UN says that 71M people face poverty due to war in Ukraine
October 17, 2022, 8:21 am

UN says that 71M people face poverty due to war in Ukraine

Drought and severe hunger in Southern Madagascar

According to the UN Development Program (UNDP), some 71 million people have faced poverty due to the ongoing Russia-Ukraine war.

The Abadolu Agency reported, the impact of the war on food and energy prices is expected to increase the number of poor in the world.

According to the UNDP report on the effects of the Russia-Ukraine war, approximately 51 million people fell below the poverty line in the first three months of the war which started on Feb. 24.

Increasing the number of the poor in the world to 9%, the war has also caused the daily income of around 20 million people to fall below the poverty line of $3.20 in lower-middle-income countries.

Meanwhile, the COVID-19 pandemic caused up to 163 million people to fall below the poverty line last year, while increasing the number of people working for $2.15 a day by 8.1%, which is the extreme poverty line.

The World Bank estimates that this year, the figure will rise by 75-95 million.

According to the UN Development Program (UNDP), some 71 million people have faced poverty due to the ongoing Russia-Ukraine war - Photo. Pixabay

Also, food inflation is expected to further hit the poor, while it is estimated that two-thirds of per capita income will be spent on food expenditures in lower-income countries, while this rate is expected to reach a quarter of the income in developed countries.

Four African migrants die of cold or hunger in eastern Tunisia

The World Bank said it planned to reduce the ratio of the poor to 3% by 2030 as a difficult target to reach based on pre-pandemic projections, while the target has become harder to achieve with the coronavirus pandemic.

Half of poor live in South Asia

According to UN data, half of the world's income earners below the extreme poverty line live in South Asia.

The poor in sub-Saharan Africa account for one-third of the world's poor, while the number of poor in the Middle East and North Africa has more than doubled since 2015.

Over 95M EU citizens at risk of poverty, social exclusion

Although the internal conflicts in Syria and Yemen had the biggest impact on the Middle East, the effects of the pandemic were experienced by all income groups.

The COVID-19 has dealt the biggest blow to the global goals to reduce poverty in the last 30 years, the data showed.

Source: aa

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.