agencies have assisted in building climate resilient classrooms. most schools don't have them. others have had to make do with temporary shelters in some busy province, more than 1000 and classrooms have had their teaching disrupted. also, large swathes of farms were washed away, which the united nation says is likely to lead to food shortages. the children will really vulnerable to malnourishment and diseases like cholera and malaria. well, i think for a country like mozambique, which is year after year by these tropical storms, tropical fight lands and country where many lots of the infrastructure is, is not particularly strong. like i said, it really shows the importance of investing it in climate resilient infrastructure, which will stand up. ah, it costs a little bit more in the short term. but in the long time, the value of that investment pays off. for now, the u. n. says it needs $809000000.00 to respond to the immediate education and health needs of children affected by the most recent flooding. in the long term, they're worried that worsening weather conditions will impact years worth of

education. for millions of children from me to mala al jazeera one wasn't beek. and those said, that's a new story out, a little bit more news feed on all 0. after counting the cost, which is coming up next it's the only month of ramadan. near on the, on the look cheney mission, to do that from new zealand to iceland, weeks. flo, how muslim minority hope with the shortest and longest fasting hours on the planet was actually quite difficult. i did, chief, i reviewed some water some days and i will have to add those base to fast after, rather than ramadan north and south on al jazeera. ah,

hello, i'm adrian said again, and this is counting the cost on al jazeera, your weekly look at the world of business and economics this week. well, lead us a pushing for fundamental reform of the world bank. ha, banga is poised to be the institutions new president in the coming weeks of will bypass pick, fix it also this week from a global shortage. so glut samsung is cutting production of semiconductors. of the profits plunged by 96 percent plus by cheerios. cash crunch is slowly easing the government's attempt to promote a cashless society as her businesses and the economy. ah, the navy ac, as the world bank says that its main goals have been to fight poverty and promote global prosperity. but now, a growing number of world leaders are pushing for what they call

a 21st century overhaul of the institution. to address global warming, that's being led by the leader of one of the world's smallest nations, the prime minister of barbados, be a motley. the job of leading that reform is now almost sucking to full to ha banga . he's the 1st indian bull nominee to the ro of world bank president. banga is currently serving his vice chairman of the private equity firm, general atlantic, where he sits on the advisory board of its 3 and a half $1000000000.00 climate fund. he has more than 30 years of business experience having served in various roles at mastercard and the boards that the american red cross among others. banker has also worked with the white house as co chair of the partnership for central america and initiative aimed at increasing private sector investment in the region to try to stem the flow of migrants. so the u. s. he was nominated by president joe biden and separate. there were no other publicly declared candidates when nominations closed in late march,

while the vice president is traditionally at american nominated by the united states, the organizations largest chair, hold up. if officially approved by the world bank sports directors, banker will replace david malpass who's stepping down nearly a year before his 5 year term was due to expire. now pass was publicly rebuked by the white house after he said, he didn't know if fossil fuels would driving climate change remarks for which he later apologized. we're revamping the institution, was top of the agenda of the world bank and international monetary fund, the spring meetings this week. the bank has set out its own vision for transformation and to increase its lending capacity in response to cause for action from the united states and other nations. barbarian prime minister mia motley, proposed a large scale reform of the global financial architecture known as the bridge town initiative. last here, joining us not from washington dc, a scott morris. he is the director of us developing policy initiative and senior

fellow at the center of global development. i scott, good to have you with us. what do you make of the the proposed reforms sofa and an are they really necessary? so i think the reform that the world bank are certainly necessary and driving this is a desire to full desire really to me, what are really pressing development needs across the developing world. alongside drafting the climate finance agenda. the world bank is, is seen as the leading institution to provide all of this sort of financing. and yet in terms of its current capacity, it's really not up to the task. so i think the desire for the reform is there and the case for for end is there at the moment. of course, at the center of these reforms will be a j banga. is he the right man for the job? i think he's certainly an interesting pick and i think what it demonstrates this is the u. s. nominee or the world bank presidency. there are no other challenges. so

we fully expect that he will be the next president. and i think what he demonstrates is the desire of the us and presumably other shareholders to have someone who can steer a large organization, 15000 employees, and really deliver those financing. so, you know, he is not a climate advocate per se. he doesn't come from the n g o community, he's a business man. he has experience running a large company and a, and he has experience with the numbers. and i think that's really where the focus is right now. how do we deliver much bigger financing numbers to me? climate needs to main pressing development needs for these countries. can bank a do that within existing resources, especially as, as the us at the moment is resisting any capital increase to add to the banks coffers? well, i think the challenge as we speak this week and the governors of the bank of mad as

you say, they really are only considering measures that would attempt to stretch existing capital. and i think this is inevitably going to be a disappointment. so far you can go and impact what they haven't offered so far in their discussions are very modest increases and certainly not up to the level of ambition of their own rhetoric. so i think almost inevitably they will be considering new capital down the road. i think. ready be better if they are already having that kind of discussion today but, but it hasn't been the case so far and i think that's a disappointment. many poor nations are concerned that if the bank changes its focus towards climate change and away from its empty policy mission, they may suffer or they right to be concerned. but i think, you know, i think there are 2 aspects to their concerns. one is,

is money going to be taken away from them for a different group of countries where the climate needs are more pressing. so the poor countries, they're not the source of big emissions. those tend to be the wealthier developing countries. so those poor countries do have concerns about how big the pi is going to be. and you know, this comes back to the over of overall financing issue. if it's a bigger pot of money that can allay their concerns, the other concern i think they have is in their own program and with the world bank, they don't want to be overly constrained about how they use the money. and by the way, for the most part, they are borrowing this money. it is on favorable terms, but they do have to pay it back. so they rightly have strong views about how, how they are, how they are using it, and how constrained they might be. and using it so if they, if their priority is education or health, they don't necessarily want to be steered away from those programs in favor of

clean energy. for example, bank in, in loading to these countries is stretching its, its own resources, loosening those restrictions to provide more money to low income countries to, to, to fight climate change could be problematic. could lead, i mean, can it do so without affecting its top tier credit ratings? i think there being, if anything, they're being really cautious and sensitive to the credit rating. i think there is, by now there's, there's a pretty clear consensus among the banks. owner is the, the shareholder countries that they do want to protect that credit ranges, the sterling triple a credit rating. and as a result, i think these measures that seek to stretch the balance sheet are very models and there's obviously a trade off there. i think they've already made their decision about which way they want to lean, which does take us back to the importance of fresh capital that there's only so far

there. they are willing to go to test the risk tolerance of their shareholders and anything close to jeopardize their aaa is clearly off the table. at this point. this reform was proposed by or expired by the prime minister of bob bate osby motley. she wants the world bank to pursue an expansionist reform agenda . did you think her plans will be fully adopted? i think the desires to match the ambition of her plans. i think in the details we don't, we won't necessarily see all that she has been talking about, which by the way extend beyond the world bank, it includes the amount of so i think there are different elements of her plans. but in terms of where we are today, i have to say frankly, i don't think the world bank is there yet in delivering that level of ambition.

good talk. she's got manufactured due to being with us like lesser. ah, an increase in demand electronics during corona virus lockdown triggered a shortage of semiconductors, which are important element of tablets, smart phones and of course, cars, but sales have dropped since restrictions were lifted. many manufacturers are now struggling with a surplus in supply and dropping a demand. the world's biggest chip make a samsung as joint its competitors. in cutting production, the company has flagged a 96 percent reduction in costly operating profit, the lowest in 14 years. the chip biggest decision is a rare move after resisting pressure to reduce production. just last month. samsung announced that it plans to invest billions of dollars over 20 years to develop a mega semi conductor hub in south korea. joining us from seattle city in washington state is alex care, pre research fellow at behind. rick foundation,

the lecturer at the end. u. s. business. cool. good to have you with us, alex. what do you make of samsung's announcement? how significant is it? well, it's very important because it reflects much broader trends and you mentioned them a, in your introduction and, and that is that a cove id a really produced a surgeon demand because of the demand for extra laptops and, and cell phones and wireless technology and so forth. and as we come out of the, the, the coven stretch in the global economy, we are seeing that, that demand has gone down. there's, there's been on the flip side, a glut of chips. and, and you know, we have other companies cutting production. um, so yeah, at some point we're going to see the, the price of ships stabilize as production is cut in. as you know, prices are normalized. i think that'll probably happen in the next. ah,

maybe 8 months or so. ah, we'll, we'll see how, but there are other factors contributing to this as well. you have the ukraine war ah, which has injected uncertainty. and of course with sanctions, i'm applying to a dual use goods which of which, you know, we know semiconductors are part of that, that, that zone of goods in the economy if you will. and then of course, there's inflation. ah, you know, as consumers look to and to figure out how to, how to cope with rising cost in food in energy, they're spending less on consumer electronics. ah, so, so, so again, i think this is, this is part of a perfect storm in the global economy. ah, that, you know, barring any kind of catastrophic events in the next 812 months, i think wal, will probably pan out. he said that the prices will eventually stabilize. is that gonna be enough to, to, to clear the, the glut of how long before that happens?

yeah, so, so the, you know, the glut when we look at the, the, um, the range, if you will, of chips that are out in the market now. ah, and we, in a week we put them in different categories or buckets. um, you know, many of them are as i said, tied to consumer electronics. but i think as an, as electric vehicles are begin to come on line. as you see, you know, green infrastructure projects in the united states, in the u at, you know, as we see those beginning to, to get more traction. there will be more demand for certain sectors of legacy chips . ah, that will, you know, number one, they'll get soaked up, they'll, they'll get, they'll get used up whatever's on supply. but then there will be this evolution in

the market place ah, with chips that will apply to these very specific in mysteries. i mentioned electric vehicles. there's medical technologies, there's other types of clean tech. ah, and i think as, as we move forward again barring any kind of catastrophic events in the global economy. these knishes within these new industries are going to begin to, to demand a steady supply of these chips. and right now there's no equal librium in the markets. you know, there's a lot of uncertainty and, you know, we've had, we've got this glut, but eventually that's gonna work itself out. what, what are the implications of all of this for the, the us semiconductor manufacturing industry in particular, after joe biden announced that the chips act, which was meant to boost production in the us. so, so the chips act is a mid to a long term sort of glide pattern if you will. um,

we can expect a lot of government stimulus. so regardless of what the market's doing, because there are geopolitical incentives behind ships. ah, there are a climate change incentives, there are reasons to regionalize and localize, not just chips in the us, but you know, chips in europe, ships in korea and so on. ah, it is, there are reasons to continue to localize regionalize and so the markets are not going to operate purely on, you know, market dynamics. there's going to be a lot of industrial policy. there's going to be a lot of keynesian economic stimuli, if you will. and so we can expect that to play a role in the united states, you know, in the chip market. the other thing that is going to play out in the chip market everywhere. and that's going to, will ultimately affect productivity. is a,

a dearth if you will, there of, of talent right there. just simply arts enough engineers, ah, or anywhere in the world to, of you know, to, to meet the, the demand of 2030, where we're going to see the chip industry. you know, being worth a trillion dollars on it and there's just so much demand everywhere. so that's going to be a major factor that's going to play into the markets. and so we're going to have to consider all of that. thanks foot alex rigor to talk to you on counting the cost buddy. thanks dave, to for being with us. occasionally, my pleasure. a redesign of nigerian currency as well as a recall of old bank notes as triggered a cash shortage in africa's largest economy. the situation is slowly improving now that the central bank has extended the deadline to stop using the old notes until the end of the year. but for many in rural areas where digital payment services

just aren't reliable and fewer than half the people there have a bank account, the changes are still causing chaos. victoria gate can be report. he ma blame for government for the near collapse of his business, with not enough new bank notes in circulation, he struggling to find buyers for his goods. but don't hit a yard yog idea of armada that ye, robert. it's difficult to feed my family as we speak. i only have $0.50 in the shop . i don't even have enough to give the shop assistant money to catch a bus home. in october last year, nigeria central bank announced the redesign of the highest denominations of its currency. the niagara introducing more security features the bank than to more than 3 quarters of the bank notes out of circulation to discourage their youth. 06 months on and some nigerians is still killing at banks for the new notes to ensure they don't lose their savings. but there has been some relief since the supreme court ordered the central bank to put the old notes back into circulation until the

end of the year. the supreme court order, i think it's going to bring is bringing relief manager as we can see now that and as being, you know, by easy access ash in different parts of the country. even though i'm in some places there still a bit over to you, but i think over time, you know, in the next couple of months we should see it is where things will improve. an estimated 100000000 nigerians lack access to banking services, which is worsening. the problem, most of them live in rural areas. they stand to lou samo, all of their savings when the deadline expires. and economists say if that happens, that lead to more hardship in a country where 60 percent of the population lives in poverty. once economies experience in this, it simply means that the economy collapse at any time unless

before you ginger people to production and give the to tick tock because that trust on government and its policies is no longer there. despite the central banks extension, the cash crunch continues and it's causing economic pain to millions of nigerians and small businesses. victoria gates and b for counting the cost. joining us out from london, rosier khan, who is the managing director and chief economist of africa and middle east global research at stand a chart of bank could tell you with a cert, rosie, what is the situation in by jerome right now has, has this cash crisis eased at all. well, what we've seen since the supreme court ruling that the old notes will continue to be legal tender until the end of the year. has been a slight easing of the pressures that had been experienced earlier on. but we shouldn't imagine the things that necessarily come back to know the cbs, the central bank of nigeria had hoped that this would kick stops. the whole process

is much deeper. financial inclusion, the adoption of digital channels for money transfer. and in the process of a rather ambitious timetable being outlined, many more of the old notes have been destroyed, the new notes printed. so in that sense, although there has been some eating of the precious, it's by no means back to the situation. behold an ira notes exchange. why were the new notes introduced in the 1st place and i thought my jury was trying to prepare for cashless society. well, nigeria has long had ambitions to try to reduce the reliance on cash. it is very expensive in it as to the informality of economic activity, which in itself gives rise to a host of different economic issues. nigeria has one of the lowest rates of revenue

mobilization, but it's the amount that it's able to collect in taxes as a percentage of its g d, p. as a proportion of all of the economic activity that takes place. and a lot of that stems from me economic informality of the country. but it's very difficult to formalize the informal economy, especially with this alliance and cash. so in a sense that moves towards a more cashless society. it has been tried, attempted in the past. the home was that this would help a great deal with the formalization of the economy. there are also concerns, of course, around the legality of a lot of the transactions that take place in a largely cash based economy. whether this has to do with transactions over the parallel foreign exchange market to nigeria rather than through official channels. whether it could be directly linked to the incidence of crime and the incidence of

kidnapping in the country. there are many good reasons over the long term. for nigeria to move away from its significant reliance and cash in favor of the channels. however, the issue this time around was probably the scale of the ambition, the very, very short timeline provided for these changes to take place for the new narrative exchange to happen. all of us must have tinted people's confidence in the countries, frankly, financial system or the color trust be restored. what would it take? well, it came, it is very difficult time for nigeria because it compounded a number of economic difficulties that people already had to contend with. this was a time with very little availability of fuel fuel which is widely subsidized. nigeria was not necessarily. ready available at the subsidized price, people having to face high rates of inflation above the 20 percent driven by food

inflation and then compounded by additional fuel inflation. because fuel was not available at the subsidized price. when you lay on that significant economic hardship, the extent of the cash crunch that people experience, simply because they would not able to obtain the new notes in time to replace the old nose, the pace of which the old nodes will being withdrawn from the economy. far exceeded the availability of the new notes. so timing had a lot to do with it. this was not ideal given that there were other challenges being faced in the economy. but also again, the very short time frame provided to try to oversee this rather ambitious exercise in an economy you perhaps close to 200000000 people will soon find out with the next senses. but of course, the reach of the banking system, the ability of ordinary people to approach facts,

to be able to obtain the noon ira notes, which have been in short supply. anyway. the miscalculation perhaps was the amount that would be needed to be able to ease transaction activity in an economy like nigeria. still, despite all acids, largely dependent on cash. and what is all of the same for the president elect and his plans to revamp nigerian economy? there isn't a citation but come june 2023. we're not too far away. the fuel subsidy, if you will, have to be addressed. whether it's done all in one go, or whether it's done through a gradual removal of the subsidy, we'll have to wait to see that, of course, looking at the economic backdrop, looking at the kind of challenges that people have faced in the run up to that subsidy removal is going to be a very important part of this. if it comes in the context of an already inflationary environments, where a lot of pricing impulse is,

goods tend to reflect what's happening on the parallel effects markets. nigeria, if it happens against the backdrop of the persistence effects of the cash, should change that is interfered with the ease of transactions in nigeria. that's not ideal. but no one doubts that the fuel subsidy removal is reformed. that nigeria needs the new administration, the incoming administration has pledged that it will adhere to its removal and i hold the expectation mother be that that you subsidy will go ross here. really good total counting the cost money. thanks again for being with us. thank you. and that's our show for this way. get in touch with us. if you'd like to comment on anything that you've seen, you can treat me. i'm at a finnegan. please use the hash tag a see to see when you to where you can drop us alive. counter the constant al jazeera dot net is on e mail address. as always,

there's plenty more for you online at al jazeera dot com slash ctc. that takes you straight to our page, though you'll find individual reports links, and had taught episodes fee to catch on. but that is it for this edition of counting the cost on adrian finnegan for the whole team. thanks very willis. the news on al jazeera is next ah ah wrong with inspiring stories from around the world. ah. ready human life capture in these fast one

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