serious sarcophagus discovered in parse is not to dame cathedral has been now. well, it's going to be opened. workers discovered this well preserved thing. last month during efforts to rebuild the church's ancient spire, the discovery was buried 20 meters on the ground near brick pipes. bodies believed to be from the 14th century. it's been 3 years since the 12th century gothic landmark was partially destroyed by fire, and that later, a massive reconstruction projects. ah look at main stories. now. russia is wanting that is going to intensify attacks on cave after accusing ukraine of targeting russian border towns. it also says it is destroyed a weapons factory in the outskirts of the capitol. moscow says the plant made anti aircraft and anti ship missiles. it's the 1st major attack in the area in 2 weeks.

meanwhile, us pentagon officials, those rushes mosque for wash, it was hit by 2 ukrainian missiles before it sank in the black sea is confirmed kev's account of events which russia disputes are, deserves at charles stratford is in the capital key, where there's been a response to the latest russian ass strikes that statement from the give regional military administration, saying, well they describe as 3 objects and that is literally the word that they use were hit were targeted by russian forces last night. and they saying that they cannot, in no way if issues potentially then not being more strikes in the near future. what's interesting is that this strike comes, we're came literally just hours after the russian military admitted that the flagship for the, the blank c fleet had sunk,

as it was being towed back to port in our headlines. israel's prime minister, naphtali bennett, is wanting his forces are prepared for any scenario of to confrontations at the luxembourg compound in occupied east jerusalem. around 300 palestinians were detained by israeli forces, who entered before dawn on friday, and thousands of people gathered for them wanting pres. they use tear gas and stun grenades while palestinians threw rocks. tensions have been rising recently off the deadly attacks in israel and palestinian desk during subsequent rates in the occupied west bank. and one of the sort of bringing of authorities in china, putting the city of shyanne into a partial covert logged down from saturday. this is part of the country 0 tolerance policy, which is also affected shanghai, china's 2nd largest city, has been protesting off to being evicted from their homes. so they could be turned into quarantine centers. the headlines counting, the cost is next. the world is warming in greenland ice sheet is melting,

which is changing everything from sea level to the way people live. and now even exposing the remnants of a cold war pump. greenland, the melting of the frozen no. on al jazeera, i lose . hello, i'm getting opposite to counting the cost on al jazeera, your weekly look at the world of business and economics this week. and inflation nightmare returns to hong latin america once again. central banks throughout the continents have increased interest rates sharply to chain prices, but are the financial measures working. also this week struggling with a full blown financial meltdown, lebanon reaches a preliminary deal with the international monetary fund. but are politicians ready

to implement economic reform use and west africa is facing the worst food crisis in a decades dance. while more than a quarter of africa, the population is facing hunger. so what can be done to feed the continents vulnerable people use? so insulation and dipping into people's pockets almost everywhere, but latin americans are among those most severely heads. central banks throughout the continent were quick to take action, implementing aggressive interest rate increases, but the measures have done little to bring down the cost of living. if anything, consumer prices sword in many nations last month, the situation could get worse as the war and ukraine drive the prices of commodities up. well, the surgeon fuel and fuel prices and sparking discontent among many latin americans . thousands of peruvians have taken to the streets to protest the rising cost of

living. inflation hit its highest level in a quarter century in peru, and the central bank has raised interest rates to a 13 year high to take the prices. the president petro castillo was facing calls to resign, has cut fuel taxes, and increase the minimum wage in an attempt to com protestors. the prices are not only going up in peru, inflation has surpassed expectations right across different latin american countries in march. take a look at chili's consumer prices which posted the biggest monthly gain and almost 3 decades as bread served by around 6 percent. and energy rose by just under 3 percent. brazil is monthly inflation sort the most since 2003 as gasoline skyrocketed by almost 7 percent. the annual figure had a 20 year high in mexico, driven mainly by cooking gas and gasoline prices. and argentine us consumer prices have risen by more than 6 percent, the highest level into decades. inflation is expected to hit 60 percent by the end

of the year. that's while the region's economy is expected to grow by less than 2.4 percent this year down from a 6.8 percent expansion in 2021. but the confidence is a major global producer of commodities at a time the world faces supply crunches. sheila is the world's leading producer of copper, who's price had an old time high in march, while brazil in columbia are among the regions biggest exporters of crude oil. well to discuss the inflation challenge and latin america, i'm joined now by carlos desousa. carlos is the director for emerging market debt portfolio manager and vanderbilt asset management. he's joining us from 0. welcome to the program. carlos desousa. so as we've been reporting, inflation forecast and latin america are worse than expected. in many countries. they're reaching levels that they haven't reached in decades in countries like brazil, for example. tell us why that is. and are there specific reasons? inflation specific reasons to latin america. thank you for having me. yes,

inflation in several countries is quite high. multi year high level phenomenon or franklin. so there are not that many particular reasons why inflation is high enough in america inflation. in fact, nothing. america is very similar levels done in the rest of the world. brazil is perhaps one exception where you have inflation at the moment of 11.3 percent, which is higher than in the united states and in the rest of latin america as well . for brazil in particular, i would say that the fiscal stimulus that brazil imposed in $22200.00 and demick was larger than the majority of the latin american countries. and in the emerging markets, it was more comparable to the interest of the united states. and i also have to say that the congress related restrictions, bills were much less stringent than in the rest of the world. so brazil actually started recovering faster and that's why inflation also came earlier in brazil. and

the last where you some, the weakness of the brazilian bri out doing the last 2 years. however, what i have to say that brazil also was the 1st country to start hiking rates very aggressively. and is the only country where real interest rates. so interest rates minus inflation are actually process. so brazil ready to interest rates to 11.75 percent. and the brazilian reality has been recovering quite strongly this year. so what you're saying is the governments have taken including brazil, other countries in the mountain and took that measure to implement interest rate hikes. that measure hasn't been working to tackle inflation hiking, rates, things time. ready to, to tackle the inflation because what central banks can influence via interest rates in aggregate demand, that usually takes some 6 months to take effect. so i would not say that it's not working. i would just say that centered banks have to be patient. they have to

migrate, and then maybe 6 months later, you will see inflation slowing down. moreover, central banks control or influence aggregate demand. they don't influence supply. and we are now in the world. seeing a lot of supply stops, we've seen much higher commodity prices. we're seeing that global trade and has a lot of disruption. there's nothing i can do about that. and that's not particularly america, that's the global dominant. right. and that is of course, down to the ukraine war, but do you expect more price increases, especially as the war and you create a driving commodity prices up prices will continue to increase because inflation is quite high and inflation is not going to drop to 0 tomorrow. therefore, prices will have to continue increasing, but that's different than inflation accelerating much more than today. so if you frame the question asked, do i expect inflation to accelerate much more? perhaps only a little bit, not very much more. you expect prices to continue increasing?

yes, absolutely. ok got, let's look at, for example, president castillo, who announced tax cuts an increased minimum wage. do you think that has helped the situation in this country and what other measures should governments to talk take on to tackle this problem? in your opinion? i don't think that's gonna make a big difference, to be honest. what the governments can do today is number one, let the banks do their job, which so far they're doing. so be patient on that sense. and what this should do, perhaps a bit more is to increase transfers of direct cash transfer as do the poor, so that they are not as effective. for example, a week ago there were, this brought us in peru and the professors were saying that information was high. so that was one of the main reasons of that protest. but inflation and brew it's actually the lowest america is about 6.2 percent, which is low, much lower than in the united states,

and much lower than the euro zone. and that in most countries. so it's not so much the people were protested because inflation high, but because they are very poor now cannot afford their usual founder of living and can be tackled by government by transferring money. specifically to the very good people that are the most. okay. and just put a sort of all into context for us and inflation. obviously, the fact is that it is increasing in countries in latin america, economic growth expected to slow down or it has been slowing down up until this point. what does this mean for, for a latin american economy is going forward? so again, that's also level to nominate. we see growth slowing down as a global level. the same as we see inflation accelerating at a global level. so i would not say that this particular of latin america, in fact because commodity prices are so high and many american countries are commodity exporters. they are actually better position to recover from,

from the currency surface. and hi, commodity prices is likely to increase medium term growth in a lot of that, that's an american economy. so i was confused by saying that in the middle term, this to be rather than the positive for growth. and more importantly that because central banks in america have been hiking, raise much more aggressively and much earlier than in the rest of the world. even though in that to michael, we see quite a lot of translation right now. maybe the region, the end. so controlling inflation much earlier than the rest of the world. ok, we'll leave it there. thank you so much. carlos, this is up for joining us from zurich. thank you. i and inflation has started triple digits in lebanon. the currency last, almost 90 percent of the value that's more than 3 quarters of lebanon's population are now poor. and the lebanese government is running out of cash to buy wheat, medicine and fuel lebanon's economic meltdown is one of the world's worse than

a 150 years. the government says it's in desperate need for financial help to get out of the crisis. it's finally reached a preliminary funding deal with the international monetary funds, but the full approval of the $3000000000.00 us dollar loan over 46 months comes with a caveats. the lebanese government has to implement a series of financial reforms. they include an audits of the central bank restructuring, the countries collapse, banking sectors, improving transparency mechanisms, and unifying multiple exchange rates to the spiraling lebanese pounds. now, if approved, the program would help unlock further. for an age, lebanese banks are estimated to have lost almost $69000000000.00 us dollars and have imposed informal capital controls savers, deprived of access to their deposits, are being offered checks worth a fraction of their savings. many customers have accused the banks of shifting their losses to depositors, and they've taken legal action to recover their money. then the reports from bay

roots, more than $100000000000.00 remained stuck in lebanon's banks since 2019, when the financial system collapsed. depositors had been facing limits on withdrawals at unfavorable exchange rates. now, some banks are closing accounts of mainly british passport holders. after a u. k. court ordered a lebanese bank to give a depositor his money. depositors say they are offered a check for the balance, but they are worth less than 20 percent of their value. manager of the bank told me that i can take my check at the notary is and wander around and see who can accept or bankers check bank say they are short of cash and fear. if depositors continue winning legal challenges, they will have to declare bankruptcy. they say the answer is for the political authorities to pass

a law that would regulate the outflow of foreign currency. banks have been accused of helping the politically connected transfer their money abroad. many of them are shareholders in lebanon's largest banks. critics call the financial system a ponzi scheme for decades, banks lent to the state that high interest rates, while successive governments largely plundered funds and piled up debts until capital inflows slowed and the economy collapsed. and experts believe much of the money is now gone. with people locked out of their savings as they struggle with high inflation and poverty. so there are many challenges in order to get the money back. we cannot just get it back by doing individual lawsuit. and also we have to see a restructuring of the banking sector and the public that and this is what's not happening . those in power have so far failed to reform a system that they long benefited from them to shift the losses to the people who

withdraw their money at around 30 percent of its value. already depositors have lost billions of dollars. joining me now from a router cb, nobody in the sea is the chief economist and head of the economic power research and analysis department at b plus a bang group. thank you so much for joining us on the program, sir. so for this, the, to become final lebanon has to implement a series of reforms. do you think these reforms are achievable, considering the state of the lebanese economy and what are the challenges going forward? and i am very explicit statement about the actions the menu authorities need to big for the agreement to be approved and become find them by diane at executive board southern prior actions have to do with the banking system. the central bank of london and commercial buys, such as approving a strategy for the fluctuating of the banking sector, modifying the banking secrecy, low unifying, the exchange rates,

the multiple exchange rates. i think capital control measures and passing a banking it is or you can just lation. so these are all a challenging, challenging points and measures. but really we don't have a choice if you want to get out of the crisis. i do not believe that is any other alternative than continuing with the have and and implementing duty forms, according to this agreement with the i am. so now the responsibility is to prove that they are serious in this agreement by implementing the prior actions. diane math did not put a time table for that implementation. knowing that we are close to body, i meant that he elections on may 15. we're getting close to that and we have entered elections in october. so the argument actually,

right. do you think the politicians will at least feel the pressure somewhat? because as you're saying time is not on the side of the lebanese and, and we do have these parliamentary elections in may. definitely time is not on the side of the people that many of the economy or the private sector positions have to feel the pressure given the dia, living conditions in the countries, the contraction of the economy and the very vocal population. so maybe right now it's not ideal buying these reforms all together, but we can start with the thing that are already on track like the parliament enact thing, the budget for 2022. that is already in parliament that already have been completed and for the government will start working on the nation and then forward it to after the election. you are right under pressure

of time and in terms of delivery. but that is, that is an opportunity there to start the process. how will the banks respond to this? because as you were pointing out just a few moments ago, some of the rules that the i m. s had have put forward or stated that needs to go ahead, including a central bank audit, reforming the secrecy long as you were pointing out, the evaluation of the countries major banks. these could be sticking points, and particularly for the banks themselves, will they, will the banks actually comply? well, the banks have been calling, i'm calling for a deed with the i am at the beginning of the crisis in october of 2019 and patient banks in lebanon. estatements was coming to agreement with authorities and urging these to implement the banking sector and comply with the requirements of the player action, including as you mention the external audit of the largest 14 banks in the country

. it is in the best interest of the banking sector to facilitate as much as it can . the duty for measures and the banking sector has been calling since the 1st of the crisis prevent capital control measures that have not been implemented. so definitely in the interest of the banking sector to proceed with all these reforms and but on, but for them not to be limited to the banking sector. right. is other thing that needs to be implemented afterwards, like that he's structuring the public sector, biting evasion. what i want to ask you about my final question, in fact, because you know, there is deep rooted corruption and financial mismanagement in lebanon. as we all know, this is going to be a major, a challenge to tackle. going ahead as a not how do you see that playing out? well, there is also a lot of skepticism in lebanon by the private sector, by the organization, by the ordinary lebanese,

because we have been through international support and international conferences. where do i need to have that form in exchange for financial support and nothing much higher. so now the sponsibility is on the political class on the government, on the branch to demonstrate that there are serious in this thing that i've been use economy over current crisis. to do this oppertunity of the deal with the ok. and finally, let me ask you, i mean it's, it's really the lebanese people that have been feeling the brunt of this economic crisis for several years now. is this rescue plan going to bring more relief or more pain to them? that's a very good question. many people think that, you know, that perception is that the, the, i am, i mean a lot of pain, but we have been suffering for 2 and a half years already from multiple exchange rates from high inflation rate, from the shortages of the, for the be in the market, i'm sure some of the,

for the i am, i agree with you on, if the mapping, if they are fully implemented, wouldn't be founded by the lebanese. but for the medium, i'm not positive outcomes for, for the nice people and it's up to the government to communicate with you people on the, on the importance of implementing the, the form and their outcome in the medium and long term. ok. thank you so much. no staple, but for speaking to us from be roots. thank you. more than 346000000 people are going hungry across africa, but the situation is particularly leak in the continents west and as a whole region. that's where millions of people face the worst food crisis. in a decades, the u. n. has described the emergency as her renders and has warned resources to support the most vulnerable art. rock bottom, the world food program says the number of hungry people across west africa and this

a hell has quadrupled to 41000000 between 20192022 n g o are calling on the international community to provide at least $4000000000.00 sought by the u. n. for the region. international donors including the you have pledged almost $2000000000.00 to help ease hunger and this a hell and late chad region. or part of the problem is linked to high food prices, which have increased by up to 30 percent over the past 5 years in west africa. they're expected to go much higher nutrition. reserves are already decreasing in this a hell. and the war in ukraine could cause a significant reduction in wheat stocks. 6 west african countries import at least 30 percent of the grain from russia and ukraine. from senegal, capital to car, i'm joined now by my do job. he's the regional representative of action against hunger organization for west and central africa. welcome to the program. i'm a dude yoke. so we're reporting about the food insecurity, right across the continent. but why is the situation particularly bad in west

africa and the sahara region? we should say it out in the hall, several of those that were some the situation in derision and bunch story in science. we have climate shows, which is creating a prostitute resources causing relation to the basement and added pressure on already limited resources. dis, combating the lago rental which results in to do that for cash, offer original, inspire generated easy to confidence and to readily comfort. most of the time before being sold by religious, separate beast, all voting to colorado. geez. in addition, we would say that an attache. the region faces multiple epidemics, each hair. so given matching was just one more from the already headed murder into sales and is watching this pressure on the population often leads to long gum and

difficulties in accessing by link social services when they are already independence. which plays more. busy which place many people can say in millions of food, volume footage shall insecurity every year. ok, let's break down some of the reasons that you gave and, and 1st look at the issue of food prices. so reported a problem. how much worse could the situation get? because of the war in ukraine, as we know, some west african countries in port, at least up to 50 percent of their wheat from both ukraine and russia. yes. when we should say that the situation is already more will waiting for you to call. because the prices are already very high and for some countries that in one of their ways from russia. busy can yes, we already saw them to see an increase in the price of bread and some weedy products. the recurring and crisis has come to shut relations, or when you're not going in, should say that however, it should be not that

a trend of a price increase was up. so can say before the beginning of the union credits this inflationary or trend at the global level house called the increase in food prices in decider. born in boston. and look on the porters scene or countries in tread relatively little ways you credit on your show except to some countries like marita, yas, synagogue, inference and better. or we should say that as a due process increase of the food prices, ease may be also we can say these additional mental factors and ready to what santa, my am and speculation on serial a major role training price increase. let me ask you about the response to the, to the sahara crisis, because it is one of the worst humanitarian crises,

yet it's the least funded or one of the least funded. that is, why do you think that is? we can say we all, all these costs denise this, this is scott santa regarding the mitchell crisis we have under war. but our amended niece, we met an odd to sarah glenn 1st. however, we are dealing with prior to zation of the ads for coming from dallas. we can say that we, she mean they're, the responsible plans are not funded and that we're looking to be funded are suffering from a lack of funding the income increase. you can say the increase over price in loses the all star auto trader means that missouri adapt a response which infinite, unfortunately, will go more often when you are you talking about more long term solutions rather than emergency ones. what do you mean by re adapting the response that we should,

we should do both the credit and science needs ball. we must respond to that martin needs my 7, the last for animal. so we should work reagan. busy population a different people try to centering medic services she bought from and it used to have them copies. mitchell shucks. and how to not do dominion, their image yet needs. okay, we'll leave it there. thank you so much, mama, dude. you up for joining us from the car. thank you for that's our show for this week. you can get in touch with us. my tweeting me. i said in a g into the hash tag. ha, since you see when you do, you can also drop us an e mail counseling the cost that al jazeera dot net is our address. but there's more for you online at al jazeera dot com slash c t. c. that'll take you straight to our page, which has individual reports, links on entire episodes for you to catch up on. so that's it for this edition of

counting costs. i'm tending navigator from the whole team. thanks for joining us. the news on al jazeera is next mainstream coverage of big stories can sometimes deliver more heat than lights in early war tar scenario. there's always a push to simplify. narratives. nuance is always called for, even in the case of an aggressive war, the listening pe, delve into the news, narrative and dissect them. there is not our great deal of subtlety. we're talking about the barbarism that is unfolding as though we somehow unique. it's got unique covering the way the news is covered on al jazeera, his ceiling. a family man politicized by the forces of nature, filmed over 4 years. i came in pharma documents, his struggle for his community survival and built

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