Moontown

The IMF Board of Governors approved a general allocation of Special Drawing Rights (SDRs) on August 7 equal to US$250B to provide liquidity to the global economic system by supplementing member countries’ foreign exchange reserves.

According to a press release the International Monetary Fund (IMF) Executive Board backed the general allocation on July 17 following the commitment made by G20 leaders at their April summit to boost global liquidity and welcomed by the International Monetary and Financial Committee.

The equivalent of nearly US$100 billion of the general allocation will go to emerging markets and developing countries, of which low-income countries will receive over US$18 billion.

The general SDR allocation will be made next Friday to IMF members that are participants in the SDR Department (currently all 186 members) in proportion to their existing quotas in the Fund which are based broadly on their relative size in the global economy. The allocation will provide each participating country with SDRs in amounts equivalent to about 74 per cent of its quota, and could increase Fund members’ total allocations to an amount equivalent to about US$283 billion from about US$33 billion (SDR 21.4 billion).

Separately, the Fourth Amendment to the IMF Articles of agreement providing for a special one-time allocation of SDRs has now entered into force. The special allocation will be made to IMF members on September 9, 30 days after the effective date of the fourth Amendment and will raise the ratios of members’ cumulative SDR allocations to quota using a common benchmark ratio as described in the Amendment. The total of SDRs created under the special allotment would amount to SDR 21.5 billion or about US$33 billion.

According to the release the special share will make the allocation of SDRs more equitable and correct for the fact that countries that joined the Fund after 1981 – more than one fifth of the current IMF membership – had never received an SDR allocation. The Fourth Amendment, which was proposed in September 1997, required approval by three fifths of the IMF membership with 85 per cent of the total voting power. This threshold has been reached following the recent approval by the US.

Members’ holdings of newly allocated SDRs will count as of the date of each of the general and special allocations, toward their reserve assets. Some members may choose to sell part or all of their allocations to other members in exchange for hard currency – for example to meet balance of payments needs – while others may choose to buy more SDRs as a means of reallocating their reserves.

The special and general allotments will bring Fund members cumulative total of SDR allocation to SDR 204 billion or about US$316 billion. The general SDR allocation is a key example of a cooperative multilateral response to the global crisis, offering significant support to the Fund’s members in this challenging period.

NASSAU (Reuters) – Miss Venezuela, Stefania Fernandez, was crowned Miss Universe 2009 yesterday, giving her country its sixth title in the international beauty pageant.

Stefania Fernandez

Fernandez, an 18-year-old brunette, became the 58th winner of the title in a show broadcast live around the world from the Atlantis, Paradise Island resort in the Bahamas.

It was the second consecutive year that a contestant from the oil-producing South American country, which is famous for its beauty queens, won the Miss Universe title.

Venezuela had produced five previous winners.

Fernandez was selected out of five finalists chosen from the total field of 83 contestants.

The first runner-up this year was Miss Dominican Republic, Ada Aimee de la Cruz.

The rest of the top five were from Australia, Puerto Rico, and Kosovo. Fernandez received the Miss Universe crown from last year’s winner, also a Venezuelan, Dayana Mendoza.

SPLIT PEAS AND RICE; MACARONI PIE

CHICKEN CHOWMEIN; FRIED CHICKEN

BAKED PORK; GRILLED BARRACUDA

FRIED SNAPPER; FRIED FLYING FISH

TURKEY STEW; FISH GRAVY

STEAMED VEGETABLES; TOSSED SALAD

On my return to the country on Wednesday, August 19, a letter from the leader of the opposition – delivering a direct threat to public order and stability – was drawn to my attention.

The opposition leader’s letter, dated August 17, 2009, demanded that the government immediately rescind recent unavoidable fuel increases.

The letter also demanded that the government immediately rescind the decision to approach the IMF for funding intended to bring relief to families and individuals who are hardest hit in our society by the devastating fallout from the shrinking world economy, notably in tourism, the CLICO/British American saga and from the collapse of the Stanford Group.

The leader of the Antigua Labour Party’s (ALP) brazen missive gives the government of Antigua and Barbuda a one-week deadline, with a threat of “ruinous times” and other unspecified consequences for the country.

Some may be inclined to dismiss this threat as nothing but political posturing, which, in some measure, it patently is.

Whatever measure of political posturing we accord the leader of the opposition Antigua Labour Party’s brazen threat to the stability of the state and the public welfare, we dare not view this threat strictly within the context of legitimate political protest.

This latest threat is consistent with the ALP leadership’s agenda of intimidation, agitation, confrontation, destabilisation and hate.

That agenda is driven not so much by their loss of power as by the legal actions involving state land and public funds which members of the leadership of the Antigua Labour Party have been called upon to defend.

We dare not treat lightly with that agenda, or with the threat that I bring to the nation’s attention in this broadcast.

The country cannot afford to allow the passage of time to diminish the terror we experienced when the ALP was last in the opposition.

Moreover, no responsible government can afford to ignore the globalisation of crime and terrorism, which are a clear and present danger across all boundaries of all democracies.

We cannot forget the ALP Member of Parliament for St. Peter infamous threat earlier this year that “Blood Will Flow! Blood Will Flow in the Streets!”

That chilling declaration continues to be a salutary caution and a compelling cause for vigilance among right thinking and law abiding Antiguans and Barbudans.

Against this backdrop, it is my duty to advise the country and to give the assurance that the relevant resources of the state are in a state of readiness to preserve law, order, and public peace; and to defend our democracy; and to protect the population against any threat.

The ALP agenda of instigating what they call “ruinous times” demonstrates no concern for the country’s, the region’s and the world’s ongoing financial trauma, and no compassion for the most vulnerable in our society; including our senior citizens, and the other vulnerable groups who will be the most severely affected by any disruption of social order in these trying times.

In the face of the ALP threat of ruinous times, the government is committed to continuing to provide a safety net of social programmes to protect and defend the vulnerable groups in our society.

We are also committed to providing nutritious meals to our nation’s children; and the free school uniforms, which provide welcome financial relief to most parents.

In contrast to the indifference of our predecessors who governed in far less challenging times, my government is committed to meeting the wages and salaries of workers on the public payroll.

We must meet the salaries of the teachers who educate our children and the wages of the security personnel who protect our schools and classrooms.

We must meet the cost of providing required health care to the ill and the injured.

We must pay our nurses and other medical staff and we must purchase pharmaceuticals and other necessities for Mount St. John and other health care facilities.

We must meet the salaries of our policemen and police women, and those of members of our Defence Force, our prison officers.

We must provide pay for those sanitation services in our city, in our towns and in our villages.

I recognise the government’s obligation to local creditors, who create vitally needed jobs, and whose disbursements are a valuable stimulus to our country’s economy.

In the midst of the worst recession the world has experienced in three generations, the ALP’s avowed design is to instigate…

The government of the People’s Republic of China is considering a soft loan to assist Antigua and Barbuda in its crisis.

This is according to Prime Minister Baldwin Spencer.

Spencer also disclosed that on the international stage, participating countries in the G20 Summit in London in early April pledged US$500 Billion to the International Monetary Fund (IMF) for providing assistance to low and middle-income countries on restructured and compassionate conditionality.

“This represents another source of funding we are exploring in order to relieve the hardship with which we have to cope,” Spencer stated.

PM Spencer recently announced that his administration secured US$50 million from Venezuela through the Bolivarian Alternative for the Americas (ALBA).

The largest portion of the funds has been allocated to meet salary and wage obligations for public servants, many of whom are yet to be paid for the month of July.

Another sum will be set aside to provide an economic stimulus through funding of construction projects while some will be used to acquire a new headquarters for the Inland Revenue Department.

Spencer made the request for the financial assistance about five weeks ago and after recent negotiations in Venezuela, government made a request for “an immediate injection of $US50 million.”

PM Spencer called the assistance to Antigua and Barbuda “unconditional” and said it could be attributed to the principles that define ALBA.

LONDON (AP):

England regained the Ashes after beating Australia by 197 runs yesterday on the fourth day of the deciding fifth Test to take the five-match series 2-1.

Michael Hussey was the last man out after tea at The Oval, caught for 121 by Alastair Cook off Graeme Swann as Australia were dismissed for 348, falling well short of the 546 victory target set by England.

Swann claimed 4-120 and Steve Harmison picked up 3-54 but it was two run-outs in six balls, including that of captain Ricky Ponting, that put England on the way to victory and sent all-rounder Andrew Flintoff into Test cricket retirement as a winner.

Test century

Hussey scored his first Test century since last October but his 330-minute fighting effort that may have saved his Test career was in a losing cause.

England’s talismanic all-rounder Andrew Flintoff was able to bow out of Test cricket with the fairytale ending he had hoped for.

Australia were always behind the game once they replied to England’s first-innings 332 with a below-par 160 when Stuart Broad took an inspired 5-37 and Swann 4-38.

The tourists would also regret not being able to win the first Test in Cardiff when they failed to take England’s final wicket. That match was drawn, England won the second Test at Lord’s, the third Test was drawn before Australia levelled the series in Leeds.

There had been periods in the day when it looked like Australia might achieve a spectacular rearguard action to stave off defeat or claim the win.

Hussey, who survived two drops by Paul Collingwood at slips to Swann on 21 and 55, put on partnerships of 127 with Ponting and 91 with Haddin but neither were significant enough to deny England.

The pivotal sequence came after lunch when Ponting and his vice-captain Michael Clarke were run out.

Ponting, who received a standing ovation from the sold-out crowd after having been booed to the crease in previous Tests, was out for 66 after Hussey called him for a quick single.

Mid-on fielder Flintoff picked the ball up cleanly and unleashed a powerful direct throw at the stumps that left Ponting a metre short of his ground.

Ponting was disconsolate as England celebrated wildly at the key breakthrough. It might yet be Ponting’s last Ashes Test in England. He would be 38 in 2013 on the next tour.

The England team was jumping with joy again next over when Australia’s top run-scorer Clarke departed the same way.

STRONG EXPECTATIONS

He clipped Swann towards square leg and set off for a run not expecting the ball to hit the ankle of short leg fielder Alastair Cook and dribble back towards him.

England captain Andrew Strauss reacted quickly and threw at the stumps and the third umpire gave him out with Clarke’s bat only on the line.

Australia had gone from 217-2 and looking relatively comfortable despite a crumbling pitch to 220-4.

That became 236-5 shortly after when Marcus North was stumped by Matt Prior off Swann. He attempted a sweep shot only for the ball to bounce up to Prior, who grabbed it and dislodged the bails before North could place his back foot behind the line.

Before lunch, Simon Katich offered no stroke to Swann, expecting more sharp turn but was out lbw by a straight delivery. He made 43 in 68 balls. Shane Watson departed three balls later for 40, trapped lbw by Stuart Broad.

England were also thankful to their debutant Jonathan Trott for his composed innings of 119 on Saturday that allowed his side to set Australia such an intimidating target.

Usain Bolt - file BERLIN (AP):

Jamaican sprint sensation Usain Bolt has been honoured by the city of Berlin which has given him an original segment of the Berlin Wall - nearly three tons of it.

Bolt, who broke world records in winning gold medals in the 100 and 200 metres, was presented with the piece of wall at a small ceremony yesterday, the final day of the World Championships.

The section is 3.6 metres (12 feet) high and weighs 2.7 metric tons. It will be delivered to Bolt’s training camp in Jamaica by a special company.

Ich bin ein Berlino

The piece of the wall, which divided communist East Berlin from West Berlin between 1961 and 1989, is decorated with a life-size painting of Bolt running on the blue track of the Olympic Stadium and the words ‘NEW WR’ - new world record. Bolt set a world record in the 100 at 9.58 seconds and 19.19 in the 200.

“I will never forget Berlin,” Bolt said at the ceremony. “Ich bin ein Berlino.”

The bear mascot of the championships is called Berlino, while the phrase “ich bin ein Berliner” was used by United States President John F. Kennedy during a visit to West Berlin in the 1960s.

Berlin Mayor Klaus Wowereit said Bolt had shown that “one can tear down walls that had been considered as insurmountable”.

The Berlin Wall came down in 1989, as communism was collapsing in Eastern Europe.