New Delhi, April 10 (IANS) As the world deals with the coronavirus crisis, the Managing Director of International Monetary Fund (IMF), Kristalina Georgieva has said that the world may face the worst economic fallout since the Great Depression of the 1930s.
In her latest address on Thursday, she said that the global growth will turn sharply negative in 2020, and over 170 countries will experience negative per capita income growth this year.
"It is already clear, however, that global growth will turn sharply negative in 2020, as you will see in our World Economic Outlook next week. In fact, we anticipate the worst economic fallout since the Great Depression," said the IMF Chief.
She said that the bleak outlook applies to advanced and developing economies alike. "This crisis knows no boundaries. Everybody hurts," she said.
Given the necessary containment measures to slow the spread of the virus, the world economy is taking a substantial hit, Georgieva said, adding that this is especially true for retail, hospitality, transport, and tourism.
In most countries, the majority of workers are either self-employed or employed by small and medium-sized enterprises and these businesses and workers are especially exposed, she said.
She also noted that the economic crisis is expected to hit vulnerable countries hardest. Emerging markets and low-income nations, across Africa, Latin America, and much of Asia, are at high risk.
With weaker health systems to begin with, many face the dreadful challenge of fighting the virus in densely populated cities and poverty-stricken slums, where social distancing is hardly an option, said the IMF Chief.
"With fewer resources to begin with, they are dangerously exposed to the ongoing demand and supply shocks, drastic tightening in financial conditions, and some may face an unsustainable debt burden."
She also noted that the emerging and low-income countries also are exposed to massive external pressure.
In the last two months, portfolio outflows from emerging markets were about $100 billion, more than three times larger than for the same period of the global financial crisis, she said. Commodity exporters are taking a double blow from the collapse in commodity prices, and remittances are expected to dwindle.
"We estimate the gross external financing needs for emerging market and developing countries to be in the trillions of dollars, and they can cover only a portion of that on their own, leaving residual gaps in the hundreds of billions of dollars. They urgently need help," Georgieva added.
New Delhi, May 29 (IANS) Locust Control Offices (LCOs) on Friday conducted control operations at 15 locations in Rajasthan and Madhya Pradesh, the Union Agriculture Ministry said, adding that no crop loss was reported.
Locust control operations were conducted at 10 locations in districts of Jaipur, Dausa, Bikaner, Jodhpur, Barmer, Chittorgarh, Sri Ganganagar (Rajasthan) and Niwari and Shivpuri (Madhya Pradesh).
Besides, the Madhya Pradesh Agriculture Department also undertook control operations at 5 locations, one each in the Satna, Balaghat, Niwari, Raisen and Shivpuri districts.
As on May 28, a total of 377 spots covering 53,997 hectares have been covered since locust control operations started from April 11, the Ministry said in a statement.
Locust operations have been conducted in 11 districts of Rajasthan, 24 of Madhya Pradesh, three in Maharashtra, two each in Gujarat and Uttar Pradesh and one in Punjab.
Agriculture, Cooperation and Farmers Welfare Secretary, Sanjay Agarwal on Friday organised a meeting, via video conference, with the Principal Secretary, Agriculture, of all the states and UTs, said the statement.
All the states and UTs were informed about the latest status and control of locust attack and an an advisory was issued in respect of locusts to all the states/UTs.
A letter was issued on Wednesday by the Union Home Secretary to the Chief Secretaries of all the states/UTs giving necessary instructions to streamline the inter-state movement facility for the personnel engaged in locust control works.
The MHA has included hiring of vehicles/tractors with spray equipment for spraying of plant protection chemicals for pest control, hiring of water tankers, and purchase of plant protection chemicals for locust control in this and the norms related to the quantum of assistance will be limited to the actual expenditure incurred on these items. However, expenditure should not exceed 25 per cent of SDRF allocation for the year, said the statement.
As per FAOs Locust Status Bulletin of May 27, several successive waves of invasions can be expected until July in Rajasthan with eastward surges across northern India as far as Bihar and Odisha, followed by westward movements and a return to Rajasthan on the changing winds associated with the monsoon. These movements will cease as swarms begin to breed and become less mobile. Swarms are less likely to reach south India, Nepal, and Bangladesh.