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ECOWAS Intensifies Efforts On Regional Single Currency

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The Economies of West African States (ECOWAS) has intensified efforts on practical arrangements for the launch of the single currency, ECO for the region following consensus reached in the implementation of the directives issued at its 65th Ordinary Session.

This was revealed in a communiqué issued at the end of the 66th ordinary session of the authority of the head of state and government meeting held in Abuja on Sunday.

The ECOWAS bloc of 15 countries had previously planned to launch the currency in 2020, but the coronavirus pandemic caused delays.

The new launch date is 2027.

The Authority said it adopted the criteria proposed by the High-Level Committee for the selection of candidate Member States for the launch of ECO or those which would join at a later stage.

It instructed the Commission, in collaboration with the West African Monetary Agency (WAMA), to ensure that these criteria are incorporated into the protocol establishing the ECOWAS Monetary Union Agreement.

The Authority also endorses the proposals of the High-LevelCommittee on the costs, sources and modalities for financing the implementation of the reforms and institutions needed to launch the ECO.

It urged the central banks and member states to take the necessary measures for the payment of their financial contributions for the operationalisation of these institutions as soon as the decision on the effective date for the launch of the ECOWAS single currency is taken.

The Heads of State also urged the High-Level Committee, in collaboration with the ECOWAS Commission, to intensify its efforts to ensure that the deadlines set for the establishment and operationalisation of the institutions needed to launch the ECO are met.

The body said it welcomed the results achieved in the implementation of the ECOWAS Agricultural Policy (ECOWAP) within the framework of food security and nutrition.

Considering the critical role of agriculture in the socio-economic development of ECOWAS member states, the Authority directed the commission to ensure a swift implementation of the regional strategy for the Development of Livestock Farming and the Security of Pastoral Systems; the Regional Rice Self-sufficiency Initiative and its road map 2025-2035; and domesticate the Comprehensive African Agriculture Development Programme (CAADP) Action Plan 2026-2035.

The Authority also welcomed the strengthening of cooperation with technical and financial partners and urged member states to work together with community institutions towards the achievement of these initiatives for food security and nutrition in the region.

The ECOWAS currency is intended to:

Improve trade

A single currency could lower trade costs and improve intraregional trade, which is currently hindered by the use of different national currencies that are not convertible within ECOWAS.

· Boost economic prosperityA single currency could boost the economic well-being and prosperity of ECOWAS countries.

Some say that the transition to a single currency will involve a short period where both the national currencies and the common currency circulate side by side.

Others suggest that the first phase of implementation should involve two distinct ECO zones, where countries peg their national currency to the ECO.

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International

JUST IN: 7.7-magnitude quake hits Myanmar

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A powerful 7.7 earthquake hit central Myanmar on Friday, close to the country’s second city of Mandalay, home to around 1 million people and historic temple complexes, with tremors shaking buildings as far away as the Thai capital of Bangkok.

Video posted online from both countries showed panicked residents running from swaying residential towers as dust fills the air, and traffic comes to a sudden stop on busy city streets.

Myanmar is already reeling from more than four years of civil war sparked by a bloody and economically destructive military coup, with has seen military forces battle rebel groups across the country.

It remains one of Asia’s poorest nations and is ill-equipped to deal with major natural disasters.

One resident in Yangon, Myanmar’s commercial hub and around 380 miles away from the epicenter, told CNN: “We felt the quake for about one minute and then we ran out of the building.”

“We saw other people running out of the buildings too. It was very sudden and very strong.”

Another resident said phone networks in the city home to around 8 million people were briefly down following the quake but were now running again.

Video obtained by CNN from Myanmar appeared to show a road bridge spanning the Irrawaddy River that runs through Mandalay, collapsing into the river in a cloud of dust and water.

The epicenter was in nearby Sagaing region, which has been ravaged by the civil war, with the junta, pro-military militia and rebel groups battling for control and all running checkpoints, making travel by road or river extremely difficult.

In an early indication of the quake’s strength, tremors were felt not just in Thailand, but also China’s southwestern Yunnan province.

Video posted to X showed the collapse of a building in Chatuchak Park, Bangkok. The building, which appeared to be under construction, fell in a matter of seconds, kicking up a cloud of dust.

The National Institute for Emergency medicine says 43 people were trapped in the building while seven others have been injured.

A resident in Thailand’s northern city of Chiang Mai, who also did not want to be named, said “I felt it for about ten seconds in my room then I figured out I couldn’t stay inside. So I rushed out on to the street.”

CNN

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World Heritage site in danger as South Korea wildfires continue to rage

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The wildfires plaguing South Korea’s southeast region continued to rage on Tuesday, threatening a world heritage site and forcing thousands more residents to evacuate their homes.

With a population of 150,000 people, the city of Andong, home to Hahoe Village, a UNESCO World Heritage site, issued an alert to its residents to evacuate to safe areas.

Deadly wildfires continued to rage across the region as authorities designated the affected counties ‘special disaster zones’.

No fewer than four people have been killed and hundreds forced to flee their homes since blazes broke out in several areas on Saturday, stoked by strong winds and dry weather.

It was gathered that the wildfires have already gutted local landmarks including ancient Buddhist temples.

“Because this is such an old temple, it is so regrettable and heartbreaking that it has been burned down,” said Jeung Meung-suk, a 55-year-old Buddhist follower at Unramsa, a thousands-year old temple whose most buildings were burnt.

Meanwhile, acting President Han Duck-soo on Tuesday vowed to deploy resources from helicopters to workers on the ground to put out the fires as quickly as possible.

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US offers $15 million for Chinese nationals accused of aiding Iran

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The United States government has placed a bounty on Liu Baoxia, also known as Emily Liu, and three other Chinese nationals accused of supporting Iran.

The 43-year-old woman, a “procurement agent and arms broker”, is on the most wanted list of the Federal Bureau of Investigation (FBI).

Liu, Li Yongxin (Emma Lee), Yung Yiu Wa (Stephen Yung) and Zhong Yanlai (Sydney Chung) allegedly aided IRGC armaments production and sales through delivery of U.S. dual-use technology.

The Department of State, through its Rewards for Justice (RFJ) program, is offering a reward of up to $15 million for information leading to their arrest.

The U.S. is working to disrupt the financial mechanisms of Iran’s Islamic Revolutionary Guard Corps and its branches, all designated Foreign Terrorist Organizations.

The government accused the IRGC of financing terrorist attacks globally, “including via its external proxies such as Hamas, Hezbollah, and Iran-backed militia groups in Iraq.”

A statement by the department said the IRGC partly funds its terrorist activities through sales of military equipment, including unmanned aerial vehicles or drones.

On Thursday, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced it had sanctioned a “teapot” oil refinery and its chief executive officer.

The allegedly purchased and refined hundreds of millions of dollars’ worth of Iranian crude oil from vessels linked to the Ansarallah, aka the Houthis, and the Iranian Ministry of Defense of Armed Forces Logistics.

Secretary of the Treasury Scott Bessent stated that the teapot refinery’s purchases of Iranian oil “provide the primary economic lifeline for the Iranian regime.”

Bessent reiterated America’s commitment to “cutting off the revenue streams that enable Tehran’s continued financing of terrorism and development of its nuclear program.”

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