The World Bank (WB) warned today that the SARS-CoV-2 coronavirus crisis could push 60 million people around the world into extreme poverty, with hundreds of millions more losing their jobs in the face of the sharp economic downturn expected in 2020. According to the institution’s estimates, the global economy will collapse by about 5% this year.
The Latin American Development Bank – formerly known as the Andean Development Corporation, CAF – reported on Wednesday that it will grant a loan of up to $2.5 billion to its member countries to address the emergency generated by COVID-19. Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Costa Rica, Mexico, Uruguay, Paraguay, Panama, Peru, Dominican Republic, Trinidad and Tobago, Costa Rica and Venezuela are among the CAF partner countries, according to information published on the entity’s website. CAF had also approved a contingent credit line of up to $50 million per country to address the public health systems of Argentina, Ecuador, Panama, Paraguay, Peru, Trinidad and Tobago and Uruguay
Bolivia’s electoral tribunal said it had proposed new dates between June 7th and September 6th to the country’s legislative assembly for holding presidential elections that were delayed by a global coronavirus pandemic. The ballot initially meant to be held on May 3rd.
CAF, the Latin American development bank, has made available to its member countries a “fast-disbursing emergency credit line” of up to US$2.5 billion to take action against the coronavirus pandemic. It consists of a contingent credit line of up to $50 million per country, for direct public health care. Authorities also have non-reimbursable technical cooperation resources of up to $400,000 per country for initiatives related to coronavirus pandemic emergencies.
Crude oil prices plunged more than 20% in the first few days of trading on Monday after OPEC and Russia broke off negotiations to try to cut supply by 1.5 million barrels to contain the fall in prices due to the coronavirus. The price of Brent in Europe, as well as that of Texas in the United States, fell to around 35 dollars.
The Latin American Development Bank (CAF) announced Tuesday the approval of a $300 million credit to address the effects of the coronavirus in the region. The World Bank also announced today a $12 billion contingency fund to enable countries to take effective action to address COVID-19, with priority given to the most impoverished nations.
The soybean has been trading at $335 per ton, placed in Rosario (Argentina), but because of the coronavirus the international price has dropped between $5 and $7 per ton. China is the largest buyer of soybeans worldwide, with about 70%, but the appearance of the coronavirus has affected demand in this market.
Research conducted by DigiTimes Research estimates that shipments of Chinese-made laptops will fall between 29% and 36% worldwide during the first quarter of 2020 due to the outbreak of coronavirus and its effects on factories in the Asian giant.
The European Union (EU) on Monday donated EUR 27 million ($29.2 million) to Bolivia to strengthen the fight against drug trafficking and enhance water and sanitation in the country.
Brazil is studying the construction of a bi-national hydroelectric plant with Bolivia on the Mamoré river (northwest of the country) at a cost of $5 billion, said the Brazilian general director of Itaipu Binacional, general Joaquim Silva e Luna. In the next three years, Itaipú Binacional will have its debt settled for the construction of its plant, which will release about $2 billion annually, half for Paraguay and half for Brazil, which can count on this money to invest in the construction of the new power central, he said.