Tanzania will spend $470 million buying vaccines and supporting economic sectors hit hard by the coronavirus, President Samia Suluhu Hassan said on Monday. 
 
Since Hassan took office after the death of then-president John Magufuli in March, the government has changed tack from playing down the pandemic to calling for social distancing and emphasising mask wearing in public. 
 
Issuing the first data on infections since May 2020, Hassan said there were more than 100 COVID-19 patients in Tanzania as of last Saturday, with 70 of them being provided oxygen. 
 
Half of the cash will be spent on vaccines, protective gear and other medical equipment, Hassan said, with the rest going to stimulate sectors that are reeling from the crisis. 
 
She did not give details about the sectors but tourism, one of the top foreign exchange earners, has been one of the worst hit. 
 
"There are many organisations which are ready to support us," she told Tanzanian news editors. 
 
There is currently no coronavirus vaccination programme in Tanzania, but the country has applied to join the World Health Organization-backed COVAX vaccine-sharing project. 
 
The government is working with healthcare partners to develop a plan to distribute vaccines. 
 
"Any Tanzanian who wants to be inoculated will be inoculated," Hassan said. 
 
(With inputs from agencies)

Tanzania will spend $470 million buying vaccines and supporting economic sectors hit hard by the coronavirus, President Samia Suluhu Hassan said on Monday. Since Hassan took office after the death of then-president John Magufuli in March, the government has changed tack from playing down the pandemic to calling for social distancing and emphasising mask wearing in public.

Tanzania will spend $470 million buying vaccines and supporting economic sectors hit hard by the coronavirus, President Samia Suluhu Hassan said on Monday. Since Hassan took office after the death of then-president John Magufuli in March, the government has changed tack from playing down the pandemic to calling for social distancing and emphasising mask wearing in public. Issuing the first data on infections since May 2020, Hassan said there were more than 100 COVID-19 patients in Tanzania as of last Saturday, with 70 of them being provided oxygen. Half of the cash will be spent on vaccines, protective gear and other medical equipment, Hassan said, with the rest going to stimulate sectors that are reeling from the crisis. She did not give details about the sectors but tourism, one of the top foreign exchange earners, has been one of the worst hit. "There are many organisations which are ready to support us," she told Tanzanian news editors. There is currently no coronavirus vaccination programme in Tanzania, but the country has applied to join the World Health Organization-backed COVAX vaccine-sharing project. The government is working with healthcare partners to develop a plan to distribute vaccines. "Any Tanzanian who wants to be inoculated will be inoculated," Hassan said. (With inputs from agencies)

Tanzania to spend $470 million on vaccines, coronavirus-damaged economy

A northern Indian state will soon begin a multi-million dollar search in the Himalayas for a mythical plant believed to hold life-saving properties, a local minister said today. 
 
Uttarakhand will spend 250 million Rupees ($37 million) of state money hunting the herb Sanjeevani Booti, which is credited in the ancient Hindu text Ramayana with restoring life to the brother of a god. 
 
While many wild plants with medicinal properties grow in the Himalayas, there is scant evidence that the plant ever existed, with sages and modern researchers failing for centuries to find it. 
 
&quot;We have to try and it will never go to waste. If we are determined we will certainly find it,&quot; Surendra Singh Negi, the state&#39;s minister for alternative medicine, told AFP. 
 
The minister said the search will focus on the Dronagiri range of Himalayas near the Chinese border, one mountain of which is mentioned in the epic Ramayana as being the site where the magical herb grows. 
 
&quot;We have set an initial budget of 250 million Rupees ($37 million) for the project,&quot; Negi said. 
 
Scientists will start work in August, the minister said, adding that the central government has refused to fund the project. 
 
Ancient texts say the plant has life-restoring properties, grows in the high mountains of the Himalayas and glows in the dark. 
 
According to Ramayana, the monkey god Hanuman was tasked by the god Rama with fetching the herb after a healer said it would cure his dying brother Laxman. 
 
But Hanuman failed to identity the plant, instead uprooting the entire mountain and carrying it thousands of miles to treat the mortally injured prince during a war with demons in what is now Sri Lanka. 
 
India&#39;s 5,000-year-old medicine system Ayurveda uses herbs to cure ailments and has seen a revival under Prime Minister Narendra Modi&#39;s government. 
 
(AFP)

The herb Sanjeevani Booti is credited in the ancient Hindu text Ramayana with restoring life, but there's scant evidence it exists

A northern Indian state will soon begin a multi-million dollar search in the Himalayas for a mythical plant believed to hold life-saving properties, a local minister said today. Uttarakhand will spend 250 million Rupees ($37 million) of state money hunting the herb Sanjeevani Booti, which is credited in the ancient Hindu text Ramayana with restoring life to the brother of a god. While many wild plants with medicinal properties grow in the Himalayas, there is scant evidence that the plant ever existed, with sages and modern researchers failing for centuries to find it. "We have to try and it will never go to waste. If we are determined we will certainly find it," Surendra Singh Negi, the state's minister for alternative medicine, told AFP. The minister said the search will focus on the Dronagiri range of Himalayas near the Chinese border, one mountain of which is mentioned in the epic Ramayana as being the site where the magical herb grows. "We have set an initial budget of 250 million Rupees ($37 million) for the project," Negi said. Scientists will start work in August, the minister said, adding that the central government has refused to fund the project. Ancient texts say the plant has life-restoring properties, grows in the high mountains of the Himalayas and glows in the dark. According to Ramayana, the monkey god Hanuman was tasked by the god Rama with fetching the herb after a healer said it would cure his dying brother Laxman. But Hanuman failed to identity the plant, instead uprooting the entire mountain and carrying it thousands of miles to treat the mortally injured prince during a war with demons in what is now Sri Lanka. India's 5,000-year-old medicine system Ayurveda uses herbs to cure ailments and has seen a revival under Prime Minister Narendra Modi's government. (AFP)

Indian state to spend $37 million hunting mythical 'life-saving' plant

The world is at risk of getting caught in a low-growth trap, dimming the hopes of future generations, unless governments step up spending quickly, the Organisation for Economic Cooperation and Development (OECD) said Wednesday. 
 
Moderate recovery since the global economic crisis in 2008 &quot;has precipitated a self-fulfilling low-growth trap&quot;, said Catherine Mann, the chief economist at the Organisation for Economic Cooperation and Development.&nbsp; 
 
&quot;Without comprehensive, coherent and collective action, disappointing and sluggish growth will persist, making it increasingly difficult to make good on promises to current and future generations,&quot; she added in an introduction to the OECD`s twice-yearly economic outlook. 
 
The OECD chopped its forecast for global growth this year to 3.0 percent, down from the 3.6 percent it forecast in October. For 2017 it now sees 3.3 percent growth. 
 
The dismal economic recovery has created forces that are now working to perpetuate slow growth, the OECD believes. 
 
In particular, businesses have little incentive to invest given moderate demand, while muted wage gains, unemployment and income inequality have held back consumption. Meanwhile, uncertainty also puts the brakes on spending. After years during which international economic instutions urged governments to practice austerity, Mann said that now &quot;fiscal policy must be deployed more extensively&quot;. 
 
&quot;almost all countries have room to reallocate spending and taxation towards items that offer more support to growth&quot; like investments in infrastucture as well as education, The OECD said. 
 
While central banks have been supporting the global recovery with ultra-low interest rates and stimulus measures, the OECD said &quot;it is clear that reliance on monetary policy alone has failed to deliver satisfactory growth and inflation.&quot; 
 
Moreover today`s low interest rates also provide an opportunity for governments to step up investment. 
 
Mann said the need for governments to shift up spending is urgent. 
 
&quot;The longer the global economy remains in the low-growth trap, the more difficult it will be to break the negative feedback loops, revive market forces, and boost economies to the high-growth path,&quot; she said. 
 
She warned that as things stand negative shocks &quot;could tip the world back into another deep downturn&quot; while geopolitical risks to the global economy are on the rise.The OECD sees the potential exit of Britain from the European Union following a referendum vote later this month as one major risk.&nbsp; 
 
If voters chose to leave, hits to trade, investment and spending would likely see the British economy grow by 3 percentage points less in the next four years than if voters choose to stay, according to the OECD. 
 
Already, uncertainty surrounding a possible Brexit &quot;has led to a significant slowdown in economic activity&quot;, although if voters choose to stay the OECD says it expects growth to pick up in the second half of this year.&nbsp; 
 
If Britain votes to remain in the EU in the referendum, which according to polls is a close call, growth will come in at 1.75 percent this year, the OECD expects. 
 
World markets went into a panic at the beginning of this year over the prospect of a sharp slowdown in China, which has been the source of most of global growth in recent years, but the OECD now sees growth moderating gradually thanks to recent government fiscal policy measures to support the economy. 
 
It forecasts China`s growth rate will slip to 6.5 percent this year, and then 6.2 percent in 2017. 
 
China`s economy grew by 6.9 percent last year. 
 
The strong dollar is expected to slow growth in the United States to 1.8 percent this year, from 2.4 percent last year. 
Meanwhile, the eurozone is seen as marking time at 1.6 percent growth. 
 
Japan should get a marginal boost, with growth of 0.7 percent this year, but then stumble to a mere 0.4 percent expansion in 2017.

Organisation for Economic Cooperation and Development pushes governments to spend more.

The world is at risk of getting caught in a low-growth trap, dimming the hopes of future generations, unless governments step up spending quickly, the Organisation for Economic Cooperation and Development (OECD) said Wednesday. Moderate recovery since the global economic crisis in 2008 "has precipitated a self-fulfilling low-growth trap", said Catherine Mann, the chief economist at the Organisation for Economic Cooperation and Development. "Without comprehensive, coherent and collective action, disappointing and sluggish growth will persist, making it increasingly difficult to make good on promises to current and future generations," she added in an introduction to the OECD`s twice-yearly economic outlook. The OECD chopped its forecast for global growth this year to 3.0 percent, down from the 3.6 percent it forecast in October. For 2017 it now sees 3.3 percent growth. The dismal economic recovery has created forces that are now working to perpetuate slow growth, the OECD believes. In particular, businesses have little incentive to invest given moderate demand, while muted wage gains, unemployment and income inequality have held back consumption. Meanwhile, uncertainty also puts the brakes on spending. After years during which international economic instutions urged governments to practice austerity, Mann said that now "fiscal policy must be deployed more extensively". "almost all countries have room to reallocate spending and taxation towards items that offer more support to growth" like investments in infrastucture as well as education, The OECD said. While central banks have been supporting the global recovery with ultra-low interest rates and stimulus measures, the OECD said "it is clear that reliance on monetary policy alone has failed to deliver satisfactory growth and inflation." Moreover today`s low interest rates also provide an opportunity for governments to step up investment. Mann said the need for governments to shift up spending is urgent. "The longer the global economy remains in the low-growth trap, the more difficult it will be to break the negative feedback loops, revive market forces, and boost economies to the high-growth path," she said. She warned that as things stand negative shocks "could tip the world back into another deep downturn" while geopolitical risks to the global economy are on the rise.The OECD sees the potential exit of Britain from the European Union following a referendum vote later this month as one major risk. If voters chose to leave, hits to trade, investment and spending would likely see the British economy grow by 3 percentage points less in the next four years than if voters choose to stay, according to the OECD. Already, uncertainty surrounding a possible Brexit "has led to a significant slowdown in economic activity", although if voters choose to stay the OECD says it expects growth to pick up in the second half of this year. If Britain votes to remain in the EU in the referendum, which according to polls is a close call, growth will come in at 1.75 percent this year, the OECD expects. World markets went into a panic at the beginning of this year over the prospect of a sharp slowdown in China, which has been the source of most of global growth in recent years, but the OECD now sees growth moderating gradually thanks to recent government fiscal policy measures to support the economy. It forecasts China`s growth rate will slip to 6.5 percent this year, and then 6.2 percent in 2017. China`s economy grew by 6.9 percent last year. The strong dollar is expected to slow growth in the United States to 1.8 percent this year, from 2.4 percent last year. Meanwhile, the eurozone is seen as marking time at 1.6 percent growth. Japan should get a marginal boost, with growth of 0.7 percent this year, but then stumble to a mere 0.4 percent expansion in 2017.

Spend for growth, OECD urges governments

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