Left Menu
Development News Edition

Lives or the economy? Argentina's Fernandez says growth comes second amid virus spread

Reuters | Buenos Aires | Updated: 26-03-2020 23:31 IST | Created: 26-03-2020 22:40 IST
Lives or the economy? Argentina's Fernandez says growth comes second amid virus spread
Representative Image Image Credit: Wikipedia

Argentine President Alberto Fernandez said on Thursday that saving lives would take precedence over protecting the economy from the impact of coronavirus, which is likely to push the country deeper into recession this year.

The center-left Peronist had earlier joined a call of G20 leaders to discuss the global response to the pandemic which has led to the deaths of over 20,000 people worldwide and is now starting to spread around Latin America. "Faced with the dilemma of preserving the economy or life, we do not hesitate: we choose life," Fernandez said in a tweet after the video conference where he had called for a global humanitarian emergency fund to help tackle the pandemic.

Countries around the world are grappling with the dual health and economic crises that have been sparked by the spread of coronavirus, which emerged in China before hitting Europe and now the United States. U.S. President Donald Trump has said he wants the country's economy to reopen by Easter Sunday on April 12, despite the rapid spread of coronavirus in some U.S. states and a rising death toll.

In Brazil, President Jair Bolsonaro has aligned himself with Trump in prioritizing the economy over the shutdowns favored by public health experts - including his own health minister. According to a readout of his comments, Fernandez said on the call that the world needed "extraordinary" solutions to deal with the crisis including a fund helping countries "be better equipped with supplies to deal with the current context."

He added he welcomed the fact that global bodies like the World Bank and International Monetary Fund (IMF) - a major lender to Argentina - had recognized that the debt burdens facing certain countries were unsustainable. Argentina is in the midst of tense restructuring negotiations involving almost $70 billion in foreign debt and a further $44 billion from a credit facility extended by the IMF in 2018.

"The time of the greedy has come to an end," Fernandez said. "As Pope Francis teaches, we need to let the scales fall off our eyes and hearts in order to act with a new sensibility."

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



Energy markets post-COVID 19: Recovery may take time, transition to continue

As oil markets have crashed, the experts believe the oil prices will come down drastically and continue making the energy transition a financial burden for many economies for a couple of years.  However, the market alone was never...

'Diya jalao' for COVID 19: Modi needs to practice his teachings and control fake news on social media

In his video message to the nation on Friday the Prime Minister talks about peoples collective power to win the invincible. However, he has made no concreate efforts to win over the confidence and represent the collective power of the polit...

Tourism post-COVID 19: Lessons learned, out-of-box strategies to ensure the revival

In the pre-COVID 19 period the tourism industry was seen with much hope throughout the world. However, the COVID 19 pandemic has completely paralysed the tourism industry and its dependent sectors. The tourism industry in the post-COVID 19 ...

Cybersecurity post-COVID 19: More internet means more threats, stay alert folks!

When supported by adequate digital awareness campaigns and more crackdowns on cybercrimes, increased internet usage will help more people embrace technology and better understand the risks, bringing us closer to unleashing the true potentia...


Latest News

Ensure power to health services on Sunday night: Raut

Maharashtra Energy Minister Nitin Raut on Saturday directed the state power companies to ensure that health and emergency services remain unaffected on Sunday night when Prime Minister Narendra Modi has appealed people to switch off lights ...

GRAPHIC-How the coronavirus job cuts played out by sector and demographics

The job losses suffered in March as the U.S. economy shut down in the face of the novel coronavirus pandemic were widespread but still were disproportionately felt in a handful of employment sectors and by women, the young and the less educ...

Gas explosion at residential building near Moscow: media

An apparent gas explosion ripped through a five-storey residential building outside Moscow on Saturday, demolishing part of the low-rise, Russian media reported. A source told Interfax news agency that a section of the brick building collap...

Govt assures protocols in place to handle fluctuation in load from switching off of lights

The government on Saturday sought to assuage fears of electricity grid instability due to simultaneous switching on and off of most lights in the country, saying adequate protocols are in place to handle the variation in demand without caus...

Give Feedback