The World Bank's International Development Association (IDA) is providing $93 billion in fresh funding to help low-income countries respond to the Covid-19 pandemic.
The financing package is the largest mobilised in IDA’s 61-year history and the funds will be delivered to the world’s 74 poorest countries, where the pandemic has increased poverty, undermined growth and development, the Washington-based lender said. The IDA is providing the funds under its 20th replenishment (IDA20) programme.
The financing brings together $23.5bn of contributions from 48 high and middle-income countries, with financing raised in the capital markets, repayments and the World Bank’s own contributions, the Washington-based lender said.
“Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the Covid-19 crisis,” said World Bank Group President David Malpass. “We are grateful for the confidence our partners have in IDA as a non-fragmented and efficient platform to tackle development challenges and improve the lives of millions of people around the world.”
The global health crisis plunged the world economy last year into its deepest recession since the 1930s. While developed economies have recovered faster and have more upside because of their accelerated vaccine and booster programmes, poorer and developing economies have not rebounded at the same pace, with some struggling.
The pandemic has led to rising public and household debt, falling government revenues, and increased risks to fragility, conflict, and instability; and declining literacy rates. About a third of IDA countries are facing a looming food crisis.
"With the Covid-19 pandemic, the world is facing one of the biggest crises of our time ... at the same time, the effects of climate change present additional challenges across countries," Mr Malpass said.
"IDA countries are lagging in Covid-19 vaccinations and economic recovery. We have seen that the recovery has been dramatically uneven, with per capita income in advanced economies growing at 5 per cent compared to only 0.5 per cent in low-income countries. Two thirds of the world’s poor – almost 510 million people – live in countries served by IDA."
The IDA20 programme focuses on governance and institutions, debt sustainability, and digital infrastructure that can help foster economic and social inclusion. The additional funding will enhance the IDA's capacity to address health challenges faced by 400 million. Its social safety nets programme is also expected to reach as many as 375 million people.
Funding will also address climate change and help countries build back greener, be better prepared for future pandemics, financial shocks and natural hazards.
IDA has provided $458bn to 114 countries since 1960. Annual commitments have averaged about $29bn over the past three years, with about 70 per cent going to Africa. The IDA20 programme will cover the period of July 1, 2022, to June 30, 2025.
The World Bank Group has provided more than $157bn in financing to countries since the start of the pandemic.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
UAE currency: the story behind the money in your pockets
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UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
More from Rashmee Roshan Lall
match details
Wales v Hungary
Cardiff City Stadium, kick-off 11.45pm
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The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
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UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2018 Mercedes-Benz S 450
Price, base / as tested Dh525,000 / Dh559,000
Engine: 3.0L V6 biturbo
Transmission: Nine-speed automatic
Power: 369hp at 5,500rpm
Torque: 500Nm at 1,800rpm
Fuel economy, combined: 8.0L / 100km
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
