let us go pick up a copy of starbucks and saw about 75 people hanging out here. everybody on their bones. and it dawned on me that obviously it's not just me or my system or might or my building because i thought maybe was just my building that there's a problem with service. and i everybody said that yeah, it's a nationwide problem. osland pilgrims, a mocking the 1st day of eat, i'll utter and mecca this year. oh, is this up to 2 years of severe restrictions? because of the pandemic, 900000 people were able to attend this here, most of them coming from outside saudi arabia. but that still less than half the number that took part in 2090. 0, there's plenty more news along with video analysis sport, and for the website al jazeera dot com. ah

good. have you with us? hello, adrian finnegan. here we go. how the headlines and al jazeera, demonstrates us in shoreline, cuz capital colombo have stormed the official residents of president, go to pyre. roger park sir, demanding his resignation that protesting against the months long economic crisis of widespread shortages. but al fernandez has more on the phone from columbo they had vowed to come to colombo to sit in just their president and basically need to go. now he has been forced to feed that visual residence. hearing that we don't know where he has been exactly had to do and in the meantime, but also had him that the prime minister, as now cause for a special lead, a conference and to parliament to be someone. but even some of the, the sampling official residents. and that's the extent to which people have

sort of over on that official residence, an old and history property. but people are just living into this pens up emotion where they absolutely fed up without food. we gas about you, i'm saying you know enough, we want our futures back. ilang mosque was concerned that he's terminating his $44000000000.00 takeover of twitter. the tesla c o legal team since the company breached the deal. but twitter says that it will su, mosque to enforce the agreement. he was secretary of state antony blinkin says that he's laid out america's concerns of a freedoms in taiwan to china's foreign minister wang iep. the 2 met on the sidelines of the g. 20 meeting in ali, a hearse carrying the body of the assassinated, former japanese prime minister, shims obey has arrived at his residence in tokyo, senior members of his liberal democratic party with their to pay their respects. i'll be, was gone down in the city of nada on friday. russia has vetoed

a resolution of the un security council that sold to extend a deliveries to syrians in the last rebel held region in the north west. the u. n. is wanting the closing the corridor via the bible, how a border crossing could be catastrophic. and canada's largest mobile internet provider has suffered a major outage, affecting bank atm and emergency service hotlines rogers, telecommunications says it's working to resolve the nationwide problem. are those are the headlines more useful here now to sierra after counting the cost? next. how and why did soon become so obsessed with this law, we were giving them a tool to hold the corrupt individuals in human rights abusers accountable. they're going to rip this deal apart if they take the white house of 2025. what is the world hearing what we're talking about by american today? you'll weekly take on us politics and society. that's the bottom line with

color. i'm all about this and, and this is counting the cost on all the 0, your weekly look at the world of business and economics this week. what's the price of rebuilding ukraine and who are going to be the real winners. also this week, almost 830000000 people around the world when hungry in 2021 and that number is rising. why is the world moving backwards as it tries to eliminate hunger and malnutrition? plus zimbabwe currency crisis is getting deeper. why have people lost confidence in banks and the economy ukraine's president letting me zalinski says he thinks is going to cost $3.00 quarters of a trillion dollars to rebuild his country after the war. now,

even as the fighting continues, western leaders from dozens of nations, international organizations and the private sector, i've been talking about how to rebuild ukraine, many se ukraine needs another marshall plan. that was a huge economic rescue deal that was devised by the us to rebuild europe after world war 2. now the challenge of rebuilding a nation after a conflict is complex. businesses and politicians have a crucial role to play billions of dollars that are at stake. researchers of the world economic forum say private investors going into a war torn country, made a positive business case for investing and unstable conflict. written places may be looking for a functioning state with working institutions, able to give sustainable investment. investors often have skills and experiences that can support governments shattered by fragility and conflict. there would need to be opportunities for public private partnerships to kick start growth and work together. citizens and local businesses must be part of the plans and backers from

outside can help foster transparent and efficient money management practices. or joining us from stockholm is toby on backup. he's the director of the stock home institute of transition economics, and he's also a board member of the key school of economics. so thank you very much indeed for being with us. so the world economic forum has produced a long list of requirements that investors would need to be in place before they would move into a country like ukraine to start rebuilding. that's a long list to take off, isn't it? how tough is that going to be? well, it's going to be tough for ukraine us for any other countries that comes out to the situation like this, obviously. and i think we have to remember all of these lists have to start with some level of security in ukraine. so some sort of end to the aggression from russia needs to be the starting point for most of these investments to come, i would think rebuilding the ukraine makes for great publicity. but politicians are

likely to be using taxpayers, money, private investors, are going to be looking to make some sort of profit in terms of the practicality of doing something like this going on past experience. how likely is it that ukraine is actually going to get the rebuilding support that it believes that it means well, it's going to require a lot of of strong reform efforts. i think the 1st step has already been taking with the iraq session process getting off the ground pretty pretty well the last of the weeks. we also have very strong support from international leaders that will help ukraine to move along on the path. but of course, there's a lot of issues to be dealt with on, on the road ahead in terms of the actual investment itself. how could companies and indeed governments, because there's a say they're using taxpayers money be guaranteed that the money that they're investing is actually going to be used in the projects that they believe it is

going to be. we have seen historically in places like afghan us down and iraq and, and other crisis at areas in the past where the amount of money that's invested isn't actually the amount of money that gets on the ground. is that a facility for creating some sort of guarantee? well, i think do rebuilding some of the institutions that, that deal with corruption and rule of law is already on, on the short list of things and priority lists and things to do for the ukrainian government. and i think this will be key to this. i also think for how to remember that ukraine is the democratic country that i think has become much more united in this war. so i think there will be a much more strong sense of, of common purpose and direction in the whole country compared to some of the cases you just mentioned where it was much more fractional lies in terms of the domestic politics. i in that sense, i think ukraine has, has better hopes of making this

a successful rebuilding process. one of the things that we've seen in the past when there's been investment like this is that companies, countries go in on the stipulation that any work can ins and that is done within the country actually goes to companies within those countries. so essentially the money becomes the cycle, it goes in to those companies, but it then goes back to the original plan. the original country, who do you think are going to be the financial winners out of any rebuilding plan for ukraine? well, i mean that, that sort to discuss, i guess, but i mean, we, i think the international community has a strong common interest to make sure that the winners of this is going to be the people of ukraine and not our specific companies that, that we want to support, i mean there's a long history of, of talking about untied age, for example, where we do not support our individual countries from, let's say sweden or u. k or, or, or wherever the country is money is coming from. so i think this will also be important

here. so the international community needs to do its own work on, on governance and, and the corruption a spell us ukrainian site. is there any mechanism within the same? i don't know the world bank, for example, any global mechanism that could oversee the level of investment and, and the money that is going into ukraine to try to keep track of what is being put in place. well, i mean, you're mentioning the world bank, which is course isn't important in national play, i think giving the exception process. i think the you needs to be very heavily involved in this funder lie in her said that they are setting up a platform to coordinate donors. so i think something like that will be needed to, to really help ukraine coordinate the outside world and make sure that these issues of transparency and an anti corruption. this is dealt with properly. there has been a lot of discussion about whether or not russia should be made to pay for some of the vet rebuilding process. how likely do you think that is and how would you

enforce it? i think there is plenty of of rush to nurses that are seized outside the rushes border, but of course it will be probably a very long legal processes to, to make a transfer of those assets to, to ukraine. so i'm in terms of times overrides, and i'm not sure when, when that money could be made available to your brain, but it's going to take a lot of legal processing. i'm sure. part of the conflict has seen a lot of damage done to small and medium businesses within the side ukraine, and as is commonly said, small and medium businesses are often a driving force for any countries economy. what is the risk? do you think that the projects are going to the rebuilding projects they're going to happen in ukraine are going to be on the larger scale and the small and medium business sector is going to to miss out? well, i think it would be quite natural. it's small and medium sized enterprises become

some contractors to a lot of these processes. so i'd, i really don't see that a, something for them to miss out on. but i mean, it's also going to depend on what kind of skills they have in those businesses. so maybe part of the solution will be retraining. some of the people that have been working in, in other sectors in the past to be part of the reconstruction process. coming back, i was director of the stock home institute of transition economics. so we appreciate your time. thank you very much indeed. thank you. united nations? it says nearly 830000000 people around the world went hungry in 2021. and that number is set to rise this year in low income countries where agriculture is key to the economy. livelihoods have been affected by the impact from coven 19 and rising global inflation. let's look at syria, for example, where wheat is an essential crop in a deteriorating economy. the many depend on bread as their main source of food. our

correspondence in a quarter explains how farmers in the north west who are struggling with drought and high production costs by becoming increasingly dependent on imports of grain. before the uprising in 2011, syria was able to feed itself. but years of war, and now a severe drought has made this nation a net importer of over the past 2 to 3 years at the whole country has been hit by a crippling drought that its impacts are felt mostly in the north east, which is traditionally the bread, basket of the country, let alone areas that are in the northwest of the country, or regime held areas. the rise in global prices, sparked by russia's invasion of ukraine, is threatening food supplies to many people in syria. the country is among the 10 most food insecure nations in the world. 12000000 people struggled to get enough

food. many of them live in the opposition controlled, nor do we have limited incomes. and yet we have to rely on expensive imported tweet. because one of the land in this region is mountaineers. we can grow much wheat and lands where we can be grown are not accessible. vast areas were set on fire by government forces during the conflict and irrigation channels were destroyed. and even though there is now less violence, front lines still exist. and i know that we are close to that position whose many people can't reach their land because it is dangerous humanitarian organizations, as well as the local authorities, are helping farmers to produce more food. but it's costly to plant crops, so is transporting the harvest due to high fuel prices. fuel is also needed to pump ground water to make up for what is being described a serious worst drought in 70 years. and the opposition held area and the noise

production won't be enough. them as this year 30000 hector's were cultivated, but the low rainfall and high production costs her farmers. a ton of wheat costs $450.00. and we will have to import more than $30000.00 tons this year. the average annual amount of we production before the war was 3700000 tons. this decline to 1800000 tons between 20152019 harvests are shrinking, and farmers are fighting to survive and was more than half of serious people already hungry. the agricultural crisis couldn't come at a worse time than other shows ita cindy hallman as a senior economist of food security and nutrition and the food and agricultural organizations, the united nations. she's joining us now from rome. thank you very much. indeed for being with us. what is driving food insecurity?

there's about 4 major drivers that we've been analyzing that, leading to this optic in hunger, that we're observing. one is conflict, so complex are becoming more protracted and complex. and then we have new conflicts like the war we're in ukraine. a big one also is climate extremes, climate variability, heat st, he extreme heat flooding, store this extreme climate weather is also creating havoc in terms of production prices. and that's a big driver in terms of, of food insecurity and hunger. and then the 3rd one, which is actually more growing and prominent is the economic slowdown. and shocked weather is caused by the coven pandemic. and the measures put in place which disrupt supply chain, people lose their income. so these economic shock really create a big problem for people to access to. so those are the 3 big drivers,

and then the other one that's very important is inequality. so we see that poverty has been going down in the last few years, high income quality or in inequality in terms of access to services like health or basic services in terms of sanitation and, and everything or is equal. so there's a high inequality is also a big driver behind food insecurity. so when you get the shock like an economic shock of economic downturn, the market price increase, where there's countries that have high inequality, we see that the effects are much greater. what are the countries around the world that are being hit hardest by this? well, i think, you know, the coven pandemic, we saw you know, that the largest global recession that we've seen in a long time. and so we saw hunger increased and doing security increased in every

country around the world. so that was quite a major shock. if we look at the number of people that are hungry, our latest estimates show that since 2019 before the coven panoramic 150000000 more people are hungry. so it did affect every country around the world. however, we do see hunger is increasing faster in africa. the present increase is higher. this isn't just about low income countries as you've been talking about, this is hitting all parts of the world. are there any areas which have surprised you, which you wouldn't normally expect to have been affected by this, that have actually been, haven't had an impact? well, i think, you know, for, for the results were seen, you know, everybody expects, you know, the bad news about africa. it is got the fastest growing number of people that are hungry. it has got drought, it's got conflict, it's got economic shocks, you know, high levels of inequality. i think that's kind of expected. but i think what's

unexpected is the high levels of food insecurity increasing in latin america. so if we look at not in america increases, it's been doubling in terms of food insecurity since 2015. we also seen, you know, rising the level of obesity and overweight, which is also a very big problem in terms of malnutrition. and so part of nutrition is critical for people productivity for their or their health. and we see that increasing around the world. and that's related to the high cost of, of nutritious foods, and i find a sound the correctly, the worldwide financial report for farmers is about $630000000000.00 us dollars. and the u. n. has said that a lot of that doesn't even get as far as the farmers. what kind of impact does that have and, and why is that happening?

if you look at the support, the $630000000.00, most of it goes towards trade barriers, price incentives, and it's very focused on staple crops, dairies, and neat, well vegetables and fruits and more healthier items are also penalized or even discouraged from production. so we're also calling for a really look at how governments are spending their money. a healthy diet is 5 times more expensive than a basic energy diet on staples, cindy haldeman, we really appreciate you being with us and al jazeera. thank you very much. indeed . thank you. zoom bob way his battling hyper inflation, which has led to a loss of public confidence of banks and conventional pension systems. many are now looking for safer ways to protect their investments. autotask reports from norton or capital of become a safer option than the local currency. ah, with inflation nearly reaching 192 percent in june

and in bobby's dollar foss, losing its value, investing in cattle has become a safer option for some people here than the local currency and investment they can see and trust. when they oversee choose how many units they want to invest in i'm. it's also barbara dollar related investment. there's $13000.00 units available for investment. one units is equal to 100 pages of live cattle. the expectation is that the price, the value of the cattle appreciates in time and maxim bobby's dollar. and if clients went to get paid out, the investments are valued and they get their cash back for people in zimbabwe and other african nations cathel have long been a source of wealth. in many rural areas, there used as currency to pay school fees. now similar schemes are being offered to

people in urban areas like any investment they are risks, animals can get sick and die from trout and diseases. but they also ways to increase their potential when they drug their feet or they they did they did they give that to the guns that you're interested said bitter bank and going to the bank and put the money. indeed to get get eroded to buy and fresher. so i said that i am investment. what unit asset managers say more than bobbins are looking for ways to protect the savings against inflation as economy struggles to rebound? i think it will gain traction and we're very excited for a to, you know we, we want this to be the thrust of, of starting to develop the national heard and, and to 2nd, to exporting of beef and that, that all to support the,

the local industry for now at least tattle seemed to be a more stable currency than the local currency. one way of trying to preserve investment value in a country we, some citizens have lost faith in conventional methods. how do mata al jazeera norton, zimbabwe from johannesburg? i'm joined now by yvonne ma hunger. she's the managing director and head of the africa research economics at renaissance capital. very good to have you with us here. and infections. no hit 800 percent in 2020. it's a 131.7 percent in may. how bad is this going to get? do you think? well, i think that certainly more upside. so yes, we have seen inflation creep up. um we saw it come down a last year to round a 50 percent junior in the mid of the year and then start to pick up once again as the currency came under pressure. so the most recent print is a 192 percent for june, and that reflects the depreciation that the currency has been coming under to your

question. i continue to see for, for the upside risk to inflation. and that's in part due to kweisi fiscal operations at the central bank that is putting the current under pressure. and in addition to that, of course, the spike in commodity prices. ok, let's talk about the what the central bank is doing. why is that having an impact on the guns? well, we in a situation where by the government is constrained in terms of financing. and that's related to the fact that the country is officially and that debt distress, which of course, limits the access to external financing. i'm so in a situation that presents itself as a current b, where by the government is constrained on the fiscal front, or you do find that the central bank is stepping in and i'm having an quasi fiscal role essentially, which includes monetizing the budget deficit that of course is adding to the inflation pressures that we are see. also being blamed, i believe, are covered 19 on the ukraine war it's, i, i can understand what you're talking about in terms of the central by how do those

other 2 fighters play into this coverage. as you can imagine, x, the government expenditure had to pick up a to q and a half a side in terms of containing a defect of the pandemic. and also providing a measures to try and support households and businesses that had an impact, but impacted by the pandemic. so that of course, pushed up spending. and now we have the um, the ukraine invasion, which as of course, resulted in prices of fuel and food, including fertilizers, picking up the government of zimbabwe. does a subsidized inputs into the agriculture sector including fertilizer. so that's putting a put pressure on spending. and as i, as i mentioned earlier, the government is constrained in terms of financing that don't have the options of external financing, that other countries that are more credit worthy to. so you do find that the said, the bank that step in and monetize as the budget deficit on oscar more more about the, the, the role of the central bank in this because it's being accused of actually

creating the situation. the 1st place by essentially printing lots of cash, where it was being advised by economists not to do so. is that a fair accusation? do you think that is part of the problem at to be fair? the, on the fiscal side, at least the authorities have tried to maintain a very small deficit because of concerns around financing that particular budget deficit. but given the constraints that not just bobby, but several african countries are face during the course of the spent demick. it's this said the bank has that to step up in terms of quasi fiscal activities. in addition, a, you have a situation that that's wip by the official currency is ova i exchange rate is over valued. i'm sitting at her aunt, he had been a t as in, baldwin dollars, a to the us dollar. and then you compare that to the palo market exchange, which is an over $600.00 to the us dollars. so that is also

a part of the problem that the authorities are currently managing an over valued exchange rate, which is putting pressure on the current the, the para market rate up to depreciate. one of the things that we quite often seen situations like this in other countries around the world is that to you end up with 2 markets, you run end up with one with the official currency. and of course you end up with a blank marker. so in this case, possibly u. s. dollars is that's what's happening in zimbabwe. that's exactly what's happening and unfortunately does imply accounts for subsidy. so essentially, what happens is exports is to ask to surrender their proceeds at an o valid rate, as well as those buying dollars on the problem market are subsidizing those debt can access dollars at the official market. and that's the situation we are seeing now in zimbabwe. if the us dollars still has such a grip in zimbabwe, do you think that there's any mileage in the country returning to using the euro

stall, or do you think that the government of president ellison magog were, would actually be open to that idea? i think we're ready moving towards more dollar eyes thirds, and bob, we assume that what we had between 20092019 because essentially what's happening is this in baldwin dollars. as you know, currencies meant to be a store value, a medium of exchange in units of account. and if for people tough competence and the currency, that currency has to hold value. and that's not the case current. be an, an intern, bobby. so yes, currency does tend to depreciate over time duty inflation, but the rate at which this is bobby dollar, is a, is experiencing inflation, is resulting in such an a huge loss of competence on your c. as in bob winds and residence seeking alternative sources. and including a, these gold coins that have been introduced in order to trying just hold

a valued terms of assets, yvonne and marker. we appreciate your time on thank you very much indeed for being with us. and kathy me and that is our show for this week. but remember to get in touch with us via twitter news, the hash tag a j t c t c. when you do drop us a line, or you can drop as an email, our address is counting the cost at al jazeera dots next. but there's more for you online, i'd ology 0 dot com slash c t. c. that's going to take you straight to a page, which is good, individual reports, links and entire episodes. all you catch up on that's it. for this edition of counting the cost i'm robot vincent in the whole team. thanks for joining us. the news analysis is next. hulu.

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