G20 likely to boost IMF resources by $400bn-$500bn

April 14, 2012
eco_G20-likely


Jeddah, April 14: The Kingdom and other new members of G20 should ask for more voting power at key global groupings such as the International Monetary Fund, a top Saudi economic analyst said yesterday as reports emerged that the world's 20 biggest economies are likely to agree to increase the resources of the IMF by between $400 and $500 billion.

G20 finance ministers are set to meet in Washington soon to discuss the IMF's call for more resources from January after the euro zone increased the size of its own crisis-fighting funds in March in response to G20 pressure.

Sami A. Al-Nwaisir, chairman of the board of ALSAMI Holding Group, said G20 members such as Saudi Arabia, Turkey, India, South Africa, etc. "should ask for more voting power and more concessions to better and favorable deal in trade and legal issues."

Al-Nwaisir added: "Once this is clear I think we would look at the world as small village but that notion should start from the people who originated the IMF first then other members of the G20 will follow."

In an exclusive report earlier yesterday, Reuters said the G20 economies are likely to agree to increase the resources between $400 billion and $500 billion, rather than the $600 billion initially sought by the IMF

"It is clear that the global imbalances are among the chief causes and manifestations of the structural problems that gave us the global economic crisis," Jarmo T. Kotilaine, chief economist at the National Commercial Bank, said in his reaction to the new report,

He added: "The IMF has already played an important role in supporting the EU in its efforts to contain the euro zone crisis. But this challenging time for the global economy is far from over and many of the structural weaknesses have proven remarkably persistent, which continues to pose risks for any recovery."

Kotilaine added: "The IMF will need additional resources to play an effective role in the process. Combining its capital increase with a more formal recognition of the changing balance of global economic power makes every sense."

IMF Managing Director Christine Lagarde, quoted by Reuters, said on Thursday that reaching an agreement on additional resources could take some time, a sign that next week's meeting may not be the last word.

Commenting on the latest developments, Al-Nwaisir explained: "The European countries only should increase their contribution. This should happen without asking other members of IMF to bear the expenses of bill that they have nothing to do with, in the first place, as this is a structural problem in the European economy".

He added: "What we are witnessing now is an attempt to raise new funds from new members of G20. I think this is too expensive bill for the new members to swallow while they see double standards in the approach of financial remedies in Europe."

He said the IMF handled almost the same problem in 1997 in a different way than now.

"In 1997, when the Asian crisis happened with Malaysia and other Asian countries the IMF's prescription was different than now with that of the European situation. The IMF asked the Asian countries at that time that they should work harder, change the structure of their economies and improve working habits and place their economies under very tough rules and regulations. The IMF should ask the European countries to take similar measures as they did for the Asian countries in 1997," Al-Nwaisir added.


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News Network
June 8,2020

Wellington, Jun 8: New Zealand lifted all domestic coronavirus restrictions on Monday after its final COVID-19 patient was given the all clear, with Prime Minister Jacinda Ardern revealing she danced around her living room when told about the milestone.

While strict border controls will remain in place, Ardern said restrictions such as social distancing and limits on public gatherings were no longer needed.

"We are confident we have eliminated transmission of the virus in New Zealand for now," she said in a televised address, saying Kiwis had "united in unprecedented ways to crush the virus".

The South Pacific nation, with a population of five million, has had 1,154 confirmed COVID-19 cases and 22 deaths.

There have been no new infections for 17 days and, until Monday, just one active case for more than a week.

Details of the final patient were not released for privacy reasons but it is believed to be a woman aged in her 50s who was linked to a cluster at an Auckland nursing home.

Ardern said the sacrifices made by New Zealanders, including a drastic seven-week lockdown that helped curb infection rates, had been rewarded now that there were no active cases in the country.

Asked about her reaction upon hearing the news, she replied: "I did a little dance" with baby daughter Neve.

"She was caught a little by surprise but she joined in, having absolutely no idea why I was dancing around the lounge."

New Zealand's move down to Level 1, the lowest rating on its four-tier virus response system, means nightclubs can operate without dance floor restrictions and theatres will reopen.

It also means sporting events can proceed with crowds in the stands, a change New Zealand Rugby (NZR) said offered its Super Rugby Aotearoa competition the opportunity to achieve a world first when it kicks off this weekend.

"We're incredibly proud, and grateful, to be the first professional sports competition in the world to be in a position to have our teams play in front of their fans again," NZR chief executive Mark Robinson said.

While many other sporting competitions around the globe have announced plans to restart, the vast majority will be played either with no crowds or with numbers severely restricted.

On a broader level, Ardern said easing restrictions would help New Zealand's economy.

"We now have a head start on economic recovery because at level one we become one of the most open, if not the most open, economies in the world," she said.

The prime minister said modelling showed the economy would operate at just 3.8 percent below normal at Level 1, compared with a 37 percent impairment at Level 4 lockdown.

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News Network
July 6,2020

Beijing, Jul 6: A city in northern China on Sunday sounded an alert after a suspected case of bubonic plague was reported, according to official media here.

Bayannur, Inner Mongolia Autonomous Region, announced a level III warning of plague prevention and control, state-run People’s Daily Online reported.

The suspected bubonic plague case was reported on Saturday by a hospital in Bayannur. The local health authority announced that the warning period will continue until the end of 2020.

"At present, there is a risk of a human plague epidemic spreading in this city. The public should improve its self-protection awareness and ability, and report abnormal health conditions promptly,” the local health authority said.

On July 1, state-run Xinhua news agency said that two suspected cases of bubonic plague reported in Khovd province in western Mongolia have been confirmed by lab test results.

The confirmed cases are a 27-year-old resident and his 17-year-old brother, who are being treated at two separate hospitals in their province, it quoted a health official as saying.

The brothers ate marmot meat, the health official said, warning people not to eat marmot meat.

A total of 146 people who had contact with them have been isolated and treated at local hospitals, according to Narangerel.

Bubonic plague is a bacterial disease that is spread by fleas living on wild rodents such as marmots. It can kill an adult in less than 24 hours if not treated in time, according to the World Health Organization (WHO).

A couple died of bubonic plague in the western Mongolian province of Bayan-Ulgii last year after eating raw marmot meat.

The news of bubonic plague came after Chinese researchers issued an early warning over another potential pandemic caused by an influenza virus in pigs.

Scientists from China Agricultural University, the Chinese Centre for Disease Control and Prevention and other institutes detected a pig influenza virus bearing genotype 4 (G4), which is contagious among pigs and has the possibility of jumping to humans, as the G4 virus is able to bind with human cells, state-run Global Times reported last week.

The researchers are concerned that it could mutate further so that it can spread easily from person to person, and trigger a global outbreak, BBC reported.

"Controlling the prevailing G4 EA H1N1 viruses in pigs and close monitoring in human populations, especially workers in the swine industry, should be urgently implemented," Chinese researchers warned in the paper.

The new diseases were reported even as China grappled with the second attack of Covid-19 in Beijing after controlling it in Wuhan where it was first reported in December last year.

On Saturday, Beijing reported a single-digit Covid-19, local authorities said Sunday.

The number of newly confirmed Covid-19 cases reached a peak in Beijing on June 13 and 14 and then started declining in general, Xinhua quoted local officials as saying.

From June 11 to July 4, the city reported 334 confirmed locally transmitted cases, 47 per cent of whom are workers of the Xinfadi wholesale food market, the official said.

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Agencies
June 4,2020

Washington D.C, Jun 4: A lawsuit has been filed against US President Donald Trump for signing an executive order on preventing online censorship that seems to violate the freedom of speech of individuals on social media platforms.

On Tuesday, the Center for Democracy and Technology filed the lawsuit against Trump's "Executive Order on Preventing Online Censorship," which was signed May 28, 2020. The suit argues that the Executive Order violates the First Amendment by curtailing and chilling the constitutionally protected speech of online platforms and individuals.

"CDT filed suit today because the President's actions are a direct attack on the freedom of speech protected by the First Amendment. The government cannot and should not force online intermediaries into moderating speech according to the President's whims. Blocking this order is crucial for protecting freedom of speech and continuing important work to ensure the integrity of the 2020 election," said CDT President and CEO Alexandra Givens.

The executive order is designed to deter social media services from fighting misinformation, voter suppression, and the stoking of violence on their platforms, the digital rights group said.

"Access to accurate information about the voting process and the security of our elections infrastructure is the lifeblood of our democracy. The President has made clear that his goal is to use threats of retaliation and future regulation to intimidate intermediaries into changing how they moderate content, essentially ensuring that the dangers of voter suppression and disinformation will grow unchecked in an election year," Givens said.

The law firm of Mayer Brown is representing CDT in this action.

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