The International Monetary Fund expects to finalise plans to complete the allocation of special drawing rights of $650 billion, the biggest issuance in its history, by the end of August.
The measure would bolster the Washington-based lender's reserves after it distributed more than $109bn in emergency loans and debt relief to countries struggling to cope with Covid-19 pandemic-driven economic, social and healthcare challenges.
“Today the IMF executive board discussed a proposal for a new $650bn SDR allocation – the largest issuance in the IMF’s history aimed at helping its membership, especially the most vulnerable, overcome the Covid-19 crisis," fund spokesman Gerry Rice said after the the board's meeting on Friday.
"The board discussion is another step in the process toward a new SDR allocation, which we expect to be completed by the end of August.”
An increase in SDRs was one of several measures the fund had called for at its joint meetings with the World Bank in April this year.
SDRs are an international reserve asset created by the IMF in the late 1960s. They are based on a basket of five global currencies – the US dollar, the euro, the Chinese yuan, the Japanese yen and the British pound.
The pandemic tipped the global economy into its worst recession since the Great Depression last year, with the world output shrinking 3.3 per cent.
However, a rapid vaccine campaign by nations around the world and the injection of about $16 trillion of fiscal stimulus by governments and $9tn of monetary support by central banks has helped the global economy to bounce back. It is forecast to expand by 6 per cent in this year, according to the fund.
On average, the economies in the Mena region are expected to grow by 4 per cent this year, after a contraction of 3.4 per cent in 2020. Growth is expected to be faster in oil-exporting countries (at 4.8 per cent) than it is for oil importers (2.3 per cent).
The IMF's response to the pandemic has been focused on providing emergency financing and debt relief to the world's poorest countries, as well as campaigning for global governments to agree on bilateral debt relief deals.
Earlier this month, the IMF and the World Bank set up a high-level advisory group of economists, development finance experts and academics to devise strategies for a sustainable recovery from the pandemic.
“The world faces two huge crises – the pandemic and the climate emergency – that demand radical and co-ordinated action,” Kristalina Georgieva, the IMF's managing director, said.
“Through policy analysis and practical proposals, the high-level advisory group will play a key role in this effort.”
The IMF is also exploring the creation of a trust that could allow its members to lend the fund's reserves to more countries, including middle-income nations vulnerable to climate change.
The Group of Seven high-income countries have already given the fund the "green light" to work on the plan, Ms Georgieva said after the end of the G7 summit in England, earlier this month.
The fund plans to work with its members in the coming months on how they could reallocate some of their special drawing rights, or use budget loans to reach – or even exceed – the goal of distributing $100bn to some of the most vulnerable nations.
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
The years Ramadan fell in May
The five pillars of Islam
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
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The five pillars of Islam
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UAE currency: the story behind the money in your pockets
ARM%20IPO%20DETAILS
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Top 10 in the F1 drivers' standings
1. Sebastian Vettel, Ferrari 202 points
2. Lewis Hamilton, Mercedes-GP 188
3. Valtteri Bottas, Mercedes-GP 169
4. Daniel Ricciardo, Red Bull Racing 117
5. Kimi Raikkonen, Ferrari 116
6. Max Verstappen, Red Bull Racing 67
7. Sergio Perez, Force India 56
8. Esteban Ocon, Force India 45
9. Carlos Sainz Jr, Toro Rosso 35
10. Nico Hulkenberg, Renault 26
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JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Zayed Sustainability Prize
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
RESULTS
Bantamweight
Victor Nunes (BRA) beat Siyovush Gulmamadov (TJK)
(Split decision)
Featherweight
Hussein Salim (IRQ) beat Shakhriyor Juraev (UZB)
(Round 1 submission, armbar)
Catchweight 80kg
Rashed Dawood (UAE) beat Otabek Kadirov (UZB)
(Round-1 submission, rear naked choke)
Lightweight
Ho Taek-oh (KOR) beat Ronald Girones (CUB)
(Round 3 submission, triangle choke)
Lightweight
Arthur Zaynukov (RUS) beat Damien Lapilus (FRA)
(Unanimous points)
Bantamweight
Vinicius de Oliveira (BRA) beat Furkatbek Yokubov (RUS)
(Round 1 TKO)
Featherweight
Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
(Round 1 rear naked choke)
Flyweight
Shannon Ross (TUR) beat Donovon Freelow (USA)
(Unanimous decision)
Lightweight
Dan Collins (GBR) beat Mohammad Yahya (UAE)
(Round 2 submission D’arce choke)
Catchweight 73kg
Martun Mezhulmyan (ARM) beat Islam Mamedov (RUS)
(Round 3 submission, kneebar)
Bantamweight world title
Xavier Alaoui (MAR) beat Jaures Dea (CAM)
(Unanimous points 48-46, 49-45, 49-45)
Flyweight world title
Manon Fiorot (FRA) v Gabriela Campo (ARG)
(Round 1 RSC)
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
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Killing of Qassem Suleimani
The specs: 2018 Peugeot 5008
Price, base / as tested: Dh99,900 / Dh134,900
Engine: 1.6-litre turbocharged four-cylinder
Transmission: Six-speed automatic
Power: 165hp @ 6,000rpm
Torque: 240Nm @ 1,400rpm
Fuel economy, combined: 5.8L / 100km
KILLING OF QASSEM SULEIMANI
