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tv   Inside Story  Al Jazeera  October 19, 2022 3:30am-4:00am AST

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country all distance of different usa, including the federal capital, so as flood diversity. this all producing st concerns rise about 9 judas output. and the safety of all these divisions will make sure that they are adequately protected because we have stepped up our breakers and we have heightened security and assures that will be welcomed by a jittery image of market. but for victims of this disaster, what would comfort the more is pointing shelter and food to feed the hungry so far they say they haven't gotten enough degrees al jazeera, yet gore. well to giant panders, are making their way to cattle on wednesday. they're on route from china to durham, said to arrive here in the coming hours. they are the result of a 2020 cooperation agreement between the 2 countries aimed at promoting conservation. the panders, named sir hale and sariah will be the 1st of their kind sent by china to live in
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the middle east. ah. hello there. this is al jazeera and these are the headlines. russian missile strikes across ukraine have left hundreds of thousands of civilians without power water ukraine's president brought him. lensky says one 3rd of the country's power facilities have been destroyed. an investigation and the damage nod stream gas pipelines and the baltic sea shows that leaks discovered last month were caused by blasts. dana's please say powerful explosions blew for holes in the pipe and its new are twin. the north stream to gas deliveries have been suspended since september japanese cybersecurity chief has been sacked over alleged ties to russia . an interior ministry spokesman says honest random has been relieved of his duties
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with immediate effect. his dismissal follows an investigation by a popular television show in early october. us president sir biden has promised to push the next congress to codify abortion lines nationally following next month, mid term election. but that will likely only be possible if his democratic party controls enough feats in congress. people in france have held protests over the rising cost of living. tens of thousands took to the streets of paris, answering a call to action from trade unions. the strike that we have organized today depends on relies on 2 factors. the 1st one is that we are all struggling with the rising cost of living and the wages that are not following up and keeping people completion. despite the fact that profit a huge profits are being made at the back of our work, and we are just claiming our fair share of their wealth. frenchman's manufacturing foss has been ordered to pay almost $800000000.00 after it admitted to giving money
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to armed groups and syria. us prosecutors say the company paid iso in order to keep a factory running in northern syria during the war. people have held rallies in chiles, capital santiago, to mock the 3rd anniversary of mass protest against inequality and 21900000000 people to the streets, to demand better health services, education and social welfare. well, those are the headlines. i'll have more news for you here. of the inside story, stay with us. ah, what role does africa play in a global economy?
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african countries say their margin lives and complain and global financial policies hampered their access to capital markets. so what should be done to integrate the continent into the world economy? this is in find storm. ah hello and welcome to the program. i'm emily angland. africa's influence on issues of global importance remains far too narrow and marginalized. african ladies made those comments earlier this week in washington, dc as the international monetary fund and the world bank held annual meetings. the i m. f. latest economic outlook for africa shows the region faces uncertainty. as countries attempts to bounce back from the pandemic have been hampered by the war
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and ukraine. regional leaders appealed for the continent not to be forgotten. they say, assistance would have more impact if contributors listen to those. they're helping you better understand the conditions on the ground. the governor of kenya's at central bank says emerging markets have become collateral damage, saying innocent bystanders are being punished. he says, a failure to address spillover effects will have costly spill bank consequences for the world. for now, african nations space having to borrow more to keep their people from going hungry . south africa, the finance minister says the continents late is have little fangs in the developed world after its mist its target to channel $100000000000.00 per year by 2020, to help developing nations cope with climate change. he also went on saying we were proponents of the debt relief, but the design now we're not happy with. so let's take
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a closer look at the challenges the continent is facing growth this year is expected to slow sharply by more than one percentage point to about 3.6 percent. that means it's too slow to make up for the ground. lost to the panoramic. rising food and energy prices are impacting the regions most vulnerable people and public debt and inflation. levels not saying in decades, inflation is expected to remain high this year. and the next at 12.2 percent and 9.6 percent. ah. okay, let's bringing i guess from the cow. we have sam been a distinguished non resident fellow at the center for global development jan for my executive director at the international monetary fund from robots. we have abdel malik l. we. he is an economist and ceo and founder of gay power group. gentleman, thanks so much for bringing on the program. the, the, i'll start with you,
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can we talk about an african economy so broadly, when it contains 54 countries, which is so diverse. if there was an 8064 definitive challenge or what, what did you have a high energy? just talking about vision of activity. oh hi. yeah. security you need to get into the policy
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at del malik. what are some of the ramifications for africa if global financial policies and reform to better serve the continent? actually, you know, africa you mentioned is very diverse. we africans only become africans after the quarter finals of the, of the world cup really. but before that, we are moroccans on jerry and from seneca. and we have different issues that are at stake. but the issue of financing, the department of africa is at the center of the global conversation. because it is in africa that you will find the raw materials for the ecological transition. everything that you have inside your phone is located in africa. if you want extractive industries for the future, they are in africa. but our continent is underfunded. it has been underfunded for the last 25 years. and if we look at the words of economist benjamin graham, he says the market in the short term is a voting machine. but in the long term,
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it's a way mission. africa has proved that it can fast and it's development that it can go much faster. but still, we're having a bad reputation when it comes to financing our development, even though we are minor league players when it comes to corruption. and to so many hindrance that are against us. yeah, one of those issues is the levels of public debt, particularly across eastern in southern africa, is low income countries that have doubled over the last decade is the management of debt. a key role here, and i'll address that question to you, ada, to any. and that's actually going to be quite a bit like
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a response to the baseline. also respond to the position where menu out. you know what what do you mean? i guess why? why haven't we may have to be local but also makes sense what after the sharing
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community what does not need to be able to go that way we can access i think. ready our very much they need to be able to read and i think you have a comment that you have
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not been able to. so let's look at some of african larger economies. now the likes of nigeria, south africa, and morocco, abdul malik your in are about in morocco. what role does that country play in the economic situation across the continent? in a nutshell, morocco has been pursuing a very strong african agenda under the leadership of his majesty the king, 100. because after the financial crisis of 2008, our traditional partners, which, where europe had a very, very low growth rate. today i can tell you that morocco is the 2nd largest invest in africa and the 1st investor in west africa. but this is very important because we witness that the conversation is changing completely. if you just look at last
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week, which country received the warning from the i m f, it was the u. k, it was nothing african countries. so there is a momentum for large economies and, and the african countries that wants to act as catholic and hub for exchanges between europe, the us and, and asia to be in a place where they can broker the global economy conversation and be able to, to be a candidate for the development of africa. this is the ambition of morocco in rural . we have a king with the vision and we are a kingdom with the plan and in our plan, africa is on top of the priority. that's bringing now, i guess now from washington, they say we have a 10 shower as senior director at i s g 's africa practice where he advises clients on trade investment and governance on the continent via thanks so much for being on the program. i wanted to ask you about the informal economy in africa, and if you can firstly, explain to our audience what the informal economy is and how that makes up nearly
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83 percent of employment in africa. and what impact that informal economy has on policy making. you refreshing are very important for, for economy and the development of the continent. i mean many times economies when it's talk about africa is going to move forward. it talk about boosting production . ready manufacturing infrastructure, larger products, which is right, but a former economy is really the number one employ on the continent is the way african citizens themselves are able to meet the needs. i mean, we're talking about from the mom and pops up in the market all the way to maybe smaller to produce that on the verge of breaking into the middle middle class of the continents. so the emergence and the importance of the economy is not lost on a lot of african policy makers, but to be quite honest, sometimes what makes it
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a little splash not only to voters veterinary international community, our bigger projects on a, on a larger scale. so while it absolutely important because makers to look at the economy and ways to boost its efficacy, it's not always the number one priority to african policy makers. and it absolutely should. i noticed you and nodding nan, did you want to contribute? yeah, it was actually last week and i know something about shot maybe something and kicking people. so
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that's why i thought that where we are making it want to give me a refund to the depending on how my how it is and how and why we go. ready not question about what is,
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what is what i'm getting in and out of it. and i didn't know whether you're not committed to what i before anyone any will be able to. ready
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yes, and just to reiterate what i just said, of the i'm at $650000000000.00 global allocation in special drawing rights are $33000000000.00, which is just 5 percent was allocated to africa. abdul malik, if i can address this question to you and a slightly of a different topic, china has become a key political and economic power in the, in the continent where does by gene come in all of this? well, i was wondering when you are going to pronounce the name china because our traditional partner in the us and europe are always talking about china involvement in africa. but we have to say that mean africa, i pragmatic. because when it comes to africa development, the world has wonder that fainter is not an option because it will be a global fader. every year,
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14000000 young africans entered the job market. and the 7000000 of those 14000000 entered the formal sector. and china has been a driving force in so many sectors in africa, and they're having a partnership. this is very different from the partnership that african with europeans are with america, which is a partnership. no questions about internal politics. they're not meddling with political issues with african countries, court china and import the partner a partner with the long term agenda. and the chinese are investing heavily in agriculture, in tech, and it's normal that there is this competition. but i have to say we as african, we want to work with every country, every superpower, that is sharing our mission to develop the content. pierre, i noticed you are noting profusely there. what did you want to add to the conversation? no, i agree with my team. there's been
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a lot of competition around chinese investment and china ro afraid so the director general dr. go the contrary. well, question. well actually i forgot to a young beautiful, right. and it's okay to have many different sooner than it's actually going to the chinese, the most so full agreement and the fact that the continent needs to deal with whatever you as a partner, whether or not china has a vision of the continent. i think that's another part of the debate, but today's certainly not preclude african countries from diversifying their partnership pulled was longer those partnerships are beneficial to the african people. i think it's just interesting. we're talking about china as well that kind of the debt relief from that solution. part of the question, because yes, you have heard the role of china and how much debt the old one thing we're
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forgetting is private lender, including bottle there. that was readers really whole 35 percent western private lender hold 35 percent of african external depth and only 13 percent or 12 percent of the chinese. and i was interested on their payment or to china last year with to 70 percent. whereas for. ready chinese profit debt holder was 5 percent. so you do need to have a shit in only focusing on the chinese blending, especially are going to talk about their belief, but also talk about the private records can play a bigger role. there really won't be debt relief. and solution to that that the african countries are making right now. if the whole landscape was universe of debt lenders is not involved, not just the germans. let's move away then from china and look at the continent as a whole and the african continental free trade area, pierre, or direct his question to you. what is it, explain that to our audience,
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and why is it so beneficial for the continent that it works? i for trick residential area i think is one of the biggest fiscal and our trade development that we've seen in this side of the century. 2 quadrants because it creates the largest free trade area on the world at the moment . our only competing is a w, g o with the whole world, and essentially is an attempt by african states to harmonize regulatory framework so harmonize. laws don't allow, ensure africa treated recall in facilitate the movement of good and people through the orders of different african states, as you will know, country to what some people still believe in the western part of. well, africa is not a country and is made up of many different countries in many different profiles and
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economic opportunities as well. so the idea is been in their own segmented and fragmented a way that they are set up right now in countries, they won't be able to compete on the global stage compared to some of the other trade blocks likelihood for example. so the idea is to harmonize and make the african continent one be trade block that was not only given the muscle on the bill states, but most importantly, and this is really their number one driver is ca, it's for dr. local development. dr. local to printer should local construction, local manufacturing, the local production, all of the things that we've seen of me, other parts of the world, rural. you look at a chinese, a lot of countries and intellects, korea, or to look again at the european union. all of these blogs are being created and have to walk through the production of the local and consumption of the local goods
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. so that's what it is trying to do. harmonize lowly, at a regulatory level, but also at a different metro level, organized african goals. and it's actually boost their economic, economic profits of africans. speaking of resources with african countries have massive natural resources that they can tap into and i'm conscious that way we're running short of time. so i've done my life. i'll address this to you. how can be african hubs like morocco? help sure, up the leverage for the continent in the context when natural resources a badly needed, especially as a result of the ukraine war. i mean, that's a big issue. and in morocco, as you know, we're the world's largest producer phosphate. so we have a direct impact on the agriculture. a and the keys very simple, or we need to go up in the industrialization letter, and we need to fill in all those gaps and enable local manufacturing. and for this
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we need investment. that's the, that's the absolute center point of every development attempt in trying to create those hubs. the 2nd thing is that we, africans have to work better on the ease of doing business. we have to fight brain drain because there are key issues. and in that point, i mean, i would like to stress out something very important that we as africans and as moroccans were particularly shocked by the decorations of the head of the external relations of the uses at barella said 2 days ago that in europe they succeeded in creating the garden, and they are now surrounded by the jungle, and they're afraid that the jungle might take over the garden. but he forgot one thing, the elephant in the room is that europe and the us are taking our resources and the most important resource, which is our talents, their preventing illegal migrations, but they are easing the brain drain and parents to go. so in africa we need the
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global initiative to retain our parents. so we can have industries that are talent based, flourish and help us develop more industrial sectors and how those clusters with ecosystems in industry, in automotive, in cars, in all industries that are not affected by the 4th industrial revolution, which is destroying blue color and white color jobs, but we need to take this to another level. we need a new global conversation with europe, with the u. s. in order to address this talent question, i do that we only have one minute left. so late, the final response to you, we've been talking about the ramifications for africa. but one of the ramifications for other parts of the world if, when angel policies reformed to better serve african countries, you know what it's talking about. and now you're talking about what
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i think about the. ready people that have to be. ready ready before and everything would be required to be more than happy to follow up with their ending plenty of moving parts to this issue gentlemen,
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thank you so much for your time, your insights and your passion. thanks to i guess that that same been ad del malik l. we and p at 10. sure. thank you to for watching at home, you can see the program again. any time by visiting our website, al jazeera dot com, and for further discussion, go to our facebook page. that's facebook dot com, forward slash a j inside story. you can also join the conversation on twitter handle is i j inside story from may, emily anglin and the came by the ah
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