Money Online – Ibook Linux http://www.ibooklinux.net/ Wed, 25 May 2022 08:45:30 +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 UNHCR COVID-19 Emergency Assistance to Jordan: Post-Distribution Monitoring Report 2021 – Jordan https://www.ibooklinux.net/unhcr-covid-19-emergency-assistance-to-jordan-post-distribution-monitoring-report-2021-jordan/ Wed, 25 May 2022 08:17:08 +0000 https://www.ibooklinux.net/unhcr-covid-19-emergency-assistance-to-jordan-post-distribution-monitoring-report-2021-jordan/ Attachments Summary This report presents the findings of the post-distribution monitoring exercise conducted to assess the 2021 COVID-19 Emergency Cash Assistance Operation by UNHCR in Jordan. Jordan hosts some 760,000 refugees, most of whom (83% in April 2022) live outside camps. Many of them have suffered severely from the consequences of the COVID-19 pandemic. With […]]]>

Attachments

Summary

This report presents the findings of the post-distribution monitoring exercise conducted to assess the 2021 COVID-19 Emergency Cash Assistance Operation by UNHCR in Jordan. Jordan hosts some 760,000 refugees, most of whom (83% in April 2022) live outside camps. Many of them have suffered severely from the consequences of the COVID-19 pandemic. With the support of flexible funding from a number of UNHCR donors, as well as earmarked funds from Austria, the European Union and the United States, UNHCR distributed cash assistance to more than 70,000 households to help cover fixed expenses, such as rent, as a safety measure. net during periods of loss of income. This assistance was specifically intended for refugees and their families who have been severely affected by the impact of the pandemic and who had not received regular financial assistance. The aid was therefore a preventive measure to prevent these families from falling into poverty due to the closures of economic sectors and the general economic downturn.

Almost all (96%) respondents interviewed for this tracking exercise received their COVID-19 assistance through biometric iris sampling. The results of this emergency assistance tracking survey show that most respondents spent their COVID-19 emergency cash assistance on household necessities. This is consistent with the expected results of the cash assistance program, with food (70%) and rent (69%) being the most frequently cited expense items by respondents. Aid has certainly served as a respite from ever-increasing debt: the average debt levels of Syrian and non-Syrian refugees interviewed for this study are high, at JOD 847 and JOD 1,418, respectively.

The Reduced Coping Strategies Index (rCSI) is a proxy indicator of household food insecurity. It takes into account both the frequency and severity of five pre-selected coping strategies that the household used in the seven days preceding the survey. The prevalence of coping strategies adopted by respondents to be able to feed themselves and their families remains high, with 94% of respondents resorting to less preferred or less expensive foods at least once in the seven days preceding the investigation. Harsher coping strategies such as borrowing food (41%) and limiting adult food intake so children can eat (39%) were less pronounced – although still at concerning levels.

The Livelihood Coping Strategies Index (LCSI) is used to better understand the long-term coping capacity of families by measuring the adoption of livelihood-based coping strategies frequently employed by families. families to meet their basic needs, using a 30-day recall period. A high incidence of four such strategies in the 30 days prior to data collection was visible: reducing spending on household goods, health, or education to prioritize food (83%); skipping rent and/or debt payments to meet other needs (67%); taking out new loans or other borrowing methods (67%); and buying food on credit or borrowing money to buy food from non-relatives (59%).

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Most Americans could cover emergency expenses in the fall https://www.ibooklinux.net/most-americans-could-cover-emergency-expenses-in-the-fall/ Mon, 23 May 2022 15:10:00 +0000 https://www.ibooklinux.net/most-americans-could-cover-emergency-expenses-in-the-fall/ Americans are nervously struggling with soaring gasoline prices and inflation, a plummeting stock market and soaring interest rates. But they were doing pretty well last fall. Seventy-eight percent of households said they were “doing well” financially or “living comfortably,” according to the Federal Reserve’s “Economic Well-Being of US Households in 2021” report. part in the […]]]>
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AfDB approves $1.5 billion ’emergency response’ for Africa https://www.ibooklinux.net/afdb-approves-1-5-billion-emergency-response-for-africa/ Sat, 21 May 2022 09:10:15 +0000 https://www.ibooklinux.net/afdb-approves-1-5-billion-emergency-response-for-africa/ Akinwumi Adesina May 21 (THEWILL) – The African Development Bank has approved a $1.5 billion emergency food production facility for about 20 million farmers in Africa. The fund should help avert a looming food crisis exacerbated by the war between Russia and Ukraine. The AfDB made the announcement on Friday, via its Twitter account, saying […]]]>
Akinwumi Adesina
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May 21 (THEWILL) – The African Development Bank has approved a $1.5 billion emergency food production facility for about 20 million farmers in Africa.

The fund should help avert a looming food crisis exacerbated by the war between Russia and Ukraine.

The AfDB made the announcement on Friday, via its Twitter account, saying the facility will rapidly produce 30 million metric tons of food and support around 20 million farmers.

The war between Ukraine and Russia has led to higher food prices, especially for products such as wheat, corn, soybeans and other cereals, on which many African countries depend for their food. base.

AfDB President Dr. Akinwunmi Adesina said “food aid cannot feed Africa” ​​and “Africa needs seeds”, suggesting that relying on aid to solve problems Africa’s food supply is not sustainable. According to him, “there is no dignity in begging for food”.

The AfDB plan also explained how the war has affected African countries:

“The price of wheat has risen in Africa by more than 45% since the start of the war in Ukraine. Fertilizer prices have increased by 300% and the continent faces a fertilizer shortage of 2 million metric tons.

“Many African countries have already experienced price hikes for bread and other food items. If this gap is not closed, food production in Africa will decline by at least 20% and the continent could lose over $11 billion in food production value.

“The African Development Bank will provide fertilizer to smallholder farmers across Africa over the next four agricultural seasons, using its convening influence with major fertilizer manufacturers, loan guarantees and other financial instruments.

“The Facility will also create a platform to advocate for critical policy reforms to address structural issues that prevent farmers from receiving modern inputs. This includes strengthening national institutions that oversee input markets.

“The Facility has a structure for working with multilateral development partners. This will ensure rapid alignment and implementation, increased reach and effective impact.

“It will increase technical readiness and responsiveness. Furthermore, it includes short, medium and long-term measures to address both the urgent food crisis and the long-term sustainability and resilience of African food systems.

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The “emergency economic plan” unveiled – Business Recorder https://www.ibooklinux.net/the-emergency-economic-plan-unveiled-business-recorder/ Fri, 20 May 2022 00:15:21 +0000 https://www.ibooklinux.net/the-emergency-economic-plan-unveiled-business-recorder/ ISLAMABAD: Information and Broadcasting Minister Marriyum Aurangzeb on Thursday announced the government’s decision to ban the import of 38 non-essential luxury items, which would save $6 billion a year on foreign exchange reserves. Unveiling the decision at a press conference here, the minister said the government was working on a contingency plan to deal with […]]]>

ISLAMABAD: Information and Broadcasting Minister Marriyum Aurangzeb on Thursday announced the government’s decision to ban the import of 38 non-essential luxury items, which would save $6 billion a year on foreign exchange reserves.

Unveiling the decision at a press conference here, the minister said the government was working on a contingency plan to deal with the economic challenges and these measures were part of it.

In a media briefing, she said the government had imposed a ban on luxury items which will have a positive impact on foreign exchange reserves within two months, saving $6 billion a year. year.

While explaining non-essential items, she said these items are those not used by the general public. She said this ban on luxury items will positively affect local industry, local producers and locally engaged industries. Local industry will grow, promoting local industries in the country will provide jobs for the people, she said.

The 38 prohibited items included mobile phones, household appliances, fruits and dried fruits (except from Afghanistan), tableware, private weapons and ammunition, shoes, chandeliers and lighting (except energy savers), headphones and speakers, sauces, ketchup, etc., doors and window frames, bags and travel cases, sanitary ware, fish and frozen fish, carpets (except for Afghanistan), preserved fruits, tissue paper, furniture, shampoos, automobiles, confectionery, luxury mattresses and sleeping bags, jams and jellies, cornflakes, toiletries, dishes/toiletries, heaters/fans, sunglasses, utensils cooking supplies, carbonated water, frozen meat, juices, pasta etc., ice cream, cigarettes, shaving products, luxury leather clothing, musical instruments, saloon items such as hair dryers etc., chocolates.

All-time low: Rupee closes at 200 in interbank trade for the first time against the US dollar

There is an emergency situation in the country, at such a time all Pakistanis will have to make sacrifices, the minister said. She added that the ban on luxury items will have a direct impact on the current account deficit.

“Our priority is to reduce our dependence on imports and introduce an export-oriented economic policy,” she said, adding that the government has drawn up a fiscal management plan to reduce dependence on foreign loans.

Six million people have been made redundant in the last four years, Marriyum Aurangzeb, while attacking the PTI, said that in the last four years the economy has been destroyed, the people of Pakistan have been robbed and the inflation rate has increased. The minister harshly criticized the former prime minister and said he provided an unfunded fuel subsidy, played with the economy and created problems for the new government.

She maintained that only the current government could pull the country out of the current economic crisis. The Prime Minister is working to reduce inflation, but such decisions require round-the-clock efforts. “We have the capacity and the experience to solve the current economic problems. The measure taken to ban imported items is aimed at stabilizing the economy,” she added.

The loan taken in the last four years is 80% of the loan taken from 1947 to 2018. In four years, the loan has grown from 25 trillion rupees to 43 trillion rupees, she said. Food inflation was 2.3% at the time of PML-N, today they are asking questions, they have increased food inflation to 16%, she added. Pakistan joined emerging markets in 2018. The growth rate reached 6%, it has been negative for the past four years, she said.

For the past four years, there has been a government made up of an imported government, an imported cabinet, imported advisers and imported spokespersons, she said.

She said Pakistan’s trade deficit was at its highest under the previous government.

During the PML-N era, the growth rate was 6%, at that time the country had CPECs, 11,000 MW power projects were under construction, the value of the dollar was stable, the minister said. The dollar was worth 105 rupees when the three-time elected prime minister was ousted due to political instability. When the PML-N government came to power in 2018, the value of the dollar was 115 rupees, she added.

The conspirators stand on the container interrogating the government for four weeks. They should be ashamed of themselves because the dollar was Rs 189 in PTI mandate, she said.

The depletion of foreign exchange reserves took place during his tenure, she said.

Imran Khan signed the strict IMF conditions due to which people are facing problems today. Imran Khan himself did not trust those who question the country’s economy in the morning, afternoon and evening, she said. Those who came to eradicate corruption in 90 days increased inflation in Pakistan through corruption. All ministers and advisers who were imported were exported and left Pakistan today, she added. Rejecting the PTI’s continued calls for snap elections, the minister said the government and its allies would make a decision in this regard, not the other way around. “It is our prerogative to call elections and we will decide when to hold elections,” she said.

Copyright Business Recorder, 2022

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“Pakistan faces a national emergency to resolve the economic crisis” https://www.ibooklinux.net/pakistan-faces-a-national-emergency-to-resolve-the-economic-crisis/ Tue, 17 May 2022 17:56:31 +0000 https://www.ibooklinux.net/pakistan-faces-a-national-emergency-to-resolve-the-economic-crisis/ CARACHI: According to the latest report from the Institute for Policy Reforms (IPR), Pakistan must resolve its serious external debt and current account deficit problems to avoid a Sri Lanka-like default. The independent, nonpartisan think tank called addressing critical economic recovery and security issues a “national emergency.” He noted that despite the challenges, governments’ response […]]]>

CARACHI:

According to the latest report from the Institute for Policy Reforms (IPR), Pakistan must resolve its serious external debt and current account deficit problems to avoid a Sri Lanka-like default.

The independent, nonpartisan think tank called addressing critical economic recovery and security issues a “national emergency.”

He noted that despite the challenges, governments’ response has been to borrow more loans from the International Monetary Fund (IMF).

He added that pressure from continued borrowing for consumption and debt service was increasing the fragility of the external account.

“It seems that the governments of Pakistan have continued to borrow without worrying about how they will repay,” he added.

Read also : Experts raise the red flag for the economy

The report notes with concern that governments have not spent public money wisely, pointing to “misplaced priorities”.

Considering that the economic crisis has continued to occur every few years, imposing a “tremendous cost” on citizens, the think tank called on leaders to review the economic policy agenda.

He stressed that to meet the challenges, Pakistan must put its house in order and be prepared to make “difficult and delicate political choices”.

disconnection

The IPR claimed that the economic troubles were the result of wrong political choices. “The depth of the reforms that our economy needs can only be corrected by strong and committed political leadership, engaged with the people.”

He also pointed to a “continued disconnect” between political and economic policy-making as the cause of today’s problems.

Read also : Investors fear losing interest in the economy

The think tank called for a holistic, long-term approach instead of resorting to short-term measures and remaining “economically fragile”.

“Cabinet representation of all shades of political opinion could also be a source of strength,” he noted.

Future measures

The think tank called on governments to set targets for budget and current account deficits and cut costs accordingly. He also asked the authorities not to rely solely on indirect taxes, as indicated during each budget speech.

He suggested urging the IMF to provide debt relief following a solid plan of “economic growth and fixing elite privileges”. The State can opt for rescheduling as an alternative to the first solution.

The IPS also called for increased exports through an item-by-item review of what exports could grow rapidly, possibly through incentives. He also insisted on the elimination of all “imports of non-essential goods”.

He also suggested accessing external debt to finance only projects that ensure GDP and export growth.

Among other suggestions, the IPS called for making the electricity sector financially sustainable, restructuring domestic debt, increasing domestic sources of energy and mineral resources, and ensuring parliamentary scrutiny of all international agreements on economic nature.

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Transamerica Launches Workplace Emergency Savings Accounts – InsuranceNewsNet https://www.ibooklinux.net/transamerica-launches-workplace-emergency-savings-accounts-insurancenewsnet/ Fri, 13 May 2022 15:30:55 +0000 https://www.ibooklinux.net/transamerica-launches-workplace-emergency-savings-accounts-insurancenewsnet/ Transamerica announces the addition of emergency savings accounts as a new benefit for employers to help their employees. Through new strategic relationships with Millennium Trust Company and SecureSave, the new offering is designed to help employees save for unforeseen events that could impact their ability to contribute or maintain their retirement savings account at work. […]]]>

Transamerica announces the addition of emergency savings accounts as a new benefit for employers to help their employees. Through new strategic relationships with Millennium Trust Company and SecureSave, the new offering is designed to help employees save for unforeseen events that could impact their ability to contribute or maintain their retirement savings account at work.

In its latest report on the economic well-being of American households, the Federal Reserve found that only 64% of adults would be able to cover an unexpected expense of $400 using only cash, savings or a credit card. credit they could repay. to the next statement. Alarmingly, 12% of adults would be unable to afford the unexpected expense of $400 by any means.

Employers can choose one of Transamerica’s pre-qualified providers, either Millennium Trust or SecureSave. Both providers offer employers an easy way to offer and manage an emergency savings fund as a workplace benefit. Transamerica’s multi-vendor approach gives employers the flexibility to match their business needs with the best solution for their employees.

Transamerica Emergency Savings Accounts allow employees to automatically save a portion of their regular salary to build an emergency savings fund. To encourage employees to set up emergency savings accounts, employers have the option to contribute to employee accounts. Transamerica’s emergency savings offerings are FDIC insured up to the standard maximum deposit insurance amount of $250,000.

“Employers are realizing that financial stress on individual employees can have a significant impact on productivity, retention and overall health,” said Kent Callahan, CEO of Workplace Solutions at Transamerica. “Transamerica helps employers address the real financial needs of their employees by creating simple, automatic ways to save money. Emergency savings programs can help alleviate sudden and unexpected cash needs. We believe that people will be more willing to save for the long term in retirement plans if they already have a cushion to meet household needs and emergencies first. Workplace emergency savings accounts are perfectly positioned to help people cope with unexpected life events and reduce financial stress.

Transamerica Emergency Savings Accounts offer:

  • A complete savings solution, automated, easy to deploy and impactful.
  • Sign-up campaigns to help drive program participation.
  • Payroll deduction for automatic savings.
  • Easy access to funds through intuitive digital platforms with round-the-clock access.
  • Optional employer contributions through employer matching or ad hoc contributions.

Emergency Savings Accounts are the latest addition to Transamerica’s growing suite of workplace financial wellness solutions. In 2020, the company introduced the availability of health savings accounts and a student loan repayment program. In 2021, the company launched Individual Coverage Health Reimbursement Accounts.

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The Importance of Emergency Funds, Understanding from an Arjuna Fellow https://www.ibooklinux.net/the-importance-of-emergency-funds-understanding-from-an-arjuna-fellow/ Wed, 11 May 2022 18:42:45 +0000 https://www.ibooklinux.net/the-importance-of-emergency-funds-understanding-from-an-arjuna-fellow/ Life came to a standstill for Nisha Millet, a professional swimmer, and her husband, Bikranjit Flloyd Chatterjee after covid put an end to their swimming academy. Liquidating some of their investments in emergency debt funds and tapping into their trade reserves helped them weather the tough times. Millet is an Arjuna Award winner and was […]]]>

Life came to a standstill for Nisha Millet, a professional swimmer, and her husband, Bikranjit Flloyd Chatterjee after covid put an end to their swimming academy. Liquidating some of their investments in emergency debt funds and tapping into their trade reserves helped them weather the tough times.

Millet is an Arjuna Award winner and was the only Indian woman on the Sydney Olympics swimming team in 2000. The couple run the Nisha Millets Swimming Academy in Bengaluru, which was established nearly 20 years ago after the Millet’s retirement as an active sportsman.

Mint reached out to the couple and Deepesh Mehta, who has been guiding them through their investments since 2017 to understand their personal finance journey. Mehta is a certified financial planner by qualification and an AMFI registered mutual fund distributor.

Learning from the past

Talking about the motivation behind starting her academy, Millet says she wanted to make swimming a fun learning experience, something very different from what she experienced as a child. In addition, his parents did not plan their personal finances well. She tells how they sold their house and spent all the money on her swimming career, without leaving enough for themselves. This made Millet aware of the importance of a pension fund so as not to be financially dependent on her children.

Saving enough to fund the careers of their 8-year-old twin daughters, Adele and Ariana, is another major financial goal for the couple. They would also like to save money to buy a house later.

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Unlike their parents, they did not hesitate to give money lessons to their young daughters. When covid hit, they explained to their daughters that the business wasn’t doing well and they didn’t want to use their savings for things like vacations. “Kids have to understand that there are ups and downs in terms of finances and they also have to cut back on what they want,” says Millet.

Navigate through difficult times

The past two years have been difficult for them, both commercially and personally, as Chatterjee lost his mother. Mehta’s suggestion to park money in debt funds proved useful. A combination of tapping into their trade reserves, liquidating investments in debt funds and cutting spending has worked for them. They had 12 months of debt fund expenses as emergency money.

Mehta also pushed them to increase their health and life insurance coverage. Today, Millet and her husband have a 2 million life coverage each and comprehensive health coverage for the family ( 6 lakh sum assured more 15,000,000 serious illnesses). Luckily they didn’t have to use their health coverage during covid. So far, they have also resisted the urge to take out loans.

Disciplined spending, investment

On the business side, Chatterjee points out that around 60% of their revenue comes from the summer months and 40% from the rest of the year. The two waves of covid hit them hard during the summers. Today they are back to 85-90% of their pre-covid revenue and have tightened staff payments and overheads to improve profitability. Given that they run their own business, one of the first things Mehta did was identify their risk appetite.

“We are responsible for four people, our children and our parents, so we don’t like to take too many risks in our investments,” explains Millet. “We don’t have a fancy office and we just work from home. We keep our overhead low,” she adds.

Mehta says that with the exception of the March 2020-22 period, the couple have regularly invested 30% of their savings in mutual funds. Debt funds represent 15%, hybrid funds 20% and diversified equity funds 65% of their corpus. “We’ve never taken gold as a serious investment, except for a few occasional purchases in the past,” Chatterjee says. Mehta says he wanted them to invest 5-10% in gold and international funds by the end of 2020, but they didn’t. t have funds to spare for it.

According to Mehta, the only thing waiting for the family is to write a will. As the couple had to end their mutual fund SIPs for two years, they expect they will delay buying a home for a few years.

Watch their back

Millet says that while her husband was initially dismissive of hiring a professional to handle his finances, he is now happy to have someone watching his back. In the past, these were products that were poorly sold by their bank. Millet says they are well aware of what Mehta is doing for their investments and do not question his judgement. “You have to have that level of confidence and not micromanage,” she adds.

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Germany braces for sudden Russian gas shutdown with emergency package: sources https://www.ibooklinux.net/germany-braces-for-sudden-russian-gas-shutdown-with-emergency-package-sources/ Tue, 10 May 2022 02:54:51 +0000 https://www.ibooklinux.net/germany-braces-for-sudden-russian-gas-shutdown-with-emergency-package-sources/ German officials are quietly preparing for any sudden stoppage of Russian gas supplies with a contingency plan that could include taking over critical companies, three people familiar with the matter told Reuters. Preparations led by the Ministry of Economic Affairs show the heightened state of alert over the supply of gas that powers Europe’s biggest […]]]>

German officials are quietly preparing for any sudden stoppage of Russian gas supplies with a contingency plan that could include taking over critical companies, three people familiar with the matter told Reuters.

Preparations led by the Ministry of Economic Affairs show the heightened state of alert over the supply of gas that powers Europe’s biggest economy and is essential for the production of steel, plastics and cars.

Russian gas accounted for 55% of Germany’s imports last year and Berlin has come under pressure to cut a trade relationship that critics say helps fund Russia’s war in Ukraine.

Germany has said it wants to wean itself off Russian supplies, but expects to rely heavily on Moscow for gas until the middle of 2024.

It remains unclear if a crash will occur and officials have said Germany wants to avoid an escalation, for example by backing a European gas embargo, after previously backing sanctions against Moscow over coal and oil .

But they now fear Russia will unilaterally cut off gas flows and want to be able to cope if it does.

While a general framework is in place and the government is determined to help, details of how it will put the plan into action are being worked out, officials said.

The government would back the provision of additional loans and guarantees to prop up energy companies, help them cope with soaring prices, and could take critical businesses, such as refineries, under its wing, the three officials said. .

Asked about the measures, Germany’s economy ministry pointed to statements by its head, Vice-Chancellor Robert Habeck, that the country had made “intense efforts” in recent weeks to reduce its consumption of Russian energy.

Last month, Berlin approved a legal change to allow it to take control of energy companies as a last resort.

It is now discussing how it could use the measure in practice, such as taking control of the PCK refinery operated by Russia’s Rosneft in Schwedt near Poland, two of the people said. It accounts for most of Germany’s remaining Russian oil imports and could be hit by a European Union oil embargo.

Rosneft declined to comment on any German action.

NATIONALIZATION OF ENERGY?

One of the interviewees said nationalizing energy companies was an option being considered, but should be weighed carefully and justified on the grounds of securing energy supplies rather than punishing Russia.

Germany could also take stakes in other companies, said two people familiar with the matter. In 2018, it made a similar move when state development bank KfW bought 20% of energy grid operator 50Hertz to fend off a bid from State Grid in China.

The government’s latest emergency package has yet to be finalized. One of them warned that the acquisition of minority stakes in companies and the intervention at the Schwedt refinery were still under discussion but had not been decided.

Officials are also looking at how KfW can ease pressure on critical businesses by supporting them with new loans or emergency lines of credit they could use if energy prices spike and trigger calls for relief. expensive margin on their market positions.

Earlier this year, KfW helped German energy company Uniper, the gas division of EnBW VNG and coal-fired power plant operator Leag weather volatile energy markets.

KfW declined to comment on the companies it has helped.

Germany is also considering how it would ration gas in an emergency. Its regulator is considering prioritizing industry over households, which would be a reversal of current policy where businesses would be closed first.

The talks are taking place against a backdrop of war in Ukraine and an increasingly heated standoff between Moscow and Brussels, which has backed tough sanctions to isolate Russia.

Russian President Vladimir Putin told his armed forces in a parade on Monday that they were fighting for their country, but gave no clue how long their assault on Ukraine, which the Kremlin calls an operation, will last special military.

ECONOMIC SPIRAL

Russia’s Gazprom halted gas exports to Poland and Bulgaria last month after refusing to pay in roubles, but the Kremlin rejected European Commission accusations that Moscow was using natural gas supplies as blackmail.

The Kremlin and Gazprom have repeatedly said that Russia is a reliable energy supplier.

The Kremlin and Gazprom did not immediately respond to a request for comment on the reliability of supply.

After hesitantly backing coal and oil sanctions, Berlin now also wants to draw a line, four officials said.

They fear the gas cut will also send prices skyrocketing, allowing Moscow to profit from sales outside the EU and therefore still fail to empty its war chest.

Officials said Germany was reaching the limit of sanctions it could impose without triggering an economic spiral, with even those in the ruling coalition wholeheartedly backing penalizing Moscow, hesitant to impose gas sanctions.

Berlin has also been swayed by captains of German industry, including the chief executives of its largest listed companies and representatives of Russian-linked businesses, who have regularly met and lobbied officials to ‘they don’t ban gas,’ a person with knowledge of the matter said.

Company executives said in Berlin they were preparing to cut Russian energy ties anyway, but called on the government not to force them to do so immediately, said a second person familiar with the talks.

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Sri Lanka in talks for $100m emergency funding from Beijing-backed bank https://www.ibooklinux.net/sri-lanka-in-talks-for-100m-emergency-funding-from-beijing-backed-bank/ Sun, 08 May 2022 09:42:00 +0000 https://www.ibooklinux.net/sri-lanka-in-talks-for-100m-emergency-funding-from-beijing-backed-bank/ A man counts Sri Lankan rupees at a currency exchange counter in Colombo September 4, 2015. REUTERS/Dinuka Liyanawatte Join now for FREE unlimited access to Reuters.com Register COLOMBO, May 8 (Reuters) – The China-backed Asian Infrastructure Investment Bank is considering providing $100 million in emergency aid to Sri Lanka, the country’s finance ministry said on […]]]>

A man counts Sri Lankan rupees at a currency exchange counter in Colombo September 4, 2015. REUTERS/Dinuka Liyanawatte

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COLOMBO, May 8 (Reuters) – The China-backed Asian Infrastructure Investment Bank is considering providing $100 million in emergency aid to Sri Lanka, the country’s finance ministry said on Sunday. .

Sri Lanka has asked the lender for foreign exchange liquidity support for state banks, it said in a statement.

Hit hard by the pandemic, rising oil prices and populist tax cuts by President Gotabaya Rajapaksa’s government, the South Asian island’s economy is in crisis, with dwindling usable foreign exchange reserves $50 million, Finance Minister Ali Sabry said last week.

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Shortages of imported food, fuel and medicine have taken thousands to the streets in more than a month of mostly peaceful protests. Rajapaksa on Friday declared a second state emergency in five weeks.

The multilateral AIIB, founded in 2014 to promote infrastructure investment across Asia, gets most of its funding from China.

China is Sri Lanka’s largest bilateral lender, with an outstanding balance of $6.5 billion, mostly lent over the past decade for major infrastructure projects, including highways, a port, an airport and a coal-fired power plant.

Beijing provided Sri Lanka with a $1.3 billion syndicated loan and a $1.5 billion yuan-denominated swap to boost its reserves. The two countries are in talks for a $1.5 billion line of credit and a new syndicated loan of up to $1 billion.

Colombo said this month that talks had started on Chinese debt refinancing after Sri Lanka suspended some foreign debt repayments in April.

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Reporting by Uditha Jayasinghe; Written by Alasdair Pal; Editing by Christian Schmollinger and William Mallard

Our standards: The Thomson Reuters Trust Principles.

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Sri Lankan leader declares state of emergency | the islander https://www.ibooklinux.net/sri-lankan-leader-declares-state-of-emergency-the-islander/ Sat, 07 May 2022 03:16:04 +0000 https://www.ibooklinux.net/sri-lankan-leader-declares-state-of-emergency-the-islander/ Sri Lanka’s president has declared a state of emergency amid widespread public protests demanding his resignation following the country’s worst economic crisis in recent memory. The decree issued by President Gotabaya Rajapaksa allows him to make regulations in the interests of public safety, the preservation of public order, the suppression of mutinies, riots or civil […]]]>

Sri Lanka’s president has declared a state of emergency amid widespread public protests demanding his resignation following the country’s worst economic crisis in recent memory.

The decree issued by President Gotabaya Rajapaksa allows him to make regulations in the interests of public safety, the preservation of public order, the suppression of mutinies, riots or civil disturbances, or for the maintenance of essential supplies.

Under the emergency regulations, Rajapaksa can authorize detentions, take possession of any property and search any premises. It can also modify or suspend any law.

Rajapaksa’s announcement comes as protesters occupy the entrance to the president’s office for a 28th day, demanding that Rajapaksa, his brother and Prime Minister Mahinda Rajapaksa and the rest of the powerful ruling family step down.

Police used tear gas and water cannon twice on Friday to disperse protesters near parliament criticizing MPs for failing to overthrow the president and his government, whom they say are responsible for the crisis economic.

Sri Lanka is on the verge of bankruptcy after announcing that it was suspending the repayment of its foreign loans. It has $7 billion in foreign loan repayments this year out of $25 billion to repay by 2026. Its total foreign debt is $51 billion.

The Sri Lanka Bar Association has asked the president to explain the reasons for the declaration of emergency and asked that it be revoked. The association also asked the authorities to guarantee freedom of expression, publication and peaceful assembly of the population.

For several months, Sri Lankans have endured long queues to buy fuel, cooking gas, food and medicine, most of which come from abroad. Hard currency shortages have also hampered imports of raw materials for manufacturing and worsened inflation, which jumped to 18.7% in March.

As oil prices soar during the Russian-Ukrainian conflict, Sri Lanka’s fuel stocks are running low. Authorities have implemented power cuts across the country extending up to 13 hours a day because they cannot supply enough fuel to power stations.

Shops, banks, factories, offices and schools were closed across the country on Friday, transport came to a virtual standstill and widespread protests took place against the government.

Opposition lawmakers raised objections in parliament over the use of tear gas against students, after which the president adjourned the session until May 17.

Some protesters blocked the exits through which lawmakers tried to leave parliament and questioned them about what they had achieved for the people in numerous meetings.

Protesters hung up underwear near a road leading to Parliament and chanted: ‘This is all we have left!’

“There are discussions going on inside this den of thieves called Parliament, and none of the people’s issues are discussed there,” said student leader Wasantha Mudalige.

Sri Lanka has held talks with the International Monetary Fund to secure an immediate funding facility as well as a long-term bailout, but has been told its progress will depend on debt restructuring negotiations with creditors .

Gotabaya Rajapaksa also declared a state of emergency and blocked social media when protests began in early April. But he withdrew them under local and international pressure.

Australian Associated Press

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