In direct response to the COVID-19 crisis, the International Monetary Fund (IMF) Executive Board has adopted some immediate enhancements to its Catastrophe Containment and Relief Trust (CCRT) to enable the Fund to provide debt service relief for its poorest and most vulnerable members. The CCRT enables the IMF to deliver grants for debt relief benefitting eligible low-income countries in the wake of catastrophic natural disasters and major, fast-spreading public health emergencies.
The COVID-19 outbreak and the associated global economic turmoil creates a critical need to support the Fund’s membership, including an exceptional balance of payments support for the poorest members especially impacted by the pandemic. Well-targeted support will allow these countries to prioritize medical spending and health-related as well as other immediate needs in the challenging economic environment, characterized by sharp declines in income, lost revenue and higher expenses.
In that context, the IMF Executive Board has approved changes to the CCRT that expand the qualification criteria to better cover the circumstances created by a global pandemic and to focus on delivering support for the most immediate needs. Specifically, the decision will allow all member countries with per capita income below the World Bank’s operational threshold for concessional support to qualify for debt service relief for up to two years. This would apply when a life-threatening global pandemic is inflicting severe economic disruption across the Fund’s membership and is creating a balance of payments needs on such a scale to warrant a concerted international effort to support the poorest and most vulnerable countries.
“The IMF’s revamped Catastrophe Containment and Relief Trust can now provide rapid debt service relief on IMF debt obligations to more of our poorest and most vulnerable members. This will help them to channel more of their scarce financial resources to their vital emergency medical and other relief efforts,” IMF Managing Director Kristalina Georgieva said. “Furthermore, we are calling on donor countries to replenish the Trust’s resources to help boost our ability to provide additional debt service relief to our poorest member countries.”
The IMF has also launched a fund-raising exercise that would enable the Trust to provide about $1 billion for the current pandemic. Kristalina Georgieva has called upon the Fund’s economically stronger member countries to help replenish the CCRT, which had only USD 200 million available for the world’s poorest countries. The U.K. has responded with a pledge for £150 million ($183 million). Other donors, including Japan and China, are also coming forward with important contributions.
IMF enhances its catastrophe containment and relief trust to fight against COVID-19
Berhan Bank announced new schemes to help businesses affected by coronavirus
Berhan Bank donated Three Million Birr to Ministry of Health for the fight against COVID-19.
The Bank also announced that it has removed the commission fees it charges when importers extend letters of credit and reschedule loans, effective March 26, 2020.
Aimed at assisting businesses that will be affected by the spread of the Coronavirus COVID-19, the waived fees will remain for the coming two months, according to Abraham Alero, president of the bank.
The bank also decided to let older employees who are over 55 years old and pregnant employees stay home for 15 days following the coronavirus preventive measures. The bank also said that this will be revised based on the situation.
The bank will also use infrared non-contact thermo-meter for corona screening on its customers to check their body temperature.
Last week Dashen Bank announced the same measure. Dashen fully and partially waived commission fees on automated teller machine (ATM) transactions, as well as validity extensions on letters of credit (LC) and purchase orders.
It also donated three million Birr to the Ministry of Health – the fourth financial institution to contribute to the Ministry’s effort in fighting the virus. So far, Commercial Bank of Ethiopia (CBE) and United Insurance have donated 10 million birr and three million birr respectively.
Awash Bank also donated 10 million birr on Saturday March 28 for the fight against the pandemic.
Relief and sadness as Tokyo Olympic postponed to 2021
The Tokyo Olympic Games have been postponed to 2021 due to the novel coronavirus pandemic, the first such delay in the Games’ 124-year modern history, as the global outbreak of COVID-19 has wreaked havoc on the international sporting calendar.
The International Olympic Committee (IOC) made the decision on Tuesday after speaking with Japanese Prime Minister Shinzo Abe and local organisers, ending weeks of speculation and uncertainty about the Summer Games – initially scheduled to kick off in July.
“The unprecedented and unpredictable spread of the outbreak has seen the situation in the rest of the world deteriorating,” IOC and Tokyo 2020 organisers said in a joint statement.
“The Games … in Tokyo must be rescheduled to a date beyond 2020 but not later than summer 2021, to safeguard the health of the athletes, everybody involved in the Olympic Games and the international community,” it added.
What’s next?
Japan had warned that putting off the Games would put its $12bn investment at risk.
Organisers will now have to figure out how to keep things running for another year while making sure venues are up to date for another 12 months.
Toshiro Muto, the CEO of the organising committee, said he still has not worked out how much the delay will cost or who will pay.
In its statement, the IOC said it would keep the same name for next year’s event: “Olympic and Paralympic Games Tokyo 2020.” In a crowded sporting calendar, which will be making up for this year’s cancellations, World Athletics said it was willing to move its world championships, scheduled for August 6-15, 2021, in Oregon, to clear a path for the Olympic Games.
The exact dates for the month-long Games have yet to be announced. There’s also a chance it may be moved forward and be called a cherry blossom Games in spring.
Coronavirus What sporting events are affected by the pandemic?
The outbreak of the coronavirus, which has claimed the lives of some 18,000 people globally, has also affected sporting events across the world.
COVID-19, as the disease is officially known, has infected more than 420,000 people worldwide.
Governments are scrambling to stop the spread of the virus, advising against public gatherings. In several countries, people have been cautioned not to shake hands to minimize risks of contamination.
Italy, Europe’s worst-hit country, has cancelled all sporting events until at least April 3 and the government has put the country in lockdown as it battles the virus.
In North America, Major League Baseball, Major League Soccer, the National Basketball Association and the National Hockey League have temporarily restricted locker room access to players and “essential staff”.
Football
Football in Russia has been suspended until April 10. The Russian league was the best-attended sports competition still operating in Europe last weekend, with more than 33,000 fans at one of its games, but the Russian Football Union agreed to immediately suspend all competitions at a meeting on March 17.
The African Nations Championship 2020 soccer tournament scheduled for April in Cameroon has been postponed indefinitely, the African Football Federation said in a statement on March 17.
This year’s Copa America has been postponed until 2021, the South American Football Confederation (CONMEBOL) said on March 17. The 12-team tournament had originally been scheduled to take place from June 12 to July 12 in Colombia and Argentina.
The Euro 2020 tournament has been postponed until 2021, European football’s governing body UEFA said in a statement on March 17. UEFA said that the 24-team tournament, which was due to be staged in 12 nations across the continent from June 12 to July 12 this year, would now take place from June 11 to July 11 2021.
In England, all elite football has been suspended until at least April 30.
UEFA postponed next week’s Champions League and Europa League matches, Europe’s football governing body announced on March 13.
The first and second tiers of Spanish domestic football have been suspended for the next two match days, the Spanish football federation La Liga and the players’ union said on March 12.
Germany’s Bundesliga and second division will pause at least until April 2 and possibly beyond due to the coronavirus, DFL CEO Christian Seifert said on March 16.
FIFA and the Asian Football Confederation have agreed to postpone the Asian World Cup qualifying matches in March and June.
In Greece, the Europa League’s last-16 first-leg match between Olympiacos and Wolverhampton Wanderers on March 12 was played behind closed doors.
The top two tiers of French football – Ligue 1 and Ligue 2 – have been suspended until further notice.
In Paris, the Champions League clash between PSG and Borussia Dortmund on March 11 took place in an empty stadium.
The German Football League (DFL) called off matches scheduled for March 13-15 in the Bundesliga and second-tier Bundesliga 2. They recommended that both leagues be suspended until April 2.
In Denmark, players from Brondby and Lyngby are in isolation after they met former international Thomas Kahlenberg, who has tested positive for the virus.
The Swiss league has been put on hold until at least March 23.
All Romanian league matches will be played without fans until further notice.
All Bulgarian league matches in the next two rounds will be played without fans. The Bulgarian Football Union suspended ticket sales for the Euro 2020 qualifying playoff semi-final between Bulgaria and Hungary for March 26.
New seasons in the Chinese, Japanese and South Korean professional leagues have been postponed.
Asian Champions League matches involving Chinese clubs Guangzhou Evergrande, Shanghai Shenhua and Shanghai SIPG have been postponed. The start of the knockout rounds has been moved back to September.
The Confederation of African Football has postponed two rounds of the 2021 Africa Cup of Nations qualifiers scheduled for March 25-31.
This season’s Champions League final, Europa League final and women’s Champions League final, all due to be played in May, were formally postponed because of the coronavirus pandemic, European soccer’s governing body UEFA announced on March 23.
Marathons
The London Marathon, which was scheduled to take place on April 26, has been postponed until October 4.
The Boston Marathon, originally scheduled for April 4, is now expected to take place on September 14.
The Paris and Barcelona marathons were also postponed.
In Japan on March 1, the Tokyo Marathon, which usually attracts 300,000 participants, was restricted to only 200 elite runners.
Olympic Games
The International Olympic Committee and Japan’s Prime Minister Shinzo Abe have concluded the Tokyo 2020 Olympics must be postponed, and held no later than the summer of 2021, the IOC and Tokyo 2020 organisers said on March 24.
After a call with IOC president Thomas Bach, Abe said the July 24-August 9 event would be rescheduled for the summer of 2021 at the latest, as proof of victory over the coronavirus.
Athletics
The World Athletics Indoor Championships, scheduled for Nanjing from March 13 to 15, have been postponed until next year.
Amsterdam, Paris and Barcelona marathons have also been postponed.
Formula 1
The Azerbaijan Grand Prix became the latest postponement in the calendar, meaning there will be no Formula One races until the middle of June at the earliest.
The race at the Baku City Circuit was scheduled for June 7.
Formula 1 has cancelled the season-opening Australian GP after a McLaren team member contracted the coronavirus. The race was scheduled to take place on March 15.
The Bahrain Grand Prix and the Vietnam Grand Prix have been postponed. Those events were first scheduled to take place on March 20-22 and April 3-5 respectively.
The Chinese Grand Prix in Shanghai, which was scheduled to take place on April 19, was also called off.
Races in the Netherlands, Spain and Monaco in May have all been postponed, the governing motorsport body FIA said on March 19.
Tennis
The professional tennis tour – men’s and women’s – has been suspended until June 7, with all clay court tournaments in Europe cancelled. ATP and WTA rankings have been frozen until further notice.
organizers said on March 17. The clay court major was originally scheduled to be played from May 24-June 7.
Boxing
The Tokyo Olympic boxing qualifiers for Asia and Oceania were moved to Jordan from China.
However, the European, American and final world qualifying boxing tournaments for the Olympic Games have been suspended, the International Olympic Committee said.
Briton Anthony Joshua’s world heavyweight title defense against Bulgarian Kubrat Pulev would probably take place at the end of the year instead of June 20 at Tottenham Hotspur’s stadium in London as scheduled.
Basketball
The National Basketball Association (NBA) said on March 11 that it was suspending the season until further notice after a Utah Jazz player tested positive for the virus.
The WNBA draft will be a virtual event this year. The women’s league announced that its draft will still be held on April 17 as originally scheduled, but without players, fans or media in attendance due to the coronavirus pandemic.
MotoGP
The opening two rounds of the season in Qatar, which were scheduled for March 6-8, did not go ahead. The Thailand race, due to be held on March 22, has been postponed.
April rounds in Texas and Argentina have been pushed back to November.
The Spanish Grand Prix scheduled for May 3 has also been postponed. It is the fifth MotoGP race to be canceled or postponed due to the coronavirus.
Rugby
In France, the country’s rugby federation said on March 13 that it was suspending all of its competitions due to the outbreak.
At least three Six Nations matches have been postponed.
The women’s Six Nations game between Scotland and France was postponed after a Scottish player tested positive for coronavirus.
The Singapore and Hong Kong legs of the World Rugby Sevens Series have been postponed from April to October.
Table tennis
The world championships in Busan, South Korea, have been pushed back provisionally from March to June.
The April 21 to 26 World Tour Japan Open in Kitakyushu has been postponed.
Golf
The Honda LPGA Thailand event and the HSBC Women’s World Championship in Singapore have been cancelled.
The Maybank Championship in Kuala Lumpur and the China Open have been postponed.
The Indian and China opens have both been postponed.
Cycling
Top one-day cycling races Paris-Roubaix and Liege-Bastogne-Liege have been postponed, organizers said on March 17. Paris-Roubaix and Liege-Bastogne-Liege, which were due to be held on April 12 and 26 respectively, are two of the five “Monument” races of the cycling calendar with the Tour of Flanders, Milan-Sanremo and the Tour of Lombardy.
The Tour of Flanders and Milan-Sanremo have already been postponed. A new date has yet to be set for the races.
The final two stages of the UAE Tour were cancelled after two Italian participants tested positive for the coronavirus.
Four teams have pulled out of several cycling races in Italy.
The Giro d’Italia start on May 9 in Budapest has been postponed. A new start date will not be determined until at least April 3.
Baseball
The final qualification tournament for the Olympics in Taiwan has been postponed from April to June.
Japan and South Korea professional league has postponed the start of the new season.
Major League Baseball (MLB), the US’s professional baseball league, suspended its “spring training”, a period in the off-season that features practices and exhibition games that allow trainers to test new players on different teams.
The MLB also delayed its opening day, which was scheduled for March 26, for at least two weeks.
MLB games scheduled to be played in Mexico City and San Juan, Puerto Rico, are cancelled.
NCAA
The National Collegiate Athletic Association (NCAA) cancelled scheduled games for both men and women on Thursday afternoon.
The NCAA organises all sports for athletes in university, an important league that showcases young talent to recruiters for professional sports in the US.
The cancellation extends to all championships scheduled in the spring, including hockey, baseball and lacrosse.
Cricket
The men’s Cricket World Cup Challenge League A, scheduled to begin on March 16 in Malaysia, has been postponed.
The Pakistan Cricket Board announced that Pakistan Super League matches in Karachi will be played with no spectators in the stadium.
England’s two-match test series in Sri Lanka scheduled to start on March 19 was postponed.
Judo
The International Judo Federation cancelled all Olympic qualification events through to the end of April.
Weightlifting
The Asian Championships, scheduled to take place in Uzbekistan from April 16 to 25, have been cancelled.
Winter sports
The Women’s World Ice Hockey Championships in Canada have been cancelled.
The World Short Track Speed Skating Championships in Seoul, South Korea, have been postponed until at least October.
Australian Rules
The AFL game between St Kilda Saints and Port Adelaide Power scheduled for May 31 in China has been moved to Melbourne.
NHL
The National Hockey League, primarily based in the US but with teams from Canada, announced on Wednesday it is suspending its season for at least two weeks.
The NHL’s board of governors are meeting to finalise details of the suspension, according to reports. Two weeks is the current minimum amount of time the season will be halted.
Wrestling
Asian Olympic qualifying event from March 27-29 was moved from Xi’an, China to Bishkek, Kyrgyzstan.
On February 29, Kyrgyzstan withdrew as host.
Horse racing
The Dubai World Cup, one of the world’s richest horse races and a premier annual sporting event in the United Arab Emirates, scheduled for March 28, has been postponed to next year, Dubai’s government media office tweeted on March 22.
The 146th running of the Kentucky Derby has been moved to September 5. It will be the first time the world-renowned horse race hasn’t been run on the first Saturday in May since 1945, when it was moved because of World World II.
Badminton
Badminton’s Thomas and Uber Cup Finals being staged in Aarhus, Denmark, have been postponed from May 16-24 to Aug. 15-23..
The biennial event features national teams.
