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Developing Nations Seek Relevance In Global Economy
Developing countries will this week demand a louder voice at the World Bank and the IMF, now that they are contributing more funds and it’s a euro zone country, Greece that is in need of a rescue plan.
The United States and Europe, which have long dominated the Washington-based international institutions, acknowledge the growing clout of the emerging market economies such as China and Brazil but are loathe to part with their power.
Brazil, Russia, India and China, the so-called BRIC club of big emerging economies, called for swift reforms in the global institutions when their leaders gathered in Brasilia last week ahead of key financial meetings in Washington.
That was like “a pressurising device to make it obvious to the developed world that our global organisations are no longer representative of the world economy,” said Goldman Sachs economist Jim O’Neill, who coined the term BRIC in 2001.
Brazil and other developing countries have been calling for a 6.0 per cent shift in voting power at the World Bank.
That would bring the representation between developing and developed countries at the institution to parity.
“We can no longer accept a situation in which the majority of the world’s people remain inadequately represented in such bodies,” South African President Jacob Zuma said during a recent visit to Brazil.
A Brazilian government source conceded that Brazil was pessimistic about achieving an equal say for developed and developing economies at the World Bank.
Brazil would keep pushing for parity in the long term but that a smaller shift of a little over 3.0 per cent and up to 4.0 per cent would be acceptable for now, Rogerio Studart, who represents Brazil and other developing countries on the World Bank’s board, told reports.
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Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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