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Egypt, Brazil to Advocate for Southern Countries' Interests

Egyptian and Brazilian presidents stressed the urgency of a ceasefire in the Gaza Strip. (Egyptian Presidency)
Egyptian and Brazilian presidents stressed the urgency of a ceasefire in the Gaza Strip. (Egyptian Presidency)
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Egypt, Brazil to Advocate for Southern Countries' Interests

Egyptian and Brazilian presidents stressed the urgency of a ceasefire in the Gaza Strip. (Egyptian Presidency)
Egyptian and Brazilian presidents stressed the urgency of a ceasefire in the Gaza Strip. (Egyptian Presidency)

An Egyptian-Brazilian summit convened in Cairo on Thursday to deliberate on mutual coordination within international spheres, focusing on collaborative efforts to reform the global governance framework for equitable representation of Southern countries' interests.
Egyptian President Abdel Fattah Al Sisi received his Brazilian counterpart Luiz Inacio Lula da Silva at Al Ittihadiya Palace in Cairo.
Egypt's presidential spokesman, Ahmad Fahmy, said that the talks tackled bilateral ties, Brazil’s presiding over G20 this year, and Egypt's invitation as a guest to the group's meetings.
Lula was on an official state visit to Cairo, celebrating 100 years of diplomatic relations between the two countries. It was his second visit to Egypt, the first having been in 2003.
They witnessed the signing of several agreements in sciences, technology, and agriculture.
“We have agreed to bolster our bilateral relations in all political, economic, industrial, agricultural, and cultural fields,” Sisi said during a joint press conference with his Brazilian counterpart.
Both sides, he added, agreed to set up a joint committee to coordinate the areas and goals of their bilateral ties.
Strategic Partnership
After talks with his Egyptian counterpart in Cairo, the Brazilian President said he wanted relations between the two countries to be elevated to a “strategic partnership.”
Lula said the admission of Egypt as a member of BRICS represents a milestone in effective collaboration between emerging economies.
He said Egypt and Brazil will work on "reforming international governance and building peace" in the framework of BRICS and urged for a multilateral world with fair development opportunities for developing states.
In January, Saudi Arabia, Egypt, Iran, UAE, and Ethiopia joined the BRICS, comprising Russia, Brazil, China, India, and South Africa.
Gaza
Meanwhile, the Brazilian President urged the UN to reach a ceasefire deal in the Gaza Strip.
Lula da Silva said the UN lacks sufficient power to stop the war in Gaza, noting that "Israel has violated all resolutions, laws, and international norms in its aggression against the strip."
Lula said there would not be peace without the establishment of a Palestinian state.
According to remarks provided to the Middle East News Agency, Mai Taha Khalil, Egypt's Ambassador to Brazil, asserted that this visit signifies Brazil's acknowledgment of Egypt's endeavors towards fostering stability and security in the Arab and African regions.
The Egyptian ambassador highlighted Brazil's recognition of Egyptian mediation efforts in facilitating a ceasefire in the Strip and securing the release of hostages.

 

 

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Arab World

UN Warns of Profound Liquidity Crisis in Yemen’s Houthi-Controlled Areas

For the first time, the Houthis will face difficulties in financial transfers and foreign currency supply (local media)
For the first time, the Houthis will face difficulties in financial transfers and foreign currency supply (local media)
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UN Warns of Profound Liquidity Crisis in Yemen’s Houthi-Controlled Areas

For the first time, the Houthis will face difficulties in financial transfers and foreign currency supply (local media)
For the first time, the Houthis will face difficulties in financial transfers and foreign currency supply (local media)

A UN program recently warned of low foreign currency reserves and a liquidity crisis in Houthi-controlled areas if the economic conflict with the internationally recognized government continues in Yemen.

It also noted that the poor food consumption significantly worsened in the north, increasing by 78% year-on-year, compared to a 52% increase in the south.

In its Food Security Update, the World Food Program (WFP) warned that a banking crisis is looming in Yemen, as a transaction ban has been announced between the intentionally recognized government and the Houthis-controlled areas.

“These developments, coupled with diminished foreign currency reserves in the north, could result in liquidity crisis with profound implications on markets, livelihoods, and food security situation,” it said.

The Program also noted that the current escalation in the “economic conflict” is likely to disrupt the flow of remittances and the overall financial and banking sectors, posing significant challenges for importers to procure essential food and non-food items, and ultimately impacting food supply and food price.

According to the WFP Update, this conflict comes while limited income opportunities are a key challenge to accessing food, reported by 71% in the north and 60% in the south.

It added that the depth and severity of food deprivation (poor food consumption) also peaked in May, at 32% in the north and 31% in the south.

This trend significantly worsened in the north, increasing by 78% year-on-year, compared to a 52% increase in the south.

Severe food deprivation reached an all-time high in Al Jawf, Al Bayda, Hajjah, Amran, and Al Hodeidah, WFP said.

Around 8% of households in the north reported relying on begging to meet their essential needs, compared to three percent in the south, it showed, adding that this practice was particularly pronounced in Sadah, Hajjah, Amran, and Al Bayda.

WFP also said the total volume of fuel imported via the Red Sea ports increased by 32% during Jan-May 2024 compared to the same period in 2023.

Fuel imports via the southern ports of Aden and Mukalla decreased by 41% year-on-year, as local crude oil production from Marib largely contributes to covering domestic fuel needs in government controlled areas.

However, the WFP update said it is crucial to closely monitor import flows over the coming months, especially given the increased insurance costs for Yemeni ports, the diminished foreign currency reserves, and the banking crisis.

Also, by the end of May 2024, WFP said that the Yemeni riyal (YER) depreciated to an all-time low of YER 1,749 per dollar in government-controlled areas, losing around 25% of its value against the US dollar year-on-year.

“This decline is primarily attributed to low foreign currency reserves and revenue shortages due to reduced crude oil exports,” it said.

The UN program also noted that the overall volume of food imports via all Yemeni seaports increased by 22% during the first five months of 2024 compared to the same period in 2023.

However, it showed that the Red Sea ports saw a 35% annual rise in food imports during Jan-May 2024, while the southern ports of Aden and Mukalla exhibited a 16% annual decline.