WASHINGTON: Some debts were not sustainable and needed to be restructured, re-profiled or written off, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said in an interview recorded earlier this week.

In this interview to ITV News, Ms Georgieva also urged governments to spend more money on health workers to protect the most vulnerable.

“There is a possibility that in some cases debt simply is not sustainable and therefore some action has to be taken either to re-profile or restructure or in some cases write off this debt,” she said.

Although G20 countries have promised some debt relief, a transcript of the interview, released by the IMF headquarters in Washington, indicated that Ms Georgieva believed the crisis required them to go further.

Imran has argued that heavy debt burdens are preventing countries from focusing on the challenge of saving people from pandemic as well as hunger

Last month, Prime Minister Imran Khan appealed to the leaders of rich countries, the UN secretary general and heads of financial institutions to give debt relief to developing countries like Pakistan so that they could combat the deadly Covid-19 in a better way.

The prime minister argued that heavy debt burdens were preventing some countries from focusing on the real challenge of saving their people from the deadly pandemic and hunger that extended lockdowns would trigger.

The IMF chief, while acknowledging the need to restructuring loans, also said the first priority was to combat the disease that has already killed hundreds of thousands and infected several millions across the globe.

“The only thing we ask countries is please spend more money for your doctors and nurses — and please, please use the money to protect the most vulnerable,” she said.

The interviewer, Julie Etchingham, noted that loans usually came with conditions — such as tightening public spending — that were difficult to implement during the Covid-19 crisis.

Ms Georgieva said she was aware of the risks ahead for the IMF. “We are looking to the transparency and accountability in countries. They themselves are coming up with commitments to audit the use of the funds we provide, but there are no strings attached,” she said.

The IMF chief said that more than 100 countries had reached out to them for help to fight the pandemic and 50+ requests were swiftly approved for a total of about $18 billion.

Asked to assess the scale of the crisis facing the global economy, Ms Georgieva did not mince her words. “It is the worst crisis since the Great Depression. But it is more than that because it is a combination of a health crisis and an economic shock,” she said. “And it is truly global.”

The IMF now has about $1 trillion dollars lending capacity — four times more than in the last financial crisis.

The IMF approved $1.386 billion of assistance for Pakistan under the Rapid Financing Instrument to address the economic impact of the Covid-19 shock.

Published in Dawn, May 9th, 2020

SRINAGAR: Anti-India protests and clashes continued for a third day in occupied Kashmir on Friday, following the killing of a top resistance leader by Indian forces.

Kashmiri leader Riyaz Naikoo and his aide were killed in a gunfight with Indian troops on Wednesday in the southern Awantipora area, leading to massive clashes at several places.

The clashes continued on Friday as anti-India protesters threw stones at government forces, who fired shotgun pellets and tear gas to quell the spiralling protests.

At least one man was killed and 50 others were injured in the three days of clashes, residents and medics said. Most of the injured were treated locally.

However, at least a dozen people with bullet and pellet injuries were taken to a hospital in Srinagar for treatment, a doctor said on condition of anonymity. She said most of the injured had been hit by pellets in one or both eyes.

Residents said Indian troops swooped into the Kashmiri leader’s native village on Thursday, and accused them of vandalising a tent which villagers had set up for mourning his death, triggering large protests and clashes in the area.

Authorities did not hand over the bodies of the two slain fighters to their families under a new Indian policy designed to thwart large-scale funerals. Instead, police buried the bodies in a mountainous graveyard about 100 kilometres from the village.

Authorities have shut down mobile phone and internet services since Wednesday, a common Indian tactic in the disputed region when such protests erupt. They also imposed a near total information blackout and refused to brief media about the situation.

India imposed similar measures in 2019 when it revoked the disputed region’s semi-autonomous status and statehood and imposed direct federal rule.

Indian security officials and some members of the ruling party called Naikoo’s killing a victory against the Kashmiri fighters. Naikoo, 35, was the chief of operations of the region’s largest indigenous armed group, Hizbul Mujahideen, which has spearheaded a rebellion against Indian rule.

Published in Dawn, May 9th, 2020

UNITED NATIONS: The United Nations called on governments, companies and billionaires on Thursday to contribute to a $6.7 billion fund for immediate needs in fighting the coronavirus pandemic in vulnerable countries, warning that a failure to help could lead to a hunger pandemic, famine, riots and more conflict.

UN humanitarian chief Mark Lowcock said that Covid-19 has now affected every country and almost every person on the planet. He said the UN’s initial $2 billion appeal unveiled March 25 was being increased because there is already evidence of incomes plummeting and jobs disappearing, food supplies falling and prices soaring, and children missing vaccinations and meals. He added that the peak of the pandemic isn’t expected to hit the worlds poorest countries for three to six months.

Lowcock said in a video briefing launching the new appeal that the poorest countries face a double whammy the health impact of Covid-19 and the impact of the global recession and the domestic measures taken to contain the virus.

We must be prepared for a rise in conflict, hunger, poverty and disease as economies contract, export earnings, remittances and tourism disappear, and health systems are put under strain, he warned. Lockdowns and economic recession may mean a hunger pandemic ahead for millions.

The executive director of the World Food Programme, David Beasley, said there are two keys to averting the possibility of 265 million people being on the brink of famine by the end of the year: providing money and keeping supply chains running smoothly.

The UN appeals to wealthy nations for funding all the time, he said, but the pandemic is a one-time phenomena, a catastrophe were hitting, so its not unreasonable to ask the wealthiest people and the wealthiest companies to give.

I don’t mean just a few million. I’m talking about hundreds of millions of dollars, billions, Beasley said.

He also urged action to address the breakdown of supply chains globally. Nations must ensure that we don’t have export-import bans, restrictions at borders, shutdown of ports, shutdown of distribution points, he said, saying that some countries have already imposed export bans that are having ripple effects on food supplies.

As an example, Beasley said that if young people in urban areas in Africa lose their jobs as a result of the economic impact of the pandemic, they don’t have bank accounts to fall back on. And if they don’t have food, you’re going to have protests, riots, unrest and destabilisation. Its going to cost the world a hundredfold more to react after the fact, he warned.

He said that if the world doesn’t respond with sufficient funding, it will be catastrophic.

Were facing famine of biblical proportions,” he said. We can avert famine if we act and we act now.

The UN’s initial $2 billion appeal has so far raised $1 billion, including a lot from Europe Germany, Britain, the European Commission with contributions also from Japan, Persian Gulf countries, Canada and others, Lowcock said.

The updated appeal adds nine vulnerable countries to the 54 nations covered in the initial appeal Benin, Djibouti, Liberia, Mozambique, Pakistan, the Philippines, Sierra Leone, Togo and Zimbabwe.

Lowcock said more countries are being monitored for possible addition to the list.

Published in Dawn, May 9th, 2020

A llama called Winter could prove useful in the hunt for a treatment for Covid-19, according to US and Belgian scientists who have identified a tiny particle that appears to block the new coronavirus.

The scientists, from Belgium’s VIB-UGent center for medical biotechnology and the University of Texas at Austin, published research on Tuesday in the journal Cell, with the llama in Belgium central to their studies.

The group began four years ago looking into antibodies that might counter the Sars virus, which spread in 2003, and the Mers virus that flared up in 2012.

“The work was a side project in 2016. We thought maybe this was interesting,” said Xavier Saelens, joint leader of the Belgian part of the collaboration. “Then the new virus came and it became potentially more crucial, more important.”

Winter, the llama, was given safe versions of the Sars and Mers viruses and samples of its blood were later taken.

Llamas and other members of camel family are distinct in creating standard antibodies and smaller antibodies, with which scientists can more easily work.

The Belgian part of the research team, also led by Bert Schepens, identified fragments of the smaller antibodies, known as nanobodies, to see which bound most strongly to the virus.

Saelens describes the new coronavirus as the cousin of the Sars virus. Both have a corona, or crown, shape with protein spikes, onto which an antibody can latch.

The team intend to begin tests on animals, with a view to allowing trials with humans to begin by the end of the year. Saelens said negotiations were under way with pharmaceutical companies.

The research is not the first into nanobodies derived from camels or llamas. French group Sanofi paid 3.9 billion euros ($4.23 billion) in 2018 to buy Ghent-based nanobody specialist company Ablynx.

The government of Pakistan has decided to bring back via special flights its students stuck in Wuhan, China, ground zero of the novel coronavirus.

Special Assistant to Prime Minister on Overseas Pakistanis Zulfiqar Bukhari tweeted the development on Friday night, referring to those stranded there as "the bravest soldiers".

Pakistan International Airline (PIA) has been tasked to bring the first batch of Pakistanis – mostly students – beginning May 18, when around 250 individuals are expected to return.

Pakistanis who had been studying in Wuhan and other cities in the Chinese province of Hubei – first region in the world to be put under a strict lockdown on Jan 20 after being declared a virus epicenter – had appealed at the time to be evacuated.

Multiple requests for evacuation were made not only by the stranded students but also by their families back home. However, the government said it would not repatriate them immediately and would follow guidelines and processes put in place by China in this regard.

To allay the fears of the students and their families, the Foreign Office in February sent two of its officials from the Beijing embassy to Wuhan while the strict lockdown was still in place. The FO said the staffers were to remain in Wuhan till the lockdown ended and would meet students in different universities to get an update on their well-being and safety.

In March, President Arif Alvi and Minister for Foreign Affairs Shah Mahmood Qureshi visited China and interacted with Pakistani citizens there via video link.

Upon returning from the trip, both the foreign minister and President Alvi briefed the media and said that the students were in a good condition and had only requested that Pakistani food be provided to them.

On March 28, China began lifting the lockdown in Wuhan. By April 8, the restrictions were completely lifted and some of the the students celebrated by cooking themselves a meal.

Tribune News Service Chandigarh, February 21 Displaying the humanitarian side of law, the Punjab and Haryana High Court in a rare judgment has set aside a lower court order, though it was neither illegal, nor erroneous. Justice Rajiv Narain Raina made it clear that the judgment granting yet another opportunity to farmers to plead their case for a higher compensation for acquired land was being passed to “avoid miscarriage of justice”. The order came on a petition filed by Vijay Kumar and another petitioner against Haryana and other respondents. Their evidence in support of plea to enhance compensation awarded by the Land Acquisition Collector was turned down on the ground […]

CHANDIGARH: TDI Investors Association, which includes 70 member investors from Chandigarh, on Wednesday created a row, alleging that the owners had cheated them of Rs 150 crore. The association, in a press conference, alleged that a legal agreement was signed between the company and the members in 2005 after which they paid 80% of the cost for showrooms in the mall and were promised possession by 2008. The members blamed the company of not giving them possession till date and neither paying them the returns. The project includes 70 shops varying from 400 sq ft to 1,000 sq ft. TDI chairman Ravinder Taneja, however, trashed the allegations, blaming the authorities […]

NEW DELHI: The Narendra Modi government is set to substantially ease norms for foreign investment in the construction sector, hoping to drum up interest in the prime minister’s plans for 100 smart cities as well his affordable housing initiative. The government is seriously considering the removal of all restrictions on size and minimum capitalisation for the smart cities as well as affordable housing projects. “The discussions are on for exempting smart cities from all FDI conditionalities. We need to give them a push by making it attractive for investors,” said a government official. The new policy is also expected to provide easier exit windows.The proposal could be moved for the […]

NEW DELHI: The Delhi state consumer panel has asked real estate firm Omaxe Buildhome Pvt Ltd to pay over Rs 11 lakh to a retired Indian Airlines official after holding the realty firm of “deficiency of service” in the allotment of a flat at Greater Noida in Uttar Pradesh. The Delhi State Consumer Disputes Redressal Commission (SCDRC), presided by judicial member S A Siddiqui, asked the firm to pay Rs 11.14 lakh to Secunderabad resident Pradeep Chaudhary. Chaudhary had approached the Commission alleging “unfair trade practice” and “deficiency of service” on the firm’s part and said that despite his strong opposition, the company, on its own, changed the location of […]

"The COVID-19 pandemic is not an excuse for human rights violations. Excessive force and brutality are unacceptable from any of our enforcement or security forces."

"I felt that they listened to what I was trying to say, and it shows that they do value democracy here in Taiwan."

Making himself Exhibit A for reopening the country, President Donald Trump visited an Arizona face mask factory Tuesday, using the trip to demonstrate his determination to see an easing of stay-at-home orders even as the coronavirus remains a dire threat. Trump did not wear a mask despite guidelines saying they should be worn inside the factory at all times.

Colorado Republican Party Chair Ken Buck, a U.S. representative from Windsor, pressured a local party official to submit incorrect election results to set the primary ballot for a state Senate seat, according to an audio recording of a conference call obtained by The Denver Post.

A document created by the nation's top disease investigators with step-by-step advice to local authorities on how and when to reopen restaurants and other public places during the still-raging outbreak has been shelved by the Trump administration.

The Government of Palau will draw down on a $15 million policy-based loan from ADB's Disaster Resilience Program to help finance the country’s response to the novel coronavirus disease (COVID-19) pandemic.

ADB today announced the release of a $6 million grant from its Pacific Disaster Resilience Program (Phase 2) to help finance the Government of the Marshall Islands’ response to the novel coronavirus disease (COVID-19) pandemic.

ADB has approved a $1.5 billion loan to help the Philippine government fund its novel coronavirus disease (COVID-19) response program and strengthen the country’s health care system in its fight against the pandemic.

ADB has approved a $100 million loan to help supply renewable energy to Mongolia by installing its first large-scale advanced battery energy storage system.

ADB and AIM today launched the #DigitalAgainstCOVID-19 virtual challenge to crowdsource digital solutions and ideas to help countries in Asia and the Pacific deal with the medium- and long-term...

ADB President Masatsugu Asakawa and Pakistan’s Federal Minister for Economic Affairs and ADB Governor Makhdoom Khusro Bukhtiar today discussed how ADB can scale up its support for the government’s response to the COVID-19...

ADB needs to address issues causing weak sustainability of its projects to improve performance, says the 2020 Annual Evaluation Review (AER) conducted by ADB’s Independent Evaluation Department.

ADB today approved a $200 million loan to support the Philippine government’s effort to provide emergency cash subsidies to vulnerable households amid the novel coronavirus disease (COVID-19) pandemic.

ADB today approved a $1.5 billion loan to the Government of India to help fund its response to the COVID-19 pandemic, including support for immediate priorities such as disease containment and prevention, as well as social...

ADB today approved a $100 million loan to support the Government of Bangladesh in its efforts to address the immediate public health requirements of combatting the novel coronavirus disease (COVID-19) pandemic.

ADB has provided several targeted interventions to support its developing member countries in combating the effects of the COVID-19 pandemic from its early stages. In support of ADB’s effort, the Government of Japan is...

ADB today approved a $200,000 (460,000 pa’anga) grant to the Government of Tonga to help restore life-sustaining services following the damage from Tropical Cyclone Harold.

ADB has approved $50 million in loan and grant financing to help the Government of the Kyrgyz Republic mitigate the significant negative health, social, and economic impacts of the novel coronavirus disease (COVID-19) pandemic.

ADB today approved a $20 million loan to support Bhutan’s efforts to stimulate the economy, protect public health, and mitigate the effects of the novel coronavirus disease (COVID-19) pandemic on its people.

ADB and the Government of Mongolia today signed $40 million in loans and a $2 million Japan Fund for Poverty Reduction grant to support the modernization of government-owned irrigation networks and vegetable production in Mongolia.

The Asian Development Bank (ADB) has provided a guarantee for a $25 million trade loan to the State Pharmaceuticals Corporation of Sri Lanka (SPC) to purchase medical supplies as part of the country’s response to the novel ....

ADB has approved $30 million in extra financing for a health sector project in Mongolia to strengthen the country’s preparedness and response to the novel coronavirus disease (COVID-19) pandemic.

The Philippines’ Department of Health (DOH), with support from ADB, has set up a new laboratory in Pampanga province, north of the capital Manila. It will significantly increase the government’s testing capacity for COVID-19...

Tata Value Homes Limited (TVHL), a 100% subsidiary of Tata Housing Development Company Limited, today strengthened its presence in South India by developing Spanish themed residential township at Sriperumbudur, near Chennai. The company plans to Invest around Rs 300 crore in setting up this township. Inspired by Spanish living, Santorini is designed by architects F+A. The township is spread across lush greenery at Sriperumbudur, one of the fastest growing corridors in Chennai. Speaking on the project Brotin Banerjee, MD & CEO, Tata Housing Development Co. Ltd., said, with rapid urbanisation and influx of global lifestyle trends more and more affluent home buyers are looking for homes to reflect the financial […]

CHENNAI: As if land grab bids and ‘double documents’ are not menace enough for property owners/buyers, the state registration department shocked the Madras high court on Monday, saying it is difficult to issue encumbrance certificates without any fault. An encumbrance certificate (EC) is the basic document which reveals the current status of an immovable property. It is supposed to contain correct ownership details of a piece of property and inform the applicant whether it is encumbered or mortgaged in favour of a bank or any individual. However, responding to an anticipatory bail petition of a landowner who ended up purchasing another person’s property as the EC did not reflect latest […]

CHENNAI: City builder Ceebros has started pulling down the unfinished JW Marriott Hotel in the city, which it had bought from Hyderabad-based Viceroy Hotels for 480 crore last year. Viceroy group sold the property in MRC Nagar after completing the shell of the hotel because the hospitality sector in Chennai is going through a serious crisis with low occupancy in most five-star hotels. With more than half a dozen new star hotels being opened in the city in recent years, there is very high room inventory and hotels are struggling for business, say industry sources. Ceebros is pulling down the unfinished J W Marriott structure to redevelop it into a […]

CHENNAI: Strong English speaking skills and a wide mix of industries that promotes cross pollination of work culture has made Chennai one of the top 12 cities in the world for real estate investments. This is the first global recognition the city has received; it is also the lone Indian city on the list. The Candy GPS Report, published on Friday, identifies 12 cities around the globe with the potential to show strong residential property price growth in the next few years. The report — produced by Candy & Candy, Savills World Research and Deutsche Asset & Wealth Management — said, “Prices in these rising cities are generally much lower […]

After a lacklustre first half, home sales across the top six cities in the country are expected to rise 26 per cent in the second half of 2014 compared to a year ago, according to a research report by property advisory firm Knight Frank. A negative sentiment among home buyers due to the slow economy, high interest rates, inflation and also political uncertainty had tempered home sales in the first half of the year. While new launches in the period dropped 32 per cent, sales volume was down 27 per cent. But now, with a positive election result, a stable government at the centre and sops for the housing sector […]

BANGALORE: Property has always been a major investment avenue of the rich. Now, some of the people one would expect to focus on enterprising ventures are also looking at rent-yielding property. Infosys co-founder NR Narayana Murthy’s family office has bought high-end luxury apartments in Bangalore and Mumbai, said sources familiar with the development. Catamaran Ventures, which manages part of Murthy’s wealth, has previously invested in e-commerce, FMCG and education ventures. Another source said that Premji Invest, the family office of Wipro chairman Azim Premji, is also scouting for real estate assets in metros. A couple of years ago, Premji, in his personal capacity, had picked up a few properties in […]

Kuwait will enact a "total curfew" from 4pm (1300 GMT) Sunday through to May 30 to help to curb the spread of the new coronavirus, the Information Ministry said on Twitter Friday.

U.S. Secretary of State Mike Pompeo will visit Israel in a show of support for the new coalition government, resuming travel after a coronavirus suspension, the State Department announced Friday.

The United States has approved a $2.3 billion deal on attack helicopters for Egypt, but an official insisted Friday that Washington was still pressing on human rights concerns.

In full protective gear, two doctors climb the stairs four at a time. Their first task of the day: to test a woman who has had contact with a coronavirus patient in Istanbul.

The project’s targeted outcome was improved access to social and economic facilities in the project areas, particularly in education and health services, and transport hubs in Timor-Leste. These were to (i) rehabilitate 232 kilometers (km) of priority roads; (ii) develop and implement a new road maintenance program; (iii) improve border post facilities; and (iv) provide consulting services and technical assistance (TA) in all aspects of project development and implementation.

The program aimed to increase the role of women entrepreneurs in economic development and address constraints they and micro, small, and medium-sized enterprises (MSMEs) faced. The program had two components—a policy-based loan (PBL) and a financial intermediation loan (FIL) — each at $20.0 million. The program was supported by a technical assistance (TA) capacity building component of $0.6 million.

The Bishkek–Torugart road serves several important functions. It is part of the CAREC Corridor 1(c) extending from Troitsk in the Russian Federation to Kashi in Xinjiang Uygur Autonomous Region of the PRC, and is the shortest route from Bishkek to Kashi. It is the only north–south trunk road in the central Kyrgyz Republic connecting Naryn oblast, the poorest of the Kyrgyz Republic’s seven oblasts, and the city of Naryn to the rest of the country. It is the only road providing direct access to Issyk Kul Lake region, which is one of Central Asia’s well-known tourist destinations.

The 2019 novel Coronavirus (COVID-19), first reported from Wuhan, People’s Republic of China (PRC), on 31 December 2019, is the latest emerging infectious disease to be declared a public health emergency of international concern. The situation is rapidly evolving, with more than 43,000 confirmed cases reported from at least 25 countries, and more than 1,000 deaths as of 11 February 2020, with PRC accounting for nearly all (99%) cases and deaths.

Transport systems provide arteries for efficient movement of people and goods in a well-functioning economy. The Asia and Pacific region has witnessed brisk economic growth and social development leading to increased mobility and urbanization. Rapid growth and urbanization creates pressure on transport system and services, which need to keep up not only to sustain the economic growth, but also to ensure much needed equitable access and quality services for all sections of the society.

ADB's support to Asia and the Pacific’s transport sector has helped improve domestic connectivity and economic efficiency in the region, says a report released by ADB’s Independent Evaluation Department.

The Madhya Pradesh Power Sector Investment Program in India was a multitranche financing facility (MFF) designed to support Madhya Pradesh state’s sustainable economic growth and social development by investing in the statewide power transmission and distribution networks. The MFF supported the state government in expanding its power transmission, distribution, and management infrastructure and capacity.

ADB needs to address issues causing weak sustainability of its projects to improve performance, says the 2020 Annual Evaluation Review (AER) conducted by ADB’s Independent Evaluation Department.