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Green economic recovery will create jobs – IMF

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The Managing Director of the IMF, Kristalina Georgieva, says the IMF’s focus on a green global economic recovery would boost the creation of Jobs in climate resilience, reforestation, dealing with land degradation, improving infrastructure and renewable energy.

Georgieva disclosed this in an interview with Bloomberg BusinessWeek on Saturday.

Recall It was reported last month that the IMF said infrastructure is needed for a resilient economic growth in Africa post-covid-19, and in a scenario where large scale investments are needed, the focus needs to be smart, green and inclusive.

This means moving towards other renewable energy sources, such as solar and wind power. This shift will help reduce carbon emissions, spread electrification, and create jobs. In Kenya, the government increased access to electricity from 40 to 70% of the population in large part through the use of small, off-grid, solar-powered energy plants,” the IMF said.

Georgieva told BusinessWeek that during the economic downturn caused by the pandemic, the IMF poured money into many sectors of the global economy, and with the rising recovery, the IMF would prioritize a definitive end to the health crisis everywhere to enable emerging economies trade with advanced economies and also move towards a green economic model, which is a job-rich model and can boost GDPs of nations.

 

When we put the economy into a standstill, the right policy response was to support companies across the board. Central banks, financial authorities, and institutions like mine have poured resources so that there is a floor under the world economy. And at that stage of the emergency response to a very unusual crisis, it would be wrong to try to differentiate. You don’t have the time. And you would do more harm than good if you differentiate,” she said.

She continued, “We are now at the point where we are seeing the signs of recovery. That is moving us to a different phase where our advice from the fund is threefold: One, prioritize a definitive end to the health crisis everywhere. Even if advanced economies and some emerging-market economies revitalize themselves, if their trading partners are in trouble, that drags the world down. Two, start now thinking about how to gradually move support towards what you want to see in the future. Are jobs being protected? Are jobs being created? Now why is a green recovery very attractive? Because the green recovery can be a job-rich recovery.”

She added that the green recovery will created jobs in climate resilience, reforestation, dealing with land degradation, improving infrastructure to withstand climate shocks, building installations as a lot of renewable energy projects create jobs.

She said that a green recovery focus would create income equality opportunities for the future, through investing “in people, investing in education, and investing in internet accessibility.”

“One thing that I’m eager for the fund to play a role in is this combination between social safety nets and social safety ropes—provide incentives for people, especially young people, women, those that are most affected in this crisis. And it is great for the economy, it is also great for social cohesion,” she said.

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Coronavirus

COVID-19: US to have enough vaccines for vulnerable Americans by end of 2020

The US said it is likely to have enough safe and effective COVID-19 vaccines to inoculate Americans by the end of 2020.

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The United States, On Wednesday, revealed that the country is likely to have enough safe and effective COVID-19 vaccines available to inoculate the most vulnerable Americans by the end of 2020.

The U.S. government is cautiously optimistic that one or two vaccines, likely from Pfizer Inc or Moderna Inc, will be available by the end of the year, and can begin to be distributed to Americans, officials said during a news conference.

This was disclosed by the US Secretary of Health and Human Services, Alex Azar, on Wednesday, October 22, 2020.

Azar said he expected that all seniors, healthcare workers, and first responders would be able to receive vaccines as soon as January, with the rest of the American public able to get vaccines by April.

Companies participating in the U.S. government’s effort to develop vaccines for COVID-19, dubbed “Operation Warp Speed”, have begun developing manufacturing capabilities even before any vaccination has been authorized by regulators.

Backstory

It was reported that in an open letter, the Chief Executive Officer of Pfizer Inc, Albert Bourla, disclosed that it could seek emergency authorization to use the COVID-19 vaccine in the US by late November, after the US Presidential election.

The coronavirus outbreak has been worseningin recent weeks as cold weather pushes Americans indoors, raising the chance of contracting the virus. Some 38 U.S. states and two territories have reported rising case counts. More than 8 million Americans have been infected with the novel coronavirus and more than 200,000 have died.

What this means

This announcement rules out the assertion by US President, Donald Trump, that a COVID-19 vaccine would be ready before the Presidential election. However, this news is still a huge boost for the country, which has been one of the most hit globally from the pandemic.

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Business

BRT owners, Primero says they lost N100 million to #ENDSARS protest

Primero Transport Services (PTS) Ltd, the owners of BRT Busses have lost over N100 million in 6 days due to the #ENDSARS protest

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Primero Transport Services (PTS) Ltd, the owners of BRT Buses have lost over N100 million in 6 days due to the #ENDSARS protest which has ravaged Nigeria’s economic capital of Lagos in the last 10 days.

According to a report from the News Agency of Nigeria, PTS Head, Corporate Communications, Mr. Mutiu Yekeen, said that the company made a lot of losses between Oct. 16 and Oct. 21.

“We are hoping something better will come out of the situation because, presently, the situation has impacted negatively on our business in terms of revenue generation. We have lost over N100 million in the last six days but we decided to stop operations to avoid damage to our vehicles and also for the safety of commuters as an organization. We value our customers more importantly; that is why we stopped operation due to the volatility of the state especially in Ikorodu. If you listen to the news this morning, you will discover that people cannot travel from Ikorodu to any part of Lagos,” Yekeen said.

Things got worse for BRT on Wednesday after suspected hoodlums burnt several buses at the Oyingbo/Iddo terminal in Lagos. According to NAN, a large number of new BRT buses yet to be deployed to routes but parked in the terminus situated behind the railway line in Oyingbo, have all been consumed by the raging fire.

Several government-owned buildings and assets were torched by protesters across Lagos including Police Stations. The suspected hoodlums also set ablaze buildings belonging to private businesses while several shopping malls were looted.

What this means: Following the curfew imposed across the state and the subsequent arson of the company’s buses and terminals, it is unlikely that they will return to business anytime soon.  The losses will likely continue and could lead to a request for a bailout if the company is to sustain operations.

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HOSPITALITY & TRAVEL

UK announces closure of visa application centres in Nigeria

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The UK government has announced the closure of its visa application centres in Nigeria following the violence that has trailed the #EndSARS protest.

In a statement released on Wednesday October 21, it was gathered that the centres will be closed for a minimum of 48 hours. Applicants with booked appointments have been asked to reschedule their appointment till next week.

The statement read;

 ‘Important: Closure of our Visa application centre’ on its website said the centres will be closed for 48 hours “at a minimum”.

“Due to the ongoing protest in Nigeria and for the safety of both staff and applicants, our Nigeria centres will be closed for 48 hours at a minimum.

“For applicants with booked appointments within this period, please you will need to reschedule your appointment for next week, from 26th October 2020.

“We will continue to post regular updates on this page, so please keep checking back for the latest information on reopening. We sincerely apologise for the inconvenience and thank you for your understanding.”

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