https://www.thedailystar.net/business/news/unprecedented-bailout-package-the-way-1885042

I found the above article in a paper from April 14. According to this article there is an unprecedented bailout package on the way for the citizens in Bangladesh. The package is currently under planning so it is not in effect yet. The government of Bangladesh is planning this rescue package to bail out the low-income group of the society, and the businesses and industries of whom are most suffering from the consequences of the covid-19 pandemic. Certain food items such rice and some essential items would be available at discounted prices and loans would carry no interest and the repayment period would be extended during this difficult time. Furthermore, the government would pay the salaries and wages if factories are shut down because of covid-19. Bangladesh is looking to secure funds to implement the bailout plan from institutions as the International Monetary Fund or the World Bank. Furthermore, the Asian Development Bank has announced a $6.5 billion initial package to help developing countries in Asia and would provide $500 million to Bangladesh in order to help the country improve its health system and assist the vulnerable groups.

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One of the central themes/questions in the first weeks of this course is whether the state of the world is getting or better or worse. As you know, I tended to put myself into the camp of the global optimists. But COVID-19 has sent use a clear message. See today’s NYT article.

Millions Had Risen Out of Poverty. Coronavirus Is Pulling Them Back https://www.nytimes.com/2020/04/30/world/asia/coronavirus-poverty-unemployment.html

Experts say that for the first time since 1998, global poverty will increase. At least a half a billion people could slip into destitution by the end of the year.

In the wake of COVID-19 and the economic shockwaves it has sent throughout the world, Italy has released a series of fiscal relief packages to sustain its economy.

The first emergency decree, titled Cura Italia (“Heal Italy”), focused on national healthcare and welfare. Cura Italia injected €1.15 billion into the Italian health system, and €1.15 billion into Italy’s civil protection agency, which is responsible for organizing the country’s pandemic response.  Under Cura Italia, the self-employed will receive a one-time payment of €500.  Italians who remain in work through the crisis and families with children at home will also receive a stimulus, amounts of which ill vary. This decree also placed a moratorium on mortgage and loan payments.

The second stimulus was aimed at supporting businesses.  Prime Minister Giuseppe Conte announced the €435 billion plan in early April.  Nearly half of these funds will guarantee liquidity to firms.  Italy’s government will guarantee loans to businesses with up to 499 employees, covering 90% or 100% of debt (which will be determined on a case-by-case basis).  Larger businesses will receive relief based on their number of employees and annual revenue, with 70% of debt being covered for the largest of firms.

To prevent foreign acquisitions, the decree also extends the “Golden power” (government power to steer sectors such as defense and national security) to a host of sectors, including food production, communications, energy, and more.  The stimulus also earmarked €217 billion to support foreign trade.

The estimated economic loss for Italy is €80 billion; a harsh reality for the second most indebted EU member state (second only to Greece).

An article on Cura Italia can be found here.

When looking at recent announcements for the COVID-19 bailout packages, the United Kingdom has provided a bold package of policies to promote economic growth. The British Government has offered to pay 80% of wages up to £2,500 in order to incentivize employers to keep workers employed and prevent layoffs. This has also been extended to include self-employed workers with a similar 80% of average wages over the last 3 years up to £2,500. The inclusion of self-employed workers is likely to support 3.8 million people in the UK during this crisis. These are bold steps by the British Government to keep individuals employed and making a living wage. While costly, these policies are being implemented to maintain the British economy in the short-term and keep unemployment low during this period of social distancing.

Beyond salary guarantees, the government is also providing £330 billion in preferential loans for businesses as well as abolishing taxes on commercial premises in the retail, hospitality and leisure industries. The government will all be providing grants for small businesses in order to help them remain in business during this period. I think these policies to support both employees and employers will help support people through this period and keep business ready to restart once we have beaten this virus.

An article by The Guardian can be found here.

Certainly not a good time for the idea/philosophy of globalization and cosmopolitan.

But I continue to wonder what will be the results of the inevtable closer connection due to online communications,  cheaper travel, increases in study abroad. On a practical level, I see that the children of my friends are choosing “foreign” partners they met while travelling studying or online much more than my generation.

Good morning / Buenos dias / Bon dia / Jo Napot..

Who knew there was an International Day of Multilingualism?

Here are some resources in case you want to celebrate with your children while in isolation. (No endorsement of products implied!)

Wiley Multilingual Resources

Whether we like it or not, Covid-19 gives us an amazing opportunity for comparative analysis. A global pandemic in which we can compare many countries’ responses.

I propose we focus on comparing the bailout/rescue packages that each country offers to companies, workers and the public. See for example:

Covid-19’s Economic Pain Is Universal. But Relief? Depends on Where You Live.  https://www.nytimes.com/2020/03/23/world/europe/coronavirus-economic-relief-wages.html

In our class on India, I mentioned the film Chak De India. Here is one of the key scenes, where the new [male] coach of the India national women’s hockey team seeks to build the notion of a united Indian identity.  Make sure you have subtitles on!

It’s a good film for those days you are stuck inside. It stars the great Shah Rukh Khan.  Available as part of Amazon Prime.

While we will be talking about next super power, I started thinking if India or China will ever be a super power or would you want one of these countries to be a super power and take the charge?

It takes me back to the streets of New Delhi to the Lok Sabha (parliament) and reminds me of most parliamentarians who shy aways to condemn rape but instead starts policing that girls should be limited to house, atleast after dark. Indian Prime Minister Narendra Modi’s many friends and his party politicians are accused of rape, assault and murders. On the other side, his far right party has killed millions of Muslims both in Indian occupied Kashmir and other parts of the country such as Gujrat riots.

Let’s talk about China, and we can’t ignore the very revolutionary Mao who shaped guerrilla warfare and have been widely followed by the world for his leadership but how about his ruthless killings of protestors in just a blink of an eye and his totalitarianism and authoritarian nature. We have often heard that with great powers comes the great responsibility but have we ever seen an element of empathies in the widely celebrated leaders or in their successors. These both countries also shares insecure borders unlike States and speaking out my heart, I would still like west to be in charge of world and knowing that not every nation is perfect but west is lesser evil in my opinion.

On a slighter note, finally the Nirbhaya’s gang rape attackers found guilty and hanged yesterday  in Delhi (December 16 2012: 23-year-old physiotherapy student Nirbhaya is brutally gang raped on a bus in New Delhi. She is left in a critical condition. December 29: Nirbhaya dies in a Singapore hospital after suffering serious injuries)

Smile? The Results From the 2020 World Happiness Report Are In  https://www.nytimes.com/2020/03/20/world/europe/world-happiness-report.html

Here is something worth thinking about. What would make the USA the happiest country on earth?