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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Agencies
February 23,2020

Wuhan, Feb 23: Ninety-seven more people died in China due to coronavirus, taking the death toll to 2,442, officials said on Sunday, as a team of WHO experts visited the worst-affected Wuhan city in Hubei province.

By the end of Saturday, a total of 2,442 people had died of the disease and 76,936 confirmed cases of novel coronavirus infection had been reported in 31 provincial-level regions, China's National Health Commission (NHC) said in its daily update on Sunday.

Ninety-six deaths were reported from Hubei province and one from Guangdong province on Saturday besides 648 new confirmed cases of coronavirus infections, it said.

Hubei province, where the virus first emerged in December last, reported 630 new confirmed cases, taking the total confirmed cases in the hard-hit province to 64,084, state-run Xinhua news agency reported.

The NHC also said China's daily number of newly cured and discharged novel coronavirus patients has surpassed that of new confirmed infections for the fifth consecutive day, indicating that cases of infections are coming down.

Saturday saw 2,230 people walk out of hospital after recovery, much higher than the number of the same day's new confirmed infections, which was 648, Xinhua reported.

A total of 22,888 patients infected with the novel coronavirus had been discharged from hospital after recovery by the end of Saturday, NHC said.

Meanwhile, a team of public health experts from the World Health Organisation (WHO) visited Wuhan on Saturday to conduct a detailed probe about the virus which reportedly originated from a seafood market in the city in December last year.

The NHC said WHO experts along with their Chinese counterparts who formed a joint investigation team have held talks with the local health authority in Wuhan and visited relevant healthcare institutions.

The UN team comprises specialists from the United States, Germany, Japan, Nigeria, Russia, Singapore and South Korea, Hong-Kong based South China Morning Post reported.

The 12-member team, which arrived in China on Monday, was initially designated to visit only Beijing, Guangdong and Sichuan provinces, while the worst-affected Hubei province and its capital Wuhan were missing from the list.

However, the team was finally given permission to visit Wuhan by the Chinese government.

Besides controlling the spread of the virus, a major task for the WHO team along with their Chinese counterparts was to come up with standard medicine to cure the disease.

The NHC said on Saturday that the team had met top Chinese respiratory disease expert Zhong Nanshan in Guangdong, and visited the centre for disease control and prevention in Guangdong and the city of Shenzhen, and Sichuan.

The specialists also discussed quarantine measures, the wild animal trade and community prevention measures with their Chinese counterparts, it said.

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Agencies
May 10,2020

Paris, May 10: The number of coronavirus cases worldwide topped four million as some of the hardest-hit countries readied Sunday to lift lockdown restrictions despite concern about a second wave of infections.

Governments around the world are trying to stop the spread of the deadly disease while scrambling for ways to relieve pressure on their economies, which are facing a historic downturn with millions pushed into unemployment.

Despite the intense political pressure to reopen, nations are also keen to avoid second waves of infections that could overwhelm healthcare systems, with reminders over the weekend of the threat posed by the virus.

In the United States, media reported Saturday that the nation's top infectious disease expert, Anthony Fauci, was among three members of the White House coronavirus task force who will self-isolate after potential exposure.

And in South Korea, the capital Seoul shut all bars and clubs on Saturday as more than 50 cases were linked to a man who tested positive after spending time in one of the city's busiest nightlife districts.

Despite the risks, some governments in hard-hit Europe have said are signs of progress that justify cautious steps towards normality.

Officials in France on Saturday said the day's death toll of 80 was the lowest since early April, while nursing home fatalities also fell sharply as the nation prepared to relax curbs on public movement imposed eight weeks ago.

The easing, to begin Monday, has brought mixed reactions.

"I've been scared to death" about the reopening, said Maya Flandin, a bookshop manager from Lyon. "It's a big responsibility to have to protect my staff and my customers."

French health officials have warned that social distancing must be kept up even as restrictions are eased.

In Spain, about half the population will be allowed out on Monday for limited socialisation, and restaurants will be able to offer some outdoor service as the country begins a phased transition set to last through June.

With lingering fears of a resurgence, authorities excluded Madrid and Barcelona -- two COVID-19 hotspots -- from the first phase.

Belgium is also easing some restrictions on Monday, and in some parts of Germany, bars and restaurants reopened on Saturday with further easing set for Monday.

In Britain, Prime Minister Boris Johnson is expected Sunday to lay out a plan for the nation to emerge out of its current lockdown.

Media reports have suggested that Britain may introduce a mandatory 14-day quarantine for international arrivals to stop the spread of the virus.

Global economic figures are pointing to the most acute downturn in nearly a century, with businesses forced to shut and supply lines badly disrupted, and pressure is growing on leaders around the world to find a way out as the worldwide death toll topped 277,000 and infections crossed four million.

In the United States, the country with the highest death toll and where more than 20 million people have lost their jobs, President Donald Trump has insisted that next year would be "phenomenal" for the economy, urging reopening despite the virus still claiming well over 1,000 lives daily in the country.

The scale of the challenge was brought in sharp focus over the weekend as US media reported that top disease expert Anthony Fauci, who has become the trusted face of the government response to the pandemic, is going to self-isolate after possible exposure to an infected White House staffer.

Fauci told CNN that he will undergo a "modified quarantine" as he had not been in close proximity to the staffer, the network reported. He will remain at home teleworking, and will wear a mask for two weeks.

Robert Redfield, the director of the Centers for Disease Control and Prevention, and Stephen Hahn, the commissioner of the Food and Drug Administration, will also self-isolate, CNN added.

All three will still testify at Tuesday's Senate coronavirus hearing, with Redfield and Hahn participating via video link, according to Senator Lamar Alexander, chairman of the chamber's health committee.

It is believed Fauci will attend wearing a mask, CNN reported.

President Trump has faced sharp criticism from his predecessor Barack Obama, who said on a leaked tape that Trump's handling of the crisis was an "absolute chaotic disaster".

With people wearying of being indoors and under economic pressure, anti-lockdown protests have been held in a number of countries in recent weeks, with some demonstrators arguing that such restrictions violate their rights and others promoting conspiracy theories about the pandemic.

Ten people were arrested and a police officer injured in Melbourne, Australia, on Sunday in the latest such protest, where around 150 people gathered to demand an end to the shutdown.

Participants were promoting a number of conspiracy theories, such as linking 5G cellular communications to the disease.

Australian chief medical officer Brendan Murphy said there was "a lot of very silly misinformation out there", including the 5G allegation.

"I have unfortunately received a lot of communication from these conspiracy theorists myself," he said.

"It is complete nonsense. 5G has got nothing at all to do with coronavirus."

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Agencies
February 29,2020

Islamabad, Feb 29: A coalition comprising digital media giants Facebook, Google and Twitter (among others) have spoken out against the new regulations approved by the Pakistani government for social media, threatening to suspend services in the country if the rules were not revised, it was reported.

In a letter to Prime Minster Imran Khan earlier this month, the Asia Internet Coalition (AIC) called on his government to revise the new sets of rules and regulations for social media, The News International reported on Friday.

"The rules as currently written would make it extremely difficult for AIC Members to make their services available to Pakistani users and businesses," reads the letter, referring to the Citizens Protection Rules (Against Online Harm).

The new set of regulations makes it compulsory for social media companies to open offices in Islamabad, build data servers to store information and take down content upon identification by authorities.

Failure to comply with the authorities in Pakistan will result in heavy fines and possible termination of services.

It said that the regulations were causing "international companies to re-evaluate their view of the regulatory environment in Pakistan, and their willingness to operate in the country".

Referring to the rules as "vague and arbitrary in nature", the AIC said that it was forcing them to go against established norms of user privacy and freedom of expression.

"We are not against regulation of social media, and we acknowledge that Pakistan already has an extensive legislative framework governing online content. However, these Rules fail to address crucial issues such as internationally recognized rights to individual expression and privacy," The News International quoted the letter as saying.

According to the law, authorities will be able to take action against Pakistanis found guilty of targeting state institutions at home and abroad on social media.

The law will also help the law enforcement authorities obtain access to data of accounts found involved in suspicious activities.

It would be the said authority's prerogative to identify objectionable content to the social media platforms to be taken down.

In case of failure to comply within 15 days, it would have the power to suspend their services or impose a fine worth up to 500 million Pakistani rupees ($3 million).

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