Supercalifragilisticexpialidocious! Keep it light. Take time to read.
#LivingTheIntelligentLife
What does Life mean to you?
4 Ways to Develop Your Career
Whether you are already working and want to move up the ladder, or have just started to consider the career you would like to have, it’s a good idea to plan ahead. Having a clear set of goals and a good idea of how you are going to achieve them will all help to pave the way. You may, of course, deviate from your original plan as things develop and unfold, and that’s ok too. There are many ways to get to where you want to be, you just need to consider all your options. Here are 4 ways to develop your career.
Get the right qualifications
Whether you have always dreamed of being a high flying criminal lawyer or want to start an accountancy business, for example, then you need to work towards obtaining the right qualifications before embarking on your journey. Whether it be attending your local college or studying at one of the top London universities, you need to establish the educational requirements and work towards obtaining them. Your chosen field may well dictate the college or university you decide to attend. Many specialise in certain careers and subjects, and attending a prestigious educational facility could be favorably looked upon by recruiters further down the line.
Establish if there are any existing or future opportunities
If you are already working for a company that you love and would prefer to stay at, find out whether there are any existing or future opportunities that you might be suitable for. This will not only ensure that your superiors know that you are loyal and keen to progress within the company but could also lead to you being advised of any new roles or organisational changes before they happen.
For example, there may be opportunities for you to transfer to another office or even different countries. Such moves are generally managed via a relocation service company who will work with your employer to facilitate the process.
On the job training
Whilst you may be 100% competent at the job you currently do, it’s a good idea to widen your knowledge and skills wherever possible, particularly if those skills will help you reach your career goals. If there are any areas in which you feel you lack experience, but those skills would be relevant to the position you would like to end up in, speak to your line manager and ask for additional training. The better equipped you are, the more likely you are to progress.
Pastures new
Whilst you might love your current job, get on well with your colleagues, and be quite happy staying put for the next 10 years, it could end up staggering your career development. It’s very easy to become comfortable and stick with what you know, but is that going to help you move up the career ladder? If you have been with the same company for a long time and still haven’t achieved what you set out to do, it could be time for a change. Find out what other opportunities are available based on your skill sets and start applying for positions within other companies.
Regardless of where you end up and the career you end up having, the most important thing is to be proud of your achievements and never have any regrets.
10 Things You Must Have To Get Your Business Loan Approved
Since money is essential to run a business, personal investment is not always enough to kick start the operations. In this case, business loans are the perfect choice for most of the business owners. Business loans are offered by banks and alternative lenders and can be used for funding business operations, to purchase equipment, or for expansions. Moreover, these funds can be used to purchase equipment, hire employees, and cover other expenses. Unlike traditional personal loans, business loans require more considerations than you think. Still, applying for business loans is not a complicated procedure, but planning is sufficient for getting approval.
At the start, the business owners have to file an application for the specific lender. Along with the application, the business owners are also required to provide the details of the company. All banks and lenders go through a similar process of application and other details to confirm the eligibility criteria of the businesses. Banks are the most common lenders that every business consult whenever they need business loans. However, with the rise of the entrepreneur’s levels, some alternative loan lenders are also introduced with better loan policies. Let us discuss ten things you must have to get your business loan approved.
1. Security
Security is the primary factor for getting every kind of business loan. Although some lenders provide unsecured loans, however, the large business loans require some collateral for default policies. Still, if you are looking for collateral-free loans, then you will be required to show your repayment capabilities. The repayment capabilities of the business are identified through the sources of income and the assets on hand.
Usually, the banks consider these securities to ensure the risk-free credit. Every startup businesses need to pledge its part of assets as the collateral to get guaranteed business loans. Moreover, the policies of the collateral also vary with the lenders.
2. Personal and Business Credit Score
Every business owner has a separate business account, which does not have the features of the personal account. Meaning the business account is designed to maintain the credit score for the generated income by selling goods and services. In this case, the startup business does not have any credit score. However, some lenders inspect the personal scores for the startup entrepreneurs, since they do not have the business credits. A personal credit score is as same as the business one, but it explains your abilities for running a business.
If your business has multiple partners, then the lenders will check the credit score for each one of them. Some banks also consider the business owner’s transaction history with particular banks to approve the business loan.
3. Business Plan
A business plan is also an important document for getting the business loan approved. Many lenders go through your business plan to see sales and marketing strategies. Lenders may want to see how dedicated you are to run your business. Entrepreneurs are recommended to lay out the company description, market analysis, financial statements, as well as the balance sheet of the business. This document is required to show your lender that you have the capabilities and dedication to make your business successful.
4. Purpose of Loan
If you are applying for a business loan, then you must know why you need it in the first place. Some may even ask you the sole purpose of availing the loan. It must be noted that the hesitating over providing the reason for the loan may result in rejection of your application. It is recommended not to ignore the space of the purpose of the loan in the business loan application.
5. Financial Projections
Apart from the purpose, the financial projection is another important fact that must be added with the loan application. You must tell the lenders about the dire requirement as well as its impact on the business. You can also provide the projected income statement and cash flow statement in the business plan. With that, the lenders will be able to realize the eligibility for getting a loan.
6. Legal Documents
There are some exceptions, but the majority of the lenders will ask for the legal documents of the business. These documents include business licenses, registration, franchise agreement, and commercial leases. Some lenders will want to look at the financial statements of the business too. Also, add the contract copies from the third parties to avoid any hassle in the future.
7. Insurance Details
Your loan lenders require these all documents to minimize the risk of default. In the same way, banks and every other lender will also ask for the company’s insurance details. Banks can easily retrieve the loan amount in case if the owner dies or encounter an unfortunate disability. Moreover, having multiple insurance programs increases the chances of getting your loan application approved.
8. Business Team Details
You might also want to give the team hierarchy details of your company to ensure that the business is functional. It is the common fact that businesses work with multiple partners and management. The same information is sought by the lenders to lay out all the security features for the repayment. Mention your management, operational, and technical team to confirm the business structure.
9. Repayment Requirements
Lenders will also want to know how long will you need the loan. The business plan must include the repayment terms to illustrate your requirement of the loan for specific business operations.
10. Copy of Previous Loans
Some loan applicants might also have the previous debt that has repayment term coming ahead. In this case, it is important to let your lender know about your current state of the debt. A business debt schedule, for instance, explains the lenders about the loan payment and the credit amount. This will allow business owners to apply for loans that have better interests rate and repayment terms.
FINAL WORDS
Considering these things will assist in getting your business loan approved. No matter, what is the size of your business, these essential things are the same for all. There is only one thing that must be noted that traditional banks have strict requirements and applications. It is up to you to decide which lender suits best for your requirements.
COVID-19: SigniFlow digital signatures enable contactless business continuity
At a time when it seems things are spinning out of control, with your workforce uprooted from office to home, you don’t have to lose control of your business.
Business and its workforce as we know it, has changed – suddenly and earth-shatteringly, across the globe.
The COVID-19 virus has forced countless individuals – from executive level, down to entry-level employees – to work from home, a major change in environment that in many cases accompanies unforeseen and unprecedented difficulties.
Doing everyday things that were previously basic, autopilot office tasks, such as signing purchase orders or sales contracts, or internal processes like leave approvals or capex requests, has become impossible under social distancing restrictions.
But working from home does not need to be difficult – at all; you do not need to lose control of your business. SigniFlow offers a failsafe solution for any work-from-home scenario that is simple, fast and sure.
We have seen first-hand how our customers, simply by using the same software they have been using for years, have seamlessly adapted to what was practically an overnight shift from office to home. Whether something straightforward, like leave approvals or claim forms – or higher-level procedures involving legally binding contracts and non-disclosure agreements, SigniFlow users have effortlessly transitioned and, in spite of the disaster that has gripped the globe, are enjoying business as usual.
To get more information on how SigniFlow can enable your work-from-home office with remote signing and contactless business processes, contact us via our website or email [email protected].
Where Should All the Stolen Money Go?
Recent disclosures in emails obtained by the International Consortium of Investigative Journalists suggesting massive corruption by the family of former president José Eduardo dos Santos of Angola (NYT 1-19-2020) raise powerfully a question that has long hung over efforts to stamp out corruption around the world: what should be done with the assets generated by corruption once they are discovered and frozen?
The United Nations Convention Against Corruption stipulates that, where feasible, such assets should be returned to their country of origin, but does not specify exactly what entity should take ownership, unless the funds were embezzled from the government, and even then only when there is good reason to believe that the funds will not just find their way back into the corruption stream. But sadly, returning assets to the corruption stream is precisely what has happened in far too many documented cases, when recovered assets are returned to governments.
Fortunately, an alternative is available. When the President of Kazakhstan was found to have taken a bribe from several oil companies for facilitating the award of licenses for oil exploration in the Caspian Sea, a carefully structured, internationally managed, charitable foundation, the BOTA Foundation, was created to receive the funds and used them to improve the educational opportunities and life chances of Kazakhstan children and families. A similar option is under consideration for the return of a sizable portion of an $800 million bribe received by the daughter of the former president of Uzbekistan.
This same strategy has proved effective in handling the disposition of assets arising from other types of contested or complicated transactions, particularly where government-owned or controlled assets are being transferred to for-profit companies. Thus, 60 percent of the proceeds of the sale of the state-owned Volkswagen Company in 1960 went into the creation of the Volkswagen Foundation for support of German science, producing one of the leading foundations in Europe. When Spain’s cajas, or cooperative savings banks, were consolidated and transformed into for-profit institutions in the wake of the global financial crisis, the obra social, or social works, of the savings banks were preserved for common-good purposes by transferring the assets of the savings banks into a set of charitable foundations. This gave rise to Barcelona’s la Caixa Banking Foundation, at US$25 billion one of the largest independent charitable foundations in Europe delivering significant social, economic, and cultural benefits to the citizens of Spain and surrounding countries.
Transactions involving debt swaps, lotteries, mineral extraction, penalties for corporate misdeeds, sales or transformations of nonprofits, and now, potentially, even broadband spectrum auctions have also produced important charitable foundations. This has led to the recognition of a concept we call “philanthropication thru privatization,” or PtP, that keeps important public or quasi-public assets devoted to common-good purposes as transformations occur in the ownership or control of the assets in question. To date, over 600 foundations embodying this concept have been identified globally, including some of the largest and most respected such institutions in the world.
A concept we call “philanthropication thru privatization,” or PtP, keeps important public or quasi-public assets devoted to common-good purposes as transformations occur in the ownership or control of the assets in question.
Applying this PtP concept to seed independent charitable foundations from recovered stolen assets has much to recommend it. Properly structured and equipped with strong transparency and accountability mechanisms, such institutions can assure citizens that stolen resources will be used to serve citizen needs, not the bank accounts of corrupt politicians. In the process, they can encourage citizen assistance in combatting corruption, overcoming the tendency noted by anti-corruption activists like Daria Kaleniuk of Ukraine for popular support to “wither when assets are returned to governments under a cloud of suspicion, dashing people’s hope and trust.” Social re-use of the sort guaranteed by placing recovered stolen assets into independent charitable foundations can visibly show that confiscated assets are serving social justice, that “justice has defeated injustice,” as experts in Romania’s Center of Legal Resources has noted.
With America’s President threatening to cancel the Foreign Corrupt Practices Act, one of the major vehicles for anti-corruption legal action globally, and the UK eager to show that Brexit will not damage business, investing recovered stolen assets in independent foundations financially equipped to continue the battle against corruption has become more important than ever. This answer to the question of where recovered stolen money should go thus deserves more focused attention and support.
About the Author
Lester M. Salamon is a professor at the Johns Hopkins University and former Deputy Associate Director of the U.S. Office of Management and Budget. The author of over twenty books, he directs the Philanthropication thru Privatization Project, which examines ways to capture non-traditional assets to build charitable endowments.
Open Minds Build Innovative Societies
By David De Cremer And Alain Van Hiel
Being marked as an innovative country is crucial in how able and savvy one’s nation is considered to be when it comes down to transforming itself to propel growth and prosperity. Yet the fact that innovation happens is often taken for granted; how innovation is developed and sustained remains mostly unexplored.
So, why are some countries blessed with more innovators devoting their time to developing new ideas, products or solutions than other countries? Previous studies have shown that education systems play an important role in increasing human capital and, in turn, innovation and economic growth.
Education not only provides people with the opportunity to acquire new skills and knowledge, it can also increase liberalisation values in the form of autonomy and personal freedom. In other words, education can give people the faculties to open their minds to think freely, independently and creatively.
Education not only provides people with the opportunity to acquire new skills and knowledge, it can also increase liberalisation values in the form of autonomy and personal freedom.
In a study of 96 countries across the world (Van Hiel et al., 2018), we tried to understand whether individuals who participate in higher levels of education develop a more liberalised mindset, and whether this impacts a country’s innovation and its economic growth.
In highly developed countries such as Norway, Canada and Japan, we found that having a higher level of education is strongly correlated to having a liberalised mindset. Through this increased liberalisation, education resulted in higher innovation ratings in these countries.
However, this was not the case in developing countries such as Nigeria and Tunisia, where individuals participating in higher levels of education remained as conservative as before, or only showed a small increase in liberalisation values, which, in turn,
impeded innovation.
Our research has significant implications, highlighting the importance of education in not only facilitating learning, but to also ensuring this knowledge is put to innovative use by promoting a search for autonomy and freethinking.
Widening economic gap fuelled by different education systems
The countries included in the study ranged from very poor, developing nations to prosperous, developed countries according to the United Nations’ Human Development Index (HDI), a measure of development that combines economic prosperity and well-being.
Our findings indicate that education has different effects on the pace of liberalisation between developed and developing countries. In developing countries, measuring low on the HDI, where liberalised values are not fostered through education, people tend to prefer the status quo and oppose change. Such closed mindsets are less conducive to innovative thinking – the main driving force of growth and higher living standards.
In contrast, education systems in developed countries high on the HDI, continue to promote the development of liberalised values where people typically view change as positive and necessary. Because education is widely available in developed countries, it helps drive a shift towards more people embracing these values, which in turn stimulates a continuous stream of innovations to generate
even more growth.
In less developed countries, the small group of highly educated people who only shift a small degree in the liberalised direction will have too little influence to shift a given country’s mentality, creating a widening economic gap between developed and
developing countries.
Our findings show that factors such as personal freedom and creating a personal identity have played (and continue to play) an important role in helping developed countries achieve an innovation mindset.
Our findings show that factors such as personal freedom and creating a personal identity have played (and continue to play) an important role in helping developed countries achieve an innovation mindset.
Can Education Change the World?
In today’s era of disruption, innovation will be more critical than ever to grow the next wave of companies and initiatives that can reap new levels of economic growth. In fact, according to the World Economic Forum, by 2020 creativity will be in the top three most important skills for future jobs, alongside complex problem solving and critical thinking.
The impact educational institutions have on the economy and wider society through their ability to drive innovation is high on the global agenda. It is reflected in the Times Higher Education new global university ranking which now focuses on areas such as a university’s ability to foster innovation, contribute to economic growth and forge global partnerships.
Nurturing autonomy could include immersive experiences that help students open their minds to new ideas and possibilities. A starting point for such experiences can easily be instigated by re-addressing business and societal issues by learning about cross-cultural differences and promoting a kind of circular thinking where each time the opposite framework is being used to think of innovative solutions. This can make students aware of how important it is to deal with uncertainty and navigate their way through challenging situations, empowering them to solve problems independently and take calculated
risks to succeed.
An educational climate is also fostered by society and its approach towards citizens. In developing countries, efforts need to be intensified to drive innovation through freedom of thought that sits at the heart of a dynamic and thriving society. Reforming educational systems to allow greater liberalised values could be the key to breaking the vicious cycle of underdevelopment in many countries.
If education can change the world, then this seems to be particularly true for developed countries that foster liberalisation values. Education is one of the few national institutions through which we can build an innovative society that not only drives wealth creation but also helps end poverty, hunger and climate change. If we free our minds the possibilities are endless.
About the Authors
David De Cremer is provost’s chair and professor in the Department of Management and Organisation and founder and director of the Centre on AI Technology for Humankind (AiTH) at the National University of Singapore (NUS) Business School. Before moving to NUS, he was the KPMG chaired professor in management studies at the University of Cambridge. He is named one of the World’s Top 30 Management Gurus and Speakers in 2020 by the
organization GlobalGurus.
Alain Van Hiel is a social and political psychologist and professor in the Department of Developmental, Personality, and social psychology at the Ghent University.
References
Van Hiel, A., Van Assche, J., De Cremer, D., Onraet, E., Bostyn, D., Haesevoets, T., & Roets, A. (2018). Can education change the World? Education amplifies differences in liberalization values and innovation between developed and developing countries. PLOS One. 13(6): e0199560. https://doi.org/10.1371/journal.pone.0199560
Why Belize is Amongst the Best for Offshore Banking
By Luigi Wewege
Diversification, stability, security and ease of operation: these are the ingredients most investors look for when choosing a domicile in which to invest. When it comes to the topic of offshore banking, it’s not unusual to get a dozen different opinions about where the best investment jurisdiction is located or where banks are most eager to attract foreign investors. Look beyond all the noise and you’ll find that Belize is consistently chosen by savvy investors for offshore banking.
Whether investors are planning their retirement, purchasing property overseas, or seeking greater asset diversification, banking in Belize can be a rewarding decision. Here are a just few of the reasons why.
Ease of Banking in Belize
Something that cannot be ignored is the ease of managing an offshore bank account in Belize. Some people are worried about offshore banking because they don’t really know what to expect, or they are worried about it being difficult or inconvenient. In reality, that misconception couldn’t be further from the truth.
It helps that the official language of Belize is English. Although you might hear Spanish, or even Creole, spoken on the beach, financial professionals all possess a complete and fluent command of English. All legal and financial documents are written English, relieving any concerns about a language barrier or the need to pay translation fees. Another reason that banking in Belize is so convenient is the time zone. Belize is located in the Central Standard Time Zone (CST). That means it is the same time on Ambergris Caye, Belize, as it is in Chicago, thus alleviating concerns about communication issues. i.e. banks operate during normal office hours, which just so happen to coincide perfectly with most North and South American hours of business.
Electronic Banking Convenience
While Belize is a short flight from many major cities, some financial institutions allow clients to open an offshore account from a remote location. This provides incredible convenience for those who want to establish an international bank account. Necessary documentation and opening funds can all be electronically transmitted to the new bank in Belize.
Fortunately, the convenience of electronic banking also extends to online banking services. As long as there is access to a secure internet connection and a smartphone, tablet, or computer, clients can safely transfer funds, check their account balances, and perform other online banking transactions 24/7 at their convenience.
Excellent Liquidity Rates Offer Incredible Stability
Arguably, one of the biggest concerns that any individual or corporation has in today’s world is banking stability. Even in places like Europe or the United States, major banks can go out of business. Economic stability is not guaranteed, so it is important to look for destinations where there is as much stability as possible.
Belize is a country that has taken the necessary steps to create greater financial security for residents and investors alike. Banks are required to have high liquidity rates. In fact, most banks surpass the national requirements and have more than 24 percent liquidity rates. Compared to some North American banks with just 3, 4 or 5 percent liquidity, this can provide peace of mind.
Belize is a country that has taken the necessary steps to create greater financial security for residents and investors alike. Banks are required to have high liquidity rates.
While no financial choice is completely free from risk, Belize also provides stability in other ways. There are free and democratic elections, which results in a balanced and steady government. Economically, its currency is pegged to the United States Dollar. This adds an extra level of reassurance when compared to other Central American and Caribbean banking destinations.
Diversification is Absolutely Key
People are often attracted to offshore banking for varied reasons. However, one of the most common is to diversify financial holdings. A basic tenet of ‘Economics 101’ is that in order to reduce risk, you need to diversify.
Many people diversify but continue to maintain their holdings within a single country’s jurisdiction. Ultimately, true diversification also includes geographic diversification.
Although Belize offers a chance to invest in a new geographic location, it also offers all the things investors can expect in a secure financial environment. This allows for diversification without the stress of learning a new banking system or even a new legal system. Belize operates according to common-law systems similar to those found in Britain, the United States, or Canada.
Unparalleled Asset Protection and Privacy
In decades past, certain nations held a monopoly on banking privacy and anonymity. As those destinations received increased publicity, however, banking clients actually received more scrutiny, not less. In Belize, banks still operate in a way that grants account holders and businesses financial privacy as well as asset protection.
This does not mean that a bank account be opened anonymously nor taxation avoided in the investors’ home territory What it does mean is that once assets are placed in a bank account in Belize, those assets are far more secure than they would be elsewhere, even in the face of potential legal action against an individual.
Diversity of Financial Options and Services
There is no shortage of options when it comes to the financial services offered in Belize.
Here are just a few examples:
- Financing – Real estate loans can be acquired in different currencies for both personal and corporate use. These include condo financing, residential or commercial construction loans, and land development loans.
- Prepaid Visa Card – This reloadable card makes personal or corporate purchases easy and secure. Clients receive 24/7 service assistance and the card can be used anywhere in the world that Visa is accepted.
- Gold Loan Program – Gold can serve as a great investment vehicle to store for future generations or to provide a safety net should a financial crisis occur. Participation in such a program allows investors to borrow against the value of gold they have stored in a secure offshore location.
From real estate loans for beach properties or building a dream home, to lines of credit for commercial accounts, there is plenty of variety as well as the opportunity to find specific investment options that suit the preferred level of risk.
There are several different types of offshore bank accounts in Belize for both personal and corporate use. This range of options further help individuals and companies diversify their financial portfolio.
Individuals can choose from demand deposits, savings accounts, term deposits and more for transferring funds to and from their bank account or reach a savings goal with favourable interest rates. Corporate solutions can be found for those with registered International Business Companies (IBCs), LLCs, Trusts, and a variety of other structures available.
Reputable Banking Systems
When choosing to bank offshore in Belize, it makes sense to bank with a financial institution that is established, financially solvent, and is recognised for its banking excellence. An example is Caye International Bank, headquartered on Ambergris Caye island in Belize. Just a few of Caye’s most recent recognitions include:
- Best Private Bank in Belize for 2018, 2019 and 2020 (Global Finance Magazine’s World’s Best Private Bank Awards)
- Most Outstanding Offshore Bank in Central America for 2018, and the Best Offshore Private Bank in Latin America for 2019 (Wealth & Finance International’s Banking Excellence Awards)
When selecting a bank, it is best to ensure that it is compliant with necessary regulations and is licensed to provide international banking services to both corporations and individuals as detailed earlier.
When choosing to bank offshore in Belize, it makes sense to bank with a financial institution that is established, financially solvent, and is recognised for its banking excellence.
Discover Banking in Belize
Clearly, many investors around the world appreciate what Belize has to offer and choose this location to assist in asset diversification. However, it’s important to remember that not all banks are created equal.
Just as with any location in the world, it is important to select an offshore bank in Belize with a proven track record of honesty, integrity, and financial solvency. Inquiring about compliance with foreign regulations such as FATCA or if there are programs in place to prevent money laundering or other criminal activity should be a prerequisite regardless of the international banking jurisdiction chosen.
Offshore banking and investing continues to trend upward. When looking for the best locations for your offshore banking needs, you’ll be hard-pressed to find one more favourable than Belize.
About the Author
Luigi Wewege is the Senior Vice President, and Head of Private Banking at Caye International Bank, a FinTech School Instructor and Published author of The Digital Banking Revolution – now in its third edition.
How Culture can Help Balance the Books in Times of Change
By Darryl Mead
These are challenging times for the financial sector, an industry that has weathered its fair share of knocks since the Millennium. Having worked hard to repair its reputation since the financial crash of 2008, many institutions in the sector are still feeling the aftershocks as they fight to deliver on efficiency and meet the demands of a digitised global economy.
That fight has not been without its casualties. One estimate put job cuts in banking at nearly 80,000 in 2019, and in February 2020 HSBC announced that it would be cutting 35,000 jobs worldwide in a restructuring effort to steady profits.
However, for change like this to be effective, it has to be supported wholeheartedly across the organisation. A such, throughout periods of intense transformation for the workforce, the likes of HSBC and efforts to prioritise communication, promote a positive culture and define purpose should be seen as an urgent priority.
Change starts with a clear narrative
Any form of restructuring exercise is, by its nature, disruptive and transformative. It is a dramatic deviation from the status quo. To follow and implement that change effectively, employees need to understand the why and the wherefore. There needs to be a clear narrative to follow.That narrative is built on answering a range of deceptively simple questions: Who are we? What do we stand for? Where are we going? Why?
These are deceptively simple questions because they’re far from easy to answer and then communicate effectively. But, as with all good marketing, it helps to start with the customer – in this case, the internal customer.
Segmenting by stakeholder need helps define which narrative is best and at what time. For example, in times of change, employees are most concerned with what’s in it for them, what is the change that will impact them, why is this change happening (‘was it my fault?’) and what they can do to maintain their own personal equilibrium.
They also need to retain confidence in their organisation, and so need to understand what will not change – namely the values, culture and purpose on which basis they chose to join the business in the first place. Employees each have their own, very personal hierarchy of needs but while salary and job security are important, maintaining values aligned with the company’s own are also a very high priority. In a period of change, employees want to know the purpose with which they align will not be watered down or jettisoned in favour of something they feel much less affinity for.
Finally, how that narrative is communicated needs to be balanced between the needs of the many, and the few. Cascading a broad change message across the organisation needs to be complimented by communications that are personal and relevant to the different stakeholders, creating opportunity for conversation.
Culture is a competitive advantage
According to a new report released by creative management consultancy B+A, 73% of senior business leaders agree that culture is central to success when all factors affecting success are taken together.
The report also found that culture is valued most of all when businesses are struggling, ahead of client or customer relationships, and quality or performance of the product or service. Although the vast majority (82%) of businesses had invested in culture, 60% of them believed they were not investing enough, blaming perceived cost and the time needed to effect change.
Many financial service businesses and leaders focus on achieving profits. To do this means you need to focus on the customer and their experience. But to deliver the best possible customer experience there needs to be a focus on people; more specifically, employees. This is where the strongest competitive advantage lies. People create a unique culture, while almost everything else within a business is replicable. From strategy, to process to tools – the one thing that cannot be copied is the internal environment that fosters the conditions for a great external customer journey.
The value of values
Alongside a clear narrative and culture sit values and behaviours, and being 100% transparent about how you expect people to behave starts with the C-Suite. Leaders shouldn’t just outline what good looks like to the workforce, they should live it, allowing employees to mirror desired behaviours.
Equally as important is outlining what ‘not good’ looks like. This means embedding these values across the employee lifecycle: recruitment, onboarding, leadership, appraisals and recognition. Not everything will be right all the time. Help people navigate the grey areas, help them deal with dilemmas and always recognise and reward the right behaviour.
A McKinsey study found the greatest impact on the outcome of a major change efforts stems from ownership of, and commitment to, change. The study talks of leadership that “sets bold aspirations with clear accountability.” In a rules-driven, risk-averse environment, it is commitment that beats compliance. Leading from the front and using open, honest communication to build a sense of belonging lends an authenticity to leadership that the workforce can trust.
Take, for example, XPS Pensions Group. In 2019, it launched its new purpose, vision and values. A recent employee survey showed an extremely high awareness and understanding of these values. This was in part down to the co-CEOs’ roadshow which included 50 meetings with employees in all 15 offices across the UK. By explaining the company’s values and relating their importance in personal stories, the workforce was engaged and emotionally invested in the project’s success.
To be truly impactful, developing a strong culture during change is about dialogue. The flow of information must be two-way.
Listen, respond and act
Modelling desired behaviours, tailoring messaging and making sure you have an effective communications framework in place that contains effective, proactive tools for creating a culture that will support change are essential but thus far they only flow in one direction. To be truly impactful, developing a strong culture during change is about dialogue. The flow of information must be two-way.
Following the change in UK Corporate Governance code, financial leaders are tasked more than ever with not only describing purpose, culture and workforce engagement, but reporting and evidencing progress and workforce engagement too.
Central to engagement is the question of how well you are listening to employees. It’s not enough to take notes – there has to be demonstrable proof of how those insights are influencing decision-making at board level.
Most organisations conduct employee surveys to understand satisfaction, engagement, hot points for action, and whether managers are effective. Progressive companies have shifted from annual surveys to regular, sometimes weekly, ‘pulse’ surveys with few questions. This enables quick responses to the hygiene factors (teaspoons and toilets) to be fixed locally and tracking trends around strategic or macro issues. Similar channels for listening and feedback contribute to the effective change programmes because employees want to listen and be listened to.
Find the influencers
Two-way conversations are important, but many fail through no ideological or practical fault of their own. It is often a ‘them versus us’ problem. Change like HSBC’s restructuring is invariably dictated from the top and this implies that everything else is the bottom. However well-meaning, it’s hard to escape this sense that change is in the control of those in power.
A greater problem arises with the capability gap at the top. Many change programmes fail due to cascade communications: leaders crafting a PowerPoint and it being shared with line managers who are expected to share with their local teams. However, this approach relies on all managers having the confidence, competence and communication skills to deliver a consistent message – which often they didn’t write nor can defend.
Instead of relying on the message being delivered by an out of touch ‘boss’ (however wrong the perception) or an otherwise exceptional line manager sadly lacking in communication charisma, spend time to find those people in the organisation who are hyper-connected. These are the people with a high ‘social GPS’, who everyone knows, and who are often relied upon to know what’s going on. These are ‘go to’ people and financial brands would do well to get them on board early and help them understand the change and give them tools and support to talk, share and help. They’ll spread the message and often win over the cynics.
We are now in a ‘change as usual’ environment that requires resilience, agility, humility and humanity. It could be an exhausting prospect if viewed as a relentless challenge rather than for what it is, an ongoing opportunity. We just need to look to Leandro Herrero’s three models of change for inspiration.
Model one is all about the destination. Implementing change to get away from A – the current, undesirable state – and to the goal of Z, somewhere deemed infinitely preferable to A. Tools and tasks are set out and ticked off along the way. Traditional management tend to prefer model one, but every time they need to go on a new journey from A to Z (our last Z having now become A), they need to start over. And now that we need to go on lots of change journeys, it’s no wonder change is an exhausting prospect.
Model two also has a goal in mind, but places almost equal importance on the learnings picked up along the way. Wholesome, but perhaps seen as less concrete or effectual.
Model three, however, is Herrero’s Building Model. Yes, there is a goal in mind and indubitably there will be some learnings along the way. But importantly, each change along the journey brings lasting change to the fundamental way the organisation operates – it changes its DNA. This, Herrero says, is the only sustainable way to manage culture and change. It changes the very way the company reacts to all change, not just project by project. It enhances adaptability, improves agility and bakes change into company culture so the whole business pulls together as one.
It’s a fool’s errand to try and predict the future and it’s not something you can quantifiably prepare for. But in a financial environment where change is the new normal, my money’s on a business culture that is open and responsive to it – it will be far more resilient than most.
About the Author
Darryl Mead’s career in employee engagement spans over 20 years. He has led dynamic, progressive in-house Internal Communications teams at Just Eat, HSBC and New Zealand Post, and is now Head of Employee Experience at Emperor. Darryl’s expertise lies in developing impactful employee engagement, culture, internal communications and employer brand strategy for clients.
In 2020, It’s High Time We Have Equal Pay for Equal Work and Reduce the Gender Pay Gap
The Equality Act of 2010 clearly outlines the provisions for both men and women to receive equal pay for equal work in the same employment, applying regardless of their status. Whether they are on full-time, part-time, casual or temporary contracts the provision also disregards the length of service and was designed to put key legislation in place to tackle the gender pay row. Despite the clear law in place, 78% of the UK’s biggest companies are still paying men more than their female colleagues while a study from the Fawcett Society found that two in five people did not know that women were legally entitled to equal pay. Immediately, this suggests a complete systematic lack of awareness surrounding the anti-discriminatory and equality laws amongst a significant proportion of businesses operating in the country.
This is not just an issue exclusive to the UK, countries in Europe and around the world are systematically failing to address this moral and ethical issue. As per figures from the European Commission, the gender employment gap in EU stands at 11%, with 8.2% of women across the EU being employed compared to
79.2 % of men. The gender pay gap is far wider at 16%, meaning women earn 16% on average less per hour than men. Over time, this equates to the fact that women work up to 2 months a year for free. Within the EU, the numbers are even more shocking – while the gender pay gap is less than 8% in Belgium, Italy, Luxembourg, Poland and Romania, it is more than 20% in Czechia, Germany, Estonia and United Kingdom! Efforts to lower the gap have not been successful, with the European commissioner in charge of equality admitting that the gap has been stagnating.
78% of the UK’s biggest companies are still paying men more than their female colleagues while a study from the Fawcett Society found that two in five people did not know that women were legally entitled to equal pay.
A complex issue
Firstly, it is important to understand that the gender pay gap and equal pay are two separate issues. While the gender pay gap encompasses the difference between what men typically earn in an organisation compared to what women earn irrespective of their role or seniority, equal pay is a legal right and pertains to women being paid less than men for doing the exact same work. The UK’s Equal Pay Act was introduced in 1970 to close this gap, however a survey in November 2018 by Young Women’s Trust (YWT) found unequal pay is widespread, with 20% of women reporting less pay than male colleagues for the same or similar work.
Another report from the UN revealed that women are doing 2.6 times more unpaid care and domestic work than men. This suggests that a woman’s work is seen as less valuable giving them little chance to grow their careers as they are not taken as seriously as men. This filters down from the top to the bottom and into wider society, where women are being told they are not equal to men and will have to settle for that regardless of a role being in the same position.
The issue of the gender pay gap is not simple – it is understood that women are more likely to assume roles of primary caregivers in families, and historically work in sectors that are lower paid generally. But the issue of inequal pay is a legal, moral and ethical let down by organisations unwilling to fairly treat female employees for doing the same amount of work as men in similar roles.
Recent cases of progress
In recent times, there have been examples of progress, with women making extensive efforts to address the issue of unequal pay. For example, the BBC’s Sarah Montague was awarded a £400,000 settlement and an apology from the company after filing a complaint about unequal pay and conditions. She was paid considerably less than her BBC Radio 4 co-host John HumZphrys by around £500,000, despite doing the same job. Although the BBC is likely to face more cases in the future, the development is an early sign of the right steps being taken to ensure widespread change.
Another example was the case regarding Glasgow City Council, who have been paying out £548m in compensation to around 16,000 workers. The vast majority of these employees are women in roles such as catering, cleaning and caring, who had been earning as much as £3 an hour less than their male colleagues who were on the same job level. These roles, such as refuse collection, are male-dominated and although the same work, women were still getting paid less. As a result, the council have had to take out several property-backed loan deals to help finance this major settlement which means repayments will take decades. This should appear as a striking example to companies who are still not paying both males and females equally.
The pathway to progress
Beyond the fringe cases of progress, a systematic long-term plan needs to be set in place that can foster and create the path towards reducing inequalities in the workplace. While the equal pay act has been in place for over five decades, organisations are still failing to meet the requirements. The government should expand on the powers of the equal pay act to mandate all organisations irrespective of size, to publish transparent annual reports detailing recruitment policies, salary ranges for roles, standardized assessment models and equal pay status within the company. Organisations should also take the lead in refining the culture by training staff and managers to get rid of unconscious bias and ensure transparent practices.
Another key aspect to address is the culture of relaying the burden of childcare responsibility solely on mothers. More often, women are forced to take extended leave of absence to several months or years for maternity and childcare, having to part away from the workforce for long periods. This further affects their work life and adds up in widening the gender pay gap as men with more experience tend to move forward onto senior management roles. This is visible in the fact that in the FTSE 250 companies, only 23.6% of board roles are held by women and about 100 companies in the FTSE 350 either have no women or just one on their board. By actively promoting a shared responsibility for childcare, though paternity policies, women can have the opportunity to get back into the workplace quicker post maternity. Companies should also invest in offering better childcare facilities as higher-paid management roles often require extended or flexible working hours, leaving many women accepting lower-paid jobs as the price for regular
working patterns.
Finally, our education system needs to change completely to create a value-based learning system that instills and fosters the principles of gender equality right from
Year 1. By promoting equality and raising awareness on the current gender bias in society and workplace, children will be better equipped to understand the problem early on and can prepare themselves to create change required in the society. The next generation can be the flagbearers to correct and clear the current generation’s problems.
By promoting such polices, we are best positioned to tackle the issue of gender diversity quicker. Remember, the World Economic Forum estimates it is expected to take another 202 years to close he economic gender gap at the current pace of change!
Natasha Mudhar is the Founder and Global Chief Executive of Sterling Global, the multi-disciplinary, international business consultancy with a robust communications backbone, established in 1995. Natasha also runs The World We Want, a global impact enterprise established with the mission of unlocking the collective impact of people, ideas, networks and technologies to accelerate the pace of progress towards achieving the UN’s Sustainable Development Goals by 2030.
EDITOR'S PICK OF THE WEEK
The Performance and Transformation Orchestrator: The CFO’s New Mandate in the Age of AI
By Terence Tse
CFOs are evolving into AI-driven transformation orchestrators, balancing finance, technology, and strategy while upskilling teams, managing risks, and driving measurable business value.
A key insight from this year’s AI for CFOs event, organized...
The Covid-19 Global Pandemic: How Africa Should Respond
By Mills Soko and Mzukisi Qobo
Global Context
The coronavirus global pandemic has caused significant harm to the global economy. With two-thirds of the world’s population located in developing countries and facing massive economic damage from Covid-19, the United Nations Conference on Trade and Development (UNCTAD) has called for a $2.5tn financial package for these countries.[1] Developing countries have borne the brunt of the Covid-19 outbreak “in terms of capital outflows, growing bond spreads, currency depreciations and lost export earnings, including from falling commodity prices and declining tourist revenues.”[2] The impact has been greater than it was during the 2008/9 global financial crisis. Portfolio outflows, for example, from the key emerging economies soared to $59bn between February and March. This is far in excess of the outflows recorded by the same countries at the inception of the global financial crisis, which amounted to $26.7bn.[3]
Compared with the financial firepower deployed by industrialised countries, developing countries have paltry resources to combat the Covid-19 crisis. For example, the United States Congress voted a staggering $2tn stimulus package, while the British government had four major budget announcements within a fortnight. For their part, the Eurozone countries eschewed fiscal austerity in favour of a “whatever it takes” approach.[4] Advanced economies and China have strung together sizeable financial packages aimed at throwing a $5tn lifeline to their economies. These financial measures are calculated to alleviate the physical, economic and psychological effects of the crisis.
Nonetheless, the world economy will go into recession and this will have serious economic consequences for developing nations, with fiscal and foreign exchange constraints tightening further over the course of 2020. Developing countries are projected to face a financing gap of nearly $2tn to $3tn over the next two years. In the absence of monetary, fiscal and administrative capabilities to respond to the crisis, they will have to contend with the twin burden of a devastating pandemic and global recession.[5]
Can Africa Overcome its Challenges?
Africa’s social infrastructure is weak. Many countries are hamstrung by poor health systems, a lack of medical equipment and supplies, as well as inadequate medical personnel to respond adequately to health challenges. The African continent is also susceptible to climate shocks, such as drought, which adversely affect food security. The World Bank (WB) estimates that Africa could face a severe food security crisis, with agricultural production expected to contract between 2.6 percent and 7 percent.[6] The African population suffers deficiencies in terms of low life expectancy, high disease burden, as well as other social ills related to alcohol and substance abuse, insufficient physical activities, and unhealthy diets.[7] Several African countries, including leading economies in the region, are among the worst performers on the Human Development Index.[8]
In the context of Covid-19 these challenges are likely to be exacerbated if the infection rates are not curtailed and a vaccine is not found. Social distancing has limits in Africa where population density is very high, and where poor households live in densely populated areas. As the African Centre for Strategic Studies has noted, African countries boast megacities such as Lagos, Cairo, Kinshasa and Johannesburg that have peak population densities greater than that of New York City at 56 000 people per square-metre.[9] The implications of this are that social distancing and extended lockdowns are unlikely to be effective and could ultimately trigger social tensions and popular discontent. There is also a high cost to social distancing as informal traders and small enterprises have to halt operations, creating a potential risk of rise in poverty levels and malnutrition due to a loss of income. Nonetheless, Africa’s youthful population and warmer climate could be an advantage. These attributes, however, provide false comfort and cannot inoculate the continent against the Covid-19 pandemic, especially in light of deep socio-economic vulnerabilities, including food insecurity, malnutrition, lack of access to quality health services, and inadequate provision of water and sanitation, all of which are problems stemming from poor governance. Vaccination is, therefore, the ultimate solution to Covid-19.[10] Until this is discovered, it is important that African countries work hard to coordinate better their programmes, pool their resources, and augment their capabilities. This will put them on a stronger footing in crafting their responses to Covid-19 and seeking development support from external partners.
What Role Can South Africa Play?
President Cyril Ramaphosa is the current Chairperson of the African Union (AU), a role that places him uniquely to lead an effort to coordinate the work of various institutions and financing instruments; forge common African positions; and orchestrate engagements with African external actors, including key bilateral partners and international organisations. At the bilateral level, and working with the AU President, the AU Chair can engage China on the basis of the existing Forum on China-Africa Cooperation to ascertain the type and level of support that China can provide to the African continent during this crisis period. This is also an opportune time to deepen the partnership with the European Union (EU), which has long-standing and chequered ties with Africa dating back to the colonial era.
The EU’s commitment in respect of Covid-19 support measures towards the African continent is commendable but it needs to do more. Only a few countries are beneficiaries of EU support for Covid-19 initiatives. Ethiopia has been offered 10m euros to support the government’s Preparedness and Response Plan. In Nigeria, the EU has pledged 50m euros to support the country’s efforts to fight Covid-19. For its part, Sudan will receive 10m euros to bolster the country’s humanitarian projects related to access to clean water and hygiene. Sierra Leone will benefit to the tune of 34.7m euros to address the economic consequences of Covid-19, including efforts to strengthen macroeconomic resilience and stability. In addition, the EU intends to unveil further measures as part of a renewed EU-Africa Strategy that will be presented at the 2020 EU-Africa Summit in Brussels.[11] The EU has declared Africa its most important global partner. If it is to mean anything, such rhetoric should be backed by serious commitment and concrete actions during Africa’s time of need.
Given its current role as AU Chairperson, and its unique position as the only African country that is a member of the G20, South Africa is strongly poised to play a leading role in developing and lobbying for a common set of African proposals to the global community, including countries such as China that have been expanding their diplomatic and commercial footprints on the African continent over the past two decades. Britain, which has been carving a new role for itself in the aftermath of Brexit, has an opportunity to realise what former Prime Minister Theresa May and current Prime Minister Boris Johnson have characterised as ‘Global Britain’. There is no better time than during this crisis for Britain to project itself as a credible global actor by taking a leading role in responding to pressing global challenges.
The main priority for South Africa is to coordinate a common and coherent African platform with a view to mobilising resources across the continent and to agreeing a collective agenda in terms of engaging with external partners. In the past, Africa has been a passive recipient of largesse from the major powers. Now is the time for the continent to proactively shape its own agenda and present it to the rest of the world. On 3 April 2020 President Ramaphosa convened a teleconference meeting of the AU Bureau of Heads of State and Government to discuss Africa’s response to the Covid-19 pandemic.[12] Noting the unprecedented nature of the threat posed by Covid-19 to the continent, the meeting endorsed the operationalisation of the AU Covid-19 Response Fund set up on 26 March 2020.[13]
The meeting emphasised the importance of a comprehensive continental strategy that sets out Africa’s priorities and measures to mitigate the socio-economic and political impacts of the pandemic on African nations. Further, the meeting agreed to set up regional coronavirus task forces in each of Africa’s five regions: Southern Africa, East Africa, West Africa, Central Africa and Northern Africa. These task forces will “oversee screening, detection and diagnosis; infection prevention and control; clinical management of infected persons; and communication and community engagement.”[14]
The Heads of State enjoined the International Monetary Fund (IMF) and WB to recast their present disbursement policies to show flexibility and speed, including raising the availability of IMF special drawing rights (SDRs). In addition, they underscored the need for a comprehensive stimulus package for Africa, “including, deferred payments, and the immediate suspension of interest payments on Africa’s external public and private debt in order to create fiscal space for Covid-19 response measures.”[15]
As AU Chairperson, South Africa should champion the kind of mobilisation reminiscent of the 2005 Gleneagles undertaking by the G8 to provide support for Africa’s development.[16] What was significant about that initiative was that it sought to structure a solid platform for a development partnership between Africa and Europe, with the New Economic Partnership for Africa’s Development used by African leaders as the basis for dialogue. As part of this compact, industrialised countries made a collective pledge to double overseas development assistance from the 2004 levels of $34.5bn to $67bn, with 50 percent of this disbursed to Sub-Saharan Africa.[17]
External Partners
The WB and IMF command the largest potential resources to address the economic shocks occasioned by Covid-19. Leaders of both international financial institutions have exhorted creditor countries to suspend debt repayments to enable the poorest countries to spend more on health systems. There ought to be recognition by the advanced countries that their fates are intrinsically linked to those of African countries and they will ultimately inherit Africa’s looming crisis. There also needs to be a coherent and globally coordinated response, rather than the current mixture of ad hoc funding commitments and initiatives.[18] The ratcheting up of financial support to date has not been proportionate to the enormous scale of the Covid-19 threat.
The IMF has stated that it has up to $1tn available globally to help countries manage the financial effects of the Covid-19 crisis.[19] The IMF needs to respond to stem what is poised to be the largest capital flight from developing countries by issuing new SDRs.[20] The IMF’s Managing Director, Kristalina Georgieva, has pointed to the replenishing of funds utilised in a debt relief and aid mechanism during the 2014 Ebola epidemic that broke out in three African countries. There has also been a proposal that principal payments – the actual debt payment, not interest charges – be waived for the most vulnerable countries.[21] For its part, the WB has allocated a $14bn Covid-19 package to shore up beleaguered economies, as well as to support private sector activities through the International Finance Corporation.[22] The WB will require additional resources to be able to provide support through, for example, soft loans and grants.
Multilateral development banks can also provide funds and expertise, especially in assisting the least developed countries in programme development and implementation. As Africa’s biggest trading and investment partner, the EU as well as other major donor partners have ample resources to offer solidarity support and other forms of assistance to African countries. Within the EU, France has been leading European efforts to secure a deal on debt relief for Africa, expanding credit-swap lines and expanding IMF SDRs by $500bn.[23] Regional development banks such as the African Development Bank and the New Development Bank should also be engaged to look beyond specific member country support and to potentially vulnerable regions on the African continent.
Overall, a key challenge for African countries is to present a unified front and outline a clear and consistent set of demands to the international community. Fourteen Latin American and Caribbean countries have already approached the IMF for emergency facilities totaling $4.48bn.[24] Recently the WB approved $50m in instant funding to Kenya to support the country’s response to the Covid-19 pandemic, while the IMF approved the disbursement of $109m to Rwanda to help the country deal with its balance-of-payments of problems stemming from the outbreak of Covid-19.[25] There is no common panacea for African countries with distressed economies, but other African nations should seek help and craft solutions that meet their national interests and needs.
About the Authors
References
[1] United Nations Conference on Trade and Development, The Covid-19 shock to developing countries: Towards a “whatever it takes” programme for the two-thirds of the world’s population being left behind, UNCTAD: Geneva, 30 March 2020, at https://unctad.org/en/PublicationsLibrary/gds_tdr2019_covid2_en.pdf
[2] Ibid.
[3] Ibid.
[4] Larry Elliot, ‘Africa won’t beat coronavirus on its own,’ The Guardian, 27 March 2020, at https://www.theguardian.com/commentisfree/2020/mar/27/africa-coronavirus-west-covid-19
[5] United Nations Conference on Trade and Development, op cit.
[6] World Bank, ‘For Sub-Saharan Africa, Coronavirus Crisis Calls for Policies for Greater Resilience,’ World Bank: Washington DC, 9 April 2020, at https://www.worldbank.org/en/region/afr/publication/for-sub-saharan-africa-coronavirus-crisis-calls-for-policies-for-greater-resilience
[7] World Health Organisation, The State of Health in the WHO African Region. Geneva: WHO, 2018, at https://www.afro.who.int/publications/state-health-who-african-region
[8] Ibid.
[9] African Centre for Strategic Studies, Mapping Risk Factors for the Spread of COVID-19 in Africa. 3 April 2020. https://africacenter.org/spotlight/mapping-risk-factors-spread-covid-19-africa/
[10] Okonja-Iweala, Ngozi, ‘Ebola Lessons in Fighting COVID-19’. Project Syndicate, 1 April 2020. https://www.project-syndicate.org/commentary/africa-ebola-outbreak-lessons-for-covid19-by-ngozi-okonjo-iweala-2020-04
[11] European Commission, Joint Communication to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: Communication on the Global EU Response to COVID-19. Brussels: European Commission, 8 April 2020, at https://ec.europa.eu/info/sites/info/files/joint_communication_global_eu_covid-19_response_en.pdf
[12] Participants in the meeting were President Abdel Fattah al Sisi of the Arab Republic of Egypt, President Ibrahim Keita of the Republic of Mali, President Uhuru Kenyatta of the Republic of Kenya, President Felix Tshisekedi of the Democratic Republic of Congo, President Paul Kagame of the Republic of Rwanda, Prime Minister Abiy Ahmed of the Federal Republic of Ethiopia, President Macky Sall of the Republic of Senegal, and President Emmerson Mnangagwa of the Republic of Zimbabwe.
[13] The Presidency of the Republic of South Africa, From the Desk of the President, 6 April 2020, at https://mailchi.mp/presidency.gov.za/presi-desk-mon6april20
[14] Ibid.
[15] Ibid.
[16] Elliot, op cit.
[17] Ibid.
[18] Elliot, op cit.
[19] Reuters, ‘The IMF has $1tn war chest for fighting the virus,’ 3 April 2020, at https://www.reuters.com/video/watch/imf-has-1tn-war-chest-for-fighting-the-c-id708033589?chan=8gwsyvzx
[20] Elliot, op cit.
[21] Lucy Lamble, ‘Africa leads calls for debt relief in face of coronavirus crisis,’ The Guardian, 25 March 2020, at https://www.theguardian.com/global-development/2020/mar/25/africa-leads-calls-for-debt-relief-in-face-of-coronavirus-crisis
[22] World Bank, ‘World Bank Group Increases COVID-19 Response to $14 Billion to Help Sustain Economies, Protect Jobs,’ Press Release, 17 March 2020, at https://www.worldbank.org/en/news/press-release/2020/03/17/world-bank-group-increases-covid-19-response-to-14-billion-to-help-sustain-economies-protect-jobs
[23] Peter Fabricius, ‘France and SA working on plan to help Africa deal with coronavirus pandemic,’ Daily Maverick, 7 April 2020, https://www.dailymaverick.co.za/article/2020-04-07-france-and-sa-working-on-plan-to-help-africa-deal-with-coronavirus-pandemic/
[24] Michael Stott, ’14 Latin American nations to seek IMF help to combat big recession,’ Financial Times, 5 April 2020, at https://www.ft.com/content/dfd1aeed-6d56-466a-be6c-7bb73fc8da23
[25] James Anyanzwa, ‘Bretton Woods’s $159m Covid-19 aid,’ The East African, 4 April 2020, at https://www.theeastafrican.co.ke/business/Bretton-Woods-usd-159m-Covid19-aid/2560-5514004-evy4dgz/index.html