Syria aid cut could come back to bite UK, warns UN official
March 26, 2021, 12:31 pm

Syria aid cut could come back to bite UK, warns UN official

Children play among flooded tents at a camp for displaced Syrians near the town of Kafr Lusin in Idlib.

Humanitarian coordinator urges donors to stay the course and keep supporting Syrian people UN official

The UN has urged the UK not to go ahead with expected significant cuts in aid to Syria next week, warning that the move could further destabilise the wartorn country and backfire on Britons.

The warning from the UN’s chief humanitarian coordinator, Mark Lowcock, comes before a high-profile donor conference on Syria at which the organisers are looking for $10bn, the largest ever appeal for Syria.

In a last-minute plea to the UK, Lowcock said: “This is absolutely not the moment for donors to downgrade Syria in their priorities. Millions of Syrians are resorting to desperate measures to survive. To cut aid now would be massively destabilising. It would be a grave step in the wrong direction.”

The money goes to helping refugees in Syria and to help with the education, housing and employment of refugees across its borders in Turkey, Lebanon and Jordan. The UK is said to be the only major donor that is threatening to make a large cut.

“A decision to turn away from Syria today will come back to bite us all tomorrow,” he said. “In 2014 our appeal was poorly funded. In 2015 there was a huge exodus of people from Syria to Europe.”

Senior UN officials have been briefed to expect a “significant cut” in UK aid. The UK provided £300m last year and says it gave a total of £3.5bn between February 2012 and December 2020.

Lowcock told the Guardian that the UK should remember its historical responsibilities to Syria. He said: “On Tuesday in Brussels we are asking donors – out of generosity and in their own interests – to stay the course and continue supporting the people of Syria. Particularly those like the UK who have played a prominent role at points in the past. UN official

“In 2016 the UK hosted the most successful conference for a response crisis the UN has ever organised, raising $12bn. This helped keep the situation contained. This approach was good for Syrians, good for British people and good for the world. It helped ease suffering, contained chaos and instability, and ultimately protected the British people.”

Research for the UN shows nine out of 10 people in Syria live below the poverty line. The Syrian pound is worth only 1% of its prewar value, making it impossible for many Syrians to cover essential costs. Food prices have gone up by more than 200%. Lowcock said: “The majority of people can’t afford to eat. Millions of Syrians are resorting to desperate measures to survive.”

Earlier this year the UK cut its aid to Yemen by more than 60%, and it is trying to cuts its aid programme by a third over two years, citing the Covid-induced decline in the economy. But it is also cutting its aid budget to the equivalent of 0.5% of gross national income, down from the legally required 0.7%.

The UK has been slowly reducing its support for Syria but remains one of the most generous donors. The £300m provided in 2020 followed £400m in 2019, £450m in 2018, £450m in 2017 and £510m in 2016.

The UN says more than $10bn is needed this year to fully support Syrians in need. This includes at least $4.2bn for the response in Syria and $5.8bn to support refugees and host communities in the region.

An estimated 13.4 million people need humanitarian assistance in Syria, up 20% on last year. In the surrounding region, the UN and partners aim to help 10.5 million people, including 5.6 million refugees and the communities that host them. UN official

source: Patrick Wintour

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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.