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COVID-19 Information

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COVID-19 Information - Page 4 Empty The Corona virus pandemic leads to an increase in public debt worldwide

Post by claud39 on Sat May 16, 2020 9:32 am

The Corona virus pandemic leads to an increase in public debt worldwide




16/05/2020




COVID-19 Information - Page 4 20794



Dr.. Muhannad Talib Al-Hamdi *



Do high levels of public debt reduce economic growth? Many economists asked this question after the financial crisis of 2007-2009, when bank bailouts and fiscal stimulus programs raised ratios of public debt to GDP in developed countries. In 2010, two Harvard economists, Professors Carmen Reinhart and Kenneth Rogoff, came up with an eye-catching answer. 

The two professors looked at the data of 44 countries over two centuries and found that economic growth fell by almost half when public debt exceeded 90% of GDP. The findings of the researchers were referred to by several finance ministers in different countries as a justification for adopting austerity policies after 2010, although it was found that the results were marred by a little bit of amplification due to a technical error in the spreadsheet. Mrs. Reinhart and Mr. Rogoff stick to their claims that high debt reduces growth.

Many historians suggest that policymakers should not become concerned about high levels of public debt in some advanced economies. For example, the ratio of public debt to GDP in Britain is expected to rise from 84% last March to more than 100% at the end of this fiscal year. This is high in modern standards, but it is not without precedent. By the end of the Napoleonic Wars, in 1815, the British national debt amounted to nearly 200% of its GDP. 

The proportion decreased to 25% by 1914. After the Second World War the figure in the United Kingdom reached 259% and in the United States it was 112%. After short recessions after the Second World War, and as arms production declined, the two countries enjoyed periods of strong economic growth. Countries manage to reduce their debt burden over time.

This pattern is in line with the findings of the International Monetary Fund research which indicates, in the long run, that the trend of the ratio of public debt to GDP, and not the level of debt itself, is more important to economic growth. 

The results of other research published after Professor Reinhardt and Rogoff's research showed results similar to if not similar to those of Mrs. Reinhart and Mr. Rogoff, that the growth in per capita GDP is slower in countries where the debt-to-GDP ratio is more than 90%, if The data were considered year after year. However, a study of data on average levels of public debt over 15 years indicates that there is less convincing evidence that countries with debts greater than 90% of GDP are growing more slowly.

 Even countries with more than 200% debt ratios, such as the United Kingdom after World War II, have experienced robust growth in the medium term. Instead, IMF research has found that countries with a high ratio of public debt are experiencing slower growth than those with a low ratio, even if their repayable loans are already very high. This may be because the large underlying deficit (i.e. excluding the cost of interest payments) makes these countries more vulnerable to the credit crunch in periods of economic hardship.

How can countries reduce public debt ratios to GDP in the long run, as the United States and the United Kingdom have done in the past? The question of the repetition of the post-WWII experience may seem doubtful. About 70% of the decrease in the ratio of public debt to GDP in the United Kingdom between 1946 and 2008 was due to inflation. 

This worked because it was paired with "financial repression", a regulatory system, that made people unwillingly and indirectly, by using tools such as capital controls and credit rationing, to lend governments artificially low interest rates at the time that they Inflation erodes the true value of public debt. But this is an increasingly unavailable course of action for modern policy makers.

In the long run, governments may rely on economic growth, or more precisely, growth rates that exceed interest rates to reduce public debt to GDP ratios. This will be similar to what happened in Britain after the Napoleonic Wars. Britain did not inflate its debt or run budget surpluses to pay it off (a large portion of the debt was issued in the form of sustainable bonds that were finally paid off in 2015 only). Instead, the combined effect of real economic growth reduced the debt burden.

 As John Ramsay McCulloch, a Scottish economist, pointed out in 1845, “The tremendous inventions and discoveries by John Watt, Richard Arkwright, Samuel Crompton, Josiah Wedgwood and others have proven that all expectations of those who anticipated the ruin of the country and their bankruptcy failed due to the rapid increase of public debt.”

* Professor of Economics at Kansas State University








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COVID-19 Information - Page 4 Empty Corona Fund in the era of Corona .. loans, grants and new tools

Post by claud39 on Sun May 17, 2020 9:55 am

Corona Fund in the era of Corona .. loans, grants and new tools


05/17/2020



COVID-19 Information - Page 4 20802







Economy News - Baghdad



With the initial signs left by the Corona health crisis regarding pressures on economies around the world, the IMF has indicated its willingness to provide assistance to member states.

The International Fund has made it possible to fully lend to member countries facing urgent funding needs arising from the public health crisis "Covid 19" in addition to proposing new initiatives and scenarios to help the poorest members.

This comes in the context of the belief that the 189-member IMF believes that the global health crisis "Corona" can have adverse repercussions for economies, and that part of its job is to assist countries by providing policy advice and lending.

The Director General of the International Monetary Fund, Cristalina Georgievia, believes that we are facing an exceptional state of uncertainty regarding the depth and duration of this crisis, with the assurance that the world expects to experience the worst economic repercussions since the Great Depression.
 

What about the response?

The IMF, created in 1945, has many tools and facilities in its toolkit to help countries respond to the economic impact of the Corona virus.

The Fund's Executive Board decided to exempt 25 of these poor and most vulnerable countries from the effects of Corona from paying debt service payments.

From the start of the crisis until mid-April, the International Fund - which has a lending capacity of 1 trillion dollars to member countries - has received emergency funding requests from 100 countries.

 
Cooperation in crisis?

And in times of crisis, everyone is united, and this is what has already happened among international institutions, as the International Fund works closely with development partners - the World Bank, the World Health Organization and the Asian Development Bank - and other health officials to provide timely policy advice as well as technical assistance and financial support .

The IMF works to encourage global monetary cooperation, secure financial stability, facilitate international trade, support high levels of employment, sustainable economic growth, and reduce poverty worldwide.

 
Emergency financing position

According to the data available on the website of the International Fund, the total emergency financing amounted to approximately $ 20.457 billion as of May 11, granted to 52 countries with the difference in the value of the zero-interest loan from one country to another.

Egypt was the latest country to obtain emergency financing from the IMF on May 11, when it borrowed 2.772 billion dollars.

Whereas, the Kyrgyz Republic was the first country to obtain a loan from the Fund in the context of emergency financing, on the 26th of last March, with a value of $ 80.6 million and $ 40.3 million through two different instruments.

In contrast, 26 countries received debt relief grants from the IMF amounting to $ 229.31 million in April and May so far.

 
What about the box kit?

First: Emergency financing, through the Rapid Credit Facility (RCV) and the Rapid Financing Tool (RFI), where emergency financial assistance is provided to Member States without the need for full programs.
Second: Increasing the current lending programs, as the International Monetary Fund can adjust its current programs according to the need to support countries to meet the new urgent needs arising from the Corona virus.

Third: Debt Relief Grants. The CRT allows the Fund to provide debt relief grants to the poorest and most vulnerable countries amid commitments to help in disaster treatment.

The director of the IMF stated that they are currently working with donors to increase the value of this fund to 1.4 billion dollars.

Fourth: a new financing arrangement, where the International Monetary Fund can provide support through a new financing arrangement within the framework of existing facilities such as standby arrangements.
 
New tools?

Due to the fallout from Corona, the International Monetary Fund has created a new tool to help in the current health crisis known as the "short-term liquidity line".

This tool provides a reliable and renewable credit line unconditionally retroactively, and it follows the same efficiency standards in another cash instrument instrument known as a flexible credit line.







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COVID-19 Information - Page 4 Empty Notice

Post by claud39 on Sun May 17, 2020 9:58 am

[size=36]Notice[/size]


05/17/2020



COVID-19 Information - Page 4 Corona-pic




The Federal Financial Supervision Bureau, in cooperation with the Baghdad Health Ministry / Al-Karkh and in coordination with the Health Center in Salhiya, carried out a field examination procedure for symptoms of Corona virus disease for some employees in the Diwan after the emergence of one injury for one of the employees working at the Diwan headquarters, where the results of the tests showed (26) people who touched It has a negative (that is, they do not carry the virus), praise be to God. 




It also included conducting a laboratory examination on both the Chief of Staff and two of the General Director of the Bureau and the results were also negative, he should call upon our honorable employees not to be present in the building of the daily office Monday and Tuesday corresponding (18/5) 5/3) Until you notice another post next Tuesday, God willing, we wish everyone good health and wellness.




Department of Media and Public Relations





https://www.fbsa.gov.iq/ar/view/1843
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COVID-19 Information - Page 4 Empty Important notice

Post by claud39 on Wed May 20, 2020 10:21 am

[size=36]Important notice[/size]


05/19/2020


COVID-19 Information - Page 4 Corona-pic2



Subsequent to our uncles dated 1/5/5, the Crisis Cell in the Cabinet decided to continue the lack of staff presence at the Diwan headquarters on Wednesday and Thursday corresponding to 5/6/5 except for the general managers, assistant general managers, experts, directors of departments and coordination.

Department of Media and Public Relations




https://www.fbsa.gov.iq/ar/view/1844
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COVID-19 Information - Page 4 Empty THE ARAB MONETARY FUND LAUNCHES THE THIRTEENTH ISSUE OF A POLICY BRIEF ON "THE IMPLICATIONS OF THE EMERGING CORONA VIRUS CRISIS ON THE AVIATION SECTOR IN THE ARAB COUNTRIES AND POLICIES TO SUPPORT RECOVERY"

Post by claud39 on Wed May 20, 2020 10:37 am

THE ARAB MONETARY FUND LAUNCHES THE THIRTEENTH ISSUE OF A POLICY BRIEF ON "THE IMPLICATIONS OF THE EMERGING CORONA VIRUS CRISIS ON THE AVIATION SECTOR IN THE ARAB COUNTRIES AND POLICIES TO SUPPORT RECOVERY"
2020-05-18



COVID-19 Information - Page 4 Logo-ar






The Arab Monetary Fund publishes the thirteenth issue of a series

Policy Brief on

Repercussions of the corona virus , the emerging crisis on the aviation sector in the Arab countries and policies to support the recovery "

 

The International Civil Aviation Organization expects a drop in the number of air travelers by 1.5 billion passengers, and a loss of revenues of $ 273 billion, according to the pessimistic hypothesis of the impact of the Corona virus on the global aviation sector




Arab airlines face economic challenges that require government support

The flight recovery journey will be long in light of the expected reluctance to travel, the expected rise in the cost of aviation, and the gradual consolidation of work culture and distance training.




Encouraging restructuring and merger, rationalizing expenditures, and seizing opportunities for digital transformation are essential policies to support the recovery of the Arab aviation sector in the medium term




As part of its keenness to develop its research activities, the Arab Monetary Fund issued the thirteenth issue of a series of policy briefs on "The implications of the emerging corona virus on the aviation sector in Arab countries and policies to support recovery". The summary indicated that the output of the global aviation sector is about 2.7 trillion dollars, equivalent to about 3.6 per cent of global GDP. The sector also contributes to creating 65.5 million jobs worldwide, whether directly or indirectly. On the other hand, the aviation sector supports international trade, transporting goods valued at about $ 6.0 trillion annually.



In turn, air transport in the Middle East region, which includes the Arab countries, provides about 2.4 million direct and indirect jobs, representing about 3.3 percent of the total employment in the region. In addition, the aviation industry in the region contributes about $ 130 billion to economic activity, equivalent to about 4.4 percent of the region's total gross product.



The aviation sector was greatly affected by the Covid-19 virus crisis in light of the rapid spread of the epidemic, the declaration of a state of emergency in many countries to confront it, and the imposition of total or partial closings in most countries of the world, which forced airlines around the world to suspend or reduce the number of flights Significantly, especially with regard to passenger transport flights, which threatens to bankruptcy 85 per cent of airlines, unless they get emergency government support. In this context, the estimates of the International Air Transport Association show the need of international airlines for direct aid worth more than 200 billion dollars to face the repercussions of the spread of the emerging Corona virus.



The summary clarified that the expectations of the International Civil Aviation Organization indicate that air transport traffic decreased by 72 percent in 2020, the number of passengers transported by air decreased by 1540 million passengers, and aviation revenues by about 273 billion US dollars, according to a pessimistic assumption of the economic repercussions of the virus.



At the level of the Arab countries, it is expected that the number of passengers will decrease to nine Arab countries in which the aviation sectors play a prominent role by about 114 million passengers in 2020, including the expected decrease in the numbers of travelers in three countries, including the UAE, Saudi Arabia, and Egypt, about 70 in One hundred percent of the total expected decrease in passenger numbers at the level of Arab countries. The spread of the virus is also expected to lead to an expected decrease in the numbers of jobs in the aviation sector in these countries by about one million jobs, a decrease in the sector's revenues by about 23 billion dollars, and a decrease in its contribution to the gross domestic product by about 60 billion dollars in 2020.



With regard to the future of the aviation sector, it is expected to witness profound challenges at the international and regional levels even after the end of the Corona crisis, especially with regard to air passenger transport in light of the many economic consequences resulting from the spread of the virus as well as the unprecedented transformations that the sector is expected to witness in In light of the reluctance of travelers to travel for a period of at least a year, and the decrease in the demand for aviation in light of the entrenched "culture of work and distance training". 



As well as the challenges associated with transitions digital both in terms of Automates bookings, and ending the rise of operations travelers electronically aircraft, and the implementation of handling special bags and cargo business through robots, air cargo for some goods through unmanned aircraft ( Drones ), which will reflect negatively on the business models Traditional airlines.



Accordingly, the summary indicated that the flight of the Arab aviation sector from the repercussions of the emerging crisis of the Corona virus is likely to be difficult and may require at least three years. In this context, it is important that policies to support the sector's recovery in the medium term in the Arab countries focus on ensuring the provision of the necessary credit and supporting the liquidity of airlines, and reducing the financial burden on airlines, whether by postponing the payment of taxes or loan installments, and stimulating restructuring and rationalization of expenditures Integration, encouraging economic and domestic aviation, and seizing the opportunities presented by digital transitions.
 

The full version of the issue is available at this link








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COVID-19 Information - Page 4 Empty WHO conducts remote psychological first aid training in Iraq to address COVID-19 stigma and discriminatory

Post by claud39 on Fri May 22, 2020 9:46 am

[size=36]WHO conducts remote psychological first aid training in Iraq to address COVID-19 stigma and discriminatory[/size]



Thursday, 21 May 2020



COVID-19 Information - Page 4 UNofficiallogosmall




Baghdad, 21 May 2020 – Since the beginning of the COVID-19 pandemic, people have been experiencing varying degrees of fear, concern, anxiety and stress which requires psychological support to enable them to cope better with the challenges they are facing.


In Iraq, WHO identified groups in need of psychological care, with a special focus on women, and addressed their needs through a series of online training sessions on psychological first aid and how to address stigma and discrimination.

In April this year, remote psychological first aid training was provided to more than 100 participants from several organizations working in the field of mental health and psychosocial support. The training introduced the principles of providing psychological care using phones or social media outlets.

Participants were coached to deal with stigma and shame suffered by people who have contracted COVID-19. They shared observations of negative behaviours and attitudes seen as directly contributing to negative health outcomes and difficulties in accessing information on the disease in pandemic-affected locations.

One of the training participants commented: “My neighbour refused to allow his 68-year-old mother to go to the isolation facility because of stigma. It is hard for a man in Iraq to allow his mother, wife, daughter or his sister to be taken for quarantine or isolation outside the family home; community traditions and social norms don’t allow it.”

Other participants spoke about how people infected with COVID-19 experience severe stress due to isolation from the family, neighbours, relatives and community.

“Stigma in some areas is cultural or grounded in social beliefs around the shame of getting a communicable disease,” another participant from Mosul commented. “I think a lot of people don’t understand that we all are vulnerable to COVID-19; acquiring the disease can happen to anyone and we need to focus on raising awareness and educating ourselves on preventive measures, the top of which is social distancing and hand hygiene. There is no shame in going into quarantine or staying away from family and friends if you are sick.”

Participants were also made aware of the important role they play in convincing the populations they serve to report suspected COVID-19 cases and encouraging them to maintain a proper and healthy lifestyle, including adopting appropriate breathing, talking, eating and body hygiene protocols.

“People with COVID-19 have to a certain level been negatively associated with stigma and discrimination worldwide,” said Dr Adham R. Ismail, WHO Representative in Iraq. “WHO and the Ministry of Health and Environment jointly confirm that all people regardless of race, social status or ethnic background are vulnerable to the disease if protective measures are not properly followed.” “WHO and health authorities recognize the importance of addressing the health needs of those in need and continue providing specialized services to help them feel calm and able to maintain normal life activities in this difficult time,” concluded Dr Ismail.



https://www.uniraq.org/index.php?option=com_k2&view=item&id=12352:who-conducts-remote-psychological-first-aid-training-in-iraq-to-address-covid-19-stigma-and-discriminatory&Itemid=605&lang=en
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COVID-19 Information - Page 4 Empty UNITED NATIONS LAUNCHES GLOBAL INITIATIVE TO COMBAT MISINFORMATION

Post by claud39 on Fri May 22, 2020 9:48 am

[size=36]UNITED NATIONS LAUNCHES GLOBAL INITIATIVE TO COMBAT MISINFORMATION[/size]



Thursday, 21 May 2020



COVID-19 Information - Page 4 UNofficiallogosmall



NEW YORK, 21 MAY 2020—Today the United Nations is launching ‘Verified’, an initiative to combat the growing scourge of COVID-19 misinformation by increasing the volume and reach of trusted, accurate information.

“We cannot cede our virtual spaces to those who traffic in lies, fear and hate,” said UN Secretary-General,
António Guterres, who announced the initiative. “Misinformation spreads online, in messaging apps and person
to person. Its creators use savvy production and distribution methods. To counter it, scientists and institutions
like the United Nations need to reach people with accurate information they can trust.”

Verified, led by the UN Department for Global Communications (DGC), will provide information around three
themes: science – to save lives; solidarity – to promote local and global cooperation; and solutions – to advocate
for support to impacted populations. It will also promote recovery packages that tackle the climate crisis and
address the root causes of poverty, inequality and hunger.

The initiative is calling on people around the world to sign up to become “information volunteers” to share trusted
content to keep their families and communities safe and connected. Described as digital first responders, the
volunteers will receive a daily feed of verified content optimized for social sharing with simple, compelling messaging
that either directly counters misinformation or fills an information void.

DGC will partner with UN agencies and UN country teams, influencers, civil society, business and media organizations
to distribute trusted, accurate content and work with social media platforms to root out hate and harmful
assertions about COVID-19.

“In many countries the misinformation surging across digital channels is impeding the public health response
and stirring unrest. There are disturbing efforts to exploit the crisis to advance nativism or to target minority
groups, which could worsen as the strain on societies grows and the economic and social fallout kicks in,”
Melissa Fleming, UN Under-Secretary-General for Global Communications, said. “The Verified initiative will also
work to address this trend with hopeful content that celebrates local acts of humanity, the contributions of refugees
and migrants, and makes the case for global cooperation.”

The initiative is a collaboration with Purpose, one of the world’s leading social mobilization organizations. It is
supported by the IKEA Foundation and Luminate.

Patricia Atkinson, the IKEA Foundation’s Chief Programmes Officer, said: “The COVID-19 pandemic is an unprecedented
global health crisis. The IKEA Foundation is proud to be supporting Verified -- an initiative aiming to
make sure everyone has access to the trusted science and advice they need to keep their family and loved ones
safe.”

Nishant Lalwani, Managing Director of Luminate, added: “COVID-19 has provided a stark reminder that access to
accurate, trusted information can be the difference between fear and resilience, division and unity, and even life
and death. We are proud to be supporting Verified and its work to tackle the coronavirus ‘infodemic’ by rapidly
spreading reliable, science-based information to protect people and communities around the world.”



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COVID-19 Information - Page 4 Empty The Governmental Media Cell: National institutions continue their preventive campaigns against the Corona virus in Freedom City

Post by claud39 on Sat May 23, 2020 10:28 am

The Governmental Media Cell: National institutions continue their preventive campaigns against the Corona virus in Freedom City



5/22/2020





COVID-19 Information - Page 4 01-22-05-2020






The government media cell confirmed today, Friday, the launch of a new campaign for national institutions to limit the spread of Corona virus emerging in the city of Al-Hurriya, next to Al-Karkh from the capital Baghdad .




The cell added that this comes as a continuation of the awareness and prevention plan set to confront the new Corona Virus pandemic, in the areas identified by the Ministry of Health and covered by the regional embargo, after it was found that the number of infected people increased and announced by the crisis cell earlier .




The government media cell indicated that the campaign carried out by the Ministry of Health and the support authorities includes (150) health teams for the purpose of conducting field medical examinations and sampling from their suspects, in addition to the actions of the supporting authorities, which include:  (launching sirens, calls and educational guidance through amplifiers Sound, dusting streets and neighborhoods).




The Ministry of Health expects that the results of the regional embargo will become clear in the coming days, by knowing the extent of commitment of citizens and the concerned authorities to prevention and embargo measures .




It is reported that the ministries (Health, Defense, Interior, Industry, and Agriculture, with the participation of the General Secretariat of the Council of Ministers, the Baghdad Operations Command, Psychological Operations, the Baghdad Municipality, and the Iraqi Media Network), launched a similar campaign yesterday, Thursday, in Sadr City .

 

Government Information Cell

 May 22, 2020







COVID-19 Information - Page 4 02-22-05-2020










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