spanish shows and zooms and therefore there is a certain broadening off piece that has happened and certain movies which will meet in a pre band that makes an audio for a certain type of audience that audiences change. no good. this chart topping song and recently married couple created a bus, a master. the super hero field is rooted in indian my thought a g. it open to mixed reviews, but back yet does grandma so what happened is they are wisconsin spectacle and there was origin story kind of thing. and, you know, i think a lot of children were very interested in, you know, do though the coolness of a busy marvel or dc universe where those lot of special effects and all that kind of stuff. so there were definitely curiosity of what the, what we produce. as the filmmakers need to take created risks, several big budget firms are releasing soon. the industry hope these will return

some of the shy to the silver screen. ready, park, new metal al jazeera, you deli, ah, good luck of the main stories are following now. for moscow control regions and eastern and southern ukraine has started voting on whether to become part of russia crate. official say some residents have been threatened with punishment if they don't vote for ne referendums are taking place in landscape danielle as upper region and her song. the u. s. as it's prepared to impose additional sanctions on russia, if it does move to annex parts of ukraine. the mobilization of reservices continuing across russia as president boucher looks to strengthen his forces in ukraine stadiums have been turned into collections. centers for draftees, other military asian men continue to flee the country though with that border

crossing seeing heavy traffic. there's also new bush, google, i didn't expect it. i went to the kindergarten with my daughter and they gave me the core of up paper in the street. i came here at once on fine clipping. come, i won't be away for long, hopefully. somewhere. does my relatives are crying and the most difficult thing is to say good bye to the kurds. more grand national got off more, of course, on ready to protect the motherland. but not now. was not this time for sure. do more. it's not my war is the war of russians, and you creamy are not my the roost. well, in our other headlines, lebanon is transport minister saying at least 76 and my grants have died off to the boat. they were traveling and kept sized off the coast of syria. 20 people are rescued. there are many still missing survivors say the boat left tripoli, northern lebanon, on tuesday, bound for europe. the iran army is warning that it will confront what it calls

enemies as protests continue over the death of the 22 year old woman in a nice custody for testers were seen confronting right elise and throwing objects in the city of amal on friday, demonstration started last week, when my so i mean, he died following her arrest failing to conform to at golf road. counting the cost as a program coming up next tuesday with algebra. from the war in ukraine to the global energy crisis. and the impact of climate change. the need for international cooperation has never been more vital as leaders from a 193 member states gather that the united nations general assembly. will we see any breakthroughs on al jazeera? ah, [000:00:00;00]

with hello, i'm adrian said again. this is counting the cost on al jazeera. you'll wiki look at the world of business at economics. this week, an economic meltdown of the fries on cash withdrawals, desperate lebanese depositors holding up the own banks to get access to their life savings. so what's the way out of the financial crisis? also this week, china is owed almost 40 percent of poor countries debt payments this year and is on the pressure to help strained economies overhaul that credit buttons. so what can beijing do? plus droughts threatening zimbabwe crops, embracing fears over food insecurity and bumping farmers a going back to old falling techniques to cope with extreme weather conditions. ah,

the world bank says that lebanon's economic crisis may be one of the 3 worst mountain time said it's left 1810 people, paw many liberties people can't afford basic necessities. of those who have life savings in banks can't access them. withdrawals have been limited since the financial meltdown began in 2019, now desperate to positives, a robbing banks across the cash strapped country to get hold of their own money. so how did lebanon get to this point? well, successive liberties, couple months, which are accused of corrupt and mismanagement, wrecked up huge debts in 2019, it became clear that the state had no capacity to finance its debts, including the countries, commercial banks. lebanon's financial system is estimated to have lost more than $70000000000.00. and bank say they don't have enough dollars to pay. deposit is they've imposed informal capital controls and offered savers with us dollar accounts, liberties,

lira to withdraw their money instead. but the local currency has lost around 95 percent of its value since the crisis started. and the countries g. d p plunged more than 20000000000 dollars last year. the government can't afford basic services with long hours of electricity, blackouts, and medicine shortages. we've met one depositor to try to retrieve his cash by force. here's what he had to say. and i say the spanish i fan. my name is the some shake. hussein and i have $210000.00 in my account. it's my money that i own from work and from selling my apartment and my parents house for what they must. and my dad has a serious medical condition and i needed money. i went to the bank manager and he promised to help me once the bank got cash, but 2 and a half months passed and he still didn't get any money on that. i'll be in the lo fi, my phone. i went to the bank and asked if it was available and the manager said no,

i went to my car to get the gun and fuel. i entered the bank and locked the door and demanded all of my deposit. i poured fuel every time and the la 30 found bought it at the little bottle there. i told the employees not to get involved and no one would get hurt. i love doing methodical 3. negotiate is representing the government arrived and called in thought. initially they wanted to give me $10000.00 in dallas . later, they offered 16000 again, i refused of let the truth. and again, it was around 5 or 6 pm when they offered me $13000.00. they even gave me $35000.00 in cash, which i got, and they promised me $400.00 a day and said i would not be detained the land. but i agreed, even though i knew they were like, i surrendered, but they detained me for 5 days because the bank filed charges against me. and i

never received the 400 dollar payments to have my life has been destroyed since the local currency devalued. and i lost my job about them as well. i won't rest until i get my money back. was hired on long. it is a life or death choice. the interior minister should erase those who took our money, not us. i will exercise my rights any way i can, even if it involves blood. i will never give up a while to discuss. all of this were joint now from bay route by sunday. i tele, sunday is the founding director of the pay route based independent think tank the policy initiative. good to have you with us. sammy, the banking association, the in lebanon, says that banks are going to remain shots been definitely following this series of hold up. some, it does closing banks make the situation better. a was a situation, but let me just stop and to, well, hold off. these are not whole loves or bank robberies. as the banking association

is saying, in fact, aurora is when you actually have someone or an act where someone is going into a bank to see other people's money. what we're actually seeing in lebanon right now is that people are going into the bank to take their own money, but by force, and there's a huge difference. but because a lot of people, 11, she liked that the banking sector as actually brought them all their own money. and since 2019, as you know, we have not been able to access all our departments, only the rich and the powerful have managed to transfer more than $15000000.00 off of the country. whereby individuals like ourselves, are left to deal with the consequences of the collapse. the world bank accused liberties, politicians of staging, a ponzi scheme that is quote, cost unprecedented social and economic pain over the last $3.00 decades. what do you make of that accusation? yes, i mean, absolutely,

and you going to political establishment that has mismanaged the economy for many years and here we're talking about the end of the civil war where they ran major structural deficit in the economy. and particularly i'm talking about the public deficit. public budget deficit and the trade deficit, which means they've allowed the policy whereby they're spending way more money than they actually collecting for the treasury. and the actually importing way more good than the export thing. which led to a policy where you have to keep on attracting capital into lebanon, to finance these 2 deficits. and there were many warnings about this policy to stop it to rectify the government and consecutive lebanese governments where they ought to be blamed all the political parties that our did not do anything about it. but they actually kept these policies in dock, and the central bank came to facilitate the financing of such a scheme whereby the act fact that people to put their money in lebanon when

interest rates are higher than other places in the world. and in fact, the banking sector got so really into this where they actually invested 70 percent of their portfolio into the state central bank and the government. and hence mismanaged our own money. and led to this major fun to scheme which ended up, you know, with the top of the financial and social kind of apps if you're talking about. so there's a lot of people to be named here, the political establishment, the government, the parliament has also failed to do anything i want to. in fact, if you did this by hijacking economic reforms as well, the central bank was the architect of this policy. and the banking sector, you know, they benefit that the most of this, you know, and they made a lot of profits before the crisis at our expense. all right, so here's the $1000000.00 question. how does lebanon get out of this financial mess? so the prescription to get out of that message is very clear here. the are there all now is clear,

the set of policies that need to be in place ok are clear and many people have been talking about them and they're very straightforward. you need to have a couple of control to stop in the money leaving the country. you need to back the structuring law. you need to go on to the central bank and so forth, the prescriptions of what to do a search forward. but here's the issue. the government has to choose to conduct any of these implement any of these are the forms and the last 2 years. this is unheard of where whites a country is witnessing a social and economic collapse for the last 3 years. and the state, the government, the government hasn't done anything to protect the people. so they don't want to do these forms. in fact, the protected the banks, you know, and to protect their own interest. and if using to do any of these, there have been 6 or 7 draft of the company for law and parliament. and yet we haven't been able to implement any of these. so this is

a situation where i to political any wants to protect this interest is refusing to, in fact, conduct any of this reforms despite even i m. s insistence that this are going to be clinicians for any future law. and, and, you know, just that it was in fact a and i m f that an issue here criticizing the 11 is government for not doing this job, but some of them this, this situation called go on indefinitely. how do you see it coming to an end? the problem is that we have only 6 to 9 months money to buy and ports, you know, from this central bank reserves. so clearly that time is ticking. there's no more time to pick the kind of way as that of an east policy policy should have been doing back for the last 20 years. their time is up and the solution needs to be implemented. now the question is, where they have the weather to actually undertake the forms which they have failed to do for the last 20 years. or they will actually pretend they're doing the,

the forms. and i knew them in such a way that they actually black me and in the community to actually give money to lebanon. so people don't go hungry at all. so the situation again, the technical situation, technical solution to the problem is very clear. the prescription are read clear, but they refuse to hold them because it's highly let the can or these political lead and their own financial and economic interest in the action. so they gonna have to, to either begin to bring the whole country done, which already done so, and even more so, or they take responsibility and put on tracks. they have fit to do that. and so i'm expecting that things are going to get worse and lebanon, you know, until, and we're going to go into very uncertain periods. some, a thanks for explaining all that for us really appreciate it. many thanks, and 8 ah, almost 70 percent of the world's poorest countries will have to repay at least

$52000000000.00 in debt this year. a more than a quarter of that money will go to china, much of loans, a link to infrastructure projects as part of the chinese president, she's in pings belt and road initiative. now, many of beijing's borrowers are not able to beat their financial obligations. the international monetary funds says that china and other big creditors have a responsibility to prevent debt problems exploding the i m. f. estimates the 25 percent of emerging market and 60 percent of low income countries were in or near debt distress. china says that it will forgive $23.00 interest free loans to 17 african nations and redirect $10000000000.00 worth of it's i m f, reserves to africa. will china is one of the was largest single creditor nations. and researchers have found that around 60 percent of beijing's overseas lending is now to low income countries,

which are in debt distress or at high risk of it. it's loans to low and middle income countries are estimated to have tripled over the past decade, reaching more than $170000000000.00 by the end of 2028 date up. the u. s. based research lab says that pakistan, so lanka, and argentina, a 3 of the largest recipients of chinese rescue lending. most nations share information about by lending activities through membership of what's known as the paris club. but china isn't part of that group and doesn't publish records of it's forum loans. who johnny is not from hong kong is carlos casanova, a senior economist at union banker pre they will you be pete callous? goods heavy with us on the counting the cost. what she'll take then on this issue of chinese law loans as, as creditors, what sort of people are they to borrow from? thanks for holding on the show. so china has, in fact become

a much larger creditor in the past decade. or since the launch of it's built on road initiative in 2013, of course china has financial system differ slightly to that offered by other lenders such as the i m f for other members of the always the lead harris club. in that it doesn't come with added conditionality. by conditionality, i mean, you know, political reforms, austerity, and other conditions that are not always very popular amongst some emerging countries. so china is able to navigate the political risks because it doesn't have to abide by the norms for landing. so it's bundles, it's financial assistance with other commercial aspects. for example, involving some of the state on and the prices agreeing to repayments in commodities

as well as us dollars. and so in that way it is able to perhaps tap on areas of the emerging world that are not well serviced by existing lenders. the i m f and other developed countries, but does the fact that the china does things differently, pose a risk both to lend and borrow? well, there is a reason why the largest lenders such as the i m f and the a to be, are not able to do some of the things that time is able to do. typically we are looking at countries where the sovereign risk is higher and the projects where the returns or the visibility in terms of future returns are not as clear as in other parts of the world. i think the main thing that entices countries to take on these sorts of credits from china is the chinese economic miracle. and everybody wants to have a similar narrative in their, in their country. china has been very successful in eradicating poverty over the past decade to everybody once a slice of the pie tooth. but of course,

when projects turn sour or when the cost of servicing the debt and maintaining the infrastructure becomes prohibitive, then you have countries that stumble into stress and that service and cannot service their short term debt and have to incur silver and false. but if she's called, afford to pay back that, that to china, what risks as opposed to the chinese economy? so as i mentioned, china is able to partially offset some of this risk by allowing the repayment to take shape in the form of commodities. historically, this has been very advantageous for china in places such as swale or with oil and copper exports. it is not perhaps a strong driver in places that just rely on we can talk about that as well where, you know, the main commodity that we would be looking at is exports of t. so there, you know, they have more, more risk and we are seeing that risk and out into

a more complex discussion around the countries that restructuring efforts with the i m f. and also the role that china is saying that in that conversation is china becoming a competitor to the m. s. a of the world bank, or do they work in time them in partnership? i think they work in tandem. china is becoming a bigger credit or so in a sense emerging markets, especially those that have not been able to act the financing from the i m. s or emerging countries that have been frustrated with the lack of progress in the m. s . in terms of representation of emerging markets within the fund, they are increasingly or they have been increasing, returning to china as an alternative. so in a sense, it is competing. but of course, the nature of chinese aid is very different to that of the m, f. the magnitude of belgium project, both enrolled in infrastructure investment to date is of core, smaller compared to what the i m f has done given as longer track record. so

for me and for emerging markets in this more complex school environment, i think it's important that both are working in tandem to, to minimize risk with some nations now struggling to, to pay back the debt to china. what does that mean for the belt and road initiative and, and could china step scale back? it's lending to countries. in fact, we have already seen this since 2019. we have seen infrastructure spending on to under the belt and road actually decrease significantly. part of the reason was that many countries in the emergent world experienced the decline in g d, p, and, and revenues following from the panoramic going forward. the, the stress is slightly different because we're looking at a very hawkish fed pricing rates that will equate at the end. inflation also within china. some of the risks have started to pile. so we see difficult conversations in

places such as st. i'm kind of course, with a domestic economy also entering a, a phase of a slower activity. the appetite or the domestic sentiment towards offering some of these riskier loans to emerging markets is lower than it has been before. so our expectation is that we will continue to see a deceleration in both turn road projects over the coming years. and hopefully, once all of the uncertainty surrounding, you know, rising risks of recession in the us and everything that's happening with the threat is over, we might see a pick up in an activity once again, call us, it's been really good to talk to you on counting the cost effective date of being with us now sustainable finance, it's largely defined as investment decisions based not only on financial returns as investors traditionally expect, but also with an eye on environmental, social and governance. saw e s g factors put simply investing money and projects that can make the world a better place. renewable energy, for example, global,

sustainable investing assets. regional was $35.00 trillion dollars in 2020. but what is e s g? exactly. we put that question to zoe. night the group head of h. s p c center of sustainable finance at head of climate change may not s g still abstract, right? i mean is, it's a bit of a mystery to most people. what the social aspect means, what governance means and what environment means. but if you drill it down, the whole a gender is about people. it's about access to employment and jobs. a how a people's jobs going to be impacted by this climate gender. it's about sort of the access to money for change, how he doesn't change that, how, how we deliver a stronger, more prosperous economy that works for everybody. we know that the science is telling us to get to

a net 0 emissions framework by 2050. and we know that finance must provide capital to the solutions and must think about the consequences of wilma temperatures and how that might affect our clients and affect their ability to operate in their business. models is g factors in our front and center for governments and businesses here in the gulf with the potential of unlocking 2 trillion dollars in economic growth. bullet 1000000 jobs by 2030. so he night says the region is looking at investments in carbon capture and hydrogen to make the energy transition. this region is abundant in energy and it's providing energy services to the entire world. equally, it will be host to the climate talks in november this year and november next year. that gives the region an opportunity to crate it. so narrative, honor, energy, future,

and energy vision. how the climate transition plan will play out across the gulf. the task of egypt in cop $27.00 is to show the implementation that is going on on the ground to really showcase projects on di carbonella, zation that are work in progress. now they're in train, whether it's green hydrogen, whether it's carbon capture and storage. how that is shifting the way that energy flows worked to day last year's climate, some absorb banks, insurers and investors with $130.00 trillion dollars and assets pledging to help with the world of fossil fuels. we've set a target on financing of up to a trillion over the next 8 years to support the sustainable finance transition agenda. thus, mission critical. what we're also doing is working with external coalitions to build the framework for what transition looks like across different sectors and industries. and we're doing that in conjunction with an initiative that came out of

the glasgow climate talks the glasgow financial alliance from that 0 g fence. so what we find is by collaborating across both other banks and with our clients and with industries and governments and regulators, we can discuss the challenges and discuss the barriers for change and figure out how finance can really unblock them and commercialize activities that perhaps haven't been commercialized and pause as a bob way as facing growing food shortages and farmers are resorting to old farming techniques to cope with extreme weather conditions. cray pot irrigation can save large amounts of water without depriving crops of zeros helmet. tassel reports now from the town of chicago to theresa lemming, his garden is thriving, and this led sank up to snake into the ground. is one of several clay pots, irrigating her tomatoes. this alternative way of growing food is ideal, was embalming

a country prone to drought and re people don't get regular supplies of piped water from the council. he normally did africa. yes. even when there is no water. my vegetables are all is green. it's been days without water here, but the clay pots are all, is watering my tomatoes, using clay pots to water crops is not a new farming technique. it's used in other parts of the world. and now it's gaining traction in zimbabwe. the clear. but if the some small, tiny in india visible, i'm a pause of that i used to fall. oh, does it be the water that is inside the cliff deceives around the video clubs. the did it yourself for to send to meet us? saw the did the plans of own good? yes. so for instance, if it does, gets off the water is rising. fluid prices high, a fuel costs and inflation at 285 percent in what gast means, many families

a battling zimbabwe government plan to distribute food aid to more than $2000000.00 vulnerable families from october. that number is expected to go up next year. is not as rural households, people in urban areas are also going hungry. and a privileged communities often run out of food in october, the dry's period before the rainy season. the un also plans to assist had been hunger if something got tra, we'll started to see more, ah, during the course 19 pandemic. so it's something that is fairly new. as you know, the water program are used to work mainly in the rural areas, but to now we have sort of to sin some pockets in cities and towns where visa had been hung. the clay pots cost $5.00 each buying in bulk can be expensive. so communities also use plastic bottles with holes poked into them. they were just as well for some families in urban areas. these water saving techniques are

a lifeline. help them grow food for themselves and sometimes a little extra to fall harder matessa altura chiquita, zimbabwe. and that's all show for this week. if you'd like to comment on anything that you've seen, you can treat me. i'm at a, for the good on twitter. if you can please use the hash tag a, j, c, t c. or you can drop us a line counting the cost at al serra dot net is our e mail address. as always, was plenty more for you online at al jazeera dot com slash ctc. that takes you straight to our page and there you'll find individual reports link, save an entire episodes for you to catch up for that. is it for this edition of counting the cost on adrian, federal for the whole t berens. oh huh. thanks for being with us. the news on al jazeera is next new year, new lessons and new rules. this is the time when you get to choose,

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