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One year after the explosion disaster - Beirut and Lebanon between crisis and reconstruction
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On 4 August 2020, 2750 tons of ammonium nitrate exploded in the port of Beirut. A huge shock wave hit large parts of the city. Pictures of the destruction went around the world. More than 200 people lost their lives, over 6000 were injured. Hundreds of thousands had to leave their destroyed or collapsed houses. One year later, reconstruction is in full swing. KfW is also stepping up its commitment with funds from the Federal Ministry for Economic Cooperation and Development (BMZ).
Sascha Stadtler, head of KfW s Beirut office, reports: The situation of many people suddenly deteriorated once again on 4 August. Even before the explosion, Lebanon faced enormous challenges. The country was in the middle of one of the worst economic and financial crises of the last 150 years. Unemployment and national debt were crushingly high. In addition, more than one million refugees had sought shelt
IMF approves $650b to aid coronavirus fight
August 4, 2021
ISLAMABAD: International Monetary Fund (IMF) Tuesday approved the biggest resource injection in the Fund’s history, with $650 billion meant to help countries deal with mounting debt and the fallout from the COVID-19 pandemic, foreign media reported. The creation of the reserve assets known as special drawing rights is the first since the $250 billion issued just after the global financial crisis in 2009, with Managing Director Kristalina Georgieva billing it as “a shot in the arm for the world” that will help boost global economic stability. The SDR allocation will be effective on Aug 23, the IMF said in a statement.
IMF approves $650 bn to aid corona fight
August 4, 2021
ISLAMABAD: The International Monetary Fund (IMF) Tuesday approved the biggest resource injection in the Fund’s history, with $650 billion meant to help countries deal with mounting debt and the fallout from the COVID-19 pandemic, foreign media reported.
The creation of the reserve assets known as special drawing rights is the first since the $250 billion issued just after the global financial crisis in 2009, with Managing Director Kristalina Georgieva billing it as “a shot in the arm for the world” that will help boost global economic stability. The SDR allocation will be effective on Aug 23, the IMF said in a statement.
This file photo shows the International Monetary Fund s logo outside its headquarters in Washington DC. AFP/File
WASHINGTON: The International Monetary Fund (IMF) has approved the largest-ever distribution of monetary reserves of $650 billion to boost the global economy and help emerging and low-income nations deal with the mounting debt and Covid-19 crises.
The IMF board of governors met in Washington on Monday and approved this historic allocation, known as Special Drawing Rights (SDR). Pakistan, which has so far had 23 financial arrangements with the IMF, will also benefit from the boost.
The general allocation of SDRs will become effective from Aug 23 this year.