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Emergency fund - Shanmugam IAS academy in coimbatore
Emergency fund

SAARC’S EMERGENCY FUND

What’s in news?

South Asian nations agreed to evolve a common strategy to meet the challenge posed by the Covid-19 pandemic.

Key data’s:

  • Araised situation: Among the SAARC countries, fewer than 150 cases registered but there is a need to remain vigilant. Globally, the virus has been spread to about 142 countries and about 5 L people were affected.
  • SAARC meeting: In order to frame a common strategy to meet the challenge posed by the Covid-19, the Leaders of SAARC countries met through the Video Conferencing.
  • Since 2014: After 4 years, the members of SAARC countries were joined and met together
  • Emergency fund: PM Modi proposed for voluntary contribution from SAARC nations to set up a COVID 19 emergency fund.
  • India’s contribution: As a first country, India announced its contribution of about $10 million initially to this emergency fund.
  • India’s steps against the disease: Following are the steps taken from the Indian side in order to face the COVID-19 Challenge;
  • Rapid Response Team: A team of doctors and specialists are made on stand-by to be placed at SAARC nation’s disposal, if required.
  • Surveillance Portal: To trace the possible virus carriers and the people they contacted a new portal has been set up called as “Integrated Disease Surveillance Portal”. The data could be shared with SAARC partners.

Data to know:

SAARC:

  • Abbreviated as: SAARC is abbreviated as the “South Asian Association for Regional Cooperation” – a regional intergovernmental organization and geopolitical union of states in South Asia.
  • Established year: It was initiated in 1985.
  • HQ / secretariat: Kathmandu, Nepal.
  • Objective:  It working towards a common goal of achieving social, cultural, economic growth for all the people belonging to the above regions.
  • Member countries: Following are the member countries – Afghanistan, Bangladesh, Bhutan, India,the Maldives, Nepal, Pakistan and Sri Lanka
  • Observer status: The countries which has observer status were Australia, China, European union, Iran, Japan, Mauritius, United States, Korea.
  • Specialized Bodies: These bodies are different from the regional centres. The various bodies were;
    • SAARC Arbitration Council (SARCO) – Pakistan
    • SAARC Development Fund (SDF) – Bhutan
    • South Asian University (SAU) – India
    • South Asian Regional Standards Organization (SARSO) – Dhaka

Links to note:

https://www.iasipstnpsc.in/saarc/

https://economictimes.indiatimes.com/news/politics-and-nation/view-modis-move-to-engage-saarc-on-covid-19-shows-his-capacity-to-surprise/articleshow/74644928.cms

https://www.livemint.com/news/india/at-saarc-video-conference-pm-proposes-fund-to-fight-covid-19-11584294024354.html

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