This is the current affairs of 15 to 17 June 2024. Here are questions and answers of daily current affairs for better preparation of competitive exams for government jobs.
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1. The G7 group decided to lend $50 billion to Ukraine using the seized assets of which country?
a. China
b. Russia
c. France
d. Germany
Answer: b. Russia
– The annual G7 summit was held in Italy in June 2024. During this time, the group agreed to use the seized assets of Russia to raise $50 billion in loans for Ukraine.
– Ukraine will use this amount in its war against Russia.
Italy
– Capital – Rome
– Prime Minister – Giorgia Meloni
– Neighboring countries – France, Switzerland, Austria, Croatia
How much Russian property was confiscated?
– After Russia’s attack on Ukraine in 2022, the European Union, along with the G7, froze Russian assets worth $325 billion.
– These assets earn $3 billion in interest every year.
– It was decided at the G7 meeting that the $3 billion will be used to pay the annual interest on the $50 billion loan taken from the international market for Ukraine.
– At the summit held in Italy, U.S. President Joe Biden stated that a $50 billion loan would be given to Ukraine and this would serve as a reminder to Russian President Vladimir Putin that we are not backing down.
– However, Russian Foreign Ministry spokesperson Maria Zakharova warned that if this happens, the response will be “quite painful.”
Signed Bilateral Security Agreement
– At the G7 summit held in Italy, Ukrainian President Volodymyr Zelensky and U.S. President Biden signed a bilateral security agreement between Ukraine and the U.S. for 10 years.
– This agreement includes American military aid and training for Ukraine, but it does not state that the U.S. is obligated to send its troops to fight in Ukraine.
– Previously, the U.S. had provided $61 billion in aid to Ukraine.
G7 (Group of Seven)
– Its current members are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. It is a group of wealthy countries.
– It was formed in 1975.
– At that time, it was G6 – France, Germany, Italy, Japan, the United Kingdom, and the USA.
– Later, Canada joined, and it became G7.
Then in 1997, Russia also joined, making it G8.
– However, in 2014, when Russia annexed Crimea, a region of Ukraine, it was expelled from the group. It then reverted to G7.
– It describes itself as a group of IMF-advanced economies, meaning the world’s strongest declared economies by the International Monetary Fund.
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2. Which Arab country did not renew the 50-year-old petro-dollar agreement with the US, thereby threatening the supremacy of the dollar?
a. Iraq
b. Kuwait
c. Saudi Arabia
d. UAE
Answer: c. Saudi Arabia
– According to media reports, Saudi Arabia has not renewed the 50-year-old petrodollar agreement with the United States.
– This agreement ended on June 8, 2024. It is being reported that Saudi Arabia will not renew it.
– After the deal has ended, Saudi Arabia can now sell its oil in any currency.
– This poses a threat to the dominance of the dollar.
– By deciding not to extend this agreement, Saudi Arabia can now sell oil and other goods using various currencies such as the Chinese RMB, Euro, Yen, and Yuan instead of only the US dollar. There is also talk of exploring the possibility of using digital currencies like Bitcoin for transactions.
– This decision marks a significant step away from the petrodollar system established in 1972, when the US stopped directly linking its currency to gold.
– Saudi Arabia’s new decision is expected to accelerate the global trend of using currencies other than the US dollar in international trade.
What was the Petrodollar Agreement that made the dollar dominant?
– Originally signed on June 8, 1974, this agreement was a significant part of the American global economic influence.
– Let’s go back to the background.
– The story begins on October 6, 1973, when Arab countries attacked Israel. These countries wanted to reclaim the land Israel had occupied in the 1967 Six-Day War.
– Syria and Egypt were being helped by Russia. In such a scenario, the U.S. supported Israel and provided it with weapons.
– Angered by the American support for Israel, Saudi Arabia and other OPEC countries reduced oil production.
– This led to a rise in oil prices in the U.S., causing inflation to soar worldwide. – However, the tension in the Arab world made Saudi Arabia apprehensive as well. Its monarchy was under threat.
– To overcome this crisis, an agreement was reached between the U.S. and Saudi Arabia on June 8, 1974. At that time, the U.S. President was Richard Nixon.
– Under this deal, Saudi Arabia could sell its oil only in dollars.
– In return, Saudi Arabia received military protection from the U.S. This deal between the two countries was called the Petrodollar System.
The Petrodollar Agreement Made the Dollar Dominant
– Before the Petrodollar system, the value of the U.S. dollar was determined by gold.
– This had been the case since the end of World War II.
– In 1971, U.S. President Richard Nixon changed this system.
– This led to fluctuations in the value of the dollar.
– Later, on June 8, 1974, the Petrodollar Agreement was made with Saudi Arabia.
What Will Be the Impact?
– After the end of this deal, Saudi Arabia can now sell its oil in any currency. This decision is believed to potentially shake the dominance of the dollar in the world market.
– According to MSN, because Saudi oil was sold only in dollars, its demand remained consistent worldwide.
– Whether more oil is sold or its price increases due to a drop in production, the supply and value of the dollar are affected.
– However, neither the U.S. nor Saudi Arabia has confirmed the cancellation of this deal yet.
Saudi Arabia
Capital – Riyadh
King – Salman bin Abdulaziz Al Saud
Crown Prince – Mohammed bin Salman Al Saud
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3. The Indian Army received the first consignment of indigenous man-portable suicide drone in June 2024, name it?
a. Brahmastra Drone
b. Harop Drone
c. Nagastra-1 Drone
d. Sasthastra-1 Drone
Answer: c. Nagastra-1 Drone
– With the arrival of these suicide drones, soldiers can now target the enemy without putting their own lives at risk.
– The first batch was received by the army on June 14, 2024.
– This batch includes 120 drones that will destroy enemy bunkers, posts, and weapon depots.
– The Indian Army received the first consignment in June 2024.
– This drone was developed by Economic Explosives Limited of Solar Industries in Nagpur.
Features of the Drones
– These drones can stealthily attack the enemy using low noise and low visibility technology.
– This weapon has two variants, both variants of Nagastra can fly for 60 to 90 minutes. Its operational range is 15 km.
– During testing, it was the first time in the world that a successful trial was conducted with a man-portable loiter munition carrying a 1 to 4 kg warhead.
– This drone can fly at high altitudes and launch deadly attacks directly on enemy tanks, bunkers, armored vehicles, weapon depots, or military groups.
How many drones were received in the first batch
– The Indian Army had ordered the company to supply 480 loitering munitions (suicide drones).
– Out of these, 120 drones have already been received by the Indian Army.
Powerful Drones in the Indian Army’s Arsenal
1. Swarm Drone
2. Harop Drone
3. Heron Drone
4. Searcher II
5. MQ-9 Reaper
– The new drone is ‘Nagastra-1’, which is also called a suicide drone.
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4. What is the new name of the historic and ancient Joshimath, which was approved by the Central Government?
a. Uttarakhand Math
b. JyotirMath
c. Shankaracharya Math
d. Jyotisthan
Answer: b. JyotirMath
– The central government has approved the renaming of Joshimath tehsil in Chamoli district, Uttarakhand, to Jyotirmath.
– This proposal was approved on June 12, 2024.
– On June 15, 2023, Uttarakhand Chief Minister Pushkar Singh Dhami announced the name change.
– This was a long-standing demand of the local residents, who had raised the issue with the CM, citing the historical and spiritual significance of Joshimath.
– Additionally, Kosiyakutoli tehsil in Nainital district has also been renamed to Pargana Shri Kainchi Dham.
– It is believed that the area of Joshimath was originally called Jyotirmath, as in the eighth century, Adi Guru Shankaracharya came here to meditate under the Amar Kalp tree and attained self-realization (divine knowledge Jyoti).
– However, over time it became popularly known as Joshimath.
– According to the state government’s statement, Kosiyakutoli in Nainital will now be known as Pargana Shri Kainchi Dham tehsil, named after the ashram of Baba Neem Karoli Maharaj.
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5. Cyril Ramaphosa became the President of which country for the second consecutive time?
a. South Africa
b. Uganda
c. Namibia
d. Kenya
Answer: a. South Africa
– Cyril Ramaphosa has become the President of South Africa for the second consecutive term.
– General elections were held on May 29, 2024.
– According to BBC News, Ramaphosa’s African National Congress (ANC) has formed a coalition with the opposition party Democratic Alliance (DA).
– This marks the first time in 30 years that Nelson Mandela’s ANC party has formed a coalition government in the country.
Enfranchisement of Non-Whites in 1994:
– Prior to 1994, non-white people in South Africa were not allowed to vote.
– After the end of the apartheid system based on racial discrimination, the country held its first fully democratic elections in 1994.
– Nelson Mandela led the African National Congress during these elections.
Nelson Mandela:
– Nelson Mandela was South Africa’s first non-white President. Before becoming President, he was a prominent leader of the African National Congress, which opposed the centuries-long racial segregation in South Africa.
South Africa:
– Capital: Pretoria, Cape Town, and Bloemfontein
– Currency: South African Rand
– Population: 59.9 million (2022)
– Languages: English, Afrikaans, and nine other official languages, with Zulu and Xhosa being the most spoken.
– Neighboring Countries: Namibia, Botswana, Zimbabwe, Mozambique, Eswatini, and Lesotho (Lesotho is completely surrounded by South Africa).
– Oceans: Indian Ocean and Atlantic Ocean (South)
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6. To which neighbouring country of India, the IMF has approved a $2.9 billion bailout package in June 2024?
a. Sri Lanka
b. Bangladesh
c. Ukraine
d. Nepal
Answer: a. Sri Lanka
– The IMF has approved the second review of Sri Lanka’s $2.9 billion bailout.
– However, it cautioned that despite signs of improvement, the economy remains weak.
Struggling with Cash Shortages:
– Since 2022, Sri Lanka has been grappling with its worst financial crisis, with further downturn expected.
– Due to a severe shortage of dollars, the currency depreciation could reach a high of 70%, hitting a record low, and the economy is expected to contract by 7.3%.
About the IMF:
– The IMF is an international financial institution that monitors the global economic situation of its member countries.
– It provides economic and financial assistance to its member countries, helps stabilize international exchange rates, and facilitates economic development.
– Headquarters: Washington, D.C., United States
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7. What is the rank of India in the Global Peace Index (GPI) 2024?
a. 100
b. 116
c. 114
d. 115
Answer: b. 116
– India has been ranked 116th in the index. In the year 2023, India was ranked 126th.
– In 2022, India had secured the 135th position, indicating an improvement in India’s rank.
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8. Which is the most peaceful country in the world as per the Global Peace Index (GPI) 2024?
a. Iceland
b. Greenland
c. Norway
d. United Kingdom
Answer: a. Iceland
– This index has been released by the Institute for Economics and Peace (IEEP).
– The GPI includes 163 countries, which account for 99.7% of the world’s population.
– According to the 2024 Global Peace Index, global peace has deteriorated significantly over the past two decades.
– The 18th report of the Global Peace Index claims that the number of global conflicts has reached the highest level of 56 since the Second World War.
– Global expenditures are now focused more on drones and defense satellites than traditional weapons (artillery).
– According to the report, Iceland has been the most peaceful country since 2008.
– Following Iceland, the rankings include Ireland, Austria, New Zealand, and Singapore.
Criteria for Ranking:
– The ranking is based on three criteria:
Social security and protection, domestic and international conflict, and militarization.
– It also includes 23 indicators.
Shadow of Conflict Reaches Space:
– Increased spending on military satellites has extended the shadow of conflict into space.
– Not only that, but the entry of drones has also rapidly enhanced the capabilities of small groups to carry out attacks.
Least Peaceful Countries:
– Yemen
– Sudan
– South Sudan
– Afghanistan
– Ukraine
Regional Performance:
– Europe: Despite a slight decline in peace in 2023, Europe remains the most peaceful region.
– Middle East and North Africa: This region has become the least peaceful due to significant conflicts in countries like Yemen and Sudan.
– North America: Recorded the largest regional decline, attributed to increased violent crime in both Canada and the United States.
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9. When is the World Day to Combat Desertification and Drought observed?
a. 17 June
b. 14 June
c. 12 May
d. 10 April
Answer: a. 17 June
Theme 2024
– United for Land. Our Legacy. Our Future.
– The day began with an initiative by the United Nations General Assembly to raise awareness about the dangers posed by drought.
– Over the past two decades (compared to 2000), there has been a 29% increase in the number of droughts, according to the WMO 2021 report.
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10. When is Sustainable Gastronomy Day celebrated?
a. 18 June
b. 19 June
c. 20 June
d. 21 June
Answer: a. 18 June
– The United Nations General Assembly (UNGA) adopted this day on December 21, 2016.
– The objective of this day is to recognize practices related to sustainable food consumption.
– Gastronomy is also referred to as the art of food. It can encompass a particular style of cooking from a specific region.
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