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Washington, Feb 1: The Indian economy experienced some abrupt slowdown in 2019 due to turbulence in non-banking financial institutions and major reform measures such as GST and demonetisation, but it is not in a recession, IMF Managing Director Kristalina Georgieva has said.

"The Indian economy indeed has experienced an abrupt slowdown in 2019. We had to revise our growth projections, downwards to four percent for last year. We are expecting 5.8 per cent (growth rate) in 2020 and then an upward trajectory to 6.5 percent in 2021," Georgieva told a group of foreign journalists here on Friday.

"It appears that the main reason for this slowdown was the non-banking financial institutions experiencing a turbulence," she said on the eve of Union Finance Minister Nirmala Sitharaman presenting the annual budget in Parliament on Saturday.

She said India had undertaken some important reforms that over the longer term would be beneficial for the country, but they do have some short-term impact.

"For example, coming with the unified tax system, and the demonetisation that took place. These are steps that over time are beneficial, but of course they might, might be somewhat disruptive over short term," Georgieva said in response to a question.

The International Monetary Fund (IMF) Managing Director said that there is not a lot of fiscal space in India. “But we also recognise that the policies of the government on that side, on the fiscal side have been prudent. We will see how the reading of the budget, the submission of the budget goes, tomorrow,” she said.

In the medium-term, she said, the IMF remains optimistic about India. “This is why we see that upswing potential for the growth in the country,” she said.

Georgieva said that the current economic slowdown cannot be described as a recession. "No.... You're far from that. But it is a significant slowdown, not the recession," she said.

The IMF managing Director noted that the consumption in India also slowed down and that contributed to the overall slowdown in the economy. The IMF would be keen to see what India does to get relatively sound macroeconomic fundamentals to pay off in terms of better growth trajectory, she said ahead of the budget.

One thing that is important for India is that budgetary revenue have been below target. "The country knows that. The finance minister knows it. They need to increase budgetary revenue collection so they can improve their fiscal position. I said it's tight on the spending side, but I also want to stress that there is room to improve collection on the revenue side," she said.

Sydney, Jan 6: Reserve troops fanned out across fire-ravaged regions in three Australian states on Monday after a horror weekend, as the government pledged $1.4 billion over two years to help recover from the devastating months-long crisis.

Catastrophic bushfires have turned swathes of land into smouldering, blackened hellscapes and destroyed an area about the size of the island of Ireland, according to official figures, with authorities warning the disaster still has weeks or months to run.

Prime Minister Scott Morrison, whose government has been criticised for its slow response to the emergency, pledged Australian $2 billion ($1.4 billion) of taxpayer money for a national recovery fund.

"It's a long road ahead and we will be with these communities every step of the way as they rebuild," Morrison said.

Firefighters joined by fresh teams from the US and Canada were taking advantage of rainy and cooler conditions to tackle out-of-control blazes ahead of rising temperatures forecast later this week.

In the biggest-ever call up of reserves, military teams were deployed across eastern Australia to help emergency services assess the damage, restore power and deliver supplies of food, water and fuel to cut-off communities.

For the first time in Australian history the government also deployed its medical assistance team, normally sent to other nations to lend support in the aftermath of their disasters to help evacuees.

"There is no room for complacency, especially as we have over 130 fires burning across (New South Wales) state still," Premier of New South Wales state Gladys Berejiklian said on Monday.

New normal

Almost five million hectares (50,000 square kilometres) have been razed across New South Wales and more than 1.2 million hectares in Victoria since late September, officials said.

That took the total amount of land burnt close to eight million hectares, around the size of the island of Ireland or South Carolina.

Twenty-four people have lost their lives so far, with over 1,800 homes damaged.

Two people are missing in New South Wales, the nation's most populous state.

In Victoria, Premier Daniel Andrews established a bushfire recovery agency to help devastated towns. It will be a permanent body, he said, as intense fires will become commonplace.

"We should just be honest about the fact that we're going to see more and more fires, more and more damage as each fire season comes... this is the new normal," Andrews told reporters.

The chair of the newly established Victoria state's bushfire appeal fund, Pat McNamara, added that this year's summer bushfire season was a "creeping disaster".

"We're still not even into what we would regard as the peak of the fire season," McNamara told national broadcaster ABC.

In the usually picturesque southeastern town of Eden, Holly Spence said she spent more than 12 hours defending her family's farm on Saturday, less than a week after saving it on New Year's Eve.

"We don't want to go through this for a third time," the 28-year-old told AFP.

Fiona Kennelly, 50, who evacuated with 24 members of her extended family to a motel outside Eden, said she was relieved the easing conditions allowed them to get some respite from the crisis.

"It's good to see daylight at the right time again," she told AFP, adding that the skies had been turning pitch-black in the afternoons.

Public anger

The impact of the bushfires has spread beyond affected communities, with heavy smoke engulfing the country's second-largest city Melbourne and the national capital Canberra.

Some government departments were shut in Canberra as the city's air quality was once-again ranked the world's poorest, according to independent online air-quality index monitor Air Visual.

The disaster has sparked growing public anger with Morrison. Rallies are planned on Friday to call on his government to step up efforts to tackle climate change, which experts say have helped fuel the fires.

In Los Angeles, Hollywood superstar Russell Crowe said he was back home fighting the fires and that the disaster was "climate change-based".

"We need to act on science, move our global workforce to renewable energy and respect our planet for the unique and amazing place it is. That way, we all have a future," he said in a message read out by Jennifer Aniston.

Australian actress Cate Blanchett praised the volunteer firefighters battling the blazes, adding: "When one country faces a climate disaster, we all face a climate disaster. We're in it together."

Moscow, Jul 13: Russia has become the first nation to complete clinical trials of a COVID-19 vaccine on humans. Chief researcher Elena Smolyarchuk, who heads the Center for Clinical Research on Medications at Sechenov University, told Russian news agency TASS on Sunday that the human trials for the vaccine have been completed at the university and the volunteers will be discharged soon.

"The research has been completed and it proved that the vaccine is safe. The volunteers will be discharged on July 15 and July 20," Smolyarchuk was quoted as saying in the report.

Though the results have been favourable with respect to the medication’s effectiveness, no further information was provided on when this vaccine would enter commercial production stage.

Russia had allowed clinical trials of two forms of a potential COVID-19 vaccine developed by the Gamaleya National Research Center for Epidemiology and Microbiology on June 18.

The first vaccine, in the form of a solution for intramuscular administration, was carried out at the Burdenko Military Hospital.

Another vaccine, in the form of a powder for the preparation of a solution for intramuscular administration, was carried out at Sechenov First Moscow State Medical University.

The first stage of research on the vaccine at Sechenov University involved a group of 18 volunteers and the second group involved 20 volunteers.

After vaccination, all volunteers were expected to remain in isolation in a hospital for 28 days.

Earlier, results of the COVID-19 vaccine tests performed on a group of volunteers in Russia showed that they were developing immunity to the coronavirus.

"The data obtained by the Gamalei National Research Center for Epidemiology and Microbiology, proves that volunteers of the first and second groups are forming an immune response after injections of the vaccine against the coronavirus," according to an earlier statement from the Russian Defense Ministry.

Russia has reported 719,449 cases and 11,188 deaths to date.

There are at least 21 vaccines currently under key trials, according to the World Health Organisation (WHO).

The overall number of global COVID-19 cases crossed 12.9 million, while the deaths have increased to more than 5,69,000, according to Johns Hopkins University in the US.

As of Monday morning, the total number of cases stood at 1,29,10,357, while the fatalities rose to 5,69,128.

The US accounted for the world's highest number of infections at over 33 lakh. Brazil came in the second place with over 18 lakh infections. India is third worst affected with over 8.7 lakh people reported to have COVID-19.