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The historical crisis package for the damaged global economy

The historical crisis package for the damaged global economy

Despite the fact that no more vaccine doses have been given than in the past week, coronary heart disease is on the rise. Southeast Asia is in the midst of the most serious wave of infection since the pandemic began. Parts of Europe and the United States, where vaccination is in full swing, are experiencing a new wave.

– this is difficult

The average number of new infections in the United States last week was higher than the peak identified last summer, according to the US Centers for Disease Control (CDC). Now the daily rate is about 70,000 infected in the United States.

Although we desperately want to end this pandemic, it is clearly not over with us. this is difficult. This is heavy. We stand together on this. As we learn more about COVID-19, we continue to protect ourselves and our children and get closer to the ways we know work, Rochelle Wallinsky, director of the CDC, said Monday.

This means that the infection control measures that were removed in early summer will be reintroduced. A number of major US cities have introduced mandatory use of face masks from this week onwards.

Worldwide, the trend is clearly rising with 736,000 new confirmed infections on July 31 – almost above the peak in April, when the delta variant hit India in full force.

Indonesia is close to 100,000 deaths and more than 20,000 new daily infections.

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We have passed the summit, said the country’s Minister of Health, Budi Gunadi Sadiqin, on Monday.

In Thailand, a new infection record was set in the past 24 hours with 18,900 new infections. More than 200 thousand people are undergoing treatment, according to official statistics.

Historic decision

The International Monetary Fund (IMF) has agreed to support the most vulnerable member countries with $650 billion in Special Drawing Rights (SDRs). This is a special currency that can be used as legal tender between member countries.

– This is a historic decision and the largest allocation in the history of the International Monetary Fund. It is a vitamin injection for the global economy at a time when it is going through a unique crisis, International Monetary Fund CEO Kristalina Georgieva said on Monday.

This is the first crisis package since the financial crisis in 2009, when $250 billion in drawing rights were issued. The award ceremony will take place on August 23.

The United States, under President Donald Trump, banned a similar proposal. The currency will be allocated to all 190 member states – based on the size of the economy.

Last week, the International Monetary Fund cut its growth forecast for the global economy.

Fear of the pandemic of poverty

Rich countries are encouraged to give their share of the allocations to poor countries. The G7 countries agreed to give $100 billion to the poorest countries.

The Covid-19 shock led to the first increase in poverty in this century. Unless we become braver, we risk huge disparities in the global economy, where the rich rise and the poor do not. The International Monetary Fund, which is not known for its use of frightening terminology, warns against this very thing,” British politician Liam Byrne wrote in the Financial Times.

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He warns that the IMF currency is not given as a loan to other member states, but should be given as aid to the most vulnerable countries.

“Global collaboration has proven its ability to work miracles during a pandemic. This has led to the development and deployment of vaccines in just one year. Now the same effort must be made to prevent the subsequent pandemic of poverty,” Byrne wrote in a publication in the business newspaper.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We want you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.