IMF, World Bank roll out all their lending tools

first_imgAll members of the International Monetary Fund have access to the US$1 trillion in lending capacity. As of Thursday, 102 out of 189 IMF member countries had made requests for aid, and 50 of them will receive it by the end of April, IMF chief Kristalina Georgieva said following the virtual spring meetings.The World Bank plans to provide up to $160 billion in aid over the next 15 months.Emergency aid The IMF and World Bank have aggressively pushed out financing to help countries deal with the health and economic impacts of the coronavirus pandemic.Here is a summary of the financing available from the Washington-based development lenders:Regular lending capacity The IMF’s emergency aid capacity recently was doubled to $100 billion, available through two tools: the Rapid Financing Instrument (RFI) and the Rapid Credit Facility (RCF). The RCF is interest-free and accessible to low-income members, while the RFI is accessible to all members, without the need to negotiate a traditional loan program.The funds “can be disbursed very quickly to assist member countries implement policies to address emergencies such as the coronavirus,” the IMF said.Disaster reliefThe IMF also uses its redesigned Catastrophe Containment and Relief Trust (CCRT) to provide grants for debt relief to the poorest and most vulnerable countries with outstanding obligations to the IMF to help address disasters, including public health disasters.This instrument was used to support Guinea, Liberia and Sierra Leone during the 2014 Ebola epidemic. The IMF board approved a six-month debt payment standstill for 25 countries eligible for CCRT funding, which potentially could be extended.Georgieva put out an urgent call for donations to boost resources of this fund, and she said Thursday the IMF has received commitments totaling $600 million from Britain, Japan, China, the Netherlands and Germany.Poverty reduction fundGeorgieva also has called for an additional $17 billion in donations to shore up the Poverty Reduction and Growth Trust (PRGT), which provides concessional lending to low-income countries. She said the fund already has received commitments for 70 percent of this amount from Japan, Britain, France, Australia and Canada. US Treasury Secretary Steven Mnuchin said the United States is considering a possible contribution.Short term credit lineFor countries that are not eligible for concessional lending, the IMF on Wednesday approved a new Precautionary Liquidity Line (PLL) to help countries with “sound policies” deal with “adverse shocks” from the coronavirus.The countries that qualify can draw on the credit backstop for six months, one year or two years.Funding field projectsThe World Bank intends to roll out $160 billion over the next 15 months in countries like Ethiopia, Afghanistan, Haiti, Ecuador, India, Mongolia and Tajikistan to strengthen their medical resources to respond to the pandemic’s immediate health crisis and bolster economic recovery. The bank already has pushed out fast-track financing, with programs underway in 25 countries totaling $1.9 billion, and others moving forward in 40 countries amounting to $1.7 billion.The focus is on “fast, broad-based action, especially for the poorest countries,” the World Bank President David Malpass said Thursday. “By the end of April, we expect to have COVID-19-related projects in 100 countries, and we are taking steps to provide unprecedented financing to help countries respond to the crisis.”Topics :last_img read more

Travelers in Java ignore ‘mudik’ ban, bringing coronavirus home

first_imgGanjar asserted that going on mudik secretly would be dangerous to travelers’ health as well as risking others’ lives. He called on people under his jurisdiction to be open in communicating with officials if they had to go home under urgent circumstances.“If you really have to go home, you should request a letter of permission. I think the government will wisely consider it,” he said, asking that residents should stay where they were while the government distributed necessary social aid.Ganjar said he had asked regents, mayors and village heads across Central Java to prepare health protocols and quarantine places for travelers who returned to their hometowns.According to the Jakarta Police, the number of vehicles leaving Jakarta increased two days prior to the enforcement of the mudik ban on Friday. Once the policy was imposed, the traffic police had asked around 1,200 motorists attempting to leave Greater Jakarta to turn around, as reported by number of vehicles told to turn around amounted to 3,300 on Sunday, as revealed by Jakarta Police spokesperson Sr. Comr. Yusri Yunus.Authorities have set up checkpoints in several locations across Java to monitor the flow of vehicles between cities and provinces following the mudik ban.People found violating the ban were subject to the maximum punishment of fines amounting to Rp 100 million (US$6,490) and a year’s imprisonment, as stipulated in the 2018 Health Quarantine Law. (syk) The governor added that he had received a report from the Cilacap regent, who said that some people recently arrived the regency despite the mudik ban had tested positive for COVID-19.Cilacap Health Agency head Pramesti Griana Dewi confirmed that eight residents of Cimanggu district tested positive for the disease. They had traveled to Cilacap in the same car from Jakarta.The travelers had tested positive following a rapid test and were now declared patients under surveillance (PDPs). They would undergo a polymerase chain reaction (PCR) test to make sure of their medical status.“We will announce if the swab test results come back positive,” Pramesti told on Sunday, adding that the eight patients showed no medical symptoms of having contracted the coronavirus. Many residents of regions across Java have been ignoring the government’s mudik (exodus) ban and are insisting on traveling home undetected, even though some are testing positive for COVID-19 upon arriving in their respective hometowns.Central Java Governor Ganjar Pranowo said he had received reports and photographs showing travelers returning to their hometowns across the province, with some coming by dangerous means.“Some have put their cars inside trucks and covered them with other stuff. There were also some who traveled in a container [on the back of a truck], although that’s not confirmed yet,” Ganjar said on Tuesday in Semarang.center_img Topics :last_img read more

Chilean military plane ‘disappears’ with 38 aboard

first_imgAmong the missing were 17 crew membersand 21 passengers. Air Force General Eduardo Mosqueirasaid the plane did not activate any distress signal while flying to Chile’sPresidente Eduardo Frei Montalva base, on Antarctica’s King George Island. The C-130 Hercules transport aircrafttook off from Punta Arenas around 16:55 local time on Monday (19:55 GMT), andoperators lost contact soon after 18:00 (21:00). The air force said the plane wasaround 450 miles into its 770-mile journey when the contact was lost, placingit within the Drake Passage – a body of water connecting the South Atlantic andSouth Pacific Oceans, and is known for treacherous weather conditions.(BBC)center_img The C-130 Hercules transport aircraft with 38 people on board has disappeared en route to Antarctica on Monday, according to Chile’s air force. BBC CHILE – A military plane with 38people on board has disappeared en route to Antarctica, the country’s air forcesaid. last_img read more

Cardinal will be no picnic for USC

first_imgUsually schools schedule a cupcake during Homecoming.Usually they make sure the cupcake is light (healthy is all the rage these days), loaded with creamy frosting and decorated with some celebratory sprinkles.Missing piece · Having tight end Anthony McCoy back from injury lessens USC’s chances of getting upended by Stanford at home again. – Dieuwertje Kast | Daily TrojanUsually, the cupcake is devoured before the main course is served and by the time dessert rolls around, the alumni are left to feast on the remaining crumbs.But, unless you’ve been stalking Sarah Palin from eastern Russia for the past three months, you know that this season isn’t usual.USC is in the midst of its longest span of mediocre play since the Diamondbacks last won the World Series and has absolutely no chance of appearing in the BCS title game, even with three games left.What’s more is that the opponent coming in Saturday is a raspberry cupcake with mayonnaise frosting and thorns for sprinkles — in other words, it’s not a scrumptious treat.Stanford is coming off a shootout win over Pac-10 leader Oregon, a team that itself was coming off an earth-shattering stomping of the previously unstomp-able Trojans. The Cardinal also won the last time it visited the Coliseum in 2007, when they staged one of the greatest upsets of all-time by beating a 41-point favorite USC.It’s not inconceivable that Stanford will come in Saturday and beat the “struggling” Trojans again.Indeed, much of the blame for USC’s lackluster play over the past month has been attributed to the defense and to superhuman freshman quarterback Matt Barkley getting kicked out of the Justice League.This is rightfully so. The defense, which lost eight starters from last season, has given up 119 points in the last four games and has more holes than the Augusta National Golf Club.Likewise, while Barkley enjoyed success during his first four games, if you’ve watched him over the past month, you’d agree he looks more uncomfortable. In the last game against an inferior Arizona State squad, Barkley went 7-for-22 for 112 yards in a game neither team looked like they wanted to win.However, two areas have killed USC more than the defense and Barkley’s average play. They have slid under the radar and USC needs to fix them this weekend if it doesn’t want to be embarrassed by Gerhart and the Trees.The first area is the running game. Yes, USC has become known as Tailback U for its ability to take a running back and make him into a star. Despite senior Stafon Johnson’s injury, the Trojans still have the talent at the position.Yet, the running game has stalled more than a kid learning to drive stick-shift. USC has averaged only 158.5 yards and 1.25 touchdowns per game on the ground over the past month, while it boasted numbers of 208 and 2.6 in the first five games.It’s the running game that lifted the weight off Barkley’s shoulders. Whenever USC needed a big play, it would turn to Joe McKnight, Johnson, Allen Bradford or Stanley Havili.Barkley could focus on playing within himself. Like it or not, he took the Kyle Orton approach the first half of the season by playing not to lose the game. He was conservative and it worked.Now that the running game has stalled, Barkley has tried to lift the burden onto his shoulders, but they aren’t broad enough yet. This is where the second X-factor for USC comes in: senior tight end Anthony McCoy, who’s scheduled to play Saturday.McCoy has been out virtually since the Notre Dame game (he played, albeit with an injured ankle, against Oregon State), and that’s about when USC started to sputter. His run-blocking and receiving ability have been missed greatly by the Trojans and especially Barkley, who needs McCoy out there. Even though he’s missed almost three games, McCoy is still the third leading receiver on the team, averaging an absurd 23.4 yards per catch.It’s his big-play ability that has opened up passing lanes for Barkley, and without McCoy, the offense has been lost. The running game can’t find any holes to run through and the tight ends have caught just three passes in the last three games.It’s obvious that Barkley needs McCoy and McCoy needs Barkley. The senior tight end has already surpassed his receiving yard total from last season, when he was the starting tight end and had a more experienced quarterback.The Trojans need the running game to get going and get McCoy back on the field if they want to avoid another embarrassing loss.USC has shown it can win when the defense plays poorly (see Notre Dame) and when Barkley isn’t forced to make plays (see Ohio State). Yet, as it’s shown in the past month, it can barely float when the running game stalls and when McCoy is out.Those things need to show up if the Trojans want to have their cake and eat it, too.“Spittin’ Sports” runs Fridays. To comment on this article, visit or email Kenny at [email protected]last_img read more

Hinds defends WIPA, WICB deal

first_imgWavell Hinds, president of the West Indies Players Association (WIPA), has described as surprising, claims by West Indies Twenty20 captain, Darren Sammy, that the organisation has not represented their best interest as it relates to contracts for ICC Twenty20 World Cup in India next month.Sammy, in a recent letter to the West Indies Cricket Board (WICB), claimed that a reduction in payments for players to participate in the tournament, has ran contrary to their expectations, and, as a result, members squad, are seeking a renegotiation.However, Hinds, whose entity has been at loggerheads with several of its senior playing members, especially since their aborted tour of India in October 2014, has defended negotiated contracts between WIPA and the WICB, saying that what has been arrived at represents the “best interest” of all players in the region.”I am surprised that they (World Twenty20 squad players) are behaving this way, as the information (based on new payments) would have been disseminated to them nine months ago,” stated Hinds.”I was present at all the meetings, and Darren Sammy was not, so I think he is speaking on information he has gotten.”[However], as far as I am concerned the team that I lead, and the executive that I lead, and the members of the (WIPA) negotiating team, did all the best that they could to get the best.”He continued: “This was not just for a selected group of players, but for all the players of the region, including first-class players.”Currently serving his fourth year as president, Hinds explained that the contracts were negotiated based on new payment conditions stipulated by the WICB, as a result of changes at the International Cricket Council (ICC) level.This, he continued, has subsequently resulted in players being offered less money as compared to the Twenty20 World Cup in 2012.LESS MONEY”In February 2014, the International Cricket Council (ICC) agreed to have a new payment scale for its members, and this took effect January 2016,” said Hinds.”The new (players’) remuneration package is therefore based on current commercial revenues available to the WICB, and not that of commercial revenue that obtained in 2012 when the West Indies won the tournament.”There is no specific fees for Twenty20 World Cups anymore. Its ICC Events payments,” he stressed.Hinds also expressed that the disbursement of monies from the ICC has also change with payments now being collectively issued twice per year over a new four- and eight-year period, in comparison, to it’s prior one-off payment regimes.Hinds, in further explaining the new payment structure, also said that player match fees for Twenty20 World Cup has been increased from US$1,750 to US$6,900.This is in addition to an incentive 80 per cent of prize money won, and 50 per cent of sponsorship fees, should there be any.last_img read more