Almarai wins 'Best Corporate Sukuk' at Asset Triple A Islamic Finance Awards    Top climber falls to death after rare Himalayan feat    US voters flying home in time for election    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Harris and Trump make final push in must-win Pennsylvania    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Saudi crown prince, Tunisian president review bilateral relations in phone call    Al-Khereiji: Collective action in combating terrorism is a must for achieving stability and prosperity    SFDA Chief visits premier biotechnology and medical firms in China    Saudi Awwal Bank becomes the Kingdom's first bank obtaining ISO certification for quality management system in operations    Saudi Arabia's non-oil revenues grow 6% in 9 months while Q3 budget posts SR30 billion deficit    10 cooperation agreements signed during Saudi-Turkish Business Forum in Istanbul    Quincy Jones, titan of US music, dies aged 91    Enhancing zakat, tax, and customs compliance takes center stage at the Zakat, Tax, and Customs Conference 2024    Neymar expected to join Al Hilal squad for AFC clash against Esteghlal, says coach Jesus    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Are we ready for the post-COVID-19 world?
Published in The Saudi Gazette on 25 - 03 - 2020

COVID-19 is a major global crisis that exposes the lack of resilience of an increasingly highly connected world, and it is certainly not going to be the last. Can it be an opportunity to rethink development and what governments are for, rather than simply fixing market failures when they arise? Can it be an opportunity to shift towards actively shaping and creating markets that deliver sustainable and inclusive growth?
A Global Crisis
The scale of the COVID-19 outbreak demonstrates that we are not prepared for large-scale pandemics. So, where are we today? On average, there are more than 1,000 new cases of COVID-19 every day with rapid exponential growth. The crisis has already shattered capital markets and the picture for economic growth in 2020 looks bleak. COVID-19 disrupted global supply chains and created poor trading conditions. SMEs are hardest hit in certain IsDB member countries and will deteriorate further. As a result, the world is set to lose 25 million jobs according to many studies.
The number of IsDB member countries affected by COVID-19 has reached 45 out of 57, with total confirmed cases reaching 27,579 people, 1,691 of whom have died as of 22 March 2020. As of today, we have received requests for financial support from more than 20 member countries.
Joint Action Needed
IsDB's immediate response and call for joint action in order to support the MCs at different stages of the recovery trajectory has resulted in a comprehensive integrated response package worth up to $2 Billion. We call this package "The 3 Rs" (Respond, Restore, and Restart):
• Respond: This track delivers immediate action through South-South and North-South reverse linkage operations focused on a) strengthening health systems to provide care to the infected; b) building capacity in production of testing kits and vaccines; and c) building Pandemic Preparedness capacity, in cooperation with G20 Global Initiative;
• Restore: This track delivers medium term action through lines of financing for trade and SMEs to sustain activity in core strategic value chains, and to ensure continuity of the necessary supplies mainly to the health and food sectors, and for other essential commodities.
• Restart: This track delivers long-term action to build resilient economies on solid foundations and catalyze private investment by supporting economic recovery and countercyclical spending with a targeted $10 billion that aims to unlock $1 trillion worth of investments.
We will deliver "The 3 Rs package" through a unified country platform, in line with G20 principles. This will ensure coherence and coordination among key stakeholders. To that effect, IsDB will launch a joint global platform in May 2020 to track delivery within all country platforms and to mobilize resources. It will be available to partner MDBs.
IsDB will partner with many implementing agencies through the country platforms, including but not limited to: WHO and other UN Agencies, Philanthropy and international NGOs, OIC and other regional Agencies, as well as private contractors and suppliers.
As the current chair of the Heads of MDBs meetings in 2020, I am honored to highlight the ongoing joint COVID-19 Response Initiative led by IMF and WB with an anticipated package of $120 billion.
Can This be a Chance to do Development Differently?
I believe this is an opportunity to shift towards actively shaping and creating markets that deliver sustainable and inclusive growth, rather than continue limiting our role at the government and international community level to reacting to market failures.
We can proactively invest in creating and strengthening institutions that prevent crisis. We can coordinate research and development activities steering them towards public good. We can forge Public-Private-Philanthropy-People-Partnerships to ensure both citizens and economies are going to benefit.
We can learn from the lessons of the 2008 crisis by resisting to simply hand out unconditional bailouts rather than structuring them to Restart into a new economy — one that is focused on a 4.0 framework of growth — that is building capacity around the 4th generation of industrialization that uses technology to prevent global value chains disruption under such pandemics, while maintaining zero environmental footprint.
The COVID-19 storm will pass but the choices we make today will change our lives for decades to come. We call on world leaders to support all efforts in this direction and re-evaluate what threats deserve more of our individual and collective action. Let us not waste this opportunity to reflect and do development differently.
— Dr. Bandar Hajjar is the President of the Islamic Development Bank Group


Clic here to read the story from its source.