Trump Nominates Indian-American Shireen Matthews As Federal Judge

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.

Riyadh, Apr 27: The government of Saudi Arabia has signed a SR995 million (approx. Dh972m) contract with China to provide Covid-19 tests for nine million people in the Kingdom.

The Saudi Press Agency, SPA, reported that the decision came "as a result of a phone call made today (Sunday) between the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Chinese President Xi Jinping."

The contract includes providing necessary equipment and supplies, making available of 500 Chinese specialists and technicians who are specialised in performing tests, establishing six large regional laboratories throughout the Kingdom; including a mobile laboratory with a capacity of performing 10,000 tests per day. Saudi cadres will also be trained to conduct daily tests and comprehensive field tests, under the new agreement

The contract was co-signed by the National Unified Procurement Company and Chinese company Huo-yan Laboratories by Dr. Abdullah Al Rabeeah, Advisor at the Royal Court, on behalf of the Government of Saudi Arabia, and Chinese Ambassador to the Kingdom Chen Weiqing, as a representative of the Chinese Government.

The contract is one of the largest contracts that will provide diagnostic tests for the novel Coronavirus.

Tests were also purchased from several other companies from the United States, Switzerland and South Korea, bringing the number of available tests to 14.5 million, covering around 40 percent of Saudi Arabia's population, SPA added.

United Nations, May 20: Highlighting India's long-standing history of promoting inclusive and peaceful societies, a top UN official on Tuesday voiced concern over incidents of "increased hate speech and discrimination" against minority communities in the country following the adoption of the Citizenship Amendment Act.

Under-Secretary-General and UN Special Adviser on the Prevention of Genocide Adama Dieng, however, welcomed Prime Minister Narendra Modi’s call for unity and brotherhood in the wake of the COVID19 pandemic.

Dieng said in a note to the media on Tuesday that he is "concerned over reports of increased hate speech and discrimination against minority communities in India" since the adoption of the Citizenship Amendment Act (CAA) in December 2019.

The Indian government has maintained that the CAA is an internal matter of the country and stressed that the goal is to protect the oppressed minorities of neighbouring countries.

The CAA, which was notified on January 10, grants Indian citizenship to non-Muslim minorities migrated to India from Afghanistan, Pakistan and Bangladesh till December 31, 2014, following persecution over their faith.

"While the objective of the act, to provide protection to minority communities is commendable, it is concerning that this protection is not extended to all groups, including Muslims. This is contrary to India’s obligations under international human rights law, in particular on non-discrimination,” Dieng said.

The Special Adviser recognised "India’s long standing and well recognised history of promoting inclusive and peaceful societies, with respect for equality and principles of non-discrimination.”

He also welcomed recent statements by Prime Minister Modi that the COVID-19 pandemic “does not see race, religion, colour, caste, creed, language or border before striking and that our response and conduct...should attach primacy to unity and brotherhood.”

Dieng encouraged the Government of India to "continue to abide by this guidance by ensuring that national laws and policies follow international standards related to non-discrimination and to address and counter the rise of hate speech through messages of inclusion, respect for diversity and unity.”

He further reiterated that he would continue to follow developments and expressed his readiness to support initiatives to counter and address hate speech.

The hate speech and the dehumanisation of others goes against international human rights norms and values, he added.

“In these extraordinary times brought about by the COVID-19 crisis it is more important than ever that we stand united as one humanity, demonstrating unity and solidarity rather than division and hate,” he said.

Dieng also expressed concern over reports of violence during demonstrations against CAA in some regions of India.