The IMF has raised the amount of aid it is giving Argentina. Reuters
The IMF has raised the amount of aid it is giving Argentina. Reuters

IMF approves Argentina bailout increase to $56.3bn



The International Monetary Fund approved plans to increase Argentina’s bailout package to $56.3 billion, permitting the South American country to draw down a larger amount of funding support than previously agreed.

“The authorities have requested the use of this IMF financing as budget support,” the Washington-based lender said on Friday.

Argentina is grappling with high foreign debts and has seen its national currency the peso lose more than 50 per cent of its value this year. The country’s central bank governor Luis Caputo resigned in September while bailout talks were ongoing with the IMF, and the country had seen nationwide protests at government austerity and high inflation, which is expected to top 40 per cent this year.

The central bank has since implemented a currency band, allowing the peso to float between about 34 to 44 pesos to the US dollar. The bank is also implementing daily banknote sales to remove excess cash in the system and bring down inflation. The peso is now up more than 12 per cent in October.

The IMF said on Friday it concluded its first review of Argentina’s economic performance under the 36-month bailout plan that was approved on June 20.

Following the review, the Argentinian authorities will receive about $35.8bn for the remainder of this year and 2019 – a $19bn increase from the original arrangement. It already received $15bn in June. The remainder will come in 2020 and 2021.

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The new bailout plan is intended to contain the supply of money and keep short-term interest rates at their currently high levels, aiming to rapidly bring down inflation, the IMF said in September.

“A central element of the authorities’ plan will be to reach budgetary balance by 2019, one year earlier than previously intended, and to move to a 1 per cent primary surplus in 2020,” IMF managing director Christine Lagarde said last month.

“These decisive steps will reduce the government’s financing needs and bring down public debt.”

Argentina is awaiting congressional approval of its 2019 budget which is expected to further reduce the country’s fiscal plight.

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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

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COMPANY%20PROFILE
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.

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Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

How to donate

Text the following numbers:

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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

RESULT

Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')

The National photo project

Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).

Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

What is a black hole?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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The Gentlemen

Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant 

Three out of five stars

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Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

Results

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Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).

2.45pm: Maiden (PA) Dh40,000 1,200m

Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.

3.15pm: Handicap (PA) Dh40,000 2,000m

Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.

3.45pm: Handicap (PA) Dh40,000 1,000m

Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.

4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.

Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.

54.45pm: Handicap (PA) Dh40,000 1,700m

Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.

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In the box: iPad mini, USB-C cable, 20W USB-C power adapter

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'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5


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