nature Conservancy (TNC), for a $22m investment in marine conservation.

The government of Belize followed suit in 2021 by issuing a $364m blue bond – a debt instrument to finance marine and ocean-focused sustainability projects – to buy back $550m of commercial debt to use for marine conservation and debt sustainability.

Then, last year, Barbados completed a $150m transaction, supported by the TNC and the Inter-American Development Bank, allowing the country to reduce its borrowing costs and use savings to finance marine conservation.

“Two or three years ago, we were talking about $50m deals,” says Widge. “Now they have gone to $250–300m, so they are definitely increasing in size and scale.”

Indeed, the success of the deals for the Seychelles, Belize and Barbados, along with the debt distress sweeping across the Global South, has sparked an uptick of interest in the model.

Ecuador is reported to be in negotiations with banks and a non-profit for an $800m deal, and Sri Lanka is discussing a $1bn transaction – which would be the biggest swap to date."

-via Energy Monitor, 2/1/23

Note: I'm leaving out my massive rant about how the vast majority of this debt is due to the damages of colonialism. And also countries being forced to "PAY BACK" COLONIZERS FOR THEIR OWN FREEDOM for decades or in some cases centuries (particularly infuriating example: Haiti). Debt-for-climate swaps are good news, and one way to help right this massive historic and ongoing economic wrong

[dailylowqualitycats]

Day 199

Cat in crippling debt

His name is Ben

[clericofmystra]

The party got to the dank crypt (...sounds delightful) and Larissa earnestly tried to persuade the looters to go away because it's dangerous around here (there were intimidate and deception options, but neither is really her) and succeeded, lol, so they just ... went away.

After the fight against the other looters, we got a little detail I got a kick out of—your reaction as you explore is slightly different if you're a cleric.

Larissa:

[I feel a presence here - a power. The patron god of this place?]

Shadowheart:

[Whoever that even is. No intact symbols here, no dedications - nothing.]

It's a small thing, but I enjoy the clerical talking shop moment!

[in-sightpublishing]

Hardayal Singh on United Sikhs

Author(s): Scott Douglas Jacobsen Publication (Outlet/Website): The Good Men Project Publication Date (yyyy/mm/dd): 2024/08/24 Hardayal Singh works for United Sikhs. UNITED SIKHS is a U.N. affiliated, international, non-profit, non-governmental, humanitarian relief, education, human development and advocacy organization that aims to empower those in need, especially disadvantaged and minority…

[townpostin]

Budget Backlash: Local MLA Mangal Kalindi Slams Fiscal Plan

Critics argue new budget fails to address inflation, job creation The recently unveiled budget faces criticism for allegedly neglecting key issues affecting common citizens and farmers. JAMSHEDPUR – The fiscal proposals put forth by Finance Minister Nirmala Sitharaman in the annual budget for the Modi government’s third term has generated considerable flutter among local politicians and several…

[stil-lindigo]

I am so sorry to bother you with this stupid question, but Bisan has asked for a complete stop in economic activity. Can I still donate to help Palestinians or is it better to avoid any transactions for the week ? Thank you so much for what you're doing

hello anon. don't apologise, you're a breath of fresh air after the recent visitors in my inbox. I think a slightly more accurate description of Bisan’s ask is to stop or minimise all economic activity not in direct support of Palestine. Now more than ever, I would encourage people to donate to escape funds for Palestinians, to direct aid organisations like CareforGaza and the PCRF, and to buy e-sims as they’re running low.

Below I’ve compiled a list of resources below but this is definitely just a small sample size of what you can do to help during this strike. This post here is an extremely comprehensive resource that I’d recommend you have a look at.

credible organisations that are doing work on the ground in Palestine:

Care for Gaza:non-profit charity that distributes money, food and other resources directly to families in Gaza.They maintain a regular presence on Twitter and Instagram. You can donate to them via Paypal here.

PCRF / Palestine Children's Relief Fund: non-profit organisation that distributes essential food and resources to families in Gaza. Most recently, they delivered 30 tons of vital medicine, and 82,000 pounds of flour.

Medical Aid For Palestinians: deploys medical teams to treat Palestinians suffering under Israel's malicious bombardments.

Donate e-sims to Palestine: massive post with tutorials and relevant links, with discount codes included in the post and in the replies.

help people leave palestine (donate what you can)

Help a Family Evacuate Gaza (GoGetFunding)

Save Sanaa and her Family (Gofundme)

Save Amjad Saher and his family (Gofundme)

Help a family of 13 escape Gaza (Gofundme)

Help a Palestinian children's book illustrator save her family of 12 (Gofundme)

[westvalleyfaultph]

World Bank Commits $1.25 Billion for Safer Schools and Sustainable Recovery in the Philippines

The Philippines gets a big boost from the World Bank! In a recent decision, the World Bank approved $1.25 billion in funding for two key projects aimed at improving education, economic recovery, and environmental sustainability. Schools Built to Last: Safer Learning Environments for Filipino Students One project, the “Infrastructure for Safer and Resilient Schools Project,” allocates $500…

[worldhumanitarianday]

2024 ECOSOC Meeting on the Transition from Relief to Development - Economic and Social Council, 23rd plenary meeting.

The ECOSOC Meeting to Discuss the Transition from Relief to Development will be held immediately preceding the HAS in New York on 24 June, under the overarching theme: "Transition from relief to development: transformative actions to build resilience, promote sustainable solutions and address challenges and gaps for the most vulnerable in crisis contexts". 

Watch 2024 ECOSOC Meeting on the Transition from Relief to Development - Economic and Social Council, 24th plenary meeting

[techminsolutions]

Key Recommendations from the 53rd GST Council Meeting: A Comprehensive Overview

The 53rd GST Council meeting, chaired by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, brought forth several critical recommendations aimed at simplifying GST compliance and easing the burden on taxpayers. Attended by prominent state finance ministers and senior finance officers, the council made noteworthy decisions that span changes in GST rates, facilitation of trade,…

[ryandjaxon]

आय की समानता के लिए एकजुट होकर, हम ऋण माफी की दिशा में बढ़ सकते हैं। यहाँ हिंदी में हैशटैग हैं:

#आयस��ानता #कर्जमाफी #वित्तीयन्याय #एकजुटताकेलिएबदलाव #प्लेबियनशक्ति #इतिहासदोहराताहै #साथमेंखड़ेहों #आर्थिकसुधार #सभीकेलिएन्याय

From the ancient streets of Rome to our modern cities, the struggle for equality persists. The plebeians’ strike for rights echoes through time, reminding us that together, we can overcome. It’s time for change. It’s time for equity. #IncomeEquality #DebtForgiveness #FinancialFairness #UnitedForChange #PlebeianPower #HistoryRepeats #StandTogether #EconomicReform #JusticeForAll

[investingdrone]

How To Apply For Small Business Grant In Illinois 2024?

Have you ever been interested in starting a business in Illinois? Or perhaps you are already a happy small business owner looking to grow? Providing subsidy can be a major hurdle. However, never fear, there is a promise of something better that isn’t too far away: small business grant in Illinois. These grants can give you exactly the financial boost you need to pursue your endeavor or take it to…

[economed]

Discover high-quality compression bandages with EconoMed’s Elodur Forte 6cm. 🏥💪

Crafted from premium cotton blended fabric, this long-stretch bandage offers unmatched support for relief, sports and phlebological indications. With an impressive stretch capacity of up to 175%, the bandage will retain its elasticity even after repeated washes, making it a perfect choice for prolonged wear. 

Plus, being autoclavable, you can trust in its cleanliness, ensuring exceptional performance with every use.🔬

Contact us for any inquiries or to place your order📲, visit: https://www.economed.co.uk/products/elodur-forte-6cm 

[samafricanreporter]

We are a South African Christian charity founded in 2011, motivated by compassion and social well-being i.e. medical, education and bursary support, food and shelter assistance, disaster relief, and all other activities beneficial to the public interest and or common good through raising of funds, the formation of long- and short-term partnerships and solicitation of sponsorships. Pastor Alph Lukau.

AL Foundation went down to Durban, KwaZulu-Natal to give much needed donations to the victims of the floods. The donations were received by the Mayor of eThekwini.

Our country, like the rest of the world is grappling with the effects of the Covid19 pandemic which saw the President of the Republic of South Africa announcing a complete economic and social lockdown of the country on the 26th March to date with gradual levels but still with tight regulations. Pastor Alph Lukau