Money Online – Ibook Linux http://www.ibooklinux.net/ Sat, 24 Sep 2022 01:33:32 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.ibooklinux.net/wp-content/uploads/2021/06/ibook-150x150.png Money Online – Ibook Linux http://www.ibooklinux.net/ 32 32 Saskatoon Lighthouse Emergency Shelter will close September 30 https://www.ibooklinux.net/saskatoon-lighthouse-emergency-shelter-will-close-september-30/ Fri, 23 Sep 2022 22:50:00 +0000 https://www.ibooklinux.net/saskatoon-lighthouse-emergency-shelter-will-close-september-30/ Lighthouse Supported Living’s emergency shelter will officially cease operations next week. A source confirmed to CTV News that on Sept. 30, the nonprofit’s 61 emergency beds will no longer be available. However, the bulk of the organization’s programming and services will continue. The Department of Social Services announced it would withdraw funds for the shelter […]]]>

Lighthouse Supported Living’s emergency shelter will officially cease operations next week.

A source confirmed to CTV News that on Sept. 30, the nonprofit’s 61 emergency beds will no longer be available. However, the bulk of the organization’s programming and services will continue.

The Department of Social Services announced it would withdraw funds for the shelter earlier this year.

The move came after it was discovered that lighthouse manager Don Windels had used shelter funds for personal loans.

In mid-January, Windels was furloughed and two board members took over his responsibilities.

According to the most recent homeless count from the Saskatoon Housing Initiatives Partnership (SHIP), which was conducted in April, there were at least 550 homeless people in Sasaktoon.

“More people on the streets, we need to provide services so people can continue to help get those services,” said SHIP communications coordinator Brenna Sych.

“If they don’t have a place to go, (they do) camps,” Sych said. “It could be people on the street; it could be people sleeping outside.

The Saskatoon Tribal Council opened its temporary wellness center late last year and plans to open a permanent location on 20th Street. The Salvation Army also provides emergency shelter.

The Lighthouse says it will provide a statement early next week once transition plans are finalized.

The Department of Social Services says it is working on a transition plan with community partners and that supports will continue to be in place to meet community needs for vulnerable people.

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Vice President Harris’ remarks during a press call on the Emergency Investment Program (ECIP) https://www.ibooklinux.net/vice-president-harris-remarks-during-a-press-call-on-the-emergency-investment-program-ecip/ Wed, 21 Sep 2022 23:23:06 +0000 https://www.ibooklinux.net/vice-president-harris-remarks-during-a-press-call-on-the-emergency-investment-program-ecip/ By teleconference THE VICE-PRESIDENT: Thank you, Senator Warner. And I congratulate you on your leadership in the Senate. When we served there together, you were so passionate and excited about the importance of work and the possibilities that exist to grow work and, of course, the impact we can have by doing it. So thank […]]]>

By teleconference

THE VICE-PRESIDENT: Thank you, Senator Warner. And I congratulate you on your leadership in the Senate. When we served there together, you were so passionate and excited about the importance of work and the possibilities that exist to grow work and, of course, the impact we can have by doing it.

So thank you for your leadership and your friendship.

And greetings to all. It’s great to be with everyone today. As we know – you know, I’ll start with a basic principle that I think we all agree with and share, which is: America is a nation that is fueled by ambition and aspirations. of his people.

And at the root of the spirit behind so much of this work is just that – it’s about the ambitions and aspirations of the American people, the entrepreneurs who live among us, and doing what we can to invest in their ability. knowing that we all benefit from this work.

And ambition is ambition to start a business, to own a house, to get an education. And that’s what I think we all believe that keeps America going. We know this has the effect of creating jobs, stimulating innovation, developing the economy and making our country more competitive.

But to be successful, you have to have access to capital — access to capital. To buy, for example, stocks, you need capital; pay down payment, hire employees.

So to grow, these smart, enterprising people just need access to capital. They have the ideas. They have the ability and the means to do the heavy lifting, but they need access to capital. And the problem here is that we know that not everyone in our country has equal access to this essential support.

Consider, for example, that black entrepreneurs are three times more likely to say they did not apply for a loan for fear of being turned down by a bank. And it’s usually because they have anecdotal evidence — based on turned away relatives, neighbors, and friends — that they think they’ll be turned away too.

Black and Latino homeowners are rejected by mainstream financial institutions at a higher rate when applying for home loans. And this is the case, by the way, even when they have similar credit profiles to other applicants.

For many Asian American business owners, especially immigrant business owners, the language barrier limits their ability to access capital and banking services. And people who live in rural communities, including many Native Americans, often lack access to traditional financial services of any kind.

I’ve worked with Mark Warner and many others — and the Honorable Maxine Waters and so many others. For years, we have been working on these issues and to address these disparities. As Senator Warner said, with my colleagues then and – and in the Senate, Cory Booker, Senator Warren, Chuck Schumer, and then, of course, President Waters, we invested $12 billion in lenders communities, which are financial institutions that primarily serve neglected and underserved people. communities.

In December of last year, together with Secretary Janet Yellen, I announced that nearly $9 billion of that $12 billion investment would be made available through the Emergency Investment Program, or ECIP, as Senator Warner described it. And we encouraged community banks to apply.

As Senator Warner described it, we’ve distributed nearly $9 billion to 162 community banks across our country, and that’s the – that’s the announcement we’re making today: that we’ve distributed nearly $9 billion to 162 community banks across our country. That’s almost $9 billion on the ground in communities right now.

For example, in North Dakota, the Native American Bank loaned $10 million to help fund an opioid addiction treatment center on tribal land. In Georgia, Carver Bank loaned just over half a million dollars to help a black-owned real estate developer build more affordable housing. In Mississippi, Hope Credit Union, led by the great Bill Bynum, loaned $10,000 to a black and women-owned coffee business to help them grow.

So in closing, I will say that today in communities across our country, small businesses, nonprofits, entrepreneurs, and community organizations are using ECIP funds to create opportunity and prosperity, not only for their community, but for our nation.

President Biden and I are fighting to build a nation where every person, no matter where they come from, has the opportunity to succeed and prosper. Community banks are essential to this objective. And so, of course, we remain committed to working with our colleagues and doing the work to expand those investments.

And thank you all for your time. And to the partners, thank you all for the work you do to make this such a success.

END

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The Tipp TDs want the energy crisis declared a National Emergency https://www.ibooklinux.net/the-tipp-tds-want-the-energy-crisis-declared-a-national-emergency/ Fri, 16 Sep 2022 07:50:24 +0000 https://www.ibooklinux.net/the-tipp-tds-want-the-energy-crisis-declared-a-national-emergency/ Groupement Régional des DT: We aim to banish any threat of a power cut. Published: Fri 16 Sep 2022, 08:50 Deputy Michael Lowry and members of the regional TD group, including fellow Tipp TD Mattie McGrath, have called on the government to declare the current energy crisis a national emergency. The group further called on […]]]>

Groupement Régional des DT: We aim to banish any threat of a power cut.

Deputy Michael Lowry and members of the regional TD group, including fellow Tipp TD Mattie McGrath, have called on the government to declare the current energy crisis a national emergency.

The group further called on the government to enact legislation to address the current supply shortfall with a Public Interest Act to include emergency measures.

In a private member’s bill, which was proposed on behalf of the group by MP Lowry, they proposed a number of viable and credible solutions to deal with the current crisis in order to protect and help the population. from this country.

“Our aim is to prohibit any threats to cut off power to domestic customers and critical social infrastructure such as hospitals, schools, nursing homes,” MP Lowry said.

“We further suggest setting a national cap on the unit price of electricity, with the state raising a long-term loan to pay the verifiable excess costs of electricity generators that would be reimbursed through electricity bills. over a period of 15 years,” he added. .

Members of the regional group put forward proposals to recoup excessive profits from energy companies, to exempt the planning of solar photovoltaic panels embedded on the roofs of domestic, agricultural and commercial buildings.

“We are proposing the establishment of an energy support program for businesses. Some companies are experiencing a 200-300% increase in utility costs, forcing them to choose between layoffs or closure.

“Similarly, there is a need to immediately decouple the link between gas prices and electricity prices, which inflate electricity prices, whether produced by natural gas or not.

“These are just some of the decisive measures to be taken now to reduce our dependence on fossil fuels in the medium term.

“However, the options don’t stop there,” he adds, going on to respond to the demand to fully implement the motion on offshore renewables, which was unanimously approved by the Dáil. Éireann last December, defining a clear political strategy for national production. and the consumption of green hydrogen and the timely establishment of a renewable heat obligation regime similar to the obligation regime for biofuels.

“We are also calling for the implementation through Bord na Móna of a bioenergy strategy, including the use of fixed price contracts, to increase the supply of biomass for the energy of our agricultural and forestry sector. is critical”

Deputy Lowry says people in every corner of this country are living under a cloud of stress and anxiety. They are gripped by fear of what this winter has in store for them. Homes, businesses, schools, farmers, nursing homes and healthcare providers depend on government assistance.

“No one underestimates the challenges facing the government. Although direct financial assistance to pay the bills is essential at this time, in truth it is only a temporary effort. We need to take a broader, longer-term approach to solving the problem by exploring and re-examining our options for self-sufficiency.

“A recent and much-discussed report cites Ireland as the country least prepared for the current energy crisis in Europe. It makes the work we have to do more difficult and more urgent.

“A major setback is that Ireland no longer has gas storage facilities. Countries like Germany have the capacity to store up to 100 days supply during the summer months when demand is Austria keeps a full year of gas in storage Ireland has no capacity to store gas in anticipation of high winter demand, let alone in the event of an energy crisis.

“The Kinsale gas field is not only empty, it has also been dismantled. This leaves the sole survivor, the Corrib gas field, without a crucial backup. This decreases our ability to accumulate gas supplies during off-peak months.

“One solution we have is the burning of petroleum distillate as opposed to gas. However, this would involve the reopening of peat-fired power stations in the Midlands plans, as well as an extension of the life of the Moneypoint coal-fired power station, which is expected to close in 2025.

“The reopening of the Lanesboro and Shannonbridge power stations are also options to help with electricity production, as is the return to service of the Derrybrien wind farm.

“There has been a lot of negativity about the high demand for electricity from data centers. There is a proactive way to mitigate this problem through the implementation of maximum peak demand tariffs.

“The proven peak time during the winter months for domestic electricity consumption is between 5 p.m. and 7 p.m. If data centers and large industrial consumers were incentivized to disconnect from the national grid during these periods from 1 November to February 28 and switch to fossil fuel backup generators, this would remove enormous demand pressure and ensure national needs can be met.

“Exceptional circumstances require extraordinary measures. Maintaining light and warmth in the coming months should be the overriding concern right now.

“Difficult times also require courage. The government has shown courage and leadership in the fight against Covid. Difficult decisions had to be made for the greatest ultimate good.

“Similar strength and determination are required now,” he concludes.

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How to Organize Important Documents in an Emergency https://www.ibooklinux.net/how-to-organize-important-documents-in-an-emergency/ Thu, 15 Sep 2022 10:28:00 +0000 https://www.ibooklinux.net/how-to-organize-important-documents-in-an-emergency/ Now that you have all your important documents together and organized, it’s time to celebrate. You have peace of mind knowing that in the event of an emergency, your documents are ready to go. But don’t think you have to stop there. The great thing about learning an organizing practice like this is knowing how […]]]>

Now that you have all your important documents together and organized, it’s time to celebrate. You have peace of mind knowing that in the event of an emergency, your documents are ready to go. But don’t think you have to stop there. The great thing about learning an organizing practice like this is knowing how you can apply it to other areas of your life. As we mentioned before, emergencies happen when we least expect them, so it’s good to be a little prepared. If you think getting your important documents in order has made you want to create an emergency bag or kit, follow the same steps. Make a plan, match what’s similar, and figure out where you should keep it.

You can even use the steps here to organize other places in your home that have nothing to do with emergencies. If you’re looking forward to getting your kitchen in order, follow the same method. Sort similar items together, declutter what isn’t necessary, and organize them in a way that makes sense to you. And accept that no house is perfectly organized. In reality, Straighten things out believes that imperfection is at the heart of the organization. This is because you are always going to learn new methods and tricks. So if your emergency package isn’t exactly what you imagined, know that you can improve it. All that matters is that you have a plan, and that’s what National Preparedness Month is all about.

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California’s power grid emergency shows betting on energy policy is a bad bet https://www.ibooklinux.net/californias-power-grid-emergency-shows-betting-on-energy-policy-is-a-bad-bet/ Wed, 14 Sep 2022 17:15:28 +0000 https://www.ibooklinux.net/californias-power-grid-emergency-shows-betting-on-energy-policy-is-a-bad-bet/ California may be a trailblazer or an indicator in many ways, but after 10 network alerts and emergency statements in as many days, let’s hope that this will not be the case when it comes to energy and climate policy. In the past two weeks, shortly after state bureaucrats finalized a rule banning the sale […]]]>

California may be a trailblazer or an indicator in many ways, but after 10 network alerts and emergency statements in as many days, let’s hope that this will not be the case when it comes to energy and climate policy.

In the past two weeks, shortly after state bureaucrats finalized a rule banning the sale of gas-powered cars after 2035, Californians have received notice of the state region network manager (the “arbiter” responsible for grid reliability) to reduce electricity consumption in hopes of avoiding outages.

Record high demand during a heat wave strained the power grid to power air conditioners, appliances, electric cars and lighting, as well as businesses and industry.

Such a heat wave is beyond the control of Californians, but hot, dry weather is nothing new to California and should be a given when planning for grid reliability.

Instead, California policymakers have pursued two competing policy priorities, neither of which has anything to do with reliability.

In a sense, California is trying to force the electrification of everything. For example, California:

California’s other major policy goal is to mandate economy-wide “net-zero” greenhouse gas emissions by 2045 at the latest, just as Europe has done. To this end, the State Attorney General is opposite expansion of a natural gas pipeline from Canada, and the Legislative Assembly recently passed tougher measures regulations on oil and gas production wells.

California too warrants that more than half of its electricity comes from renewable energies by 2030. almost entirely eliminated the production and imports of electricity from coal, and lost 5 gigawatts of natural gas electricity over the past decade.

Confusingly, California also opposes emission-free nuclear power and has lost more than 2 gigawatts in the past decade as it nearly lost its last nuclear plant, Diablo’s Canyon (before the Legislative Assembly changed its mind and recently adopted a $1.4 billion forgivable loan to keep it running for another five years).

While California has increase wind and solar capacity up close 17 gigawatts over the past decade to fulfill the mandates and attempt to replace lost power from other sources, theoretical capacity is not necessarily Translate to the actual electricity production.

The impractical reality of solar panels is that they are of little use when the sun begins to set and the demand for electricity increases. It’s no surprise that the California network operator’s latest emergency notices often start at 4 p.m., and emergency requests were issued to keep some natural gas and even oil-fired facilities online.

The California bet

In other words, as California pushes policies to increase demand for electricity, it also shuts down access to major sources of electricity.

For years, Grid Reliability Coordinators for California and all of North America have known that “California’s electrical resources are insufficient to handle the risk of loss of load when widespread heat events occur”. Instead, California contracts out grid reliability to other states and depends on imports for 20% to 30% of its electricity, making California the first largest importer of electricity.

The more political constraints California places on the grid, the more fragile it becomes, turning routine stressors California can rely on — “heat events,” cloudy days, fewer imports from neighboring states — into emergencies. .

Yet the Biden administration is seeking to export California’s political betting for electrification and “net zero” greenhouse gas emissions to the rest of the country.

As Californians have just found out, greenhouse gas emissions aren’t the most important priority, let alone the only one, when it comes to keeping the lights on.

Reliability is important, but thousands of Californians were left without power and the grid was in a state of emergency for 10 days.

Affordability is important, but Californians regularly pay a portion of highest prices in the country.

And, whatever its opinion on global warming, California could immediately eliminate all its greenhouse gas emissions with no discernible impact on global temperatures by the end of the century.

Praising California for managing to avoid major blackouts this time around is therefore like congratulating a gambling addict for not losing the house.

A beauty of the American system of government is that it allows California to conduct its own experiment. But ideas from California tend to move east, and Americans should work their best to prevent President Joe Biden from imposing this bet on the rest of the country.

Do you have an opinion on this article ? To chime in, please email letters@DailySignal.com and we’ll consider posting your edited remarks in our regular “We Hear You” column. Don’t forget to include the URL or title of the article as well as your name and city and/or state.

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IMF confirms talks on expanding emergency aid to food shocks https://www.ibooklinux.net/imf-confirms-talks-on-expanding-emergency-aid-to-food-shocks/ Tue, 13 Sep 2022 16:40:00 +0000 https://www.ibooklinux.net/imf-confirms-talks-on-expanding-emergency-aid-to-food-shocks/ The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas Join now for FREE unlimited access to Reuters.com Register WASHINGTON, Sept 13 (Reuters) – The International Monetary Fund (IMF) confirmed on Tuesday that it is considering expanding its lending toolkit to help countries hit by […]]]>

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas

Join now for FREE unlimited access to Reuters.com

WASHINGTON, Sept 13 (Reuters) – The International Monetary Fund (IMF) confirmed on Tuesday that it is considering expanding its lending toolkit to help countries hit by the food crisis, including through a new ” food shock window”, which would provide emergency relief. funding.

The plan, first reported by Reuters on Monday, would see the IMF increase lending to countries struggling with balance-of-payments problems caused by the food crisis sparked by Russia’s war on Ukraine and the United States. global inflation following the COVID-19 pandemic. Read more

IMF board members discussed the proposal in an informal session on Monday.

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IMF spokesman Gerry Rice said the fund, which has lent more than $268 billion to 93 countries since the start of the pandemic, was using all the tools available to support its members and examining “all options to improve our toolkit, including to help countries affected by the food crisis.

In a statement to Reuters, he said the council had just started informal discussions on “one of these proposals: a new food shock window under our emergency funding arrangements.”

He said further discussions were planned with the board to secure formal approval of the changes.

Rice said the fund had provided $27 billion in loans to 57 low-income countries and continued to encourage its member countries to “contact us early to get the financial support they need.”

The proposal discussed on Monday would temporarily increase existing access limits and allow all member countries to borrow up to an additional 50% of their IMF quota under the IMF’s Rapid Financing Instrument, countries low-income earners can tap the quick credit facility, sources close to the plan said.

Board members were generally supportive of the meeting, and a formal vote backing the measure is likely before the Fund’s annual meetings in October, they said.

Food prices – already hit by inflation – surged around the world after the start of the war in Ukraine due to the blocking of supply routes, sanctions and other trade restrictions, although a A UN-brokered deal that allowed the resumption of grain exports from Ukrainian ports last month has started to help improve trade flows and lower prices in recent weeks.

Many African and other poor countries suffering from food shortages and acute famine called for increased funds, but it was not immediately clear how many countries would be asking for the additional financial assistance.

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Reporting by Andrea Shalal; Editing by Aurora Ellis

Our standards: The Thomson Reuters Trust Principles.

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China provides more than $30 billion in emergency loans https://www.ibooklinux.net/china-provides-more-than-30-billion-in-emergency-loans/ Sun, 11 Sep 2022 04:01:53 +0000 https://www.ibooklinux.net/china-provides-more-than-30-billion-in-emergency-loans/ In recent years, China has handed out tens of billions of dollars in secret “emergency loans” to countries threatened by financial crises, making Beijing a formidable competitor to the Western-led IMF. The bailouts represent a pivot from the huge infrastructure loans China has provided over nearly a decade under its $838 billion Belt and Road […]]]>

In recent years, China has handed out tens of billions of dollars in secret “emergency loans” to countries threatened by financial crises, making Beijing a formidable competitor to the Western-led IMF.

The bailouts represent a pivot from the huge infrastructure loans China has provided over nearly a decade under its $838 billion Belt and Road Initiative, a program that has made it the largest lender of public works fund in the world, eclipsing the World Bank.

Three of the biggest recipients of China’s bailout loans are Pakistan, Sri Lanka and Argentina, which have together received $32.83 billion since 2017, according to data compiled by AidData, a research lab of William & Mary, an American university.

Other countries have received bailout loans from Chinese state institutions, including Kenya, Venezuela, Ecuador, Angola, Laos, Suriname, Belarus, Egypt, Mongolia and Ukraine, according to AidData, which did not provide details for those countries.

“Beijing has tried to keep these countries afloat by providing emergency loan after emergency loan without asking its borrowers to restore economic policy discipline or pursue debt relief through a process coordinated restructuring with all major creditors,” said Bradley Parks, HelpData executive Director.

The research lab maintains the world’s most comprehensive database of China’s global financing activities, largely compiled from information from recipient countries. The dataset includes thousands of loans from more than 300 Chinese government institutions and public entities to 165 low- and middle-income countries.

Incomplete train tracks for the standard gauge railway line lie on the ground near Duka Moja, Kenya, one of the countries receiving rescue funds from Chinese state institutions © Luis Tato/Bloomberg

Unlike the IMF, which announces details of its credit lines, debt relief and restructuring programs to debtor countries, China operates largely in secret.

Analysts said that in most cases, the goal of its emergency loans is to prevent defaults on infrastructure loans issued under the Belt and Road Initiative. More generally, the loans aim to avoid balance of payments problems that can turn into large-scale crises such as those experienced by Asian countries in 1997 and Latin America in the 1980s.

The IMF’s austere prescriptions in the aftermath of the Asian crisis were deeply unpopular, reinforcing a backlash that persists to this day.

“It’s not about one loan or one country in particular. . . They want to have the ear of governments where the raw materials are, or the big markets, or the strategic ports, or where there is access to shipping lanes,” said Sean Cairncross, former CEO of Millennium Challenge Corporation, a US government foreign aid agency. agency. “It’s a way to narrow the strategic options for the United States and for the West, in terms of global access and influence.”

Commentators said bailout loans from China risked exacerbating the problems of indebted countries. “I see them as a major obstacle to resolving the crisis,” said Gabriel Sterne, a former IMF senior economist now at Oxford Economics, who argued that Sri Lanka’s current financial meltdown demonstrates that Beijing’s support is sometimes insufficient.

“The suspicion is that countries are seeking the loan to avoid going to the IMF, which requires painful reform,” Sterne added. “There may be circumstances in which the redemption wager works, but usually – as in the case of Sri Lanka – it makes the adjustment more painful when it actually happens.”

Parks also said China’s approach “often delays the day of reckoning.”

“When Beijing acts as an alternative lender of last resort and bails out a troubled sovereign without demanding economic policy discipline or pursuing coordinated debt rescheduling with major creditors, it is kicking the box and leaving it to d ‘others to fix the underlying solvency problem,’ he said.

A study of individual loans extended by Chinese financial institutions since 2017 to Pakistan, a key participant in the Belt and Road Initiative, shows drip support in the form of loans from public banks and SAFE , the agency that controls Beijing’s $3 billion in foreign exchange reserves.

The terms of these loans are far from concessional, often relying on a margin of around 3% above benchmark funding costs. In addition to these loans, the People’s Bank of China, the central bank, has a currency swap agreement with its Pakistani counterpart that allows Islamabad to draw funds when it needs them, according to AidData records. The PBoC declined to comment.

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Deer Impact Emergency Loans https://www.ibooklinux.net/deer-impact-emergency-loans/ Thu, 08 Sep 2022 22:03:00 +0000 https://www.ibooklinux.net/deer-impact-emergency-loans/ Thursday, September 8, 2022 By press release HDOA press release The Hawaii Department of Agriculture (HDOA) will open an emergency loan program to help farmers with costs associated with axis deer overpopulation on Maui, Molokai and Lanai). At an August 23 meeting, the Hawaii Board of Agriculture (Board) approved the application for an emergency loan […]]]>

Thursday, September 8, 2022 By press release

HDOA press release

The Hawaii Department of Agriculture (HDOA) will open an emergency loan program to help farmers with costs associated with axis deer overpopulation on Maui, Molokai and Lanai). At an August 23 meeting, the Hawaii Board of Agriculture (Board) approved the application for an emergency loan program by the Agricultural Lending Division. Applications will be accepted from September 1 to December 31.

In March 2022, Governor Ige issued a proclamation declaring a state of emergency in Maui County due to drought conditions. Additional proclamations extended the relief period to September 20. Emergency proclamations include provisions for the relief of damage, loss and suffering caused by Axis deer, which have decimated agricultural crops and pastures as they migrate to seek water and feed. The estimated axis deer population in the county is at least 60,000.

“Prolonged drought conditions have exacerbated problems associated with overpopulation of axis deer in Maui County,” said Phyllis Shimabukuro-Geiser, chair of the Hawaii Board of Agriculture. “Low-interest emergency loans offer some relief to farmers and ranchers in dealing with their losses and help with the cost of fencing and other mitigation measures.”

The Board approved the following emergency loan amounts, terms and parameters. The maximum loan amount is $150,000, with terms to be determined on a case-by-case basis, as needed. Consideration will be based on historical farm performance and projected cash flows based on reasonable revenue and expense assumptions. The interest rate for the loans is three percent. The denial of credit requirement will be waived for loans of $100,000 or less. Loans over $100,000 up to the $150,000 limit will require a credit rejection. (Credit rejections from conventional lenders are generally required for non-emergency government loan programs). The three-year residency requirement for U.S. citizens and permanent resident aliens does not apply. Warranty requirements may be changed or waived, if necessary, on a case-by-case basis. As far as possible, the provisions of article 155-11, Guarantee of loans, must be followed.

For agribusinesses and farmers needing loans of $50,000 or less, micro-loans involving less paperwork and faster processing are also available.

For more information, contact the Agricultural Lending Division in Honolulu at
808-973-9460 or email hdoa.agloan@hawaii.gov.

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Divided in National Emergency – Journal https://www.ibooklinux.net/divided-in-national-emergency-journal/ Sun, 04 Sep 2022 22:33:53 +0000 https://www.ibooklinux.net/divided-in-national-emergency-journal/ WHEN calamities strike, they usually unite nations. This is not the case this time in Pakistan. The worst flooding in the country’s history should have prompted political rivals to set aside their partisan interests and come up with a collective response to the disaster. But it was too much to wait. Politics had returned to […]]]>

WHEN calamities strike, they usually unite nations. This is not the case this time in Pakistan. The worst flooding in the country’s history should have prompted political rivals to set aside their partisan interests and come up with a collective response to the disaster. But it was too much to wait. Politics had returned to the status quo except days after the deadly monsoon began to cause unprecedented devastation across the country.

The most glaring example of this is the letter written by KP Finance Minister Taimur Jhagra to the federal government stating that the PTI-led provincial government was unable to run a budget surplus. Sent – ​​and made public – just days before the IMF’s board is due to meet to consider a package of loans, the letter’s sole intention was to overturn the bailout. Under the agreement with the IMF, all provincial governments were required to generate a budget surplus, which they committed to do in writing. Equally shocking was the leaked phone conversation between Jhagra and the former federal finance minister in which both acknowledged it would harm the country but continued the letter. Of course, the Fund’s program has not been derailed. Board approval on August 29 paved the way for disbursement of the first tranche needed in Pakistan to avoid the risk of default.

The humanitarian crisis facing the country, in the face of an imposing economic challenge and galloping inflation, justifies a unified response. Political leaders need to come together to deal with a disaster of epic proportions. But that didn’t happen. Meanwhile, the massive displacement and destruction caused by the floods caused by the exceptional monsoon rains have spread more widely. This calamity is mainly the result of climate change, responsible for 90% of natural disasters in the country over the past two decades. But it has been exacerbated by poorly designed or illegal construction on the banks of rivers and canals.

The situation is much worse than it was in 2010, when super floods last submerged the country. Already more people have been affected – more than 33 million – and vast swaths of land, nearly a third of the country, inundated by floodwaters. Eighty districts have been declared stricken and 110 districts have been affected by the disaster. The destruction of homes and infrastructure and damage to crops were considerable. The death toll has already exceeded 1,200, including hundreds of children. Livelihoods have been destroyed. Eighteen thousand schools were washed away. Continuous flooding, severe weather, transportation disruptions and infrastructure damage hampered relief and rescue efforts. The images of desperate survivors in a sea of ​​suffering were heartbreaking. Half a million people are in camps. The economic costs of the disaster are initially estimated at around $10 billion.

Exemplary public role should have gone hand in hand with unity and solidarity among political leaders.

This calamitous situation has hardly deterred some political leaders from suspending their policy of confrontation and ending their divisive rhetoric, at least for now. The PTI, for example, continued its public rally in Jhelum amid the chaos in the country. In his address, Imran Khan again struck a note of confrontation saying that his party will do everything to help and rehabilitate flood victims. Responding to criticism, he said he would continue to hold rallies during floods, heat waves and “even war”. And he continues the rallies in other cities with an increasingly combative tone. At a rally, a PTI MP called on Pakistanis abroad not to send relief funds in response to the federal government’s appeal.

The coalition government mounted its relief operations with Prime Minister Shahbaz Sharif offering to work with the opposition during a national emergency and extending an olive branch to Imran Khan. But the PTI-led provincial administrations in KP and Punjab made little effort to reach the center. Instead, the KP chief minister falsely claimed that the federal government had not helped and said that no contact had taken place between his provincial government and the center since the floods. Punjab’s Chief Minister asked Imran Khan for help, not Islamabad. Instead, Pervaiz Elahi appeared concerned about a dispute with IG police over the appointment of district police officers.

A high-level meeting last week chaired by Prime Minister Sharif and attended by heads of departments took stock of the situation and drew up comprehensive relief and rehabilitation plans. He was boycotted by PTI Chief Minister in KP and Pervaiz Elahi of Punjab, although both were invited along with other CMs. The chief secretaries of these two provinces were present but Khan ordered their political leaders to stay away. Several PML-N leaders attacked this conduct and renewed their partisan attacks against the PTI on other points. Several coalition government leaders continued to attack the PTI, further heightening tensions. Meanwhile, Khan made it clear that the funds he was raising would only go to Punjab and KP, with his telethon getting record pledges from overseas Pakistanis. This divided response from political leaders presented an unedifying spectacle at a time of national emergency.

The silver lining in this bleak landscape has been the commendable response from the public and local communities. Generous support is characteristic of people with a long history of philanthropy. NGOs and private charities have all taken up the challenge and sent volunteers on the ground to areas they could access. Media coverage highlighted areas where assistance was urgently needed. Civil society, business, media and citizens across the country organized efforts to help flood victims. Members of local communities who risked their lives to save others provided outstanding examples of courage and heroic action. So did the round-the-clock rescue and evacuation efforts by local officials – men and women – in several areas. The endurance of the afflicted also stood out as a testament to the dignity and resilience of the people.

The exemplary role of the public must be accompanied by a demonstration of solidarity between political leaders and parties. But it continues to be missing. An important question raised by the calamity is whether the country’s political leaders can still demonstrate the unity and collective resolve needed in the months ahead to steer the ship of state through these stormy waters to safer shores. .

The writer is a former ambassador to the US, UK and UN.

Posted in Dawn, September 5, 2022

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A Deep Dive into the Government’s Emergency Line of Credit Guarantee Scheme https://www.ibooklinux.net/a-deep-dive-into-the-governments-emergency-line-of-credit-guarantee-scheme/ Fri, 02 Sep 2022 15:33:00 +0000 https://www.ibooklinux.net/a-deep-dive-into-the-governments-emergency-line-of-credit-guarantee-scheme/ By Sapna Das 02 Sep 2022, 09:03 PM IST (Released) mini Here is an overview of the performance of the ECLGS program over the past two and a half years: The Emergency Line of Credit Guarantee Scheme (ECLGS) was one of the most significant government announcements at the height of the COVID-19 lockdown. Over the […]]]>

By Sapna Das IST (Released)

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Here is an overview of the performance of the ECLGS program over the past two and a half years:

The Emergency Line of Credit Guarantee Scheme (ECLGS) was one of the most significant government announcements at the height of the COVID-19 lockdown.

Over the past two and a half years, the regime has seen regular changes. Follow along as we review its performance:

Aviation, hospitality and tourism are the sectors most affected by the pandemic. But so far, including all extensions, the total amount of guaranteed loans used and ECLGS 2.0 represent less than 21% of total government guarantees, with sectors such as real estate and textiles being the main beneficiaries.

ECLG 3.0 has even fewer takers. Specially designed for sectors such as civil aviation, hospitality, travel and tourism, sports and leisure. This was first announced on March 30, 2021, almost a year after the nationwide lockdown, but before the disastrous Delta wave.

However, drawdowns under the ECLGS 3.0 were almost negligible and less than 4%. The finance minister has increased the allocation for this program by around Rs 50,000 crore in the budget. However, the total levy is less than Rs 12,000 crore.

The reason for the low uptake under this window – Waves of COVID have become less deadly, especially with the vaccination campaign gaining momentum. So businesses and cash flows in these sectors have recovered, although their recovery has been a bit slow. But restaurants and hotels have called on the government to simplify the application process and tweet out eligibility criteria to make it less restrictive.

Now, the ECLGS 1.0 was announced in May 2020 and subsequently upgraded by more than Rs 1 lakh crore in June last year in response to the Delta wave. A whopping 76% of government guaranteed loans under the overall ECLGS were registered under this window, with government guarantees touching nearly Rs 2.7 lakh crore. It is interesting to note that most of the beneficiaries of this program come from the community of traders and entities belonging to the textile, service and agribusiness sectors.

The main reason for the success of ECGS 1.0 is that it was announced at the height of the national COVID-19 lockdown. And it specifically targets micro and small businesses. Now, with Rs 1.5 lakh crore of collateral still available, there has been speculation of another extension of this scheme. But it may not be on the cards.

Our government sincerely believes that despite the slow and uneven economic recovery, there is always a recovery. Thus, retaining this key beyond the end of the fiscal year may not be justified. The final call, of course, will be taken by the Minister of Finance, in the next budget.

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