Singapore PM Lee returns to power with ‘clear mandate’; Oppn gains 10 seats

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 11: China is considered a developing country, make the United States too a developing one, US President Donald Trump said on Friday, alleging that Beijing has taken advantage of his country.

"China has been unbelievably taken advantage of us and other countries. You know, for instance, they are considered a developing nation. I said well then make us a developing nation too,” Trump told reporters at his daily White House news conference on coronavirus.

The president was responding to a question on China.

“They get big advantages because they are a developing nation. India, a developing nation. The United States is a big developed nation. Well, we have plenty of development to do,” he said.

Reiterating that United States was taken advantage of by the World Trade Organization, Trump said the Chinese economy started booming after it joined WTO with the help of the US.

“If you look at the history of China, it was only since they went into the WTO that they became a rocket ship with their economy. They were flatlined for years and years,” he said.

“Frankly, for many, many decades. And it was only when they came into the WTO that they became a rocket ship because they took advantage of all -- I'm not even blaming them. I'm saying how stupid were the people that stood here and allowed it to happen,” he said.

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The Trump Administration will now allow that to happen, he said.

“If they don't treat us fairly, will leave. But now we're starting to win cases,” he said.

Alleging that China has taken advantage of the United States for 30 years, he said, China has taken advantage of the US through WTO and using rules that are unfair to the United States.

"They should have never been allowed it, this should have never been allowed to happen", he added.

“When China joined and was allowed to join under those circumstances the WTO, that was a very bad day for the United States because they have rules and regulations that were far different and far easier than our rules and regulations,” he said.

“Plus. They took advantage of them down to the last. China took advantage of them like few people would even think to take advantage of them and again they are considered right a developing nation,” he added.

The United States, he rued, is not considered a developing nation.

“The were given advantages (for being a developing nation). For many years China has ripped off the United States. Then I came along and right now, as you know, China is paying 25 percent," said Trump, adding that the US is now gaining "billions and billions and billions of dollars in tariffs from China”.

The US is not paying, he asserted.

“Not every country is China but China would devalue their currency and they would also pour out money and they essentially were paying most of those tariffs not us,” he said.

Washington, Feb 5: Experts warned a US government panel last night that India's Muslims face risks of expulsion and persecution under the country’s new Citizenship Amendment Act (CAA) which has triggered major protests.

The hearing held inside Congress was called by the US Commission on International Freedom, which has been denounced by the Indian government as biased.

Ashutosh Varshney, a prominent scholar of sectarian violence in India, told the panel that the law championed by prime minister Narendra Modi's government amounted to a move to narrow the democracy's historically inclusive and secular definition of citizenship.

"The threat is serious, and the implications quite horrendous," said Varshney, a professor at Brown University.

"Something deeply injurious to the Muslim minority can happen once their citizenship rights are taken away," he said.

Varshney warned that the law could ultimately lead to expulsion or detention -- but, even if not, contributes to marginalization.

"It creates an enabling atmosphere for violence once you say that a particular community is not fully Indian or its Indianness in grave doubt," he said.

India's parliament in December passed a law that fast-tracks citizenship for persecuted non-Muslim minorities from neighboring countries.

Responding to criticism at the time from the US commission, which advises but does not set policy, India's External Affairs Ministry said the law does not strip anyone's citizenship and "should be welcomed, not criticized, by those who are genuinely committed to religious freedom."

Fears are particularly acute in Assam, where a citizens' register finalized last year left 1.9 million people, many of them Muslims, facing possible statelessness.

Aman Wadud, a human rights lawyer from Assam who traveled to Washington for the hearing, said that many Indians lacked birth certificates or other documentation to prove citizenship and were only seeking "a dignified life."

The hearing did not exclusively focus on India, with commissioners and witnesses voicing grave concern over Myanmar's refusal to grant citizenship to the Rohingya, the mostly Muslim minority that has faced widespread violence.

Gayle Manchin, the vice chair of the commission, also voiced concern over Bahrain's stripping of citizenship from activists of the Shiite majority as well as a new digital ID system in Kenya that she said risks excluding minorities.

More than 40 people were killed last week in New Delhi in sectarian violence sparked by the citizenship law.

India on Tuesday lodged another protest after the UN human rights chief, Michele Bachelet, sought to join a lawsuit in India that challenges the citizenship law's constitutionality.