The International Monetary Fund said it has outlined plans for essential work until October to help countries mitigate the coronavirus crisis, restore stability, and prepare for strong and sustainable recovery.
The Work Programme will prioritise emergency financial support, analysis of the crisis impact and will formulate the necessary policy responses, the IMF said in a statement on Thursday.
With countries facing mounting debts, the fund will discuss a framework to guide lending in the current environment of inherent uncertainty.
The IMF will also examine options for a temporary increase in access limits to its resources in order to provide additional room for emergency financing, while managing related risks.
"The Covid-19 crisis continues to take a heavy human and economic toll. The outlook remains highly uncertain as many countries are facing the economic fallout of the pandemic," the IMF said. "This has led to an unprecedented surge in demand for Fund support and a strain on staff resources."
In June, the IMF projected that the world economy will contract 4.9 per cent this year, down 1.9 percentage points below its April forecast, before expanding 5.4 per cent next year.
The pandemic, which forced governments to close borders and shut all but essential businesses to stem the spread of the virus, has taken a heavy toll on the global economy.
The IMF projects a cumulative loss to the global economy of over $12 trillion (Dh44tn) over this year and next, as a result of the virus. Although most economies have started opening up, the rate of infection is still on the rise in Americas and Asia, including the US, Brazil and India.
Two thirds of governments globally, including Saudi Arabia, have topped up their fiscal support to offset the effects of the pandemic, pumping about $11tn into their economies, compared with $8tn in April.
In its latest directive, the IMF pledged to continue supporting debt-ridden countries and said it will implement relief from debt servicing under the G20 Debt Service Suspension Initiative (DSSI). Later this year, the IMF and the World Bank will jointly prepare an assessment on a possible extension of the DSSI.
The IMF will also work toward extending the second tranche of the Catastrophe Containment and Relief Trust (CCRT) – a fund which allows the lender to provide grants for debt relief to the poorest countries suffering from natural disasters.
The fund also pledged to help countries restore "macroeconomic stability and foster a strong and inclusive recovery", under the assumption that the pace of direct crisis work will relent somewhat in the months ahead, it said.
The lender will examine financial sector developments and risks then recommend regulatory and supervisory approaches to reinforce stability, it said.
"The crisis offers an opportunity to reshape the global economy and put it on a sound, sustainable, and greener footing," it said. "It will be important to now resume work on long-term global and country economic health, resilience, and preparedness for future shocks."
US Industrial Market figures, Q1 2017
Vacancy Rate 5.4%
Markets With Positive Absorption 85.7 per cent
New Supply 55 million sq ft
New Supply to Inventory 0.4 per cent
Under Construction 198.2 million sq ft
(Source: Colliers)
UAE currency: the story behind the money in your pockets
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
UAE currency: the story behind the money in your pockets
In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
UAE currency: the story behind the money in your pockets
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
More from Neighbourhood Watch:
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
