World Economy Needs Smart Fiscal Policies

first_imgFiscal policies can help support job creation, though designing the right policies will depend on conditions in individual countries.Job creation sits atop the policy agenda globally. High and persistent levels of unemployment call for a broad policy response, generally encompassing structural reform and other economic policies. While fiscal policy cannot substitute for comprehensive reforms, it can support job creation in a number of ways, according to the IMF’s latest fiscal monitor.According to the International Labor Organization (ILO), global unemployment exceeds 200 million people, and an additional 13 million people are expected to be unemployed by 2018. In order to address the high and persistent levels of unemployment, the IMF is calling for a multipronged policy response, where fiscal policy works in tandem with broader structural reform efforts to support job creation.“Under certain conditions, the fiscal decisions taken by countries can help promote labor market reforms,” said Vitor Gaspar, Director of the IMF’s Fiscal Affairs Department. “Labor market reforms can have sizeable costs. A higher deficit or slower pace of deficit reduction can absorb these costs and offset the adverse short-term impact of reforms on output and employment. It can also facilitate political consensus on reform, for instance, by compensating groups that may be adversely affected by the change. Smart fiscal policy also values public investment.”Policymakers can use targeted measures—cuts in employers’ social contributions or reform of pension systems—as part of an arsenal of policies designed to help fix some of the current weaknesses in labor markets, such as high youth unemployment and low participation in the labor force by women and older workers. Measures targeted to specific labor market trouble spots are more cost effective than blanket ones.The IMF Fiscal Monitor is published twice a year to track public finance developments around the world.Advanced Economies’ Efforts on TrackIn advanced economies, a slowing pace of deficit reduction should provide support to economic activity. Fiscal efforts over the past five years in many of these countries have helped to stabilize debt-to-GDP ratios, though the average debt-to-GDP ratio across all advanced economies is expected to exceed 100 percent of GDP at the end of the decade. Hesitant recovery and risks of low inflation and reform fatigue call for fiscal policies that carefully balance support for growth and job creation with fiscal sustainability.With continued uncertainties regarding the strength of the recovery, fiscal policies now often include measures aimed at increasing competitiveness, employment, and long-term growth. The challenge, according the Fiscal Monitor, is how to absorb the costs associated with these measures in such a way so as to keep overall budget deficit in check. This could be achieved by cutting spending in other areas or shifting to other forms of taxation.Emerging markets on guardAlthough budget deficits and debt ratios remain moderate on average, fiscal positions and risks vary widely across emerging market and middle-income economies. While immediate pressures on public finances have eased, the IMF sees lower potential growth, prospects of tighter financing conditions, and rising contingent liabilities as looming risks.In emerging market and middle-income economies, debt ratios and deficits remain generally moderate, although on average above pre-crisis levels. The prospect of increasing risks calls for rebuilding the policy room for maneuver that was used during the last few years.Geopolitical conflicts in Ukraine and the Middle East could also raise fiscal risks, but the report acknowledges these are difficult to measure at this point in time.Developing countries on uneven groundAs for low-income developing countries, with a few exceptions, immediate fiscal risks are generally moderate. A key policy challenge in low-income developing countries is to scale up the provision of social public services and growth-enhancing infrastructure, health, and education.Looking forward, efforts should focus on improving fiscal outcomes through revenue mobilization, budget prioritization, and greater efficiency of public spending. Another important policy challenge is strengthening fiscal governance, especially for the growing number of low-income developing countries that are gaining access to global financial markets.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Labourer fine for unlawful possession of ladies clothing

first_imgThirty-year-old Lennox Shawh has been fined $30,000 with an alternative of 12 months’ imprisonment after he was found to be in possession of a number of dresses and ladies handbags which were suspected to have been stolen.Appearing on Tueday before Georgetown Magistrate Dylan Bess, Shaw pleaded guilty to a charge alleging that on September 9, at Bourda Street in Georgetown, he was found in unlawful possession of the items for which he was charged.Asked how he had come into possession of the items, Shaw told the Magistrate he had found them at the corner of Regent and Camp Streets, Georgetown, and that nobody had claimed the items.Magistrate Bess was inclined to enter a not-guilty plea on Shaw’s behalf, but Shaw insisted on pleading guilty to the charge.Facts presented to the court indicated that, on the day in question, a Police constable on patrol duty heard the sound of dogs barking, and upon investigating, saw the defendant jumping a fence with a number of dresses and ladies handbags in his hands.The Policeman approached the defendant, identified himself, and enquired how he had come by the items; but he could give no answer. Thus Shaw was arrested and subsequently charged.last_img read more

Communities Minister blamed for low voter turnout

first_img…GECOM says more rigid voter education initiative neededChief Elections Officer (CEO) Keith Lowenfield on Friday said that the Communities Ministry must take the blame for the low voters turn out at the recently concluded Local Government Elections. Lowenfield at a press briefing said that Communities Ministry shares responsibility for voter education. His comments came minutes after the Guyana Elections Commission announced that the LGE 2018 save a 36 per cent voters turn out.Besides the Ministry, Lowenfield said the political parties and candidates had a role to play in making sure that the voters were properly educated on the elections.“The constitution says we are responsible for the conduct of elections,” he said. “There is another department of government that is responsible for local government administration. And I think the education starts there, no doubt an all-round year process to keep the electorate offay with what is local government andCommunities Minister Ronald Bulkanwhat it offers,” he said.Meanwhile, also on Friday, during a joint press conference hosted by APNU and AFC components of the Government, both factions defended Communities Minister Ronald Bulkan.The Government officials lashed back at GECOM claiming that the low turnout at the polls was as a result of LGE not being held in years under the previous administration.Saying that Government is cognisant of the low voter turnout at the recent polls this year, Social Protection Minister Amna Ally explained that the administration is now seeking to re-educate citizens on the process, as they were not part of LGE for 22 years.“This coalition Government reintroduced it (LGE) in 2016.The people of this country have not yet grown accustomed to Local Government Elections.It is a hard task for us, because it’s not…it’s a long time, 22 years versus three years to break in to the electorate (the fact) that this local democracy will benefit them,” Ally stated.Ally further argued that no blame should be cast on Minister Bulkhan, as the Government “did what they had to do” in regard to voter education across Guyana.According to her, the Minister did not need to go to the various Local Authority Areas (LAAs), as a number of persons were trained to spread the message on LGE.Infrastructure Minister David Patterson also defended his colleague by saying that voters’ education was an “ongoing process”.He added that voters’ education is not the responsibility of one ministry.The last LGE was held in 2016, when a 47 per cent voter turnout was recorded. This year’s LGE saw a mere 36 per cent documented attendance.last_img read more

BC Coroners Service reports decrease in drug-related deaths so far in 2019

first_imgMore information on the latest drug-related death reports can be found on the Province’s website. VICTORIA, B.C. – The B.C. Coroners Service has released its latest reports on illicit drug toxicity deaths and fentanyl-detected drug deaths.The reports are up-to-date until May 31 and show the number of deaths from across the province that is related to illicit drugs.According to the Coroners Service, within the first five months of 2019, the number of drug-related deaths is down when compared to last year’s numbers.- Advertisement -While the number of deaths is down from last year, overall, provincially, there have been 462 illicit drug toxicity deaths within the first five months of 2019. In 2018, there were 651 deaths.In Northeast B.C., for illicit drug-related deaths, there have been only seven reported so far this year, while last year saw 24.When it comes to fentanyl-detected drug deaths in the Northeast, this year’s number is down to 6 when compared to 21 a year ago.Advertisementlast_img read more

ANGELS NOTEBOOK Colon is sidelined, so Santana starts

first_imgBy Ben Villa STAFF WRITER While driving to the ballpark Tuesday afternoon, Manager Mike Scioscia thought he had a difficult decision to make. He was wrong. Ervin Santana, rather than Bartolo Colon, will start today’s series finale against the Tampa Bay Devil Rays. Colon has a minor back ailment and cannot pitch. Escobar works things out Right-hander Kelvim Escobar is having a career year with the Angels, so much so that many people felt he should have been an All-Star and there was even talk about him being a Cy Young Award candidate. But lately, he’s been anything but a standout. In his last four starts, Escobar has given up five or more runs three times and his ERA in September, is an alarming 10.19. The Angels scored 10 runs in Monday’s victory over Tampa Bay, but Escobar couldn’t make it out of the fifth inning. Escobar (17-7) allowed six runs and eight hits in only four innings and did not receive a decision. Escobar said that while he might be a little tired from the long season, his problems aren’t physical. “There’s no issue with my health, it’s just my mechanics are off,” he said. “I have to find away to get my rhythm back and I’m going to talk things over with our pitching coach, Mike Butcher, and work it out. “I know that if we’re going to get to the World Series, I need to pitch well. The playoffs are right around the corner and I need to get ready for them.” Willits needs a breather For the second day in a row, Nathan Haynes started in center field instead of Reggie Willits and while he probably wouldn’t admit it, Scioscia said Willits could use a break. Willits has played the outfield almost every day since Vladimir Guerrero was diagnosed with an inflamed right triceps and Gary Matthews Jr. badly sprained his ankle Sept. 11. And while he’s batting .278 in his last 10 games, Scioscia said his legs could use a rest. “Reggie just needs a couple of days to recharge,” Scioscia said. “His legs are feeling much better.” This and that Garret Anderson’s third inning single was the 2,200 hit of his career. … Matthews took swings in the batting cage Tuesday for the first time since he sprained his right ankle. ben.villa@presstelegram.com160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Colon’s back stiffened up after his last start and although he threw his regular between-starts session on Monday, he isn’t sound enough to start today. “Bart’s back hasn’t recovered to the point where he can pitch, hopefully by next week,” Scioscia said. “After his last start, his back was a little stiff and we thought it was better to give him extra time to recover. “It’s nothing major, he just woke up with symptoms that any pitcher could get after they’ve thrown 100 pitches. It’s normal stiffness and it just needs to be worked out.” Colon is 6-7 with a 6.68 ERA and he’s been off and on the disabled list several times this year. Rarely has he shown the form that won him the 2005 Cy Young Award. As for Santana, he’s been a major disappointment this season. After winning 28 games in his first two years with the Angels, a lot was expected out of him, but he’s gone just 6-13 with a 5.82 ERA. last_img read more

Cristiano Ronaldo set to be available for Man United reunion despite red card

first_img BEST OF Top nine Premier League free transfers of the decade smart causal impact LATEST FOOTBALL NEWS Ronaldo left the pitch in tears after German referee Felix Brych decided to send him off in the Group H opener.Brych was alerted to the incident by one of the additional officials stationed behind the goal Juventus were attacking.Juventus coach Massimiliano Allegri felt the video assistant referee (VAR) technology could have helped. MONEY possible standings 2 RANKED Forbes list reveals how much Mayweather, Ronaldo and Messi earned this decade England’s most successful clubs of the past decade, according to trophies won VAR was used largely successfully at this summer’s World Cup but is not yet in use in the Champions League.“Going down to 10 men in the Champions League for an incident like that is disappointing,” Allegri said.“We risked losing tonight with this and we’ll miss him for the next games too.”Two penalties from Miralem Pjanic gave Juventus the victory in Valencia. Ronaldo left the field in tears How the Premier League table could change after the Boxing Day fixtures REVEALED Every Championship club’s best signing of the decade, including Taarabt and Dack Every time Ally McCoist lost it on air in 2019, including funny XI reactions Cristiano Ronaldo is not expected to miss his Manchester United reunion at Old Trafford after being sent off against Valencia in the Champions League on Wednesday night.The Juventus forward has received an automatic one-match suspension after appearing to put his hand on the head of defender Jeison Murillo, ruling him out for the home tie against Young Boys on October 2. silverware The Portuguese forward was inconsolable Which teams do the best on Boxing Day in the Premier League era? Every current Premier League club’s best kit from the past decade 2 But it is understood his ban will not be extended and the ex-United star will be free to return to Old Trafford and face his former club on October 23.UEFA’s control, ethics and disciplinary body (UCED) has announced it will look at the red card when it convenes on September 27.However UCED is unlikely to extend the ban as it is not going to be looking at any dissent in this case, or the manner in which Ronaldo left the field. These can be aggravating factors when ban extensions are being considered.last_img read more

Road closed after serious incident in Letterkenny overnight

first_imgLetterkenny’s Port Road has been closed to traffic following an overnight incident in which it is believed a person was seriously hurt.Gardai have sealed off the Port Roundabout and are carrying out forensic examinations.Eye witnesses say there are blood stains at the scene and there are reports that one person has been taken to hospital. An area of footpath close to Port Roundabout has been covered in plastic bags.Gardai are remaining tight-lipped at this early stage of their investigations.A statement on the incident is expected later.Garda close off part of the Port Rd. on Sunday morning following an incident in Lettereknny on Saturday night near the Station Roundabout. Road closed after serious incident in Letterkenny overnight was last modified: November 6th, 2016 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Mbarara City duo of Mucurezi, Mbabazi crowned best of November

first_img Tags: livingston mbabazipaul mucureziStarTimes Uganda Premeir Leaguetop Mucurezi scored two goals in November (File Photo)LUGOGO – Mbarara City’s Livingstone Mbabazi and Paul Mucurezi have been named the Pilsner StarTimes Uganda Premier League Coach and Player of November respectively.The duo took home one million shillings each on top of a plaque.The event to award Ankole Lions’ duo, was held on Monday morning at Kati kati restaurant in Kampala.Paul Mucurezi beat KCCA’s defender Timothy Awany Player of the month accolade.The former KCCA player managed to score two vital goals against Villa and BUL FC.“Am honoured to be named the best in the month of November, said Mucurezi.“I would like to thank my fellow players and coach Mbabazi who has seen us through, I hope to win more.Mbabazi helped Mbarara City reach top of the league table in November for the first time in the club’s history.Currently, the Western based club is fifth on the table with 17 points from ten league games.Next for Mbarara is a league game against Tooro United on Tuesday at Kakyeka Stadium.Police FC’s forward Juma Balinya and Coach Abdullah Mubiru excused themselves from the contention because of their Islamic beliefs.It should be noted that Vipers’ Coach Javier Martinez Espinoza and Kirinya Jinja’s striker Joel Madondo were the winners in the month of October.Comments last_img read more

Joburg wows visiting journalists

first_img The delegation then went to Johannesburg to board a Rea Vaya bus for a tour of the city. The nine-day junket, called the South Africa Gearing for Growth Media Tour, is being led by the International Marketing Council of South Africa (IMC), the custodian of Brand South Africa. It kicked off on 28 November and will end on 5 December. The Gauteng excursion began on the morning of 29 November with a trip to the Competition Commission in Pretoria. Once there, the journalists were given an extensive presentation on how the organisation operates. Launched on 8 June 2010, the Gautrain is a state-of-the-art rapid rail network in Gauteng that will provide a link between Pretoria and Johannesburg and a link between OR Tambo International Airport and Sandton. The latter is currently operational, and the Pretoria link will come on stream soon. Rea Vaya is the name of Gauteng’s Bus Rapid Transport system, which is aimed at making transport in the city more reliable, convenient and affordable. Buses run along dedicated routes to ensure a speedy service. The enclosed stations along the route are spacious and welcoming. The journalists are from Brazil, the Netherlands, UK, China, Kenya, Egypt, Nigeria and Russia. “I am pleased to officially welcome you to our beautiful country, South Africa, which is alive with possibilities,” she said. Warm South African welcome Deputy Minister in the Presidency Dina Pule welcomed the journalists to the country on the evening before the Gauteng leg of the tour. The group were shown where to enter the station, where to buy a ticket and where to board a train. They were also shown where they could report bad service by station personnel. The journalists dined at the chain’s head office in Bertrams – near the Johannesburg Stadium – where they met Nandos founder Robert Brozin. They were also taken through the brand’s quirky marketing campaign, which has become known for its unique social commentary and satire. Park Station has daily commuter rail services running west to Carletonville, Randfontein and Soweto; east to Springs, Nigel and Daveyton; north to Pretoria and south to Vereeniging. 1 December 2010 A group of international journalists recently visited Johannesburg as part of a media tour organised by the International Marketing Council of South Africa. The city’s public transport system, and some delicious local fare, were among the highlights of the tour. The Competition Commission is responsible for rooting out restrictive business practices in South Africa to ensure a healthy and efficient economy. First published by MediaClubSouthAfrica.com – get free high-resolution photos and professional feature articles from Brand South Africa’s media service. “We have brought you here to feel and experience what South Africa has to offer and to witness how we are gearing up for growth. We also want you to experience our diverse infrastructure and institutional excellence. Most importantly, we brought you to help us tell a uniquely South African story to the world.” “It is our hope that through this tour we can show why South Africa deserves to be rated among the world’s most dynamic emerging markets,” said Miller Matola, CEO of Brand South Africa. After the Rea Vaya tour, delegates were treated to lunch from South Africa’s most famous chicken outlet, Nandos. The system does not operate in a vacuum – it is a significant part of a city-wide plan to ensure a seamless public transport network combining regular buses, rail, taxis and private vehicles. The tour will also stop in Durban, KwaZulu-Natal province; Pilanesburg in North West; and Secunda in Mpumalanga. Stopping off at Park Station A tour of Johannesburg’s Park Station in the CBD was next on the itinerary. This station is a transport hub where trains, long-distance buses and taxis meet and depart. The station will soon accommodate the Gautrain as well. It is also the terminus of Shosholoza Meyl long-distance services to Cape Town, Durban, Port Elizabeth, East London, Bloemfontein via Kimberley, Komatipoort via Nelspruit and Musina via Polokwane. “It is our hope that at the end of the tour, the first-hand experience of our country will provide journalists with a seamless understanding of South Africa on the move.” Sights and sounds of Gauteng James Lawrence, a British freelance journalist, said: “Coming from the UK, one thing I have already fallen in love with is the weather. I also thought when people spoke about Soweto I would find run-down buildings with no amenities and poverty, but I was surprised to find a vibrant nucleus of life.” Travelling at a maximum speed of between 160 to 180km/h, it will take passengers from Pretoria to Johannesburg, or vice versa, in less than 40 minutes. One of the guests, Enoch Wambua, a sub-editor for a Sunday newspaper in Kenya, said: “It took us approximately 35 minutes to go from Johannesburg town, to Soccer City and back to town on the Rea Vaya. We were reassured of its convenience and efficiency.”last_img read more

Shoppers opt for less expensive gifts

first_img14 December 2011 South Africans have taken heed of a warning to tighten their belts, responding by opting for less expensive gifts this festive season.Shopping centres and malls across the country are buzzing with less than two weeks to go till Christmas, but it does not look as though 2011 will be a bumper year for retailers. Retail analysts have urged consumers not to be reckless with their money in order to avoid feeling the pinch come January. Nonetheless, it is expected that shoppers over-indulge at this time of the year, and retailers say they have seen a significant increase in sales in the past week. “We’ve had good sales,” said one shop owner. Another shop owner believed that people were “cautiously spending”. Sapalast_img read more