Represent over to family values with sample abortion, again, mary medicine and also when another message that weve been hearing everywhere weve seen it in that is that only we can say with the majority of brazilians, or need one for the test sunday. Ah, theyre watching al jazeera, these are the top stories Hurricane Ian has made landfall in florida, bringing wins, approaching 250 kilometers per hour, and storm surges reaching 5 and a half meters more than 2 and a half 1000000 people in the state have been given to mandatory Evacuation Order al jazeera is necessary, sandy is in tampa. He says that large areas of fort myers have been left without power. There was tremendous damage and officially now we know those at least 1000000 people in floria, south florida, exec, exactly without power. And according to the governor who spoke this morning, who was much more information detail above the strength of this storm, he said, governor de santis to day, this is a storm to remember. And indeed, were looking now at a disaster over loom, in the a Southern Side of florida. And it wont stop here because this rain, a company in this e, on a storm will sustain a winds of at least a 100 miles an hour constantly for at least 15 hours to the next thursday. And 2 people in cuba were killed as the hurricane hit. The island on tuesday, the storm also caused a nationwide blackout, plunging about 11000000 people into darkness. The country is slowly beginning to restore power. Russia says it has launched a terrorism investigation over damage to its nord stream Gas Pipelines in the baltic sea. Moscow is also called for a meeting of the un security council. The un nato say there was sabotaged irans president abraham racy, says the death of masa. Mimi has saddened every one, but warned chaos wont be accepted as violent. Protests spread 22 year old. I mean, he died on the 16th of september after being held by the so called morality police. Those here headlines stay with us on al jazeera, bosnia and herzegovina, is going to the polls amid the disputes over election reforms that would enable people to vote along ethnic lines at all levels of government. Right up to the presidency. As opposed to and serves challenge state institutions in their escalating bid for succession and croats. Warn of the consequences if the focus held on to the current law. What does the future hold for this fragile democracy . Bosnia elections on a jesse eda ah with hello. Im adrian said again, this is counting the cost on al jazeera. Youll wiki look at the world of business of economics this week, an economic meltdown of the fries on cash withdrawals, desperate lebanese depositors holding up their own banks to get access to their life savings. So whats 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 under pressure to help strained economies overhaul that credit buttons. So what can begging do . Plus strauss threatening zimbabwe crops and raising 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 lebanons economic crisis may be one of the 3 worst in modern times that its left 1810 people, paw. Many lebanese people cant afford basic necessities. Of those who have life savings in banks cant access them. Withdrawals have been limited since the financial meltdown began in 2019, now desperate deposited a robbing banks across cash strapped country to get hold of their own money. So how did lebanon get to this point . Well, successive liberties, governments which are accused of corruption 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. Levins Financial System is estimated to have lost more than 70000000000. 00. And bank say they dont have enough dollars to pay. Deposit is theyve imposed informal capital controls. And ive 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 car before basic services with long hours of electricity blackouts and medicine shortages. Where weve met one deposit to, to try to retrieve his cash by force. Heres what he had to say. And i say the spanish fan, my name is the some shake. Hussein and i have 210000. 00 in my account. Its 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 didnt get any money on that. Ill 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 deposits. I poured fuel every time and the la 30 found bought it at the level there. I told the employees not to get involved and no one would get hers lavender methodical. 3 negotiators representing the governments arrived and called in thought. Initially they wanted to give me 10000. 00 in dallas. Later, they offered 16000. 00 again, i refused up, let the shrewd 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 salon. 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. 00 payment to have. My life has been destroyed since the local currency devalued. And i lost my job, then i wont rest until i get my money back. Was hired. 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 rejoined 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 indefinitely following this series of hold up. Some, it does closing banks make the situation better. A was a situation, but let me just stop on to well hold off. These are not hold ups or bank robberies. As the Banking Association is saying, in fact, aurora is when you actually have someone or an act, or someone is going into a bank to see other peoples money. What were actually seeing in lebanon right now is that people are going into the bank to take their own money, but by force, and theres a huge difference. But because a lot of people, 11, she liked that the Banking Sector as actually robbed 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 has court caused 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 were talking about the end of the civil war where they ran major structural deficit in the economy. And particularly im talking about the public deficit. Public budget deficit and the trade deficit, which means theyve allowed the policy whereby theyre 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 a consecutive lebanese government 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 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 read 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, what the talk to the financial and social apps if youre talking about. So theres 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 fascinated 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 heres the 1000000. 00 question. How does lebanon get out of this financial mess . So, the prescription to get out of the message is very clear here. The 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 theyre very straightforward. You need to have a couple of control to stop in the money leaving the country. You need to back to structuring law. You need to go on to the central bank. And so forth, the prescriptions of what to do or search forward. But heres the issue. The government has to choose to conduct any of these, implement any of these are the forms in 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 hasnt done anything to protect the people. So they dont want to do the c forms. In fact, the protected the banks, you know, and the protected their own interest, and then a few things to do any of these. There have been 6 or 7 draft of the company for law and parliament. And yet we havent been able to implement any of these. So this is a situation whereby 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 to clinicians for any future law and, and you know, just that it was in fact a and i am at that edition here criticizing the 11 is government for not doing this job, but some of them. But 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 in ports, you know, from this central bank reserves. So clearly that time is thinking, theres no more time to take the kind of way as that have a nice publishers. The policy should have been doing that for the last 20 years, their time is up and the b solution needs to be implemented. Now the question is whether they have the way to actually undertake the forms which they have fear to do for the last 20 years. Or they will actually pretend theyre doing that a forms. And i knew them in such a way that they actually black me and then Donors Community to actually give money to lebanon. So people dont go hungry at all. So the situation again, the technical situation, technical solution to the problem inspector, the prescription order, ready . Clear. But they refuse to hold them because its highly electric and or these political lead and their own financial, any kind of interesting. So they gonna have to choose either begin to bring the whole country done, which already done sole and even more so, or they take this possibility and put on tracks. They have fit to do that. And im expecting the kids are going to get worse and lebanon, you know, until, and were 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 worlds 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 , shes in pings belt and rhode initiative. Now, many of beijings borrowers are not able to beat their financial obligations. The International Monetary fund says that china and other big creditors have a responsibility to prevent debt problems exploding the i m. F. Estimates that 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 its 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 beijings overseas lending is now to low Income Countries, which are in debt distress or at high risk of it. Its loans to lower 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, so lanka and argentina, a 3 of the largest recipients of chinese rescue lending. Most stations share information about by lending activities through membership, whats known as the paris club. But china isnt part of that group and doesnt publish records of its 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. What shell 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 its built on Road Initiative in 2013. Of course china as a Financial System differ slightly to that offered by other lenders such as the m f for other members. Of the always the lead paris club in that it doesnt come with added conditionality. By conditionality we mean, you know, political reforms sterility and other conditions that are not always very popular amongst some emerging countries. So china is able to navigate the political risks because it doesnt have to abide by the norms for ending. So its 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 dollars. 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 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 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 the pie tooth. 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 she cant afford to pay back that, 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 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 tea. So there, you know, they have more, more risk and we are seeing that risk 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 do they work in time them in partnership . I think they work in tandem. China is becoming a bigger creditor. So in a sense, emerging markets, especially those that have not been able to act the financing from the i, m f 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 increasingly turning 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 both them project, both enrolled in Infrastructure Investments 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 its 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 . Its 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 experience the decline in g d, p, and, and revenues following from the pandemic going forward. The stress is slightly different because were 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 a st. Im kind of course, with the domestic economy also entering a phase of a slower activity. The appetite or the domestic sentiment towards offering some of these riskier loans for emerging markets is lower than it has been before. So our expectation is that we will continue to the celebration in both turn road project over the coming years. And hopefully, once all of the uncertainty surrounding, you know, rising risks of recession in the us and everything thats happening with our strategies over we might see a pick up in activity once again, call us its been really good to talk to you on counting the Cost Effective date being with us now Sustainable Finance, its 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 hsbc, center of Sustainable Finance at head of climate change, minute if she still abstract, right . I mean is its 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. Its about access to employment and jobs a how peoples jobs going to be impacted by this climate gender. Its about sort of the access to money for change. How he doesnt 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. At hydrogen to make the energy transition. This region is abundant in energy and its 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 and 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 d. Carbonized ation that are work in progress. Now theyre in train, whether its green hydrogen, whether its Carbon Capture and storage. How that is shifting the way the energy flows worked to day. Last years Climate Summit saw banks, insurers and investors with 130. 00 trillion dollars and assets pledging to help with the world of fossil fuels. Weve 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 were also doing is working with external coalitions to build the framework for what transition looks like across different sectors and industries. And were doing that in conjunction with an initiative that came out of the glasgow climate talks the glasgow financial linesman at 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 havent been commercialized and pause. Now sir bob way is facing growing Food Shortages and farmers are resorting to all farming techniques to cope with extreme weather conditions. Cray pot irrigation can save large amounts of water without depriving crops of zeros. Hulma tasa reports now from the town of chicago to theresa lemmings garden is thriving, and this led sank up to sneak 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 dont 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. Its 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. Its used in other parts of the world. And now its gaining traction in zimbabwe. The clear. But if the some small tell you in, in your visible, im a pause of that i used to fall. Oh, does it be the water that is inside the cliff deceives around the vivid clothes the did it yourself for to send to meet us . Saw the did the plans of own good yes or for to since it was just gets off, the water is rising. Sweet prices high. A fuel costs and inflation at 285 percent in august means many families are battling. The mob is government plans to distribute food aid to more than 2000000 vulnerable families from october. That number is expected to go up next year. Its not as rural households. People in urban areas are also going hungry. And a privileged communities often run out of food in october, the drys period before the rainy season. The un also plans to assist had been hunger if something got tra, well started to see more, ah, during the course 19 pandemic. So its 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 started to since some pockets in cities and towns where lisa 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 sell harder, mata al jazeera chiquita, zimbabwe. And thats all show for this week. If youd like to comment on anything that youve seen, you can treat me. Im at a finnegan on twitter. If you can please use the hash tag a j, c t c, or you can drop us a line, counted 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. Now youll find individual reports links, even a tie episodes v to catch up for that is it for this edition of counting the cost on adrian federal for the whole team here in doha, thanks for being with us. The news on al jazeera is next ah ah, and a in 1996, a group of young people need to know when described that immigration experiences. I dont know what i do. They sent me back to synagogue 25 years on algebra world asks how norwegian they now feel, mom, while you have to accept that you might never be seen as norwegian. Well, i felt like i didnt belong. I knew who they now. No ways flooring is the tone. Oh now g 0 ah