© Steptoe & Johnson LLC. All rights reserved.National Law Review, Volume XII, Number 74

Happy Monday and welcome to On The Moneyyour nightly guide to everything related to your bills, bank account, and bottom line. Subscribe here: thehill.com/newsletter-signup.

Today’s Big Deal: The US economy is facing roadblocks resulting from the Russian invasion and inflation. We will also look at Manchin’s decision to oppose the Fed’s pick of Biden and the Kremlin’s increasingly desperate financial moves.

But first, watch a interrupt an anti-war protester one of the most popular TV news in Russia.

For The Hill, we are Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. contact us at [email protected] Where @SylvanLane, [email protected] Where @ArisFolley and [email protected] Where @KarlMEvers.

Let’s go.

Russian war and inflation weigh on US economy

The US economy is facing growing threats from abroad as war in Ukraine and a surge of COVID-19 in China threaten to fuel inflation and slow growth.

While most economists say the United States is still on track for stellar job gains and solid economic growth this year, downside risks have increased over the past two weeks.

• The war in Ukraine and weeks of mounting threats from Russia have already pushed crude oil prices – and related gasoline prices – to dizzying levels.
• Energy and food prices, which had risen steadily throughout 2021, are poised to rise even higher as Russia’s invasion threatens global supplies of oil, natural gas and in wheat.
• The spike in COVID-19 cases across China could now fuel the inflationary fire as factories, neighborhoods and entire cities shut down under the country’s strict coronavirus containment policies.

“If you have more disruptions in Chinese factories and imports, more bottlenecks in the supply chain, more shortages, higher prices, that adds to inflationary pressures,” said economist Mark Zandi. chief at Moody’s Analytics, in an interview on Monday.

“It’s just one more reason to be nervous about the outlook for the economy,” he said.

Sylvester explain here.

Read more: Russia’s ties to the global economy are rapid progress as crushing sanctions and the Kremlin’s response upend decades of post-Soviet reforms.

The Kremlin announced tough limits on banking and exports intended to support its currency’s fall in value this week at the expense of foreigners. Moscow has also pledged to seize the assets of any company leaving Russia and allow its companies to steal Western patents. Experts say the fallout could last long after the war in Ukraine ends and tarnish Russia’s reputation for decades, even if sanctions are eased.

Here is more by Sylvan and Karl.

MAKE OFFICIAL

Manchin to oppose Biden Fed pick on climate stances

Sen. Joe ManchinJoe ManchinAmerica can restore its energy jobs – and cut emissions Democrats plot strategy to defy expectations and limit medium-term losses Biden celebrates US bailout anniversary with visit to elementary school MORE (DW.Va.) said Monday he would not vote to confirm President BidenJoe BidenGas prices hit a new high of 0.43 a gallon, up 79 cents in two weeks Five key developments in Russia’s invasion of Ukraine Biden’s CIA chief leads the charge against war Putin’s information MORE‘s choice for a powerful position in the Federal Reserve Board over its criticism of the fossil fuel industry.

In a statement on Monday, Manchin said he opposed Biden’s nomination of Sarah Bloom Raskin as vice chairman of Fed oversight because of his “concerns about the critical importance of funding a comprehensive energy policy to meet our nation’s critical energy needs.”

• Raskin, a former Fed governor and deputy secretary of the Treasury Department, urged financial regulators and banks to pay greater attention to climate-related financial risks for years before Biden chose her to be chief executive. Fed regulations.
• She also warned against investing in fossil fuel projects and companies, noting environmental risks and financial volatility within the sector, and opposed the Fed providing emergency loans to companies. of fossil fuels at the height of the coronavirus pandemic.

Without Manchin’s vote, Raskin would need the unlikely support of at least one Republican senator to be confirmed by the upper house. Democrats narrowly control the Senate with 50 members plus Vice President Harris’ deciding vote. Manchin’s opposition will also bolster a Senate GOP blockade on Raskin’s nomination to the Senate Banking Committee, which has harassed her and four other Fed nominations.

Sylvain has the last one here.

PREPARE TO RUBLE

Russia threatens to pay foreign debts in rubles following sanctions

Russia is threatening to pay its foreign debts in rubles after several major Moscow banks were sanctioned in response to the country’s invasion of Ukraine.

The Russian government is expected to pay $117 million on Wednesday for a pair of its dollar-denominated bonds, according to Reuters.

• The Russian Foreign Ministry has reportedly agreed to a temporary course of action that gives banks the chance to repay their debts, but it now warns that resistance to such payments depends on sanctions.
• A number of major Moscow banks have been sanctioned following Russia’s invasion of Ukraine. Last month, the Treasury Department banned financial transactions with the Bank of Russia and the Russian Foreign Investment Fund, and the White House announced that the United States and its allies would oust some Russian banks from the international banking system SWIFT .

If payments cannot be made, the finance ministry has reportedly said it will repay eurobonds in rubles, which have fallen to record lows since the Russian invasion.

Read more here by Mychael Schnell of The Hill.

HIGH PRICE

Lyft will charge temporary additional fees amid rising gas prices

Popular ride-sharing app Lyft confirmed on Monday that it will charge passengers extra fuel fees amid rising gas prices across the country.

The company told The Hill in an email that it is “closely monitoring rising gas prices and its impact on our driving community.”

• “Overall, driver earnings remain strong compared to last year, but given rapidly rising fuel prices, we will be asking passengers to pay a temporary fuel surcharge, which will go entirely to the drivers. “said a spokesperson. No details were shared on the amount charged to passengers. The spokesperson added that the company would soon share more information.
• This follows a similar move by Lyft rival Uber. who announced Friday that it will charge users a fuel fee to mitigate the impact of rising gas prices.

Uber customers will pay an additional $0.45 or $0.55 for Uber rides and an additional $0.35 or $0.45 for Uber Eats orders starting Wednesday. The total amount will go directly to the drivers.

The Hill’s Sarakshi Rai has more on this here.

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Stay ahead of the news cycle with The New Evening Report from The Hillfeaturing the main news of the day and a preview of tomorrow.

Virtual Event Invitation—The Future of Education—Thursday, March 17 at 1:00 p.m. ET/10:00 a.m. PT

After two years of virtual and blended learning, many students are still catching up. The federal government has provided billions of dollars in relief funds to school districts across the country. How do state officials use these funds and how do you address equity issues? Join us at The Hill’s annual Futures of Education Summit for headlining conversations with Education Secretary Miguel CardonaMiguel CardonaOn The Money — US suspends normal trade with Russia Hillicon Valley — Featured by Nokia — Google and Meta face new antitrust investigation On The Money — Prices Soar: Annual Inflation reached its highest level in 40 years MOREsen. Bill CassidyBill CassidyOn The Money — US suspends normal trade with Russia Hillicon Valley — Featured by Nokia — Google and Meta face new antitrust investigation On The Money — Prices Soar: Annual Inflation reached its highest level in 40 years MORE (R-La.), Rep. Jahana HayesJahana HayesOn The Money — US suspends normal trade with Russia Hillicon Valley — Featured by Nokia — Google and Meta face new antitrust investigation On The Money — Prices Soar: Annual Inflation reached its highest level in 40 years MORE (D-Conn.) and Governors. Jared PolisJared Schutz PolisDemocrats Divided Over Proposal to Halt Federal Gas Tax On The Money – US suspends normal commerce with Russia Hillicon Valley – Featured by Nokia – Google and Meta face new antitrust probe MORE (D-Colo.) and Chris SununuChris SununuOn Money – US suspends normal trade with Russia Hillicon Valley – Featured by Nokia – Google, Meta face new antitrust probe DNC sends cookie cakes to GOP governors to celebrate US bailout anniversary MORE (RN.H.). Book your place here.

Good to know

Non-white voters are more likely than white voters say that inflation has caused major financial pressure in their lives.

A Wall Street Journal poll found that 35% of black, Hispanic, Asian American and other voters who said they were anything other than white said inflation would put a significant strain on their lives. Among white voters, 28% said the same.

Here’s what else we’ve got our eyes on:

That’s all for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. See you on Tuesday.

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President Donald Trump rolled out the Paycheck Protection Program to catapult the US economy into a rapid recovery from the coronavirus pandemic by helping small businesses stay open and their employees working. President Joe Biden changed it to try to direct more of the money to poorer communities and minority-owned businesses.

Today, nearly two years after the program was launched, the question is what taxpayers got for the $800 billion. The Biden administration says its version of the program helped prevent deepening racial inequality, while leading academic research suggests the overall price was high per job saved and most of the benefits accrued to the wealthy.

Nearly a year after implementing its $1.9 trillion coronavirus relief package, the Biden administration argues it has made critical adjustments to the repayable loan program, pointing to internal numbers showing that more benefits have gone to poorer communities, racial minorities and smaller businesses — those whose owner is the sole employee.

“The administration entered office with a focus on racial and social equity, and small businesses are an important part of that,” said Michael Negron, senior White House adviser on small business. “For our equity goals, entrepreneurship matters because it helps build generational wealth.”

The I-Team reviewed US Small Business Administration records and found more than 300 small businesses in New York and New Jersey that had PPP loans worth less than $500. Reporting by Chris Glorioso.

However, an outside study suggests that the program – commonly known as PPP – was a troubling cost per job saved and that payments mainly benefited business owners who were best prepared to weather the pandemic. Overall, the study implies that only 23% to 34% of PPP dollars went to workers who would have lost their jobs, at a cost of up to $258,000 per job retained.

The conflicting views on PPPs are part of a larger debate about how to help an economy in crisis. There are pressures to get the right amount of money as quickly as possible without increasing inequality or triggering other forms of backfire such as high inflation.

During two presidencies, Congress approved an unprecedented $5.8 trillion in relief spending that included new interventions such as forgivable loans, direct payments and an expanded child tax credit that was filed. monthly to people’s bank accounts.

When MIT economist David Autor analyzed PPP with other economists, he saw too blunt a tool. The United States never developed data systems to monitor what was happening to individual company payrolls, unlike Canada, the Scandinavian region, Portugal and Brazil. These systems would have facilitated the allocation of funds according to real needs in times of downturn. The United States did not invest in its own data resources and therefore could not target aid.

“The United States has rather ‘starved the beast,'” Autor said. “The result is not less government. It is simply less efficient government.

By changing the PPP program guidelines, the Biden administration was trying to prevent the pandemic from further widening the nation’s racial wealth gap.

Black Americans make up about 12% of the US population, but they control only 2% of private business assets that are often essential to climbing the economic ladder, according to the Federal Reserve. Only 4.3% of total US household wealth belongs to Black Americans and 2.5% to Hispanic Americans, significantly lower than their share of the total US population.

When the Trump administration unveiled the PPP in 2020, the full effects of the pandemic were just beginning to be felt in the economy. There was a race to get cash as quickly as possible due to the unpredictability of the situation, so loans went through large banks which often had existing relationships with eligible businesses for speed reasons. .

The program enjoyed bipartisan support, and then-Treasury Secretary Steven Mnuchin told a congressional committee in September 2020 that the payments supported 50 million jobs. Still, as he lobbied for more help, Mnuchin said the most important thing during the pandemic was to deliver aid “quickly”.

The need for speed has also made it more difficult for historically disadvantaged groups to access money. That’s why the Biden administration changed guidelines and rules after taking office.

It introduced a 14-day period in February 2021 during which only businesses with fewer than 20 employees could apply for PPP loans. It changed the way PPP loans were calculated so that sole proprietors, independent contractors and the self-employed could receive funding equal to their needs. A greater portion of the loans went through community and minority-owned financial institutions.

As a result of these changes, PPP issued around 2 million loans last year to businesses in low-to-moderate income communities, a 67% increase over the previous year, according to figures provided by the administrative officials. There were 6 million businesses with fewer than 20 employees that got loans, a 35% increase from the program under the Trump administration.

A number of minority-owned small businesses have struggled during the pandemic despite a massive, multi-billion dollar Paycheck Protection Program (PPP) designed to help them.

Because the administration was targeting more businesses — including those whose owner was the only employee — the average PPP loan size went down. It averaged $42,500 last year, down dramatically from $101,500 in 2020.

“We inherited a program from the previous administration that was plagued with inequities,” said Isabel Guzman, head of the Small Business Administration.

Yet analysis by Autor and other economists indicates that distributions under the Biden administration “have had no discernible effect on employment.” That’s likely because the labor market started to recover in May 2020 despite waves of infections dampening momentum. Because there were fewer jobs at risk, there were fewer jobs to save.

Autor estimates that the richest 20% of households captured about 85% of the benefits of the program. It could be that Biden’s changes made the PPP fairer, but the proof will only come when the tax revenue arrives over the next few years, he said.

“They tried to be better stewards of the program, which they had the luxury of doing because the crisis wasn’t as urgent,” Autor said. “It’s not that PPP didn’t do anything; it was a lifeline for some small businesses and their creditors. It was also an incredibly large gift from future generations of American taxpayers’ to certain profitable businesses.

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This story corrects the name of the head of the Small Business Administration to Isabel Guzman, not Juan Guzman.

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OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. property and casualty insurance industry recorded a net underwriting loss of $4.1 billion in 2021, following a gain of $6.7 billion in 2020, due to increased losses and expenses; however, P&C insurers still managed to increase their year-over-year net income by 4.5%. These preliminary results are detailed in a new Best Special Reporttitled “First Look: 12 Month 2021 Property/Casualty Financial Results”, and the data is derived from companies’ annual statutory returns received as of March 4, 2021, representing approximately 96% of the total written P/C industry net premiums.

According to the report, the underwriting loss occurred despite a 7.4% growth in net premiums earned and a 45.4% decline in policyholder dividends, as they were offset by an 11.7% increase. incurred losses and loss adjustment expenses (LAE) and a 5.4% increase in underwriting expenses. The P&C industry’s combined ratio weakened 1.2 percentage points from a year earlier to 99.6.

A $7.2 billion increase in realized capital gains contributed to the industry’s net income of $63.6 billion, up from $60.9 billion in 2020. The P&C industry also increased its surplus, by 13.6%, from the end of 2020 to $1.0 trillion.

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=318135.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Governor Tom Wolf said today that Pennsylvania stands with Ukraine and he pledged to continue taking action to support the country as it bravely endures a horrific and unjust invasion by Russia. The governor highlighted the steps he immediately took to sanction Russia, his support for fully disengaging itself financially from Russia, and the open arms of the Commonwealth to Ukrainians fleeing the conflict.

“Frances and I have watched the news and seen the devastation inflicted on the Ukrainian people. It is abundantly clear that the Ukrainian people are strong and united as a nation, but it is heartbreaking that they have been forced into this war – and forced to endure the loss, destruction and death that war brings — by Russia,” Gov. Wolf said. “The people of Ukraine have shown immense courage and bravery, which should never have been needed. Pennsylvania stands with Ukraine. I will do everything in my power to ensure Pennsylvania’s support for Ukraine and also sever ties with Russia.

Pennsylvania is home to more than 122,000 Ukrainians, the second largest US state.

“I sincerely thank the Commonwealth of Pennsylvania and personally Governor Wolf for taking the initiative to adopt such a strong response to Russia’s brutal aggression against Ukraine and terror against the entire world” , said the Honorary Consulate of Ukraine in Philadelphia Iryna Mazur. “Pennsylvania is sending a strong message of support for Ukraine by completely divesting all public funds from Russia. The entire Ukrainian American community in the Commonwealth is extremely grateful to have shown such a level of support for Ukraine.

In recent years, we have deepened our trade relations with Ukraine. With the support of the Pennsylvania Office of International Business Development under the Department of Community and Economic Development (DCED), Ukrainian companies have chosen to locate in Pennsylvania.

Ukraine has developed world-class companies in sectors as diverse as IT, food production and concrete paving.

DCED began actively reaching out to their business community because we saw an opportunity for Pennsylvania to help Ukrainian businesses expand into the US market.

“Over the past year, we have worked with the local Lviv Chamber of Commerce and the American Chamber of Commerce in Ukraine on a webinar for Kyiv businesses and have actively engaged the Ukrainian business community on business opportunities and investment in Pennsylvania,” said David Briel. , Deputy Secretary of the DCED’s Office of International Business Development. “The Commonwealth has the second-largest Ukrainian and Ukrainian-American population in the United States. Pennsylvania also shares many historical commonalities with Ukraine, including a well-developed industrial base, a highly skilled workforce, and rich agricultural land.”

“Today, Ukraine is waging a war not for its independence but a war for the entire democratic world; fighting alone and achieving phenomenal success in the fight against Russian terror,” said Viktor Kolesnyk, general manager of Orange Pavers, a concrete pavers and stone products manufacturing facility in Stroudsburg, Monroe County. . “I want to thank Governor Wolf and his team for their support of all the people of Ukraine and for making every effort to isolate Russia and Russian businesses on American soil.”

Pennsylvania stands ready to support Ukrainians fleeing their country and would welcome them here to the Commonwealth.

“I have repeatedly joined President Biden and other leaders around the world in condemning Russia’s unprovoked and unwarranted invasion of Ukraine, and we have and will continue to take real and meaningful action to support Ukraine,” Governor Wolf said. “I strongly support adding Russia to the list of countries we legally divest from. Pennsylvania is also prepared to accept Ukrainians fleeing violence. You are safe and welcome here.

The governor supports clean legislation to add Russia to the list of countries we divest from all public funds by law, such as the concept recently announced by House Majority Leader Kerry Benninghoff.

The governor also supports legislation providing $2 million in public funds to provide quick and flexible support to Ukrainians fleeing the conflict who may come to Pennsylvania.

From day one, Governor Wolf has supported Ukraine and will continue to do everything in his power to support the country and its people.

Pennsylvania is one of the biggest buyers of alcohol in the United States, and Governor Wolf was one of the first governors to call for an end to the sale of Russian-made liquor in state stores. , which was quickly implemented.

Governor Wolf successfully called on the Pennsylvania State Employee Retirement System and the Public School Employee Retirement System to divest from Russia.

Governor Wolf applauded Pennsylvania Treasurer Stacy Garrity for her commitment to turn state investments over to Russian companies.

Under the governor’s direction, agencies under his jurisdiction review contracts to ensure that there are no contracts with Russia.

LONDON, March 6 (Reuters) – Britain will seek to speed up its sanctions process on Monday via new legislation aimed at allowing ministers to tighten restrictions on Russian businesses and wealthy individuals.

The Economic Crimes (Transparency and Enforcement) Bill is before Parliament next week as Britain attempts to punish those with links to Russian President Vladimir Putin in response to his invasion of Ukraine.

“Punitive sanctions are meaningless until they are properly implemented, and these changes will allow us to prosecute Putin’s allies in the UK with the full backing of the law, without doubt or legal challenge. “said Prime Minister Boris Johnson.

Britain has already sanctioned some individuals, banks and businesses, but has been criticized by opposition activists and politicians who say it has moved too slowly to crack down on Russian oligarchs and businesses.

Among the technical changes made to the bill is the creation of a legal power to sanction individuals or companies already subject to sanctions by allies such as the European Union, the United States and Canada.

Reporting by William James in London and Akanksha Khushi in Bangalore; Editing by Kevin Liffey and Pravin Char

Our standards: The Thomson Reuters Trust Principles.

This week current climate, which every Saturday brings you a balanced view of the news of sustainable development. Sign up to receive it in your inbox every week.

The latest IPCC report on impact of climate change on people and the planet makes dark reading in a week already dominated by the suffering humans inflict on other humans. But it’s also a necessary reality check. First thing to recognize: some of the damage caused by human activity, such as coral bleaching, may be irreparable even if by the end of the century we significantly reduce greenhouse gas emissions and prevent an increase global temperature over 1.5 degrees before industrial levels. Adaptation will be necessary to some extent, but not all approaches offer good solutions.

There is still so much to defend and preserve. The Ukrainian people’s fierce resistance to the Russian invasion reminds us that no matter how tough the battle, fighting may offer a better chance of survival than surrender. A way to resist both climate change and a certain Russian tyrant is to wean our society from its dependence on fossil fuels.

Other stories I highlight this week discussing a landmark UN resolution on ending plastic pollution and how a Colombian town lost its beautiful beaches to coastal erosion.

For Climate Talks, to mark International Women’s Day, I spoke to Martina Fondi, forestry manager at Italian B-Corp Treedom, which manages the financing and remote monitoring of tree planting projects around the world, about the contribution of agroforestry to gender equality as well as other key sustainability goals.

To get Current Climate delivered to your inbox every Saturday, sign up here.

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great read

The new frontier of electric vehicles: trains with batteries powerful enough to power small towns

Following the lead of automakers and truck makers, locomotive manufacturers and railroads are turning to powerful batteries to reduce carbon and diesel emissions, while maintaining an edge in fuel efficiency.

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Progress

The largest share of greenhouse gases emitted in the fashion industry occurs in the material supply chain. Next generation materials such as recycled textiles, bio-based materials and plant-based leather can help reduce environmental damage from industry.

More than 170 nations around the world have backed a landmark UN resolution to put an end to plastic pollution, with a legally binding international agreement to be in place by 2024.

Challenges

By mid-February, most of the United States was experiencing some level of drought, according to the US Drought Monitor. Not only does this impact wildfire risk and water shortages, but it is also a concern for farmers as they prepare for the upcoming planting season.

The beaches of Palomino, Colombia, are considered among the most beautiful in the country. But in just a few years, as property developers removed the mangroves (and their sand-clinging roots), the sea reclaimed the sand, foreshadowing the changes expected in beach communities around the world.

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The other great read

Wildfire season is year-round. How to keep the lights on and businesses running

Climate change is causing wildfire season to last year-round in the western United States, prompting power companies and businesses to innovate.

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Climate Talks

In the decade since its inception, Treedom has grown 3 million trees around the world. The B-Corp is growing rapidly, with 1 million trees planted in the past eight months and a €10 million ($11 million) Series B funding round secured in October from some of the men in the business. most influential businessmen in Italy, as well as a green technology investor and former F1 driver Nico Rosberg.

Forestry manager Martina Martina, who worked to set up Treedom’s partnership with the NGO AMKA to support women’s involvement in agroforestry in Guatemala, explains how the social and economic benefits of plantation projects trees can go hand in hand with environmental objectives.

Treedom’s projects are mainly based in African and Latin American countries. Why did you choose to focus on these regions?

We started overseas because [Treedom] The founders were working on environmental projects in Cameroon, where they witnessed illegal logging and the impact of deforestation. Biodiversity loss and climate change are particularly visible in tropical and subtropical countries, and this is where our action is most needed.

How do you select the projects to propose to those who wish to finance them?

We always try to have a bottom-up and personalized approach, as different places have different environmental needs. We have to find the right solutions for the right place—the same model is not usable for, say, Honduras and Nepal. We usually discuss in depth with our partners about logistics, nurseries, seedling production, drawing, water tank, program schedule, farmer training, etc., etc. This type of activity takes a lot of time. We also travel a lot, even if in the past it was a bit difficult, it’s important. Even though we have local partners there, we have to monitor remotely and in person.

What happens if a natural disaster destroys one of your projects, as happened last summer with some of the forests that were part of corporate carbon offsets?

We have already faced many challenges. What we do is always try to be prepared. We do not produce carbon credits, it is not part of the business. We run small-scale projects, so it’s easier to take care of these activities instead of having a giant forest. We are producing additional trees in our nurseries. We have many more trees than we are going to sell, so we can replace any trees that might die. My approach is to have a Plan A, a Plan B, a Plan C, a Plan D… Whatever happens, we have a backup solution.

What goes into the pricing of planting a tree that people need to consider before, say, planting a tree for $1?

Planting a tree is not always a good idea. Planting trees requires thinking about the right trees for biodiversity, ie not monoculture, not extensive planting or other destructive activities. We never just plant trees. We grow trees, which is a totally different approach. We also focus on post-planting care, cultural care, farmer training and other types of benefits, like building tree nurseries – which we don’t just do for our projects, these activities are intended for our partners. We want to create a sustainable ecosystem, both environmentally and economically. This is why we focus on agroforestry. We don’t want to plant trees just to absorb more CO2; we also have social and economic benefits for those affected.

How does this approach advance gender equality?

We work in quite a few different countries and cultures, so we’re careful in our approach – we can’t tell people what to do, that’s not how it works. We must work together. Our approach is generally to give opportunities to everyone, men and women, which is not necessarily common in some of these countries. Trees can provide such an opportunity, because it is [seen as a] a very caring industry, and caring work is something that is generally seen as female work. So, in almost every culture, caring for trees is something that women are allowed to do. Once involved in the project, they will receive training. They will acquire skills. They will have a better diet, thanks to the fruits of the trees. Moreover, they will sell fruits at the market, so they will earn some money. Education and money are generally essential to help women grow and give them the opportunity to learn, to face and overcome challenges and to have more confidence. It’s a process, but in the long term, you can see that something is changing.

Martina Fondi’s responses have been condensed and edited for brevity and clarity.

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on the horizon

Oil tycoon Harold Hamm’s Continental is one of the companies investing in a $4.5 billion project to capture 8 million tons a year of carbon dioxide, move it across five states via a 2,000-meter pipeline miles and inject it into a highly porous and permeable rock formation. over a mile under North Dakota farmland.

NEW YORK – In September 2020, Pope Francis reiterated at the United Nations his longstanding plea for change in the global economic system, saying that “in light of current circumstances…all nations must be able to respond to the greatest needs of the moment through the reduction, if not the cancellation, of the debt which weighs on the balance sheets of the poorest nations.

At the time, Pope Francis was speaking about the impact of the COVID-19 pandemic. His calls for reform of the financial system have echoed Pope Benedict XVI, Pope John Paul II and much of the global church for decades.

With Russia’s invasion of Ukraine, a global finance expert says the challenges Ukraine is facing and will face in the weeks and months to come are the latest example of why these changes need to be brought.

“For Ukraine to get through the current crisis in terms of recovery and economy, it is essential that it has access to resources. One of those resources is being able to get debt relief and restructuring, in addition to any other kind of help they might get,” said Eric LeCompte, executive director of Jubilee USA Network. Node.

Jubilee USA Network is a coalition of faith, development, and advocacy groups focused on policies that help end global poverty. The organization and LeCompte regularly work with the Vatican and the United States Conference of Catholic Bishops to advocate for changes in global economic and climate policy.

Ukraine’s total debt is around $94.5 billion, according to the International Monetary Fund. LeCompte said that as Ukraine faces the crisis of the Russian invasion, the IMF, World Bank and the United States can take important steps to alleviate some of its economic challenges.

Ukraine’s debt to the IMF is around $13.4 billion, of which more than $2 billion must be paid this year unless it is restructured.

“This is a particular action that the IMF needs to consider now, and it would send a strong political signal in Ukraine’s favor if they were to restructure and shift those debt payments into the future,” LeCompte said. “Even if they don’t act now, it’s very likely to be something they have to do. [eventually]because Ukraine will not have the money to pay this debt.

IMF and World Bank leaders signaled their support for Ukraine in a March 1 joint statement, saying: “Our institutions are working together to support Ukraine on the financing and policy fronts and are increasing this support urgently”.

The statement does not mention Ukraine’s debt restructuring. In a statement to Node on March 4, an IMF spokesperson reiterated the organization’s commitment to support Ukraine, but pointed out that under the IMF charter it is “not allowed to write off debts or cancel a debt,” and instead stated that the organization’s ability to service the debt “is based on the availability of third-party grants for the repayment of these loans.

The IMF is, however, responding to Ukraine’s request for emergency financing through its Rapid Financing Instrument, which its executive board could consider as early as next week, according to the March 1 statement. The World Bank, meanwhile, is preparing a $3 billion support package in the coming months, the statement said. The World Bank has also stopped all its programs in Russia and Belarus due to the invasion of Ukraine.

Experts say the US government can do two things to ease some of Ukraine’s financial pressure. The first concerns the $28 billion owed to bondholders and commercial creditors, since US President Joe Biden could sign an executive order deferring any payment of private creditor debt with registered creditors in the United States. President George W. Bush did the same in the early 2000s for Iraq’s Private and Oil Debt.

Ukraine’s debt to the United States is approximately $790 million, of which $2 million is due this year. Like the IMF, the US Congress could vote to restructure or defer those payments, or the Treasury Department could act on its own.

“It would once again send a strong signal of support for Ukraine,” LeCompte said.

Among the many tough sanctions the United States and the world have imposed on Russia in recent weeks, LeCompte said that “in the short term it’s good to push, but we also have to recognize that in some ways they’re a bit brutal.” instruments.” He added that the way the global system is set up will ultimately limit the amount of resources Ukraine will receive.

“It is unfortunate that we lack the tools and the financial system to really be able to support countries in crisis, because all the actions that we can take, which are important, are piecemeal, and without some kind of process of bankruptcy and adequate aid, we ‘We will not be able to provide all the resources that Ukraine needs,’ said LeCompte.

Follow John Lavenburg on Twitter: @johnlavenburg