Debt cancellation needed to help poorest countries: World Bank president

first_imgHe pointed to similar steps in previous financial crises such as in Latin America and the so-called HIPC initiative for highly indebted countries in the 1990s.Rich countries last month backed an extension of the G20’s Debt Service Suspension Initiative (DSSI), approved in April to help developing nations survive the coronavirus pandemic, which has seen 43 of a potential 73 eligible countries defer US$5 billion in “official sector” debt payments.Amid warnings the pandemic could push 100 million people into extreme poverty, Malpass renewed his call for private banks and investment funds to get involved too.“These investors are not doing enough and I am disappointed with them. Also, some of the major Chinese lenders did not get enough involved. The effect of the aid measures is therefore less than it could be,” the World Bank head said.Malpass warned that the pandemic could trigger another debt crisis as some developing countries had already entered a downward spiral of weaker growth and financial trouble.“The enormous budget deficits and debt payments are overwhelming these economies. In addition, the banks there are getting into difficulties due to bad loans,” Malpass added.Topics : The COVID-19 pandemic could trigger a debt crisis in some countries, so investors must be ready for granting some form of relief that could also include debt cancellation, World Bank President David Malpass was quoted as saying on Sunday.“It is evident that some countries are unable to repay the debt they have taken on. We must therefore also reduce the debt level. This can be called debt relief or cancellation,” Malpass told Handelsblatt business daily in an interview.“It is important that the amount of debt is reduced by restructuring,” Malpass added.last_img read more

Victoria claim third straight Sheffield Shield title

first_imgBy `Brydon CoverdaleVICTORIA have completed a hat-trick of Sheffield Shield titles for the first time in the state’s history, wrapping up a third consecutive triumph by playing out a draw with South Australia in Alice Springs.The Bushrangers were in control for virtually the whole match and on the final day set the Redbacks an unrealistic 524 for victory. Play was called off late in the afternoon with South Australia on 6 for 236.It was the second straight year that South Australia had reached the final and hoped to break a two-decade Sheffield Shield drought, only to be thwarted by Victoria in the decider both times.Last year, South Australia had enjoyed the significant advantage of hosting and thus required only a draw to secure the title, but Victoria had managed to pull off a victory in the final at Glenelg.Victoria’s three-peat was all the more remarkable for having come under three different coaches: Greg Shipperd steered them to the 2014-15 title, David Saker had the reins in 2015-16, and Andrew McDonald was in charge this year. They also had to overcome the challenge of playing all three finals outside the state – in 2014-15 they had “hosted” Western Australia in the final at Bellerive Oval in Hobart.It was just the third time in the past fifty years that a state had won a hat-trick of Shield titles: Queensland did so from 2000 to 2002 and Western Australia from 1987 to 1989. Prior to that, only New South Wales had ever managed as many as three consecutive titles: they had claimed a remarkable nine straight Shield titles from 1954 to 1962 and had also achieved six in succession from 1902 to 1907.The fifth and final day began with Victoria on 6 for 254, already with a more than sufficient lead of 454. But needing only to draw to win the title the Bushrangers batted on until they were dismissed for 323. That meant a fanciful target of 524 for the Redbacks, who clearly could not win. But a Victorian victory seemed possible when James Pattinson struck twice in the first three overs.However, South Australia captain Travis Head scored a defiant century to hold off the victory push, finishing unbeaten on 137 when he and Victoria’s stand-in leader, Cameron White, agreed to call off play. Fawad Ahmed – one of only three men to play in all three of Victoria’s hat-trick of final triumphs along with Rob Quiney and Daniel Christian – finished with 3 for 81.Victoria spinner Jon Holland was named player-of-the-match for his first-innings demolition of the Redbacks, in which he claimed 7 for 82. Holland also picked up one wicket in the second innings, which meant he joined Chuck Fleetwood-Smith, Stuart MacGill, Bill O’Reilly and Tony Lock as the only spinners to claim 50 wickets in a Shield season (not counting Colin Miller, who combined spin and pace). (ESPN Cricinfo)Most consecutive Shield titles9 – NSW (1954-1962)6 – NSW (1902-1907)3 – WA (1987-1989)3 – Qld (2000-2002)3 – Vic (2015-2017)last_img

BAC trainer demonstrates strength moves to incorporate into home workouts

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich. — Yesterday, we showed you some cardio moves you could do to stay fit while gyms are closed to prevent the spread of coronavirus. Reporter Lauren Mixon is back with Bay Athletic Club trainer, Sarah Morrison, to show you some strength moves to incorporate into your circuits.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: bay athletic club, coronavirus, COVID19, exercise, fitness, Quarantine, Sarah Morrison, stay homeContinue ReadingPrevious Alpena County prosecuting attorney finishes first weekNext Immanuel Lutheran Church in-person services cancelledlast_img read more