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UN chief urges debt relief extension for middle-income countries

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UN Secretary-General, António Guterres,
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UN Secretary-General, António Guterres, says innovative measures to address debt are required to help the world’s more than 100 middle-income countries expand their economies and exit the COVID-19 pandemic.

Guterres told the General Assembly on Thursday at UN headquarters in New York while addressing a high-level meeting on these countries.

According to him, middle-income countries account for more than half of the UN’s 193 Member States, underlining the need for financing to help them recover in the wake of the global crisis.

He said middle-income countries should have their debts suspended till 2022 to cope with the social and economic impact of the coronavirus.

Many were already dealing with mounting debt before the pandemic, which has only further aggravated the situation.

“In small island states, for example, the collapse of tourism has greatly hindered their capacity to repay debts.

“And while the global response to the debt crisis is rightly attempting to support low-income countries, middle-income countries must not be left behind,” he said.

According to him, diversity defines the world’s middle-income countries, which were already home to some 62 per cent of the world’s poor prior to the pandemic.

“The list includes India, which has a population of more than one billion, and Palau, an archipelago in the Pacific island with less than 20,000 people.

“Besides population size, these countries also vary in economic activity, geography and income levels per capita, which ranges from 1,000 dollars to 12,000 dollars annually, meaning they often exceed per capita income thresholds for debt relief,” he said.

Guterres emphasised the need for better mechanisms and international cooperation to address what he characterised as their mounting and unsustainable debt levels.

“Even if these countries manage to avoid default, they will see long-lasting limitations on critical government spending on a variety of development and climate objectives in the years to come,” he warned.

He underlined the need for “a new debt mechanism” that would include debt swaps, buy-backs and cancellations.

“This is the moment to tackle long-standing weaknesses in the international debt architecture, from lack of agreed principles, to restructurings that provide too little relief, too late.

“Innovative instruments to allow debt restructuring and meaningful debt reduction can help middle-income countries expand their fiscal space to boost investment and steer a resilient and sustainable recovery from the crisis,” said Guterres.

In March, the secretary-general convened a meeting of world leaders to bolster support for action to stave off the debt crisis in developing countries.

The UN chief was encouraged to see growing recognition around the need for new Special Drawing Rights (SDRs), a type of foreign reserve asset developed by the International Monetary Fund (IMF).

However, he said unused SDRs must be re-allocated to support vulnerable nations, including middle-income countries.

Last year, the G20 leading economies announced a debt service suspension initiative, which allowed the world’s poorest countries to temporarily halt bilateral credit payments.

The secretary-general said the measure should be extended to 2022 and “made available to highly indebted, vulnerable middle-income countries that request it.” (NAN)

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International

Trump Says Middle East War Could End ‘Very Soon’ as Markets Rally

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Donald Trump
US President, Donald Trump
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United States President Donald Trump has said the ongoing Middle East conflict could end within weeks, expressing confidence that the war may be concluded “very soon.”

Speaking at the White House, Trump told reporters that U.S. forces could withdraw from Iran within “two weeks, maybe three,” adding, “we’re finishing the job.” He also indicated that a diplomatic agreement could still be reached before any final military outcome.

Earlier, Iranian President Masoud Pezeshkian said Tehran possesses “the necessary will” to end the conflict, provided key conditions are met, including guarantees against future aggression.

The remarks from both leaders raised hopes for a resolution to the month-long crisis, prompting a surge in global financial markets. On Wall Street, the Nasdaq Composite rose 3.8 percent, while the S&P 500 gained nearly three percent.

Asian markets also posted strong gains, with major indices in Seoul, Tokyo, and Taipei rising sharply, alongside advances in Hong Kong, Shanghai, Sydney, Singapore, Manila, and Jakarta.

Despite the optimism, oil markets remained volatile amid concerns over the strategic Strait of Hormuz, through which roughly 20 percent of global oil and gas supplies pass. Trump stated that the United States would not intervene to reopen the strait if it were blocked, suggesting other nations should take responsibility.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu signaled continued military operations, stating that Israel would press on with its campaign against what he described as a “terror regime.”

The economic fallout from the conflict has intensified, with U.S. gasoline prices surpassing $4 per gallon for the first time in four years and inflation pressures rising in Europe. Analysts warn that sustained high oil prices—currently above $100 per barrel—could further strain global economic growth.

Additional tensions emerged following reports that the United Arab Emirates is considering supporting efforts to reopen the Strait of Hormuz, potentially under a United Nations mandate, which could mark a significant escalation.

As diplomatic signals remain mixed, analysts caution that uncertainty surrounding the conflict and global energy supplies is likely to persist in the near term.

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UK Announces Tight Security, Road Closures Ahead of President Tinubu’s State Visit to Windsor Castle

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President Bola Tinubu with King Charles
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Authorities in the United Kingdom have announced road closures and temporary airspace restrictions ahead of the arrival of Nigerian President Bola Ahmed Tinubu for a state visit hosted by Charles III.

President Tinubu is expected to begin the visit on Wednesday, March 18, accompanied by Nigeria’s First Lady, Oluremi Tinubu. An official reception for the Nigerian leader is scheduled to take place at Windsor Castle.

In a statement issued on Wednesday, Thames Valley Police said it is working closely with the Royal Borough of Windsor and Maidenhead, the Royal Household, and other security partners to ensure the visit proceeds smoothly and securely.

As part of the heightened security arrangements, authorities confirmed that the permanent airspace restrictions over Windsor Castle will be extended on March 18 from 7:00 a.m. to 11:59 p.m.

Chief Superintendent Adrian Hall of the police force’s Joint Operations Unit said the airspace limitations form only one aspect of a comprehensive security operation planned for the high-profile diplomatic engagement.

“The air restrictions are just one part of our robust security operation for the state visit of Nigerian President Tinubu next week, with many measures you will see and others you will not,” Hall said.

He added that the police have extensive experience managing security during royal events in Windsor, noting that significant planning and preparation have gone into the operation.

Hall also warned that the authorities would strictly enforce the restrictions, stressing that any violation would constitute a criminal offence under the Air Navigation Order and could lead to arrest.

Security deployment during the visit will include specialised police units such as search teams, mounted officers, road policing personnel, and armed officers. These units will operate alongside neighbourhood policing teams and resources from the Project Servator.

Officials said additional safety measures would include Windsor’s extensive closed-circuit television network and hostile vehicle mitigation barriers positioned around key locations.

Authorities have urged members of the public to remain vigilant and report any suspicious activity by contacting police through 101 or speaking directly with officers on duty. Emergencies should be reported through the 999 service.

Meanwhile, road closures and parking restrictions are set to take effect from Tuesday, March 17, with temporary traffic disruptions expected in and around Windsor during the visit.

Thames Valley Police added that it is working in coordination with the Civil Aviation Authority and National Air Traffic Services to enforce the temporary flight restrictions. Individuals with legitimate reasons to operate drones during the restricted period have been advised to seek prior clearance from the police.

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Tinubu Dispatches Delegation to Represent Nigeria at Burial of Rev. Jesse Jackson

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President Bola Ahmed Tinubu and Late Rev Jesse Jackson
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President Bola Ahmed Tinubu has appointed a five-member delegation to represent Nigeria at the burial of American civil rights leader Jesse Jackson, who died on February 17, 2026, at the age of 84 in Chicago.

The delegation is headed by Senator George Akume, Secretary to the Government of the Federation. Other members include Minister of State for Foreign Affairs Bianca Odumegwu-Ojukwu; Minister of Arts, Culture and Creative Economy Hannatu Musawa; Special Presidential Envoy for Global and Pan-African Affairs Brian Browne; and Senior Special Assistant on Foreign Affairs and International Relations, Ambassador Sola Enikanolaye.

According to a State House statement issued on March 4 by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the delegation will formally convey President Tinubu’s condolences to Jackson’s family and associates.

In an earlier tribute, Tinubu described Jackson as “a great friend of Nigeria and Africa,” highlighting his vocal opposition to apartheid in South Africa. The Nigerian leader recalled Jackson’s advocacy for the release of Nelson Mandela and other leaders of the African National Congress, as well as his role in mobilising international support for sanctions against the apartheid regime.

Funeral events began on February 26 with a lying-in-state at the Rainbow PUSH Coalition in Chicago. Additional memorial services have been held in South Carolina and Washington, D.C., including a lying-in-state at the South Carolina Statehouse from March 1 to 5.

A “People’s Celebration” is scheduled for March 6 at the House of Hope in Chicago, followed by a private homegoing service on March 7 at the Rainbow PUSH Coalition.

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