amazing, thank you everybody. so many people, cheer me on. and you guys here tonight means the world. wiping back the tears fiddler thinks his rivals before paying tribute to his family . the girls to boys. my wife's been so supportive and good as not be long time ago, but she didn't. she kept me going and allowed me to play, so it's amazing. thank you. his sentiment by those in the stands. she is by fans everywhere. po van with al jazeera. ah, this is al jazeera, these are the top stories. it's the 2nd day of referendums,

and annexing for ukrainian regions that are controlled by moscow. armed soldiers are reported have been going door to door to get people to vote. their set have been threatening. those who don't come in val has more on the kremlin view in those referendums from moscow. what they are saying here is that this is a, the natural course of things that the, the communities inside eastern ukraine and southern ukraine have always been part of russia at thus their deep desire and their dream. and now the opportunity has come for them to vote to join russia. they talk about the initiative coming from not from russia itself, but from those communities saying god, last tuesday, local communities in those 4 regions sent a request to add to that, to their high authorities, to do this, to organize the certified them. and at that has been granted. moscow is called up 300000 army reserve us to fight in ukraine. some russians have been trying to flee

the country. in response to that announcement, we came up to ukranian forces pushed russian forces out of phases of kilometers of territory in a counter offensive. ukraine is downgrading diplomatic ties with iran for allegedly providing russia with attack drones. president vladimir zalinski says iranian drones, i've been used in the strikes on odessa and elsewhere on fighting. he says the military is down to for iranian made so called kamikaze unmanned cereals. aerial vehicles, to crohn's denied supplying the aircraft to russia. protests have been held in cities across a run overnight after the death of a woman in police custody marcella mean, he died last week after being arrested by what are known as the morality police. she allegedly violated the countries headscarf policy. the run state tv reports, at least 35 people been killed during the unrest to runs. restricted internet

service is to clamp down on the growing descent. the u. s. says it's easing export limits there to widen online access and counter state surveillance and censorship. a, c, e o of space x in a must says it will activated satellite internet service starling, in iran. and those are the headlines. the news is going to continue here on al jazeera in about 25 minutes after counting the cost. good by which site is winning pay us or control? ah, what is the new for ever proxy war mean for america and nato, as long as americans keep consuming prices are gonna keep going up. why didn't joe biden, the inflation coming? how did we get so much raw, the quizzical look. good us politics. the bottom line with

hello, i'm adrian said again. this is counting the cost on elder siri, a wiki look at the world of business of economics. this week, an economic note down the fries on cash with fools, 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 overhauled credit buttons. so what can beijing do? plus droughts threatening zimbabwe is crops embracing fears over food insecurity and bumpy, and farmers 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 in bolton times that it's left 1810 people,

paw many liberties people can't afford basic necessities of those who have life savings and 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 lebanese governments, 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 of offered savers with us dollar accounts, lebanese 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 card for basic services with long hours of electricity blackouts, and medicine shortages. well, 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 to me and a half month passed, and he still didn't get any money on that. i'll be in the lo fi. 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 deposits. i poured fuel every time you found that out there. i told the employees not to get involved and no one would get hurt. lot of methodical. 3 negotiators representing the government arrived and called in thought, initially they wanted to give me $10000.00 in dallas later, they offered $16000.00 again, i refused to flip this route and again, it was around 5 or 6 pm when they offered me $30000.00 they then gave me $55000.00 in cash, which i got, and they promised me $400.00 a day and said i would not be detained. so long. 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 a $400.00 payment to have. my life has been destroyed since the local currency

devalued. and i lost my job. then i won't rest until i get my money bag was the highest on wall. 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. i want to discuss all of this rejoined, now from beirut by sunday i tele, sunday is the founding director of the bay 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 indefinitely. following this series of holdup, someone 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 a banking ass fusion is saying, in fact, iraq, or is when you actually have someone or an act or 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 that because a lot of people, $11.00, she like that the bank, 2nd, as actually rob them all their own money and since 2019, as you know, we have not been able to access all our deposits. 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 corps to unprecedented social and economic pain over the last 3 decades. what do you make of that accusation? yes, i mean, absolutely. and you got to political establishment that has missed managed economy

for many years. and here we're talking about the end of the civil war. we're why 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 they're 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. 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 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 a talk to 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, to facilitate this by hijacking economic reforms as well. the central bank was the architect of this policy and the banking sector, and 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. now are there or not 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 knock 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 refused to conduct any of these implement any of these reforms. and the last 2 years, this is unheard of why a country is witnessing a social and economic collapse for the last 3 years. and the state, the government department hasn't done anything to protect the people. so they don't want to do these forms. in fact, the fact that the banks, you know, and to protect their own interests and then a few things to do any of these. there have been 6 or 7 draft of the company for law enforcement. and yet we haven't been able to implement any of these. so this is a situation whereby the political, any wants to protect this interest is refusing to, in fact, conduct any of this reforms despite even i m. s. sisters. but these are going to be

the conditions for i need future law and, and you know, just that it was in fact a and i, m f that edition here criticizing the new 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 the central bank reserves. so clearly that time is ticking, there's no more time to pick the kind of way as the lebanese policies in august. you should have been doing that 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 15 for the last 20 years. or they will actually pretend they're doing that a forms. and i knew them in such a way that they actually black me and in dollars 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 order, ready, clear, but they refuse to hold them because it's highly electric and or these political lead and their own financial and economic interest in the action. so they gonna have to choose either they're going to bring the whole country done, which already done so and even more so or they take this possibility and put on tracks. they have fit to do that, and i'm expecting the kids 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, sir. 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 a loans are linked to infrastructure projects as part of the chinese president, she's in pings belt and rhode 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 2028th date up the u. s. based research lab says the pakistan shore lanka and argentina, a 3 of the largest recipients of chinese rescue lending. most nations share information about our 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 foreign loans with johnny us, not from hong kong, is commas, casanova, a senior economist at union banker pre they will you be pete? call us good heavy with us on the uh, counting the cost of 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 having on the show. so china has in fact become much larger creditor in the past decade or since the launch of it's built on road initiative in 2013. of

course, china as a financial assistant differ slightly to that offered by other lenders such as the i m, f for other members of the always the lead paris club in that it doesn't come with added conditionality. by conditionality we 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 ending. so it's bundles, it 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 told us. and so in that way, it is able to perhaps tap 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 borrower? 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 solar and 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. everybody wants to have a similar narrative in their, in their country. china has been very successful, eradicating poverty over the past decade. so everybody wants a slice of that pie too. but of course, when projects turns 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 sovereignty false. but if you can't afford to pay back bad, that to china, what risk does that pose 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 zambia 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 in the, in that conversation is china becoming a competitor to the m. s. a of the world bank, or are they work in tandem in partnership? i think they work in tandem. china is becoming a big creditor. 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 a 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, 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 both them project, both enrolled in infrastructure investment to date is of course smaller compared to what the m f has done given is longer track record. so for me and for emerging markets in this more complex environments,

i think it's important that both are working in time them 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 spec scale back? it's lending to countries. in fact, we have already seen this since 2019. we have seen infrastructure spending and under the belt and road actually decrease significantly. part of the reason was that many countries in the emerging world experienced the decline in g d, p, and, and revenues following from the pandemic going forward. the, the stress is slightly different because we're looking at a very hawkish fed rising rates. the liquid piano 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 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 n 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. yes she 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 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 like 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 where the potential of unlocking 2 trillion dollars in economic growth bullet, 1000000 jobs by 2030. so in, i'd 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 create its own 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 d carbonic 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 the energy flows worked to day last year's climate, some absorb banks, insurers and investors with $130.00 trillion dollars in 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 in the pause. now said bob, where is 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. how a toss a reports now from the town of chicago to theresa lemming, his garden is thriving, and this led, sunk up to its make 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 ins bubbly. the clippers are here for some small time in your visible. i'm a pause of that. i used the full o. does it be the water that the easy inside to clear it to see ps around the v vi did close the did yes. for to send to meet us, saw the did the plans of own good yourself. what it says it does, gets off the water is rising sweet prices high, a fuel costs and inflation at 285 percent in will. gost means many families are battling as above, as government plan to distribute food aid to more than 2000000 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 covered 19 pandemic. so it's something that is fairly new. as you know, the word from 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 were visa had been hung. the clay pots cost $5.00 each buying in bulk can be expensive. so communities also used 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 links, even entire episodes. me to catch up for that is it for this edition of counting the cost on adrian finnegan for the whole t. derenzo. thanks for being with us. the news on al jazeera is next indonesia your investment destination. the world's 10 largest economy is busy transforming, ready to be your business partner with a robust talent pool,

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