World Bank adds $2b to funds available for coronavirus response

first_imgTopics : IFC said the funding would also help existing clients in tourism, manufacturing and other heavily affected sectors keep paying their bills, while aiding the healthcare industry as it races to meet surging demand for services, equipment and drugs.World Bank President David Malpass said the bank was committed to provide a fast and flexible response based on the needs of developing countries.In this file photo taken on Jan. 17, 2019 The World Bank Group logo is seen on the building of the Washington-based global development lender in Washington,DC. (AFP/Eric Baradat).Usage: 0 (AFP/Eric Baradat)“It’s essential that we shorten the time to recovery,” Malpass said. “Support operations are already underway, and the expanded funding tools approved today will help sustain economies, companies and jobs.” The World Bank on Tuesday said it had increased to US$14 billion the amount of fast-track financing available to members to respond to the global coronavirus pandemic, adding $2 billion to an initial package announced on March 3.The change will give the World Bank’s International Financing Corp a total of $8 billion to support private companies and their employees hurt by economic impacts of the virus, the bank said.It said the bulk of the funding would be used by client financial institutions so they can continue to offer trade financing, working capital and medium-term financing to private firms struggling with disruptions in supply chains.center_img More than 187,700 people have been infected by the coronavirus in 162 countries, and 7,495 have died, according to a Reuters tally.IFC Chief Executive Officer Philippe Le Houerou said the institution’s goal was to help clients sustain their operations during the current health emergency phase so they could help economies recover more quickly later.The Bank said the boards of directors of the World Bank and the IFC on Tuesday responded to requests from clients and approved the addition of $2 billion in new funding on top of $6 billion made available through other IFC instruments.The new component offers funding from the IFC’s Global Trade Liquidity Program and its Critical Commodities Finance Program, both of which provide support to local banks so they can continue to finance companies in emerging markets.IFC is the largest global development institution focused on the private sector in emerging markets and works with 2,000 business worldwide. In fiscal 2019, it delivered more than $19 billion in long-term financing for developing countries.last_img read more

Townsville property market set for revitalisation, expert predicts

first_imgTom Panos, General Manager for Real Estate Sales, News Corp speaks at Momentum Townsville.TOWNSVILLE’S property market will see a major leap in house prices over the next five years, according to one of Australia’s leading real estate experts.Speaking at national event series Momentum Townsville yesterday, News Corp general manager of real estate sales and founder of the Real Estate Gym Tom Panos said the city was poised for a major property price hike spurred by developments like the CBD stadium.“I see at the moment that Townsville is a brilliant opportunity to be buying in as it has in-built value which should, over the next five years, see the property market grow at a faster rate than any other around Australia,” he said.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“By in-built I mean that Townsville has a lot going on, including infrastructure and developments that has not yet been realised (by the wider market).”With Townsville predicted to see its first moderate rise in median property prices by the end of the year, Mr Panos said now was the time to invest.“My recommendation to buyers waiting to sell is that if they are looking at selling and buying, what they should do is to do it now, because while they may not get the price they were hoping to get and would have got in previous years, they are also going to buy at a lower figure,” he said. “So when you’re selling and buying, it makes no difference at what price you sell at because you will sell in a low market and buy in a low market. “What does matter is the changeover figure and many people will be better off upgrading in a down market, because there are more properties to pick from and the properties they are going to buy have probably dropped more than the one they are going to sell.”Momentum is a national event series for real estate professionals held in all major cities each year.Yesterday’s event included keynote speaker Steve Carroll, director of sales regional at realestate.com.au who spoke about technology trends and their market relevance.last_img read more

Cricket News Australia win provides Virat Kohli’s Indian cricket team healing touch to years of overseas pain

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: Virat Kohli was emotional as he summed up the magnitude of the Indian cricket team’s achievement. The Indian skipper, still feeling the effects of a win which broke 71 years of pain for India in Australia, called this his biggest achievement, greater than the 2011 World Cup win. Ravi Shastri, speaking in the post-match press conference, said the win is bigger than the 1983 World Cup victory which boosted Indian cricket’s profile. In a nutshell, this series win, albeit against an Australian side that were missing the services of David Warner and Steve Smith due to the ball-tampering scandal is massive. Let us consider the names in previous Indian teams who did not win a series in Australia and one gets to understand how big it really is.Vijay Hazare and Vijay Merchat, two legends in Indian cricket, toured Australia but never won a game or series. The likes of Nawab of Pataudi and ML Jaisimha never won in Australia. Bhagwath Chandrasekhar, Bishan Singh Bedi, Sunil Gavaskar, Kapil Dev, Dilip Vengsarkar all toured Australia but did not win a series. Sachin Tendulkar, Sourav Ganguly, Rahul Dravid, VVS Laxman and Virender Sehwag all toured Australia, but they were denied a golden chance, especially in 2003/04 when Australia had rested key players or were missing players due to injury. MS Dhoni also came and went. Tendulkar, Dravid, Laxman and Ganguly retired all to never win a Test series Down Under.Read More | RIP Australia cricket – 23 years of dominance officially endsKohli was denied in 2014/15 and there was plenty of cynicism heading into the series in 2018/19. India had lost in South Africa 1-2 and in England 1-4. The loss against an England side, especially against batsmen suffering from poor form, was galling. Muddled selections, misreading of the pitch and conditions and wrong team selections all contributed to extending India’s winless streak in the SENA countries (South Africa, England, New Zealand and Australia) to near a decade.Read More | Kohli’s India break 71 years of pain, clinch series in AustraliaIndia put up an inspired show in Adelaide, led by Cheteshwar Pujara’s century and fifty on a tough pitch and with the bowling attack of Jasprit Bumrah, Ishant Sharma, Mohammed Shami and Ravichandran Ashwin contributing to a 31-run win. However, misreading the conditions and selecting the wrong team, a factor which had plagued them on previous tours, came back to haunt them in Perth. On a green pitch, they picked four pacers and left out a spinner and India lost the game. With the four-match series level 1-1, it seemed it was a familiar tale of woes.Getting the act togetherHeading into the Boxing Day Test, there was confusion in the Indian camp. Ashwin was not fit while Shastri announced that Jadeja was also not 100 percent fit. The team composition was once again proving to be a big conundrum. On top of that, India was going to open with two new players at the top for the first time ever. Crucially, Kohli picked three pacers and a spinner in Jadeja, which was ideal for a crumbling Melbourne deck. India had read the conditions correctly. Crucially, they won the toss and utilized the best conditions of the match. Mayank Agarwal and Hanuma Vihari saw out the new ball, Pujara and Kohli stitched an aggressive stand and India reached a total which was going to test an Australian batting low on confidence.Read More | Kohli’s India break 71 years of pain, clinch series in AustraliaBumrah, Shami, Ishant and Jadeja were rotated brilliantly by Kohli and set right fields. It helped for India that Australia was not technically equipped to handle the Indian bowlers. Although some flutters were raised, Kohli was clear what had to be done when India batted second again despite a big lead. He did admit in the press conference, “It’s a good thing that I don’t read any comments or what the opinions are.” Bumrah, who picked up 6/33 in the first innings, worked in tandem with the other bowlers to complete a famous win.In Sydney, another crucial toss was won and India once again picked the best XI suited for the conditions. The Sydney pitch is known to assist spin even if there is grass covering and India included Kuldeep Yadav. Pujara and Rishabh Pant slammed fifties and India had registered 622/7 declared, their second-highest Test score in Australia. India had made themselves safe with their performance on the first two days and Kuldeep’s 5/99 to bowl Australia out was the icing on the cake.A combination of reading the conditions correctly, picking the right team composition, having a clear mind, having a rock in the middle order were the key factors that helped India avoid the fate they suffered in South Africa and England. Make no mistake: This win is massive. It eliminates all the past pains suffered overseas. It eliminates decades, generations and eras of hurt in Australia. Virat Kohli, indeed, has scripted history. The start of 2019 could not have been better. last_img read more

Student Group Hails LFA President

first_imgThe Coalition of Youth and Students for Better Liberia (CYSBL) has lauded the President of the Liberia Football Association (LFA), Musa Hassan Bility for the level of commitment and passion shown to the national team, the Lone Star.The group, through its spokesperson Ishmael Koffeh said since the ascendency of Mr. Bility as president, he has proven beyond all reasonable doubt that he is a true leader and a beacon of hope for Liberian football through his many undertakings.Mr. Koffeh said Bility’s administration has changed the public’s negative perception on Liberian football as well as the national team to a very formidable and an admirable team to watch by all Liberians.“Bility has not failed to lift up the daunting task given him by the LFA and has been able to competently represent the interest of the LFA, provided oversight, and proffered views that are geared towards the national renewal and development,” said Koffeh at a press conference, held in Monrovia.He also recounted the financial contribution made by Mr. Bility to less fortunate students in the country.The group’s leader told Mr. Bility’s critics that cautious minded Liberians are proud of and they are happy to light a candle than to curse darkness, to prevent and destroy poverty in building a new Liberia.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Lukaku’s Inter salvage late draw with Prague in Champions League opener

first_img0Shares0000Nicolo Barella (L) rescued a point for Inter at home to outsiders Slavia Prague in their Champions League opener© AFP Marco BertorelloPARIS, France, Sep 17 – Substitute Nicolo Barella scored in added time to rescue a 1-1 draw for a disappointing Inter Milan in their Champions League opener against rank outsiders Slavia Prague on Tuesday.It looked as though the Czech side would leave San Siro with all three points in the Group F clash after Nigerian forward Peter Olayinka put them ahead in the 63rd minute, only for Barella to level in the second of eight minutes of stoppage time. Olayinka, who has previously played in Albania and Belgium, pounced to score in the 63rd minute after Inter goalkeeper Samir Handanovic had saved from Jaroslav Zeleny.However, Inter equalised when a Stefano Sensi free-kick rattled off the bar and the ball came out to Barella, whose shot found the net with the aid of a deflection.Slavia goalkeeper Ondrej Kolar then made a fine reaction save from a Romelu Lukaku header in the 97th minute, and a draw was the least the visitors deserved.They are among the longest shots with bookmakers to win the Champions League in their first appearance in the group stage since 2007-08, and this result suits neither side in a section also featuring Barcelona and Borussia Dortmund.Inter came into their Champions League campaign with optimism after winning their opening three games of the season in Serie A under new coach Antonio Conte.However, they are now already at serious risk of exiting in the group stage for the second season running.The other early kick-off on Tuesday saw Lyon come from behind to draw 1-1 at home to Russian champions Zenit Saint-Petersburg in France in Group G.Iranian striker Sardar Azmoun gave Zenit the lead just before half-time after playing a one-two with strike partner Artem Dzyuba on the edge of the area.The home side needed just five minutes of the second half to draw level, though, with Memphis Depay converting a penalty after he had been brought down by Magomed Ozdoev.Benfica and RB Leipzig meet later in the same group in Lisbon.Also on Tuesday, holders Liverpool kick off their campaign away to Napoli and Salzburg take on Genk in Group E, while Chelsea host Valencia and last season’s semi-finalists Ajax meet Lille in Group H.0Shares0000(Visited 10 times, 1 visits today)last_img read more