Media Review: The National Interest says Washington is obstructing a political solution in Yemen

Media Review: The National Interest says Washington is obstructing a political solution in Yemen

    Friday, February 03, 2023   No comments

Chad Kunkle wrote an article in the American magazine "The National Interest" in which he said that during the past month, the "War Powers Resolution in Yemen" was withdrawn from voting in the US Senate, and that if the resolution had been approved, it would have ended the direct US military intervention in the Saudi war in Yemen. The bill was withdrawn by its sponsor, Democratic Senator Bernie Sanders.

According to the article, "This step came after President Joe Biden and his administration promised to veto the resolution if it passed, and urged other senators to vote against the bill." This is what the magazine considered "another major setback in efforts to end US involvement in a conflict that has resulted in one of the most devastating and least discussed humanitarian crises of our time."

This war has caused enormous suffering to the Yemeni people, as it has caused civilian casualties, diseases, internal displacement and famine in the population.

Ending US involvement in this conflict has garnered bipartisan support in Congress over the years despite many failed attempts to pass forms of the Yemen War Powers Resolution (YWPR). The move hit many roadblocks, such as a veto of legislation by President Donald Trump, but it also saw some recent successes, as Biden reversed some of the policies pursued by his predecessors, vowing to stop supporting offensive Saudi military operations and remove the Houthis from the terrorist designation list.

However, these transitions have largely failed to address the key issues that have kept this conflict and all the atrocities associated with it running. The United States has remained the main supplier of weapons to Saudi Arabia, and many US-made aircraft and weapons used in offensive operations by the (Saudi) coalition receive maintenance and support from the US military and US contractors long after Biden pledged to end this support. The Biden administration justified its decision to press against the current iteration of the draft "Yemen war power resolution" by claiming that the situation on the ground had changed, with a UN truce managing to reduce violence for most of 2022 and keeping Saudi airstrikes at bay — even after the truce. The armistice ended in October. The US administration fears that passing the draft resolution will harm the peace process by weakening Saudi Arabia's position at the negotiating table, while critics of the move argue that this leaves the door open for Saudi Arabia to launch a new bombing campaign with the help of the United States.

This decision also appears to be a dangerous reversal on the part of Biden and many key foreign policy officials. Senior Biden associates, such as US National Security Adviser Jake Sullivan, have signed letters to Trump (perhaps he means Biden) supporting past iterations of the "Yemen War Powers Resolution," and Biden's promise to make Saudi Arabia a pariah in his presidential campaign. The move to block the Yemen War Powers Resolution appears to be the latest example of a major shift in the administration's attitude toward the Saudis, which has garnered considerable attention since Biden's visit to the kingdom last July, which was marked by Biden's failure to secure increased oil production by the Saudis. And the rest of OPEC Plus.

Thus, it seems that the US administration is blocking the decision in another attempt to appease the Saudis, preceded by a recommendation from the administration to grant Saudi Crown Prince Mohammed bin Salman immunity in a lawsuit filed against him by Jamal Khashoggi's fiancée, in addition to continuing arms sales to the kingdom. Meanwhile, Mohammed bin Salman recently hosted Chinese President Xi Jinping and signed several investment deals with Beijing. This was the final step to increase ties between Saudi Arabia and China. It is clear that this evolving relationship, compared to the marked deterioration in US-Saudi relations, is causing concern in Washington.

The author of the article added that while such developments may cause major changes in US policy in the Middle East, the potential results do not justify a worrisome response that includes appeasement, facilitating disasters such as the war in Yemen. The United States has the ability to invest in alternative energy sources, including domestic oil production. A Saudi shift toward China would also incentivize the United States to define its relationship more clearly with Saudi Arabia, disengaging itself from the frustrating and often contradictory status of quasi-alliance that constrains the flexibility of US policy in the region.

He continued: Attempts to distance countries from their natural interests rarely lead to success, and it is reasonable to assert that the world's largest oil exporter seeks closer relations with its largest buyer is a natural development, especially since the Saudi economy is almost entirely dependent on oil exports. In addition, China's emerging interest in Saudi Arabia will be complicated by Beijing's long-standing attachment to Iran.

The writer concludes by saying that the war in Yemen has been a disaster, and the desperate and unnecessary attempts to prevent Saudi Arabia from pursuing alternative relations to America are no reason for the United States to continue aiding destruction by providing direct military assistance. The decision to seek to rein in that potential is worth the potential disruption of long-term policy, especially when that policy is not feasible to US interests and more beneficial alternatives exist.

It is noteworthy that the Saudi Foreign Minister discussed the Yemeni file in Switzerland with the Special Envoy of the Secretary-General of the United Nations to Yemen, Hans Grundberg, and stated that the war in Yemen must end through negotiation.

It is noteworthy that, last October, Sanaa announced that negotiations to extend the UN armistice in Yemen had reached a dead end, after Saudi Arabia refused to pay the salaries of public servants from the revenues of oil and gas produced from the Yemeni governorates, to stop the war and lift the blockade on the country.

A human rights report was issued late last month and documented "the crimes of the US-Saudi aggression during the year 2022", and indicated that the number of victims reached 3,083 deaths and wounded civilians (643 deaths and 2,440 wounded).

It is noteworthy that Saudi Foreign Minister Faisal bin Farhan discussed the Yemeni file in Switzerland with the Special Envoy of the Secretary-General of the United Nations to Yemen, Hans Grundberg, and stated that the war in Yemen must end through negotiation.

It is noteworthy that, last October, Sanaa announced that negotiations to extend the UN armistice in Yemen had reached a dead end, after Saudi Arabia refused to pay the salaries of public servants from the revenues of oil and gas produced from the Yemeni governorates, to stop the war and lift the blockade on the country.

A human rights report was issued late last month and documented "the crimes of the US-Saudi aggression during the year 2022", and indicated that the number of victims reached 3,083 martyrs and wounded civilians (643 martyrs and 2,440 wounded).

Only three Muslims-majority countries, Turkey, Pakistan and Morocco provide some form of military aid to Ukraine

Only three Muslims-majority countries, Turkey, Pakistan and Morocco provide some form of military aid to Ukraine

    Thursday, February 02, 2023   No comments

When will the war in Ukraine be declared a world war?

With almost all NATO member states and EU countries now openly providing weapons to Ukraine, pressure will be buidling on the rest of the world to take clear position on this conflict--though Russia has not openly asked for any military assistance from what it calls "friendly nationa states."

It should be noted also that only three Muslim-majority countries, Turkey, Pakistan and Morocco, provide some form of military aid to Ukraine.

From Europe, Austria, Hungary, Switzerland, Bosnia and Herzegovina, Serbia and Moldova still observe conditional neutrality.

The New York Times: Russia's economic growth confirms the limited impact of Western sanctions

The New York Times: Russia's economic growth confirms the limited impact of Western sanctions

    Tuesday, January 31, 2023   No comments

The New York Times published today, Tuesday, a report under the headline "Russia's Economic Growth Indicates Limited Impact of Western Sanctions".

The newspaper said in its report that the resilience of the Russian economy helps support global growth, according to a new report issued by the International Monetary Fund, which indicates that efforts by Western countries to weaken Moscow due to its war in Ukraine appear to be faltering.

In a report, the International Monetary Fund expected Russian production to expand by 0.3% this year and 2.1% next year, in defiance of previous expectations, of a sharp contraction in 2023, amid a set of Western sanctions, according to the newspaper.

Also, the newspaper indicated that a plan coordinated by the United States and Europe to cap the price of Russian oil exports at $60 a barrel is not expected to significantly reduce energy revenues.

"At the current G7 oil price ceiling level, Russian crude oil export volumes are not expected to be significantly affected, with Russian trade continuing to be redirected to non-sanctions countries," the IMF said.

Earlier, the International Monetary Fund, in a report, improved its forecast for the performance of the Russian economy for the next two years.

In 2024, the Russian economy will grow by 2.1%, which is 0.6% better than the October forecast for the same period.

A few days ago, a United Nations report showed that the size of the Russian economy shrank by about 3% in 2022, compared to previous expectations of a decline of 15%.

The Wall Street Journal, citing US officials, said Saturday's Iran attack was carried out by Israel

The Wall Street Journal, citing US officials, said Saturday's Iran attack was carried out by Israel

    Sunday, January 29, 2023   No comments

The Wall Street Journal quoted US officials and informed sources as confirming that Israel carried out Iran's attack on Saturday.

And the newspaper published, citing US officials and others familiar with the matter, that "Israel carried out the raid yesterday, with a drone, on the military defense complex of the Iranian armed forces in Isfahan."

She pointed out that "the United States and Israel are looking for new ways to contain Tehran's nuclear and military ambitions."

The Wall Street Journal stated that "the Israeli army refused to comment on the matter," and linked the attack to the visit of CIA chief William Burns a few days ago to the occupied Palestinian territories.

And the American newspaper recalled what it had quoted from the Israeli Chief of Staff, Halevy, last week, who declared that "Israel and the United States are preparing for the worst."

Earlier today, the Iranian Ministry of Defense announced that it had repelled an attack on one of its centers in Isfahan, in the center of the country, stressing that "the failed attack was carried out using drones, targeting a defense industry complex affiliated with the Ministry of Defense."

And she explained that "one of the drones was shot down by air defenses, and two other planes fell into defensive traps, and they were detonated," and confirmed that "the attack did not cause loss of life, nor did it cause any defect in the equipment and tasks of the ministry's complex."

And the ministry’s statement stated that “on the evening of January 28, about half an hour before midnight, a failed attack was carried out using drones on one of the military complexes of the Ministry of Defense,” and indicated that “the air defenses of the complex shot down one of the drones, while it was surrounded.” Two marches and they exploded."

In turn, the deputy governor of Isfahan, Mohammad Reza Janisari, confirmed, in a televised statement today, that the attack "did not result in injuries," adding that an investigation had been opened to determine its causes.

Video clips filmed by Iranian citizens showed that a small explosion occurred on the roof of one of the buildings adjacent to a main street in Isfahan. It indicates that it is the explosion of the march itself.

Argentina, Brazil reject the German request to send weapons to Ukraine

Argentina, Brazil reject the German request to send weapons to Ukraine

    Sunday, January 29, 2023   No comments

 Argentine President Alberto Fernandez announced today, Sunday, that his country and other countries in Latin America are not considering sending weapons to Ukraine.

Fernandez's remarks came during his joint press conference with German Chancellor Olaf Scholz during his visit to Argentina, in which he said, "Argentina and Latin America will not do that, and they are not considering sending weapons to Ukraine or to another conflict zone."

Earlier, the Brazilian newspaper "Folha" reported, quoting military and government sources, that Brazilian President Luis Inacio (da Silva) also rejected a request from the German government for ammunition for Leopard tanks, in order to maintain neutrality.

According to media reports, the commander of the US Southern Command, General Laura Richardson, said that the United States is working with nine Latin American countries to transfer their Russian weapons to Ukraine in exchange for supplies of American equipment.

Earlier, German Chancellor Olaf Scholz went to Latin America, where he will meet Brazilian President Luis Inacio Lula da Silva for the first time since assuming the presidency, in addition to a meeting with the presidents of Argentina and Chile.

Schultz's tour began in Argentina, accompanied by about 12 senior business managers, then he visited Chile, and concluded his tour in Brazil, the first economic power in Latin America, to leave on Wednesday.

The visit comes as German companies look for new opportunities abroad after suffering an economic shock from the crisis in Ukraine, and as concern rises due to heavy commercial dependence on China.

Roberto Goulart Menezes, of the Center for International Relations at the University of Brasilia, said, "Germany is one of the most important European Union countries investing in Brazil."

Pakistan: We will get Russian oil starting next April

Pakistan: We will get Russian oil starting next April

    Friday, January 27, 2023   No comments

Pakistan's Petroleum Minister Mossadeq Malik announces that Pakistan will start importing crude oil from Russia in April 2023, stating that this "will be beneficial for both countries."

Pakistani Petroleum Minister Mussadeq Malik announced today, Friday, that Pakistan will start importing crude oil from Russia in April 2023, after Moscow and Islamabad ended their negotiations on the terms of supply, including the issue of payment related to the use of a currency other than the dollar.

Malik added, "In March, all trade clauses of the agreement with Russia will be finalized, after which low-cost crude oil will start arriving in Pakistan. It will be beneficial for both countries," according to the Pakistani newspaper News.

Pakistan has also begun to develop a comprehensive energy security plan, which will be completed by the end of 2023, and includes the import of Russian liquefied natural gas (LNG), pipeline gas, and other petroleum products, according to the newspaper's report.

Earlier, Russian Energy Minister Nikolai Shulginov and Pakistan's Economy Minister Ayaz Sadiq held a meeting, where the two sides agreed to agree on all details of oil and gas supplies by March.

Shulginov noted that discussions on oil supplies will not begin until after February 5, after the price ceiling for Russian refined products, introduced by Western countries, comes into effect.

Shulginov added that "Russia may participate in power generation projects in Pakistan, including the modernization and construction of hydroelectric power plants and thermal power plants."

On January 19, Russia and Pakistan announced their readiness to sign the necessary documents for the construction of the "Pakistani Stream" gas pipeline.

The Russian delegation headed by Shulginov arrived in Pakistan, on January 17, to hold bilateral talks for a period of 3 days, within the framework of the work of the joint Russian-Pakistani governmental committee for trade, economic, scientific and technical cooperation.

Western countries have been seeking ways to limit Russia's revenues from oil and gas exports, as well as its dependence on Russian fuel since Moscow launched a military operation in Ukraine on February 24, 2022.

On December 5, the European Union set a ceiling for the price of Russian oil, $60 a barrel, and the G7 countries and Australia joined.

Despite this, Washington and its allies agreed to review the level of the ceiling imposed on the export prices of this oil next March.

Canada's Prime Minister, Trudeau, appoints Canada’s First Special Representative on Combatting Islamophobia

Canada's Prime Minister, Trudeau, appoints Canada’s First Special Representative on Combatting Islamophobia

    Friday, January 27, 2023   No comments

 A statement issued by the Canadian Prime Minister's office said that journalist and activist Amira Al-Ghawabi will fill the position "to be an advocate, advisor, expert and representative to support and strengthen the federal government's efforts to combat Islamophobia, systemic racism, racial discrimination and religious intolerance."

Al-Ghawabi is a human rights activist, public relations officer at the Canadian Race Relations Foundation and columnist for the Toronto Star, having previously worked for more than a decade at CBC (CBC). CBC) Canadian Public Broadcasting.

In her new position, Al-Ghawabi will promote awareness of the diverse and intersecting identities of Muslims in Canada and advise the government in developing comprehensive policies, legislative proposals, programs and regulations that reflect their realities, helping to promote respect for equality, inclusion and diversity and highlighting the important contributions of Muslims to the Canadian national fabric, according to her. Prime Minister's statement.

For his part, Prime Minister Justin Trudeau praised - via Twitter - the appointment of Al-Ghawabi, which he saw as "an important step in our fight against Islamophobia and hate in all its forms."

"Diversity is really one of Canada's greatest strengths, but for many Muslims, Islamophobia is very familiar," he added.

Over recent years, a series of bloody attacks have targeted Canadian Muslims.

In June 2021, 4 members of a Muslim family were killed when someone ran them over with his truck in Ontario.

And 4 years before that, 6 Muslims were killed and 5 injured in an attack on a mosque in Quebec City.

In a series of tweets she posted on Thursday, El-Ghawabi listed the names of the people killed in the recent attacks, writing, "We must never forget."

The creation of the new position came as part of the recommendations of a national summit on Islamophobia organized by the federal government in June 2021 in response to these attacks.

Commenting on Sweden's permission to burn the Qur'an, Turkish FM, Cavusoglu, says, Hate crimes are not freedom of expression

Commenting on Sweden's permission to burn the Qur'an, Turkish FM, Cavusoglu, says, Hate crimes are not freedom of expression

    Monday, January 23, 2023   No comments

Turkish Foreign Minister Mevlüt Çavuşoğlu will denounce the Swedish authorities' permission for the leader of the far-right Danish "hard line" party, Rasmus Paludan, to burn a copy of the Holy Qur'an in the capital, Stockholm, and stressed that such crimes do not fall within the framework of freedom of expression.

Çavuşoğlu said that they "do not allow the burning of books of other religions, but when it comes to the Holy Qur'an and hostility to Islam, they immediately invoke freedom of thought and expression."

The Turkish minister stressed that hate and racism crimes do not fall within the framework of freedom of thought and expression, whether according to Swedish laws or decisions of the Council of Europe or the European Court of Human Rights.

He pointed out that Turkey was quick to take the necessary steps as soon as it learned that the Swedish authorities had allowed the extremist in Al-Wadan to burn a copy of the Noble Qur’an in front of the Ankara embassy building in Stockholm.

Davutoglu indicated that the Turkish Foreign Ministry summoned the Swedish ambassador to Ankara to the ministry's headquarters and issued the necessary warnings to him, explaining that the Turkish ambassador to Stockholm, Yonat Janzel, spoke directly with the Swedish Foreign Minister Tobias Bilstrom in this regard.

He expressed his hope that the Swedish authorities would take the necessary measures at the last minute and prevent this racist and hate crime from happening, which would cause outrage in the entire world.

After the event, Turkish President Recep Tayyip Erdogan stressed that Sweden should no longer wait for Ankara to take any step within the framework of accepting its accession to NATO, in light of the burning of the Holy Quran in Stockholm.

Erdogan added, "You want to support terrorist organizations, and you support those who are hostile to Islam, and you want us to support your joining NATO... This will not happen at all."

And the Turkish president added, "We say clearly... Sweden is no longer waiting for any support from us for its accession to NATO... We say clearly that no one has the right to insult our sacred values."

Last Saturday, the Swedish-Danish extremist Ramsos Paludan carried out what he promised to burn a copy of the Holy Qur’an in front of the Turkish embassy in Stockholm, amid great police protection and a large media presence.

Joseph Borrell: "You can't say I consider you a terrorist because I don't like you."

Joseph Borrell: "You can't say I consider you a terrorist because I don't like you."

    Monday, January 23, 2023   No comments

In a rare admission, the EU top diplomat suggests that the label “terrorist”, when used by politicians, can be void of any legal validity. Speaking before a meeting of EU foreign ministers which will discuss the designation of Iran’s revolutionary guards, a branch of the Iranian armed forces, as a terrorist entity, he declared that "You can't say I consider you a terrorist because I don’t like you."

The European Union foreign policy chief, Joseph Borrell, conditioned the validity of the designation by a court ruling: "This matter cannot be decided without a court, a court decision first."

He pointed out that a court in an EU member state must issue a concrete legal conviction, before the bloc itself can move in this regard.

Will next week be decisive in determining the fate of the global economy?

Will next week be decisive in determining the fate of the global economy?

    Sunday, January 22, 2023   No comments

Bloomberg Agency presents a reading of the most important global economic changes, and indicates the possibility of a total change in global markets, especially after the Chinese decision to completely abandon the steps to combat Corona.

Next week may show more reasons for hope about the global economy, after bleak months filled with negative signs of a deep recession, as some data could reflect the gradual improvement of business partnerships in most parts of the developed world.

Economists expect purchasing managers' indices for both the United States and the eurozone to rise, while many metrics will still point to contraction, the upward trend of travel could add to optimism, according to a Bloomberg report.

Global Purchasing Managers Activity

Such possibilities are reinforced by China's post-pandemic reopening, evidence of slowing inflation, and the emphatic views of some senior European officials that their economies will not stagnate. International Monetary Fund Managing Director Kristalina Georgieva hinted on Friday that the lender may soon raise its forecasts for this year.

"We have, clearly, the strength of labor markets translating into consumer spending and sustaining the economy, and as China reopens, we expect growth this year to again exceed the global average," Kristalina Georgieva said at the World Economic Forum in Davos, Switzerland.

But prices in the US will also be decisive, and the first estimate of Q4 GDP there, due on Thursday, could be helpful. The economy is expected to show expansion at an annual rate of 2.7% in the last three months of 2022, after a pace of 3.2% in the third quarter.

While this data points to strong growth, recent data, including retail sales, home construction and industrial production, showed that momentum was starting to fade in late 2022.

Economists, polled by Bloomberg, see US gross domestic product falling for two consecutive quarters in the middle of this year as sharp interest rate increases by the Federal Reserve curbed demand.

While Asian momentum could provide a boost to these expectations, the IMF chief noted that there is a risk that its contribution to the global economy could be derailed.

Expert point of view

America's fourth-quarter GDP will be boosted largely by strong consumer spending on services, even as goods decline.

Households continued to benefit from excess savings from the stimulus and benefit from strong wage gains, and tightening monetary policy means that 2023 will see significantly weaker demand.

Elsewhere, multiple interest rate decisions may include a possible eventual BoC hike, and a 12th consecutive rate hike in Colombia.

Australia and New Zealand may report slowing consumer price growth, while Eurozone policymakers have one last chance to speak before they meet the following week.

United States and Canada

Apart from the US PMI and GDP reports, the government is expected to announce on Friday that inflation-adjusted personal spending on goods and services fell in December for the first time in a year.

The data is also expected to show moderate inflation rates on an annual basis, but they will remain high. Fed officials, who are watching ahead of the end-of-month meeting, will take note of signs of a slowing economy and moderate inflation. Other reports are expected to show a decline in new home sales and core capital goods.

Looking north, the Bank of Canada appears to have put a cap on one of the most aggressive tightening campaigns in its history, with what economists and markets expect to be a final 25 basis point increase in borrowing costs on Wednesday.

Policy makers led by Governor Tiff Macklem will likely refrain from announcing a complete halt to hikes, opting instead to keep the benchmark rate at 4.5% while maintaining a hawkish tone while watching how quickly the economy declines.

The decision is complicated by conflicting data. Canada's ultra-tight labor market continues to add jobs with unemployment near a record low, and economic output is set to expand in the fourth quarter of 2022 at twice the pace of the central bank's previous forecast.

Annual inflation remains uncomfortably high at 6.3%, but the underlying pressures are showing clear signs of abating. Meanwhile, heavily indebted Canadian households are feeling the crunch of higher rates and are starting to cut back on their spending.

Asia

Australia and New Zealand reported their latest inflation figures in the middle of the week, as the RBA contemplates halting its tightening cycle and the RBNZ contemplates its next move after a big rally in November.

In South Korea, Thursday's GDP results may show the economy contracting, a result that could reinforce caution in the central bank.

In Japan, Friday's Tokyo CPI data should indicate whether inflation is closer to peaking in the world's third-largest economy.

Two closely watched South Asian economies, Pakistan and Sri Lanka, will decide key interest rates, along with Thailand.

In turn, the Philippines reported the performance of its economy in 2022, which President Ferdinand Marcos Jr. estimated would grow at 7%.

The Thai Ministry of Finance will provide its latest economic estimate later next week. China will be closed all week due to the Lunar New Year holiday.

Europe and Africa

The last window for ECB officials to communicate ahead of the February 2 interest rate decision will close on Thursday. At the same time, Eurozone data may give more indications of the health of the economy.

Officials are scheduled to appear several times before then, including Bank President Christine Lagarde, who pledged to the Davos audience that she would "stay the course" on monetary policy.

In Germany, where Chancellor Olaf Scholz is now convinced a recession will be avoided, Wednesday's Ifo Business Confidence report is expected to show improvement across all measures. Meanwhile, the first estimate of Spain's GDP for the fourth quarter may reveal a slight expansion.

The UK faces a few quieter days than it has lately, with no monetary policy speakers from the Bank of England and the PMI survey and fiscal data among the only items expected.

And in Hungary, the central bank will set the base interest rate at a monthly meeting on Tuesday, as investors eye a possible pivot towards monetary easing at the depository tender two days later. To the east, Ukrainian officials are expected to keep their benchmark unchanged at 25%.

Regarding Africa, the Central Bank of Nigeria is expected to slow its monetary tightening on Tuesday, with an increase of 50 basis points. Inflation slowed unexpectedly in December, but remained well above the policy target, deterring saving.

On Wednesday, Mozambique's policymakers are likely to leave official borrowing costs unchanged for the second consecutive meeting as inflation expectations slow.

Having prepared early for its battle against the worst global inflation shock in a generation, the Reserve Bank of South Africa is also likely to slow its rate hike on Thursday. Investors expect a more than 80% chance of a rate hike of 25 basis points.

Latin America

On Tuesday, consumer price reports are likely to confirm the formidable challenge facing policymakers in the region's two largest economies.

On an annual basis, Brazil may record a gradual move down from the level of 5.9%, while the main and fundamental results in Mexico as a whole remain unchanged from their latest readings at 7.86% and 8.34%, respectively.

In Argentina, GDP data could be disappointing for a third month, with an overvalued peso and near triple-digit inflation threatening deflation in the fourth quarter.

All certainty, the Central Bank of Chile will keep its benchmark rate at a two-decade high of 11.25% for the second consecutive meeting on Thursday. Inflation that has reached 4 times the target as the economy slips into recession puts Central Bank President Rosana Costa in an awkward position.

Observers in Colombia largely expect the central bank to extend a record cycle of interest increases, with 12 consecutive rate hikes to 13%, in the face of the sharpest wave of inflation in a generation.

Surprisingly, Finance Minister Jose Antonio Ocampo, who is a voting member of the bank's board of directors, said on Tuesday that "the bank does not need to raise again and inflation has peaked, both of which contradict the bank's own polls of analysts."