Saudi Arabia announces $2 billion bailout for Yemen govt

Agencies
January 17, 2018

Riyadh, Jan 17: Saudi Arabiaannounced on Wednesday it would transfer $2 billion to Yemen's central bank, following desperate calls for a financial rescue from the beleaguered government it has supported militarily for nearly three years.

The bailout aims to curb the fall in value of the Yemeni riyal, which has plummeted as the war between the Saudi-backed government and Huthi Shiite rebels who control the capital Sanaa and much of the north has dragged on.

"To address the deteriorating economic situation faced by the Yemeni people as a result of the actions of the Iranian-backed Huthi militias, King Salman bin Abdulaziz has issued a directive to transfer a $2 billion deposit to the central bank of Yemen," the Saudi interior ministry said.

The riyal currently trades at 500 to the dollar, down from around 215 before the war, a serious depreciation for a country that relies heavily on imports of basic foodstuffs.

In 2016, the Yemeni government moved the central bank to second city Aden from the capital where the rebels operate their own rival central bank.

More than one million civil servants lost their jobs in the bank transfer, and both the Sanaa and Aden central banks have struggled to pay salaries.

Saudi Arabia, which itself faces a hefty budget deficit, has led a military coalition in support of the government since March 2015.

But as the intervention nears its fourth year, the government's authority is still largely confined to the south.

The conflict has left more than three-quarters of Yemenis in need of humanitarian aid and some 8.4 million at risk of famine, the UN humanitarian affairs office said on Tuesday

In a post on Facebook, Prime Minister Ahmed bin Dagher shared a letter urging the government's backers to transfer cash to the central bank to "save Yemenis from famine".

President Abedrabbo Mansour Hadi reached out to Saudi Crown Prince Mohammed bin Salman over "the economic challenges Yemen faces" in a telephone call on Tuesday, Yemen's government-run Saba news agency said.

Saudi Arabia, the world's largest exporter of oil, has posted large budget deficits in the past four fiscal years as a 2014 slide in crude prices has hit revenues.

Despite introducing new taxes and cutting spending, the kingdom does not expect to balance its books before 2023.

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News Network
January 30,2020

Jan 30: The death toll rose to 170 in the new virus outbreak in China on Thursday as foreign evacuees from the worst-hit region begin returning home under close observation and world health officials expressed “great concern” that the disease is starting to spread between people outside of China.

Thursday’s figures cover the previous 24 hours and represent an increase of 38 deaths and 1,737 cases for a total of 7,711. Of the new deaths, 37 were in the epicenter of the outbreak in Hubei province and one in the southwestern province of Sichuan.

The news comes as the 195 Americans evacuated from Wuhan, the Hubei province city of 11 million where the outbreak originated, are undergoing three days of testing and monitoring at a Southern California military base to make sure they do not show signs of the virus.

A group of 210 Japanese evacuees from Wuhan landed Thursday at Tokyo’s Haneda airport on a second government chartered flight, according to the foreign ministry. Reports said nine of those aboard the flight showed signs of cough and fever. Three of the 206 Japanese who returned on Wednesday tested positive for the new coronavirus, Prime Minister Shinzo Abe said during a parliamentary session. Two of them showed no symptoms of the disease.

France, New Zealand, Australia and other countries are also pulling out their citizens or making plans to do so.

The World Health Organization emergencies chief said the few cases of human-to-human spread of the virus outside China — in Japan, Germany, Canada and Vietnam — were of “great concern” and were part of the reason the U.N. health agency’s director-general was reconvening a committee of experts on Thursday to assess whether the outbreak should be declared a global emergency.

The new virus has now infected more people in China than were sickened there during the 2002-2003 SARS outbreak.

Dr. Michael Ryan spoke at a news conference in Geneva on Wednesday after returning from a trip to Beijing to meet with Chinese President Xi Jinping and other senior government leaders. He said China was taking “extraordinary measures in the face of an extraordinary challenge” posed by the outbreak.

To date, about 99% of the cases are in China. Ryan estimated the death rate of the new virus at 2%, but said the figure was very preliminary. With fluctuating numbers of cases and deaths, scientists are only able to produce a rough estimate of the fatality rate and it’s likely many milder cases of the virus are being missed.

In comparison, the SARS virus killed about 10% of people who caught it. The new virus is from the coronavirus family, which includes those that can cause the common cold as well as more serious illnesses such as SARS and MERS.

Scientists say there are many questions to be answered about the new virus, including just how easily it spreads and how severe it is.

In a report published Wednesday, Chinese researchers suggested that person-to-person spread among close contacts occurred as early as mid-December.

“Considerable efforts” will be needed to control the spread if this ratio holds up elsewhere, researchers wrote in the report, published in the New England Journal of Medicine.

More than half of the cases in which symptoms began before Jan. 1 were tied to a seafood market, but only 8% of cases after that have been, researchers found. They reported the average incubation period was five days.

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News Network
March 7,2020

New Delhi, Mar 7: No country in the world says everybody is welcome, External Affairs Minister S Jaishankar said on Saturday, hitting out at those criticising India over the Citizenship (Amendment) Act.

Jaishankar criticised the United Nations Human Rights Council (UNHRC) for its criticism on the situation in Jammu and Kashmir, saying its director had been wrong previously too and one should look at the UN body's past record on handling the Kashmir issue.

"We have tried to reduce the number of stateless people through this legislation. That should be appreciated," he said when asked about the CAA at the ET Global Business Summit. "We have done it in a way that we do not create a bigger problem for ourselves."

"Everybody, when they look at citizenship, have a context and has a criterion. Show me a country in the world which says everybody in the world is welcome. Nobody says that," the minister said.

The external affairs minister said moving out of the Regional Comprehensive Economic Partnership (RCEP) was in the interest of India's business.

Asked about the UNHRC director not agreeing with India on the Kashmir issue, Jaishankar said: "UNHRC director has been wrong before.

"UNHRC skirts around cross-border terrorism as if it has nothing to do with country next door. Please understand where they are coming from; look at UNHRC's record how they handled Kashmir issue in past," he added.

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Agencies
May 10,2020

New Delhi, May 10: Congress leader Rahul Gandhi on Saturday demanded that Prime Minister Narendra Modi ensured audit of donations made to the PM-CARES Fund, and to share the details and the money spent with the people.

"The PM-CARES Fund has received huge contributions from PSUs and major public utilities like the Railways. It's important that the Prime Minister ensure the fund is audited and that the record of money received and spent is available to the public," he tweeted.

The #PmCares fund has received huge contributions from PSUs & major public utilities like the Railways.

It’s important that PM ensures the fund is audited & that the record of money received and spent is available to the public.

— Rahul Gandhi (@RahulGandhi) May 9, 2020
His remarks came amid reports that the central government is accumulating a huge sum of money in the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund set up as a corpus to fight novel coronavirus and that the amount spent will not be audited by the Comptroller and Auditor General.

The CAG office had clarified that since the fund is based on donations, it has no right to audit a charitable organisation.

On Friday, Rahul Gandhi told the media that the PM-CARES Fund should be audited and people of the country should know about the donors and the donations made.

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