IMF chief: 'Clear we have entered recession'
Washington: The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.
"It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, she said in an online press briefing.
With the worldwide economic "sudden stop," Georgieva said the fund's estimate "for the overall financial needs of emerging markets is 2.5 trillion."
But she warned that estimate "is on the lower end." Governments in emerging markets, which have suffered an exodus of capital of more than 83 billion in recent weeks, can cover much of that, but "clearly the domestic resources are insufficient" and many already have high debt loads.
Over 80 countries, mostly of low incomes, have already have requested emergency aid from the International Monetary Fund, she said.
"We do know that their own reserves and domestic resources will not be sufficient," Georgieva said, adding that the fund is aiming to beef up its response "to do more, do it better, do it faster than ever before."
The IMF chief spoke to reporters following a virtual meeting with the Washington-based lender's steering committee, when she officially requested a increase in the fund's fast-deploying emergency facilities from their current level of around 50 billion.
She also welcomed the 2.2 trillion economic package approved by the US Senate, saying "it is absolutely necessary to cushion the world's largest economy against an abrupt drop the economic activities."
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After fake ID crackdown, IRCTC daily new accounts down to 5000 from one lakh: Railways
New Delhi (PTI): With a new, stringent system to establish user identity, the number of new user IDs being added daily on the IRCTC website has declined to about 5,000 from nearly one lakh, officials said on Saturday.
Union Railway Minister Ashwini Vaishnaw noted that the crackdown by Indian Railways on train ticket booking through fake identities is yielding positive results, according to a press note.
Before the latest reforms, this number had touched nearly one lakh new user IDs per day, it said.
"Following the introduction of a stringent system to establish user identity and detect fake IDs, about 5,000 new user IDs are now being added daily on the IRCTC website," the note said.
The officials stated that these steps have already helped Indian Railways deactivate 3.03 crore fake accounts.
"Another 2.7 crore user IDs have either been temporarily suspended or identified for suspension based on the suspicious activities they are indulging in," they said.
The Union minister directed officials to ensure that the ticketing system is reformed to a level where all travellers are able to book tickets easily through a real and genuine user ID, the press note added.
Additionally, Railway Minister Ashwini Vaishnaw has directed officials to provide local cuisine of the region in Vande Bharat trains.
Introducing local cuisine that reflects the culture and tastes of the regions being traversed will significantly enhance the passenger experience, officials said.
This facility will be expanded to all the trains progressively in future, they added.
