IMF official warns coronavirus will weigh on some economies for years

first_imgThe coronavirus crisis is lasting longer than expected and it will take some countries years to return to growth, the No. 2 official at the International Monetary Fund said on Wednesday.The Fund has provided some $90 billion in total financing to 79 countries, including 20 in Latin America, since the start of the health crisis, an IMF spokeswoman said.It is continuing to work with member countries on how to contain the pandemic and mitigate its economic impact, First Deputy Managing Director Geoffrey Okamoto told an online event hosted by the Center for Strategic and International Studies. Topics : “We’re trying to preserve our financial firepower,” Okamoto said. “We’re talking about a … return to growth that’s going to take a few years, and many countries along the way that are probably going to need assistance.”Latin American and Caribbean economies are the hardest hit in the world by the pandemic, reporting around 8.4 million coronavirus cases, and more than 314,000 deaths, both figures being the highest of any region.Okamoto told the event that Fund officials were in talks with the Group of 20 major economies about extending a temporary halt in official bilateral debt service payments by low-income countries under the Debt Service Suspension Initiative (DSSI), and how to kickstart private sector participation.The G20 initiative approved in April expires at the end of the year, but experts and government officials in many countries have backed extending it into 2021, with a decision expected in coming weeks and months.center_img The issue could come up when finance ministers from the Group of Seven advanced economies meet online on Friday. In August, the ministers agreed to consider extending the DSSI.United Nations officials and others have urged the G20 to expand their efforts to include middle-income countries and island nations hit by the collapse of tourism.The issue of debt sustainability was “top of mind” for Fund officials, Okamoto said, noting that many countries in Latin America had debt distress before coronavirus, which had exacerbated those pressures.The DSSI is giving the IMF more time to assess the full debt picture for these countries, he said. “It’s lasting longer than we anticipated, and so that is going to change a bit the dynamics of what we think is sustainable in the long run.”He said the Fund was continuing to ask rich countries to fund two specific Fund programs that lend to poor countries.The United States, the largest shareholder in the IMF, has signaled it hopes to contribute, but no funds have been provided for those programs so far.last_img read more

SB : Watts, Watson each homer to avenge earlier bad breaks

first_imgStephanie Watts and Jasmine Watson made a pact in center field.In the second game of a doubleheader against Rutgers on Saturday, they swore they wouldn’t give Scarlet Knights center fielder Lindsey Curran the chance to track down their fly balls.Curran robbed two potentially game-tying home runs to help Rutgers upset the Orange in the first game, so Watts and Watson promised they’d clear the wall this time.‘In between games, I went up to Watson and I challenged her to hit more home runs than me,’ Watts said. ‘It was a friendly thing, but we wanted to make sure we got those home runs back.’Both players smashed home runs that sailed over Curran, earning them redemption in a 5-3 win over the Scarlet Knights at Skytop Softball Stadium on Saturday. Syracuse (34-11, 11-3 Big East) defeated Rutgers (22-24, 9-10 Big East) 1-0 in the series finale Sunday to take the weekend series.AdvertisementThis is placeholder text‘It was great to see them bounce back like that after catching those bad breaks in game one,’ head coach Leigh Ross said. ‘That’s just the way the game is sometimes, but obviously they were disappointed about it.’Watts and Watson both hit long fly balls that would have cleared the fence and tied the game 3-3 to give SU pitcher Jenna Caira a shot to win a game in which she set a career high with 18 strikeouts, but Curran took them away.Curran’s most spectacular catch came when she took away Watts’ homer. In the fifth inning, Rutgers starting pitcher Alyssa Landrith threw the second baseman a changeup that she said she could ‘put some power into.’When she launched the ball to deep left center, Watts assumed she had tied the game.But Curran had other plans. She leapt at the last second and extended her glove over the outfield fence to prevent a home run.‘I thought I had it for sure,’ Watts said. ‘I actually started into my home run trot to first because I thought I had it. She made a great play, but it was a bummer to see.’Curran’s glove robbed Watson in the next inning, too. The center fielder snatched another potential game-tying blast at the fence.‘It was frustrating,’ Watson said. ‘You had two big chances to tie the game, and it just didn’t happen.’Watts and Watson decided to turn their frustrations into a friendly home run competition to start the second game. Watson said it was the perfect way to break the tension of losing a game both players felt they could’ve won for their team.In the second inning, Watson drilled her ninth home run of the year to put SU ahead 1-0, buckling the knees of Curran when she realized she couldn’t track down the deep shot to straightaway center field.When she realized she hit the home run that evaded her in the previous game, Watson threw her hands up in elation on the jog to first base.‘I was a little happier to hit that one than I would’ve been otherwise,’ Watson said. ‘I’ve been struggling lately, and with what happened in the first game, it just felt good to hit one there.’Watts chased starter Abbey Houston out of the game an inning later with a two-run shot of her own, pushing the Orange lead to 3-0.From there, SU was in control, and in Ross’ eyes, Watts’ homer meant she was even with Curran for the two runs she denied them in the first game.‘You control what you can control, but it was a little bit of poetic justice,’ Ross said.nctoney@syr.edu Published on April 22, 2012 at 12:00 pm Contact Nick: nctoney@syr.edu | @nicktoneytweets Facebook Twitter Google+center_img Commentslast_img read more

Clear Lake snowmobile race ends

first_imgCLEAR LAKE — Organizers have announced the end of a memorial snowmobile race on Clear Lake.The organizers of the Jack Helgren Memorial Race recently posted on social media that the event has been discontinued after its 10-year run because members of the original organizational group have decided to retire. The race is named after Jack Helgren, an area businessman, former snowmobile dealer and avid racer who died in 2009. The two-day event featured snowmobile races, a vintage snowmobile show and live music. The event, historically scheduled in January, was postponed to February this year because of unseasonable temperatures and poor ice conditions. The race was held on the lake ice, and snowmobilers and spectators parked on the ice as well.last_img read more