IMF, World Bank call for suspension of debt payments by poorest nations
Washington: The International Monetary Fund and World Bank on Wednesday called for governments to put a hold on debt payments from the world's poorest nations so they can battle the coronavirus pandemic.
"The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets," the Washington-based development lenders said in a joint statement.
The move is directed at countries that qualify for the most generous aid from the "IDA" fund aimed at the "two-thirds of the world's population living in extreme poverty.
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India needs aviation giants, not 'Fly-by-Night' operators, says ex-minister Praful Patel
Mumbai (PTI): Former Civil Aviation Minister Praful Patel on Friday warned against "fly-by-night" operators entering India's aviation sector, arguing that only established, high-capital players can survive the industry's "tough" financial demands.
Speaking to PTI, the 68-year-old Rajya Sabha member emphasised that while India has no restrictions on new airlines, the "tough, capital-intensive" nature of the business requires long-term commitment.
"That is why it is important that big players should come into the aviation business, and not just fly-by-night people. Some new airlines have been given licenses, but I don't think they are long-term players," he noted.
His comments come as the Civil Aviation Ministry recently approved three new carriers -- Shankh Air, Al Hind Air, and FlyExpress -- to start their operations in 2026.
Patel, who served as Civil Aviation Minister from 2004-11 under the Congress-led UPA government,
said many newly licensed airlines may lack the endurance required to survive the sector's high cash-flow drain.
"We need strong players like Tatas, who came with Air India. We need similar big names also to come into the aviation sector,” the NCP leader opined.
Asked about IndiGo’s widespread flight cancellations last month, Patel said, “IndiGo is financially a very strong airline, a very big airline. There was an issue of pilots and Flight Duty Time Limitation (FDTL) rules. I wish they had handled it better.”
“Having said that, on the whole, it is still a very important player in the Indian aviation market and will remain important for many, many years to come,” the former Aviation Minister said.
The key sector needs strong players, the veteran politician emphasised.
"I think it is important that aviation needs strong players. The monopoly or duopoly is not there because somebody made it like that. In the past, you saw Jet Airways, Kingfisher and GoAir collapse financially and a series of other airlines also had these kinds of problems,” Patel said.
“That’s why, if there are strong players in aviation, it will be good for the country,” he added.
