Financial policymakers from the world’s 20 biggest economies have agreed to suspend debt repayments from the world's poorest countries, giving them headroom to dedicate cash to fight the coronavirus.
Both principal repayments and interest payments will be suspended from May 1 until the end of the year, the G20 said in a joint statement following the group’s finance ministers and central bankers' virtual meeting on Wednesday. They also asked private creditors to join the initiative "on comparable terms".
The initiative accommodates all International Development Association-countries that are currently on any debt service plan to the International Monetary Fund and the World Bank. All of the least developed nations, as defined by the UN, will also benefit, and creditors will consider a possible extension to the debt freeze later this year, it said.
"We are determined to spare no effort, both individually and collectively, to protect lives, overcome the pandemic, safeguard people’s jobs and incomes, support the global economy during and after this phase and ensure the resilience of the financial system," the G20's finance ministers and central bankers said in a communique.
All G20 members agreed to an action plan that includes a comprehensive IMF package and support measures proposed by the World Bank and other multilateral lenders that collectively amounts to $200 billion (Dh734bn).
All bilateral official creditors will participate in the initiative. The G20 also called on multilateral development banks to further explore options for the suspension of debt service payments over the period, according to the statement.
“Our aim with the action plan is to support the necessary health response and [take] measures … preventing a liquidity crisis turning into a solvency crisis and global recession becoming a global depression, Saudi Arabia's finance minister Mohammed Al Jadaan said at a joint teleconference with the country’s central bank governor, Ahmed Al Kholifey, after the meeting. Saudi Arabia has the G20 rotating presidency this year.
The G20 move is part of efforts to support the global economy during the pandemic and ensure financial stability. The group has already poured more than $7 trillion into the global economy to support businesses and stem job losses as Covid-19 continues to spread across Asia, the Middle East, Europe and North America. The United Nations last month called for a separate $2.5tn package by the G20 to help developing economies cope with the pandemic.
Covid-19, as the illness is called by the World Health Organisation, has infected more than 2 million people globally and killed about 129,000, according to the Johns Hopkins University, which is tracking its spread. More than 500,000 people have recovered.
The global economy is facing its greatest crisis since the Great Depression in the 1930s and is projected to shrink 3 per cent in 2020, the IMF said on Tuesday. The Washington-based fund’s growth forecast for this year has been revised down more than 6 percentage points, relative to its October 2019 estimates and updated January 2020 projections of a 3.3 per cent increase in global gross domestic product.
The IMF managing director Kristalina Georgieva and the World Bank Group’s president David Malpass welcomed the G20's move to suspended debt servicing from nations in need of support.
“This is a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people,” they said in a joint statement. “The World Bank Group and [the] IMF will move quickly to respond to the G20’s request for us to support this action by working closely with these countries in ways that make the best use of this vital lifeline.”
Mr Georgieva earlier said that the IMF is discussing a new “short-term liquidity line for countries with strong policies”. To assist its low-income members, the lender plans to triple its concessional lending.
“We are … urgently seeking $18bn in new loan resources for the Poverty Reduction and Growth Trust, and will also likely need at least $1.8bnin subsidy resources,” she said in a separate statement issued earlier on Wednesday.
The IMF executive board on Tuesday approved an immediate debt relief package for 25 countries struggling to cope with the economic effects of the coronavirus pandemic. The relief package, under the fund's revamped Catastrophe Containment and Relief Trust, provides grants to its most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months.
Of the IMF's 189 members, 100 countries have approached it for emergency financing.
"That's the kind of support that will be needed," the IMF's chief economist Gita Gopinath told The National on Tuesday.
The fund is looking to double its emergency financing to $100bn to help struggling economies. It will make its entire $1tn financial capacity available to meet requests for funding.
Killing of Qassem Suleimani
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.
The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.
The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.
Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.
The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
More from Rashmee Roshan Lall
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
Company%20profile
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Power: 464hp at 5,200rpm
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Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Price: From Dh590,000
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Abu Dhabi Card
5pm: Maiden (PA) Dh 80,000 1,400m
National selection: AF Mohanak
5.30pm: Handicap (PA) Dh 90,000 1,400m
National selection: Jayide Al Boraq
6pm: Handicap (TB) Dh 100,000 1,400m
National selection: Rocket Power
6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m
National selection: Ihtesham
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m
National selection: Noof KB
7.30pm: Maiden (PA) Dh 80,000 2.200m
National selection: EL Faust
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
MATCH INFO
Inter Milan 2 (Vecino 65', Barella 83')
Verona 1 (Verre 19' pen)
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Killing of Qassem Suleimani
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
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Queen
Nicki Minaj
(Young Money/Cash Money)
Tuesday results:
- Singapore bt Malaysia by 29 runs
- UAE bt Oman by 13 runs
- Hong Kong bt Nepal by 3 wickets
Final:
Thursday, UAE v Hong Kong
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
How Voiss turns words to speech
The device has a screen reader or software that monitors what happens on the screen
The screen reader sends the text to the speech synthesiser
This converts to audio whatever it receives from screen reader, so the person can hear what is happening on the screen
A VOISS computer costs between $200 and $250 depending on memory card capacity that ranges from 32GB to 128GB
The speech synthesisers VOISS develops are free
Subsequent computer versions will include improvements such as wireless keyboards
Arabic voice in affordable talking computer to be added next year to English, Portuguese, and Spanish synthesiser
Partnerships planned during Expo 2020 Dubai to add more languages
At least 2.2 billion people globally have a vision impairment or blindness
More than 90 per cent live in developing countries
The Long-term aim of VOISS to reach the technology to people in poor countries with workshops that teach them to build their own device
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now