More than 141 million people in the Arab world are exposed to food insecurity, the managing director of the International Monetary Fund, Kristalina Georgieva, said in Riyadh on Monday, as the organisation approved a new food shock borrowing window for vulnerable countries.
Ms Georgieva said that 48 countries around the world are particularly exposed to the food crisis, as Russia’s invasion of Ukraine chokes crop supplies.
"Of the 48 countries, about 10-20 are likely to be asking (for emergency assistance)," she said.
The IMF will add its voice to fight food trade restrictions in order to ease the situation and plans to fund the food shock window using last year's Special Drawing Rights allocations. the window will be open for a year for countries with urgent balance of payment needs that "are suffering from acute food insecurity, a sharp food imports shock, or from a cereals export shock."
The IMF did not mention any specific countries that would be eligible for low-condition emergency loans under the new window.
Fadhel Kaboub, Associate Professor of Economics at Denison University, Ohio and president of the Global Institute for Sustainable Prosperity told The National the IMF could do more than just add its voice to fight food trade restrictions.
“The IMF doesn't need to add its voice to these calls, instead it can put its money where its mouth is. The IMF can increase SDR allocations for short term relief to help vulnerable countries cope with rising food and energy prices. The IMF can drop its absurd demands to make IMF loans conditional upon cuts in food and fuel subsidies and other austerity policies that force millions of people below the poverty line.”
Overnight price increases
Tunisia is one of the nations most exposed to the global food crisis. Its government is meeting with IMF officials in Washington next week in hopes of securing a $3 billion deal by the end of October.
But the IMF has signalled it will not move forward with the bailout sought by Tunis unless the government brings on board the powerful UGTT union, which says it has more than a million members and has previously shut down the economy in strikes.
The UGTT has not yet struck a deal with the government, despite making an agreement on public sector wage rises.
"When there are painful choices, we will be with our people in the front lines of the struggle and in the streets," UGTT leader Noureddine Taboubi said in a speech.
Asma, a 22-year-old engineering student in Sousse told The National that she spends about 200 Tunisian dinars a month (about 61 US dollars) on food, as well as her reliance on food stipends provided by her campus cantine.
“I’m just eating whatever to gain enough energy to get through the day, and I got food poisoning a couple of times due to the low quality of food that I am consuming, ” Asma said.
“There are some products that would undergo a price increase overnight, and there’s no state oversight on prices, which makes it harder for me to continue to afford certain things.”
Asma believes the state in Tunisia is responsible for its food crisis and accuses it of being short sighted. “Instead of spending millions of Tunisian dinars on imported goods, the state should invest that money domestically as I am sure we can produce those products locally and with better quality," she said.
Mr Kaboub said Tunisia's issue is related to a lack of foreign currency reserves.
"The government is giving priority to external debt payments to the IMF, World Bank, and international private lenders, ” he said.
“The IMF can also disburse funds from its newly created Resilience and Sustainability Trust (RST), which has 45 billion in it now.... to invest in food and energy sovereignty in the Global South.. without any of its usual austerity conditions.”
“There is no commitment from international lenders (and we should blame the Tunisian government too) to invest in food sovereignty... and energy sovereignty.... the real sources of Tunisia's external debt crisis.”
Restricting diets
In Lebanon, more than 80 per cent of the population has slipped below the poverty line since an economic crisis devastated the country in 2019. The United Nations World Food Programme says half the population is now food insecure.
It has become common for many Lebanese households to prioritise expenses over food, often skipping meals or forgoing staples to save on costs.
Such is the case for Mervat, a Lebanese homemaker who says she struggles to feed her family.
"We used to eat three times a day but now we only have one big meal a day," she told The National.
"Before, our fridge used to be filled with chicken, fruits, cheeses, yogurts... but these days our fridge is mostly empty. Most days I have to wait to see how much money my husband and son will bring home at the end of the day to know what we can afford to eat."
Mervat says her family has taken to eating more grains. She cooks mujadarra, a lentil dish famous for its inexpensive ingredients, against her doctor's advice due to kidney troubles. Her husband and son are not particularly keen on the taste of it, either.
"But these days I’m making it more and more," she said. "What can I say?"
Any household needs at least one million Lebanese pounds daily — the equivalent of $26 — for its food needs, she said.
"But who has that kind of money? Our rent was raised as a result of the economic crisis. So was our generator which is priced in dollars. We have to buy water on the black market because the government water never comes. And sometimes I have to purchase my medicine on the black market. So how can we priortise food over all that?"
Lebanon has made "very slow" progress in implementing the reforms agreed with the IMF in April, the group said after a three-day visit by its officials two weeks ago.
"The Lebanese economy remains severely depressed against continued deadlock over much needed economic reforms and high uncertainty," Ernesto Ramirez Rigo, IMF's mission chief for Pakistan, Middle East and Central Asia.
Key fixtures from January 5-7
Watford v Bristol City
Liverpool v Everton
Brighton v Crystal Palace
Bournemouth v AFC Fylde or Wigan
Coventry v Stoke City
Nottingham Forest v Arsenal
Manchester United v Derby
Forest Green or Exeter v West Brom
Tottenham v AFC Wimbledon
Fleetwood or Hereford v Leicester City
Manchester City v Burnley
Shrewsbury v West Ham United
Wolves v Swansea City
Newcastle United v Luton Town
Fulham v Southampton
Norwich City v Chelsea
More coverage from the Future Forum
UAE currency: the story behind the money in your pockets
Brief scoreline:
Toss: South Africa, elected to bowl first
England (311-8): Stokes 89, Morgan 57, Roy 54, Root 51; Ngidi 3-66
South Africa (207): De Kock 68, Van der Dussen 50; Archer 3-27, Stokes 2-12
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
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RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The biog
DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Mobile phone packages comparison
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
'Downton Abbey: A New Era'
Director: Simon Curtis
Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan
Rating: 4/5
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
