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Congress Aims to Block Funding for U.N. Agency Supporting Palestinians

In a significant move, the United States plans to halt funding for the main U.N. agency that provides aid to Palestinians in Gaza, according to insiders familiar with the Congressional spending agreement currently in progress. This decision, part of a broader spending bill set to be approved by Congress, would result in a substantial deficit of funds for the agency known as UNRWA. Consequently, this could have dire consequences for the residents of Gaza who are already grappling with severe hunger, homelessness, and displacement.

The implications of this action would not only affect the people of Gaza but also create friction between the U.S. and its Western allies regarding the best approach to address the humanitarian crisis in the region, especially amidst allegations of Hamas infiltration within the agency.

While the U.S. has taken alternative measures to alleviate the crisis in Gaza, such as compelling Israel to allow more aid into the enclave and conducting food airdrops, the cut-off of funding to UNRWA could significantly impact the delivery of essential services in the region.

Prior to the conflict, UNRWA employees played a vital role in providing educational and healthcare services in Gaza. However, they have now become the primary source for delivering aid to the besieged residents of the territory. With Congress moving to ban funding for the agency, U.S. officials are exploring alternative organizations to facilitate food distribution, among other services.

While the U.S. is scouting for other entities to fill the void left by the suspension of UNRWA funding, America’s allies are scrambling to ensure that financial support for the agency continues.

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The funding suspension is expected to last until March 2025 and extends a previous halt that had bipartisan support following Israel’s accusations against several UNRWA employees. Efforts are underway to enforce a more prolonged funding ban, as divulged by sources involved in the negotiations.

According to Senator James Risch, the top Republican on the Foreign Affairs Committee, “Not a single taxpayer dollar should go to UNRWA after the serious allegations of its members participating in the October 7th attacks.”

The United States’ withdrawal of support would severely impact UNRWA’s capacity to provide food and healthcare services in Gaza. Historically, the U.S. has been a significant contributor to the agency’s budget, with a notable contribution of $370 million in 2023 alone. As of May, UNRWA’s operations were funded until the end of the month, as reported by Scott Anderson, the agency’s deputy director for Gaza.

Philippe Lazzarini, UNRWA’s commissioner general, expressed concerns about the adverse impact the U.S. funding suspension would have on the agency’s services, particularly in the realm of education. He emphasized the importance of continued solidarity from the U.S. while acknowledging the impending passing of the agreement in Congress.

Amidst these developments, the White House remains cautiously optimistic about the potential for reinstating funding to UNRWA in the future, contingent upon the agency’s investigations and commitment to reform.

U.N. officials disclosed that 10 out of the 12 accused employees linked to the October 7th attack have been terminated, with the remaining two deceased. The allegations prompted U.N. Secretary-General António Guterres to order an inquiry into the agency and urge nations to reconsider their aid suspensions.

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Recent commitments from various countries to renew funding for UNRWA signal a potential shift in support, with a focus on ensuring accountability and reform within the agency.

As the situation unfolds, humanitarian officials raise doubts about the efficacy of other aid organizations independently distributing large quantities of aid amidst ongoing conflict in the region. Despite efforts to identify alternatives to UNRWA, the indispensable role the agency plays in delivering critical services in Gaza remains a pressing concern.

The evolving dynamics have prompted discussions about the potential involvement of the World Food Program as a replacement for UNRWA. However, the disparity in staffing and operational capacity between the two organizations raises questions about the feasibility of such a transition.

While the deliberations continue, it is crucial to address the immediate needs of the people in Gaza and ensure that humanitarian assistance reaches those most affected by the crisis.

Efforts to secure funding for UNRWA are ongoing, with European countries emphasizing the importance of accountability and reform within the agency. The road ahead involves navigating complex diplomatic discussions to ensure that humanitarian aid reaches those in need without compromising on ethics and neutrality.

Intellectuals Insider

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Is now the right time to invest in gold as prices have cooled?

Now may be the time to buy gold following a recent lull in its price.

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The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.

This lull in gold’s price may represent an investment opportunity.

In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?

Compare your gold investment options among leading brokers now.

Gold prices have cooled. Should you buy in now?

With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:

Prices may rise again

If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.

But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.

Add gold to your portfolio now before prices have a chance to rise.

You may be able to make a quick profit

Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.

Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.

There are other benefits of investing in gold

There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:

Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.

The bottom line

Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.