Christine Lagarde on Tuesday submitted her formal resignation as the Managing Director of the International Monetary Fund (IMF), with her eight-year tenure officially coming to an end on September 12.
Following Lagarde’s announcement, the IMF Executive Board said on Tuesday that it will promptly initiate the process of selecting its next managing director.
Lagarde’s resignation came after she was nominated for the presidency of the European Central Bank (ECB) earlier this month, as part of the European Union (EU) leaders’ agreement on the future leadership of top EU institutions.
She then decided to temporarily step down from the IMF leadership during the nomination period.
Lagarde, a 63-year-old French national, would become the first woman to lead the ECB. She is set to replace Mario Draghi, whose eight-year term ends on October 31.
On July 5, 2011, Lagarde became the 11th managing director of the IMF, and was the first woman to hold this position. She was later elected to serve a second five-year term in her post, which started in July 2016.
Prior to joining the IMF, Lagarde served as France’s finance minister from 2007 to 2011. (REUTERS)
The International Monetary Fund (IMF) on Wednesday revised down its forecast for the global economy amid the mounting COVID-19 fallout, projecting a 4.9-percent contraction in 2020.
The latest projection is 1.9 percentage points below the World Economic Outlook (WEO) forecast released in April, indicating a grimmer economic outlook as the pandemic continues to ripple across the globe.
“Compared to our April World Economic Outlook forecast, we are now projecting a deeper recession in 2020 and a slower recovery in 2021,” IMF Chief Economist Gita Gopinath said in a virtual news conference, noting that these projections imply a cumulative loss to the global economy over two years of over 12 trillion U.S. dollars from the crisis.
“The downgrade from April reflects worse than anticipated outcomes in the first half of this year, an expectation of more persistent social distancing into the second half of this year, and damage to supply potential,” Gopinath told reporters.
Advanced economies are projected to contract 8 percent this year, 1.9 percentage points lower than the forecast in the April WEO.
The U.S. economy is expected to shrink 8 percent, the Euro Area is on track to contract 10.2 percent, and the Japanese economy could decline 5.8 percent.
Emerging markets and developing economies, meanwhile, are projected to shrink by 3 percent this year, 2 percentage points below the April WEO forecast, according to the updated report.
Brazil and Mexico are projected to contract by 9.1 and 10.5 percent respectively, while India’s economy could see a contraction of 4.5 percent. China is expected to grow by 1 percent, the only major economy that could see growth this year.
The latest report also showed that global growth is projected at 5.4 percent in 2021, which would leave 2021 gross domestic product (GDP) some 6.5 percentage points lower than in the pre-COVID-19 projections made in January 2020.
Warning that the crisis will also generate medium-term challenges, Gopinath said that public debt this year is projected to reach the highest level in recorded history in relation to GDP, in both advanced and emerging markets and developing economies.
“Countries will need sound fiscal frameworks for medium-term consolidation, through cutting back on wasteful spending, widening the tax base, minimizing tax avoidance, and greater progressivity in taxation in some countries,” she said.
The IMF chief economist noted that a high degree of uncertainty surrounds this forecast, with both upside and downside risks to the outlook. On the upside, better news on vaccines and treatments, as well as additional policy support, could lead to a quicker resumption of economic activity, she said.
On the downside, further waves of infections could reverse increased mobility and spending, and rapidly tighten financial conditions, triggering debt distress, she said, adding that geopolitical and trade tensions could damage fragile global relationships at a time when trade is projected to collapse by around 12 percent.
Noting that global cooperation is more than ever “so important” when dealing with a truly global crisis, Gopinath said that every effort should be made to resolve trade and technology tensions while improving the multilateral rules-based trading system. (Reuters)
MANILA, Philippines – Scammers are increasingly active these days especially with everyone practically living in cyberspace due to lockdowns in different parts of the world.
In the Philippines, the National Bureau of Investigation (NBI) has warned the public of the rise in cybercrime as the national government’s enhanced community quarantine (ECQ) limits movement outside of residence.
With almost all services migrating online, scammers are taking advantage of online platforms to pursue their schemes.
Such is the problem of Jodel Merjudio who operates an online travel agency.
Merjudio reported to UNTV’s Serbisyong Bayanihan that some scammers created an impostor account of his enterprise’s Facebook page.
It only came to his knowledge when one of his clients told him about an alleged representative of his travel agency who transacted and asked money from that client on his behalf.
Part of the scammer’s modus operandi is to block the clueless victims from its fake page once payment is received.
The victims are then led to Merjudio’s official page to follow up on transactions that the latter had no knowledge of.
“Ang nangyayari, iyong kliyente pag nag-search sila sa Facebook, dalawa ang lalabas na agency. So kami ang nako-contact nila kasi naka-block na sila doon sa scammer page,” Merjudio said.
Jodel said he initially reported the incident to the Philippine National Police (PNP) Region 4A Cybercrime Division.
To assist Jodel, Kuya Daniel Razon contacted Atty.Victor Lorenzo of the NBI’s Cybercrime Division who agreed with Jodel’s initial move of reporting the incident to proper authorities.
The official promised to help Jodel in identifying the perpetrators behind the impostor account and to eventually resolve the case.
“Kunin nila ang mga contact details [ng kliyente] at kung makipag-ugnayan sila sa amin ay iyon kasi ang hihingiin namin (Get the contact details [of the client] so when you come to us, those are the details that we would be asking],” Lorenzo said.
“Kokontakin namin sila para malaman kung ano ba ang mode of payment? Paano ang money ay transmitted? Bank to bank? Kasi ang best lead natin kung sino ang nag-create ng fake account ng travel agency (We will ask them what the mode of payment was; how the money was transmitted; and was it bank to bank? Our best lead would be the creator of the travel agency’s fake account),” he added.
Atty. Lorenzo said incidents of online travel agency scams have already dwindled for some time but since the country is under lockdown, scammers have again started to become active online. —MNP (with details from Rey Pelayo)
MANILA, Philippines – Tiniyak ng Department of Agriculture (DA) na tutulungan nito ang mga magsasaka sa pagbebenta ng kanilang mga produkto ngayong umiiral ang enhanced community quarantine (ECQ) bunsod ng nararanasang krisis pangkalusugan.
Ito ang tugon ng DA sa panayam ng programang Get It Straight with Daniel Razon nang dumulog sa himpilan ng UNTV ang hog raiser na si Gaudencio Camaclang dahil nahihirapan siyang ialok ang kanyang mga alagang baboy.
Ayon kay DA Spokesperson Noel Reyes, maaring makipag-ugnayan ang mga magsasaka at maging mangingisda sa UNTV upang maiparating sa Kagawaran kung anong uri ng produkto ang kanilang iniaalok at kung saang lugar upang makuha o mailapit sa mga mamimili.
“Iyong mga may kailangang ma-harvest na at walang merkado, tamang tama po iyan dahil maibebenta po natin iyan sa ‘Kadiwa ni Ani at Kita’ (stores) dito sa Metro Manila at sa mga urban centers, sa mga villagers,” pagtiyak ng opisyal.
“Ipagbigay-alam lang sa inyong programa kung ano iyong (produkto) saang address, at gaano karami. We’ll link them directly sa mga buyers,” dagdag nito.
Ang mga magsasaka sa Region 4A o sa mga bayan ng Cavite, Laguna, Batangas, Rizal, at Quezon (CALABARZON) ay maaring makipag-ugnayan kay DA Regional Director Arnel De Mesa sa numerong 09175082455 at 09087574547 upang mapuntahan ang kanilang produkto.
Samantala, sinabi ni Reyes na kinikilala ng Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-IED) ang kahalagahan ng food security lalo na sa kasalukuyang hinaharap na health emergency dahil sa banta ng coronavirus disease (COVID-19).
“They approved na dapat kasama sa national security ang food security dahil alam ninyo naman na sa pagdi-distribute pa lang ng pera ay medyo may kaguluhan na. Lalo na kung gutom na ang tao,” saad nito.
Tiniyak ng DA na walang dapat ikabahala ang publiko dahil sapat ang pagkain sa bansa sa kabila ng umiiral na ECQ.
Subalit nakiusap ito sa mga lokal na pamahalaan na huwag harangin ang paghahatid ng mga produktong pagkain upang ang mga ito ay agad na makarating sa mga mamamayan.
“We reiterate na marami po tayong pagkain. Ang naantala lang po ay iyong distribution,” pahayag ng opisyal.
“Kaya nakikiusap kami sa mga LGU sa barangay na kung pagkain ang laman ng dyip o truck ay huwag nang harangin. Let (there be) free flow of goods,” pagtatapos nito.
Sa mga may nais iparating sa mga ahensya ng gobyerno, maaring makipagugnayan sa UNTV Serbisyong Bayanihan sa mga sumusunod na numero:
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