CURRENT AFFAIRS: DAYS
International Day of Family Remittances
- The International Day of Family Remittances (IDFR) is a universally-recognized observance adopted by the United Nations General Assembly and celebrated every year on 16 June.
- This year International Day of Family Remittances is celebrated under the theme:“remittances are a lifeline”.
- In March 2020, the UN Secretary-General called for global solidarity in responding to the coronavirus crisis stating “remittances are a lifeline in the developing world – especially now”.
World Day to Combat Desertification and Drought
- The World Day to Combat Desertification and Drought is a United Nations observance each on June 17.
- Its purpose is to raise awareness of the presence of desertification and drought, highlighting methods of preventing desertification and recovering from drought.
- World Day to Combat Desertification and Drought 2020 Theme is “Food. Feed. Fibre”
CURRENT AFFAIRS: BANKING AND FINANCE
AIIB approves $750 million loan for India’s COVID-19 response
- Beijing-based Asian Infrastructure Investment Bank (AIIB) stated it has approved a USD 750 million (around Rs 5,714 crore) loan to India to help the government strengthen its battle against the adverse impact of COVID-19 on poor and vulnerable households.
- Cofinanced with the Asian Development Bank, the budgetary support will go toward bolstering economic aid for businesses, including for the informal sector, expanding social safety nets for the needy, and strengthening the country’s health care systems, the multilateral agency stated.
- The disruption in economic activities threatens to impact poor households disproportionately, especially women, many of whom are employed in the informal sector, stated AIIB.
- AIIB’s total sovereign loans to India that have already been approved amount to USD 3.06 billion, including a recent USD 500 million COVID-19 emergency response.
- The current loan will be the second for India under AIIB’s COVID-19 Crisis Recovery Facility (CRF).
- While AIIB does not have a regular instrument for policy-based financing, the Bank is extending such financing on an exceptional basis under the CRF to support its members through projects cofinanced with the World Bank or the Asian Development Bank.
- As per the statement, AIIB is currently reviewing projects from its members.
About AIIB:
- Headquarters: Beijing, China
- President: Jin Liqun
