UN to create global coronavirus fund:
The United Nations (UN) has announced that it is to create a fund to support the treatment of coronavirus patients worldwide. The announcement was made by Norway`s Foreign Minister Ine Eriksen Soereide. A formal announcement is yet to be made.
Highlights:
♦ The move aims to provide predictability to the partners and help to make the efforts more effective.
♦ The fund will assist developing countries with weak health systems to address the crisis and to tackle the long-term consequence.
♦ Almost 340,000 people have been infected by the novel coronavirus (COVID-19) across the world, and more than 14,500 have died.
IMF says COVID-19 might cause a global recession:
The International Monetary Fund (IMF) reported that the COVID-19 pandemic will cause a global recession in 2020. The recession could be worse than the global financial crisis of 2008-2009. It is also expected that the world economic output should recover in 2021. The information was passed by the IMF Managing Director Kristalina Georgieva.
Highlights:
♦ Many countries have taken extraordinary measures to boost health systems and protect affected companies and workers.
♦ Also, several steps have been taken by central banks of the countries to ease monetary policy.
♦ The finance ministers and central bankers from the Group of 20 (G20) of the world`s largest economies agreed on the need for solidarity across the globe.
♦ IMF has asked all the countries to work together to protect people and limit the economic damage due to the COVID-19.
♦ IMF asked its members to contribute funds to its Catastrophe Containment and Relief Trust in order to help the poorest countries.
US cuts USD 1 billion aid to Afghanistan after Pompeo trip to Kabul:
The United States has cut $1 billion in assistance to Afghanistan as Afghan`s leaders failed to agree on forming a new government. The slash was announced by Secretary of State Mike Pompeo after his visit to Kabul to meet with Ashraf Ghani and Abdullah Abdulla.
Afghan President Ashraf Ghani and former Chief Executive Abdullah Abdullah informed Pompeo that they do not agree on an inclusive government that can meet the challenges of governance, peace, and security, and provides for the health and welfare of Afghan citizens.
Background:
The US has supported the Afghan government since it invaded the country in 2001 and overthrew the Taliban after the 9/11 attacks. The US withdrew its troops from Afghanistan under the terms of its agreement with the Taliban. As per the agreement, the US will continue to withdraw its troops in the next several months from about 13,000 to 8,600.
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