Pakistan minister says tanks, missiles alone can't save country if it's not strong economically

Washington, Mar 28: The world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession, the International Monetary Fund said on Friday, but projected a recovery next year.

"We have reassessed the prospects for growth for 2020 and 2021. It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021," IMF Managing Director Kristalina Georgieva told reporters at a news conference.

Georgieva was addressing the press after a meeting of governing body of the IMF, the International Monetary and Financial Committee. Representing 189 members, the body met virtually to discuss the unprecedented challenge posed to the world by COVID-19.

The key to recovery in 2021, she said, is only if the international community succeeds in containing the virus everywhere and prevent liquidity problems from becoming a solvency issue.

"The US is in recession, as is the rest of the advanced economies of the world. And in a big chunk of developed and emerging markets in developing economies. How severe? We are working now on our projections for 2020, Georgieva said in response to a question.

The new projections are expected in the next few weeks.

Stressing that while containment is the main reason for the economy to stand still and get into a recession, she said containment is very necessary to come out of this period and step in to recovery. "Until the virus is not contained, it would be very difficult to go to the lives we love."

"A key concern about a long-lasting impact of the sudden stop of the world economy is the risk of a wave of bankruptcies and layoffs that not only can undermine the recovery. But can erode the fabric of our societies," the IMF chief said.

To avoid this from happening, many countries have taken far-reaching measures to address the health crisis and to cushion its impact on the economy, both on the monetary and on the fiscal side, she said.

The IMF chief said 81 emergency financing requests, including 50 from lower-income countries, have been received. She said current estimate for the overall financial needs of emerging markets is 2.5 trillion dollars.

"We believe this is on the lower end. We do know that their own reserves and domestic resources will not be sufficient," she added.

The G-20, a day earlier, reported fiscal measures totalling some 5 trillion dollars or over 6 per cent of the global GDP.

Responding to another question, Georgieva said the IMF is projecting recession for 2020.

"We do expect it to be quite deep and we are very much urging countries to step up containment measures aggressively so we can shorten the duration of this period of time when the economy is in standstill," she said.

"And also to apply well-targeted measures, primarily focusing on the health system to absorb that enormous stress that comes from coronavirus. And on people, businesses and the financial system, I am very pleased to say that when we went through countries' responses, that sense of targeted fiscal measures is there and are also very impressive to see the size of these measures," she added.

"Countries are doing all they can on the fiscal and on the monetary front. We have heard from our members' very impressive decisions taken over the last days," the IMF chief said.

"We also want to caution that as we are responding now, we want to make the recession as possibly short and not too deep. We also want to think about what is going to follow the recovery and make sure that we are putting forward measures that can be supportive in this regard," she said.

Washington, Apr 5: US President Donald Trump on Saturday said that he has requested Prime Minister Narendra Modi to supply Hydroxychloroquine tablets that can be used to treat COVID-19 patients.

"After call today with Indian Prime Minister Narendra Modi, India is giving serious consideration to releasing the hold it put on a US order for hydroxychloroquine," Trump announced at the White House Coronavirus task force briefing that he requested PM Narendra Modi for more Hydroxychloroquine tablets.

President Trump did not shy away from saying he too will take a tablet of hydroxychloroquine after announcing that he has requested Prime Minister during his telephonic conversation earlier today to lift a hold on the US order of the medicine.

"I may take it too, will have to talk to my doctors," he added.

"India makes a lot of it. They need a lot too for their billion-plus people. 

The hydroxychloroquine, the anti-malaria drug will be released through the Strategic National Stockpile for treatment," he said.

"I said I would appreciate if they would release the amounts that we ordered" of hydroxychloroquine, he said.

The Indian government has put on hold the export of anti-malarial drug hydroxychloroquine and its formulations.

Prime Minister Narendra Modi said on Twitter, "Had an extensive telephone conversation with President @realDonaldTrump. 

We had a good discussion, and agreed to deploy the full strength of the India-US partnership to fight COVID-19."

Prime Minister conveyed deep condolences for the loss of lives in the United States and his prayers for the early recovery of those still suffering from the disease.

As on Sunday, the United States has at least 301,902 cases of coronavirus according to Johns Hopkins University's tally. 

At least 8,175 people have died in the US from coronavirus.

There was a steep rise in the number of cases in the last 24 hours. At least 23,949 new cases were reported, and at least 1,023 new deaths in the US have been reported in the last 24 hours.

US Secretary of State Michael Pompeo had discussions with External Affairs Minister S Jaishankar about the importance of continued close cooperation between the United States and India to combat coronavirus by strengthening global pharmaceutical supply chains.

Washington DC, Jul 7: With US President Donald Trump promoting re-opening the economy, the country has now four epicentres of coronavirus instead of one -- Los Angeles, cities in Texas, cities in Florida and Arizona. This has led to the governors fearing that their hospitals could be overrun with patients.

"We are right back where we were at the peak of the epidemic during the New York outbreak...The difference now is that we really had one epicentre of spread when New York was going through its hardship. Now, we really have four major epicentres of spread -- Los Angeles, cities in Texas, cities in Florida and Arizona. Florida looks to be in the worst shape," Scott Gottlieb, former Food and Drug Administration commissioner was quoted by The Washington Post as saying in an interview.

As per the latest data, Florida, New York and California have crossed the 200,000 mark of coronavirus cases.

After Texas continued to break its own record of registering the highest number of coronavirus cases, Austin Mayor Steve Adler (D) was quoted as saying in an interview, "If we do not change this trajectory, then I am within two weeks of having our hospitals overrun."

He further said that intensive care units in the city will start overflowing within 10 days.

Echoing similar sentiments, Judge Lina Hidalgo, the top elected official in Harris County, said, "As long as we're doing as little as possible and hoping for the best, we are always going to be chasing this thing. We are always going to be behind and the virus will always outrun us...And so what we need right now is to do what works, which is a stay-home order."

She was stripped of authority to issue stay-at-home orders after Governor Greg Abbott decided to move forward with the reopening plan.

"It is clear that the (coronavirus) growth is exponential at this point...We have been breaking record after record after record... the last couple of weeks," Miami Mayor Francis Suarez was quoted as saying in an interview.

"The city of Miami was the last city in the entire state of Florida to open. I was criticized for waiting so long. But there is no doubt that the fact that when we reopened, people started socialising as if... the virus didn't exist."

He further said that if the numbers do not begin to fall "more drastic measures" will be taken in the coming week.

As per the latest update by the Johns Hopkins University, a total of 2,938,625 people in the US have tested coronavirus positive and 130,306 deaths have been reported so far.