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Indonesia announces Rp 405 trillion COVID-19 budget, anticipates 5% deficit in historic move

first_imgIndonesia will issue a government regulation in lieu of law (Perppu) that will boost state spending by up to Rp 405.1 trillion (US$24.6 billion) as the budget deficit is anticipated to widen to 5.07 percent of GDP in the nation’s fight against COVID-19.President Joko “Jokowi” Widodo said Tuesday the Perppu would serve as a foundation for the government and banking and financial authorities to carry out “extraordinary measures to ensure the people’s health, safeguard the national economy and financial system stability”.Of the extra spending, the government will allocate Rp 75 trillion for healthcare spending, Rp 110 trillion for social protection and Rp 70.1 trillion for tax incentives and credit for enterprises. The biggest chunk, Rp 150 trillion, will be set aside for economic recovery programs including credit restructuring and financing for small and medium businesses. Jokowi will need approval from the House of Representatives to pass the Perppu. Indonesia’s 2020 state budget originally planned for Rp 2.54 quadrillion in state expenditure with a budget deficit of 1.76 percent of GDP, equal to Rp 307.2 trillion.“The House is ready to support mitigation measures needed by the government through the state budget and [we will support] a government regulation in lieu of law [Perppu] to improve fiscal resilience,” said House Speaker Puan Maharani during the House’s plenary meeting in Jakarta on Monday.Center of Reform on Economics (Core) Indonesia research director Piter Abdullah described the decision to increase spending and the state budget deficit limit as a “brave step that should be appreciated”.“We need a wider deficit to increase healthcare services and contain the COVID-19 pandemic, channel safety net assistance to those who are affected, as well as for stimulus for the business sector to speed up economic recovery,” Piter told The Jakarta Post.“The amount is enough although it is small relative to the stimulus and safety net measures of other countries. But this is a much-needed brave breakthrough amid the COVID-19 outbreak.”The World Bank has estimated that more than 11 million people could fall into poverty in East Asian-Pacific countries. The financial shock of the pandemic will have a serious impact on poverty, defined as a situation where an individual earns less than $5.5 a day, the bank said.In Indonesia, only one in five people is economically secure, according to the World Bank report Aspiring Indonesia. Around 24.8 million Indonesians live on under US$1 a day — 9.22 percent of the population — and more than 60 million are vulnerable to falling into poverty.“Lockdowns will inflict significant economic pain on those least able to take care of themselves,” World Bank East Asia Pacific chief economist Aaditya Mattoo told the media in telebriefing on Tuesday. “The [government’s] priority has to be to find a way to soften the pain both for households and informal workers.”Mattoo said the pandemic required drastic action, such as strong social distancing and travel restrictions, adding that the government had to provide compensation for informal-sector workers, such as by devising new sick pay arrangements.“It serves a double benefit: They soften the pain while they also encourage workers to stay at home,” he added.The government, he went on to say, must try and think of ways to provide credit liquidity transfers to firms and exempt them from tax payments.“If the firms go bankrupt, this can be durably destructive,” Mattoo said. “These are the complementary economic measures, that in the short run, when people can neither work nor consume as freely as they would have, are absolutely essential to minimize the economic pain and prevent short-term economic shocks.”Topics : “I have just signed a Perppu on state finance policy and financial system stability,” Jokowi said in a telebriefing. “We will issue the Perppu to anticipate the possibility of a state budget deficit that is estimated to reach 5.07 percent.”The relaxation of the state budget deficit limit from the current legal limit of 3 percent of gross domestic product (GDP) will apply for three years until 2022. “Afterwards, we will return to imposing fiscal discipline of below 3 percent of GDP starting 2023,” he added.Indonesia’s fiscal discipline has been lauded, as the country has never exceeded its self-imposed state budget deficit limit of 3 percent of GDP introduced after the 1998 Asian financial crisis. The move to widen the state budget deficit, the first time in history, comes as Indonesia declared a public health emergency that involves imposing large-scale social restrictions as stipulated in the Health Quarantine Law.COVID-19 cases in Indonesia reached 1,528 on Tuesday with 136 deaths, just a month after the nation declared it had zero cases.last_img read more

Inter won’t give up on Messi

first_img Inter could have their say and tempt the player with the new tax regime for newly resident workers in Italy, a regulation that has been tipped to make Serie A clubs extremely competitive in the upcoming transfer market. La Gazzetta dello Sport says the reduced tax could be convenient for Inter in the negotiations and added that Zhang has started searching for sponsors in China to help fund a move for the Barcelona captain. FacebookTwitterWhatsAppEmail分享 Inter are not giving up on Barcelona captain Lionel Messi, as President Steven Zhang studies the costs and looks for sponsors in China to help fund the move. The newspaper highlighted reports regarding Manchester City’s position in the race for the Argentine talisman, who has asked to leave Barcelona this summer. read also:Neymar calls Messi over Paris Saint-Germain switchAdvertisement Promoted ContentWhat Is A Black Hole And Is It Dangerous For Us All?9 Iconic Roles That Could Have Been Played By Different Actors15 Celebs You Probably Didn’t Expect To Be CheerleadersThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreThe Most Exciting Cities In The World To VisitWhy Do So Many Digital Assistants Have Feminine Names & Voices?9 Actors Who Stay Famous For That One Movie They Did 10 Years AgoWhy Go Veg? 7 Reasons To Do ThisWho’s The Best Car Manufacturer Of All Time?7 Black Hole Facts That Will Change Your View Of The UniverseBest & Worst Celebrity Endorsed Games Ever MadeBirds Enjoy Living In A Gallery Space Created For Themcenter_img Loading… last_img read more

300 Raceway fine tuning for June 3 opener

first_img300 Raceway gets its name from geography – it’s located off U.S. Highway 20 at Exit 300 – and the Simon family’s background in tractor pulling.  Friday’s test and tune runs from 6:30-9:30 p.m. The traditional standard for a full pull was 300 feet. One of the biggest tractor pull events in the state will be held at the raceway in mid-August. “We have a test and tune this Friday. We’ve already gotten a lot of good feedback from drivers and we’re really stoked about this season,” Simon continued. “We’ve looked forward to being able to open the grandstands and have made a lot of changes to the track (from regrading to making entries and exits more driver-friendly). It’s going to be racy from top to bottom.” The evening’s program will be held in honor of the late Randy Mackey, a long-time track employee at Farley. Gates open at 5 p.m. and racing follows 6:30 p.m. hot laps. All four IMCA divisions also run Wednesdays June 10 and 24 and Aug. 12 and 26. The Sept. 3-5 Yankee Dirt Track Classic features the Modifieds, Stocks and SportMods while Modifieds and SportMods run July 13.center_img 300 Raceway is part of IMCA’s Side Biter Chassis North Central Region for Modifieds and EQ Cylinder Heads Northern Region for Stock Cars. FARLEY, Iowa – With one practice session left for fine-tuning, promoter R.J. Simon had a promise for IMCA drivers looking forward to opening night next Wednesday at 300 Raceway. “I raced a Late Model one season and respect everyone who races. I understand the struggles,” commented Simon. “What I like best about sanctioning is the rules and the help we get from IMCA in enforcing them. The rules are right there in black and white.”  “It’s going to be one of the fastest tracks you’ve seen at Farley,” he predicted, with IMCA Modifieds, IMCA Sunoco Late Models, IMCA Sunoco Stock Cars and Karl Kustoms Northern SportMods all on the June 3 card. last_img read more

O’Neill impressed by enthusiasm for soccer in Tipp

first_imgHe’s in the county this week for the FAI’s Festival of Football.The event will reach a climax tomorrow when the association’s AGM is held in Clonmel.Martin says he’s really impressed by what’s going on at grass-roots level in Tipp.last_img

Nelson’s Isaac MacLeod stuck in a time warp — forced to play NHL waiting game

first_imgHe then played two seasons in Penticton in the BC Hockey League before getting a scholarship with Boston College.During his senior season at Boston College, MacLeod served as an assistant captain while playing all 40 games for the Eagles.He tallied 11 assists with four of the points coming 20 Hockey East contests, finished with a plus-8 rating and set Patrick Brown up with the game-winning goal to help Boston College clinch its fifth-consecutive Beanpot title.Off the ice, MacLeod won the William J. Flynn Coaches Award captured the Academic Excellence Award as the senior with the highest grade point average.“My four years at BC (Boston College) was an amazing experience for me,” MacLeod explained.“I grew and learned so much in many different aspects of life from hockey to academics and everything in between. BC and the people I met there have had a tremendous impact on me and have helped shape who I will become moving forward.”“It’s weird to think that I’ve graduated and won’t be back there in the fall wearing the Maroon and Gold again,” he added.“It was an experience I’ll always treasure and am very proud to call myself an Eagle.”After spending some time in Nelson, the youngest of Deborah and Allan MacLeod’s three children trekked to the Alberta Capitol to work on a golf-course, train, try to gain some weight, and, for the most part, work on the golf game.MacLeod has been also able to train with the Correale cousins, Nic, Dan and (former Nelson Leaf) Gus, the latter two relations who attend NCAA schools.And, of course, wait after seeing the depth the Sharks have on defence for the upcoming future.“I’ve talked to my agent a couple times and he basically just tells me it’s a process,” said MacLeod, part of the Nelson Leafs KIJHL title winning squad in 2009.“He’s in contact with teams at different levels trying to find a spot where I’m wanted and will be able to succeed. I just have to be focused on working out hard and gaining weight.”Despite the wait, MacLeod is confident his credentials will have the former Nelson Leaf rearguard manning the blueline somewhere in 2014-15.“I’m confident I’ll have somewhere to play next year, I’m not sure where it’ll be or what league but I’ll be playing (somewhere) even if it’s on Tuesday nights in Nelson,” MacLeod says jokingly.“Best case scenario would be attending an NHL camp but I just want to be in a situation that I have a chance to improve and am given an opportunity to perform and play.” Like many college or university graduates Isaac Macleod has been busy scanning the employment pages looking for a place to hang his hat.Having recently graduated from Boston College with business degree from the Carroll School of Management with a concentration in Economics, the Nelson native is hungry to gain meaningful employment.However, Macleod has been pigeonholed into a strange category when it comes to finding a new job and can’t even speak to prospective employers until mid-August when the Nelson native becomes a free agent.Oh, I guess we forgot to explain that along with his Carroll School of Managementbusiness degree, MacLeod is a graduate of the Boston College Eagles Men’s Hockey team and should be a lock to be playing hockey somewhere next season.“It’s definitely been a process moving forward,” Macleod, the 136th overall selection — fifth round — of the San Jose Sharks in the 2010 NHL draft.“I have to be patient and basically just do what I can to prepare for next season wherever that may be.”MacLeod’s wait is all because of a rule in the NHL Collective Bargaining Agreement that states an NHL club retains the rights of the player for exclusive negotiation through August 15 following the graduation of his college class provided he remains a college student through at least the start of his senior season.Meaning while Boston College teammate Thatcher Demko was attending the Canucks prospects camp in Vancouver earlier this summer after being drafted in the second-round of the 2014 NHL draft at No. 36, MacLeod is on the outside looking in as he trains vigorously in Edmonton with his cousins.“It’s extremely hard not knowing where I’ll be playing or what league or anything but I’ve just been training and working and trying to prepare for wherever I do end up next year,” the 6’5”, 212 pound mobile rearguard explained from Edmonton.“Hopefully someone will give me an opportunity so I can keep playing the game.”“I was very happy for Demmer to get drafted, especially to an organization like the Canucks,” added MacLeod, finishing his college career with two goals for 27 points in 142 games and a NCAA Championship in 2012.“(I have to admit) I was a bit bummed out about not going to any development camps but that’s the way she goes. It’s a great experience going to camps like that because there are so many coaches and players that can help teach you things to improve your game.”MacLeod played minor hockey in Nelson before joining the Nelson Leafs of the KIJHL.last_img read more

BLINGISMYTHING, QUEEN OF THE SAND, FANTICOLA, THREE HEARTS, & GRADE I WINNER HARD NOT TO LIKE ALL PROMINENT AMONG DEEP & COMPETITIVE FIELD OF 10 FILLIES & MARES IN MONDAY’S GRADE I, $300,000 GAMELY STAKES AT 1 1/8 MILES ON TURF

first_imgHIGHLY REGARDED FRENCH-BRED DANZA CAVALLO ONE OF TWO SHIPPING IN FROM KEENELAND ARCADIA, Calif. (May 22, 2015)–Monday’s Memorial Day headliner, the Grade I, $300,000 Gamely Stakes at 1 1/8 miles on turf, has attracted a talent laden cast of 10 fillies and mares including recent local graded stakes winners Blingismything and Queen of The Sand, along with a pair of invaders from Kentucky–Grade I stakes winner Hard Not to Like and graded stakes placed Danza Cavallo.Trained by Eric Kruljac, Blingismything stalked the pace and was up to win the Grade III, one mile turf Wilshire Stakes by a nose on April 26 and will try 1 1/8 miles for the second time in her career on Monday. A close seventh, beaten just two lengths in her only other try at the distance–the Grade III Robert J. Frankel Stakes five starts back on Dec. 27, Blingismything has been a gem of consistency, with her only out of the money performance in 10 races coming in the Frankel.A 5-year-old Kentucky-bred mare by Arch, Blingismything is owned by Class Racing Stable and retains the services of leading rider Tyler Baze. With an overall mark of 10-4-2-3, she has earnings of $246,330.Like Blingismything, trainer Paddy Gallagher’s Irish-bred Queen of The Sand exits a nose victory last time out, in her case, the Grade III, 1 ¼ miles turf Santa Barbara Handicap on April 18. Next-to-last in the early going, the 5-year-old mare rallied late, overcoming traffic trouble, to just prevail over Fanticola, who’ll she’ll again face in the Gamely.Owned by Derrick Fisher, Queen of The Sand will make only her third start of the year and sports an overall mark of 23-8-2-3, with earnings of $343,920. Although winless in three tries at 1 1/8 miles, she has three wins from four tries at a flat mile on turf and will be ridden back by Drayden Van Dyke.Trainer Phil D’Amato’s Fanticola, who just missed a gate to wire win over Queen of The Sand in the Santa Barbara on April 18, will likely show plenty of speed again when shortening up a furlong in the Gamely. A winner of the one mile turf Megahertz Stakes three starts back on Jan. 17, the 5-year-old Ontario Canadian-bred mare has been no worse than third in her last five starts. Owned by Anthony Fanticola and Joseph Scardino, Fanticola, who has never run at the Gamely distance, is 15-4-4-6 overall, with earnings of $288,300.Third, beaten 1 ¼ lengths by Queen of The Sand in the Santa Barbara, Team Valor International’s Three Hearts was perhaps unlucky in defeat, as she lacked room at the rail from the quarter pole to the furlong marker at odds of 5-2. Conditioned by Neil Drysdale, the 5-year-old Hat Trick mare is 6-1-2-2 at the Gamely distance and is 17-3-4-5 overall with earnings of $262,249. Ridden by Tyler Baze in her last three starts, she switches to Gary Stevens on Monday.Trainer Christophe Clement’s Hard Not to Like, who caught a yielding turf when running third in the Grade I, 1 1/16 miles Jenny Wiley Stakes at Keeneland April 11, brings a solid resume, that includes a Grade I win in last year’s Wiley, to Monday’s Gamely.  Hard Not to Like finished first in the Grade III, 1 1/16 miles turf Endeavour Stakes at Tampa Bay Downs Jan. 31, but was disqualified to second. The 6-year-old Ontario Canadian-bred mare by Hard Spun is 18-6-3-2 overall with earnings of $781,671. She’s owned by Speedway Stable, LLC.French-bred Danza Cavallo rallied from far off the pace to take her second stateside start, a third condition allowance at 1 1/16 miles on turf April 17 at Keeneland. Second, beaten a neck in her U.S. debut, the Grade III, 1 ½ miles turf Long Island Handicap Nov. 8, Danza Cavallo has been favored in both of her U.S. starts. Conditioned by Chad Brown and owned by Sheep Pond Partners and Dubb, the 4-year-old filly by Sunday Break will be piloted for the third consecutive start by Irad Ortiz, Jr. She is 13-4-4-2, with earnings of $189,868.With all horse assigned 119 pounds, here is the Grade I Gamely Stakes, to be run as the eighth race on a nine-race card Monday, with jockeys in post position order: Moulin de Mougin, Mike Smith; Three Hearts, Gary Stevens; Blingismything, Tyler Baze; Fanticola, Joe Talamo; Smoove It, Mario Gutierrez; Generosidade, Tiago Pereira; Elektrum, Flavien Prat; Danza Cavallo, Irad Ortiz, Jr.; Hard Not to Like, Victor Espinoza, and Queen of The Sand, Drayden Van Dyke.                First post time on Monday is at 12:30 p.m. Admission gates open at 10:30 a.m.last_img read more