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Kochi, Apr 8 () Kerala Finance Minister Thomas Issac on Wednesday urged the Centre to allow states to launch 'pandemic bonds' having an interest rate under 5 per cent. The proposal comes against the backdrop of states looking to raise money to fund measures to deal with the coronavirus pandemic, which has resulted in more than 5,600 cases of infections across the country. Besides, the 21-day nationwide lockdown to curb spreading of the infection has caused economic disruptions. On Tuesday, Kerala had to offer an interest rate of 8.96 percent for Rs 6,000 crore market borrowing or state development loan for a 15-year period. "Chief Minister (Pinarai Vijayan) is writing to the Prime Minster seeking his intervention in allowing the states to launch pandemic bonds at a fixed interest rate of lower than 5 per cent. The Centre should also ask the Reserve Bank to buy these bonds and (those borrowings) should be kept off the balance-sheet of the states," Issac said in a Facebook post. The pandemic bond would effectively work like monetisation of fiscal deficit -- which means the central bank prints more money to pay for government debt by buying up government bonds and booking the same on its balance-sheet. The minister said Rs 6,000 crore borrowed from the market on Tuesday is the Kerala's share in the first tranche of the Rs 1.27 lakh crore market borrowing that the Centre allowed for the states in 2020-21. Paying 8.96 per cent interest for 15 years on this loan would leave the state in a deep debt trap from which it would be difficult to come out, Issac said. He also called upon the Centre to monetise the debt by borrowing directly from the Reserve Bank and divide the amount among states. The finance minister also said that the chief minister would request the Centre to hike the ceiling on states' fiscal deficit to 5 per cent from the present 3 per cent to tide over the deep financial constraints arising from the coronavirus pandemic. BEN TGB RAM RAM

Coronavirus outbreak: Kerala finance minister moots 'pandemic bonds' to tide over financial woes

<ul><li>After 3 confirmed <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> cases, Kerala fears mass cancellations from tourists </li><li>State tourism minister <keyword id="916683" type="PERSON" weightage="20" keywordseo="Kadakampally-Surendran">Kadakampally Surendran</keyword> said the hotels have seen mass cancellations. </li><li>Business Insider India reached out to online travel portals like EaseMyTrip and Cleartrip to assess the impact of Coronavirus on <keyword id="6362858" type="COMPANY" weightage="20" keywordseo="Kerala-Tourism">Kerala Tourism</keyword>. They say that the demand remains strong as of now. </li></ul>The outbreak of <keyword id="8637381" type="UNKNOWN" weightage="20" keywordseo="Coronavirus-in-Kerala">coronavirus in Kerala</keyword> has cast a shadow on the state’s vibrant tourist inflow. After the state reported<a href="https://www.businessinsider.in/science/health/news/806-people-in-kerala-under-observation-for-coronavirus/articleshow/73754612.cms?upcache=2"> three confirmed coronavirus cases</a>, even its border states like <keyword id="6354780" type="LOCATION" weightage="20" keywordseo="Karnataka">Karnataka</keyword> have turned alert. State tourism minister Kadakampally Surendran said the hotels have seen mass cancellations. “After the Nipah virus and deadly floods, the coronavirus outbreak has also adversely impacted the holiday industry as hotel bookings during February-March have been cancelled widely across the state, ''<a href="https://www.livemint.com/news/world/coronavirus-live-update-death-toll-jumps-to-425-hyundai-suspends-production-line-11580788423653.html"> he said in a press conference</a>. Business Insider India reached out to online travel portals like EaseMyTrip and Cleartrip to assess the impact of Coronavirus on Kerala Tourism. They say that the demand remains strong as of now. Too early to asses, say travel portals Balu Ramachandran, senior vice president of Cleartrip believes that it is very early to say conclusively if there will be any discernible impact on travel with respect to Coronavirus “As of now, we haven't received any updates from airlines for flight cancellations for Kerala. However, we have observed a few cancellations of hotel bookings especially of women travellers,” Prashant Pitti, co-founder and executive director of EaseMyTrip. If any, this will be the third time that the state’s tourism sector has been hit. Two years ago in August 2018, Kerala was swept away by deadly monsoon rains taking as many as 504 lives. In all, 23 million were affected and the losses for the state mounted to $2.7 billion. In June 2019, 17 people were killed in 21 days after catching Nipah virus infection (NiV) that too like Coronavirus has no cure. SEE ALSO : <a href="https://www.businessinsider.in/science/health/news/fighting-wuhan-coronavirus-pictures-show-how-china-built-a-1000-bed-hospital-in-10-days/articleshow/73758306.cms">Fighting Wuhan Coronavirus: Pictures show how China built a 1000-bed hospital in 10 days</a>

Kerala’s tourism is infected following three confirmed cases of coronavirus

<ul><li>Four <keyword id="6354780" type="ENTERTAINMENT" weightage="20" keywordseo="Karnataka">Karnataka</keyword> districts bordering Kerala -- Kodagu, Mangluru, Chamarajanagar and Mysuru -- have been put on high alert in the wake of positive <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> cases in Kerala.</li><li>Acting on state government orders, <keyword id="1051" type="PERSON" weightage="20" keywordseo="Mohan">Mohan</keyword> said the district health department is undertaking information and education activities in the district about the virus. </li><li>Mohan said Kodagu did not receive any migrant from China or a person who stayed in China thus far.</li></ul>Four Karnataka districts bordering Kerala -- Kodagu, Mangluru, Chamarajanagar and Mysuru -- have been put on high alert in the wake of positive coronavirus cases in Kerala. "Kodagu, Mangluru, Chamarajanagar and Mysuru districts have been put on high alert for coronavirus monitoring," Kodagu district health officer K. Mohan told IANS. Acting on state government orders, Mohan said the district health department is undertaking information and education activities in the district about the virus. "We are explaining how coronavirus spreads and how to take precautionary measures. We have established a six bedded room for coronavirus in the district hospital and two beds each at Virajpet and Somvarpet," said Mohan. The Kodagu district authorities also displayed coronavirus awareness posters and messages at bus stops, government hospitals and offices, including the bustling Raja Street. Kodagu is located 250 km southwest of <keyword id="6354321" type="LOCATION" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword>. Aiming at restricting the movement of people between Karnataka and Kerala, Mohan said the district health department has requested the planters' associations to not move manpower. "We have requested our planters' associations not to move manpower from Karnataka to Kerala and Kerala to Karnataka till February 15," said Mohan. Additionally, the district health department has also kept a rapid response team on standby. Mohan said Kodagu did not receive any migrant from China or a person who stayed in China thus far. Meanwhile, the Karnataka government has ordered that anybody arriving from the 23 coronavirus affected countries must stay in isolation at home for 28 days in a state surveillance bulletin of the Karnataka health and family welfare department on Monday. The home isolation requirement is irrespective of the virus symptoms. As many as 426 coronavirus deaths have been reported in China so far. See also: <a class="in-cell-link" href="https://www.businessinsider.in/science/health/news/fighting-wuhan-coronavirus-pictures-show-how-china-built-a-1000-bed-hospital-in-10-days/articleshow/73769620.cms" target="_blank">Fighting Wuhan Coronavirus: Pictures show how China built a 1000-bed hospital in 10 days</a>

Now, Kerala's border districts in Karnataka are on Coronavirus alert too

A three-year-old child has tested positive for the novel coronavirus in <keyword id="28504" type="LOCATION" weightage="20" keywordseo="Kerala">Kerala</keyword>'s <keyword id="30469" type="LOCATION" weightage="20" keywordseo="Kochi">Kochi</keyword>, confirmed the health officials here on Monday, taking the total number to six in the state. The child had travelled to <keyword id="21474" type="LOCATION" weightage="20" keywordseo="Italy">Italy</keyword> along with his parents and had returned on March 7. The family was kept in quarantine in a hospital where the child developed the symptoms. This is the sixth positive case in the state. On Sunday, five were confirmed positive by the <keyword id="227951" type="COMPANY" weightage="20" keywordseo="state-health-minister">State Health Minister</keyword>. Three of these had travelled to Italy and had come in contact with two in the <keyword id="6357575" type="LOCATION" weightage="20" keywordseo="pathanamthitta">Pathanamthitta</keyword> district. The three had not declared their travel destination at the airport.

Coronavirus: A 3-year old child tests positive in Kochi, Kerala now has 6 cases

By Manoj Rammohan New Delhi, Apr 12 () As states scramble to raise funds to fight the coronavirus pandemic, Kerala Finance Minister Thomas Isaac has urged the Centre to liberalise its fiscal policy by printing more currency and allowing states to borrow directly from the Reserve Bank. While expressing optimism that Kerala will get nod for issuance of pandemic bonds, Isaac also warned that the current limitations on the fiscal policy front could push states into a "debt trap". In a telephonic interview to , Isaac said states should not be forced to go to the capital markets at this time and the Centre should first raise the fiscal deficit limit as well as permit direct borrowing from the Reserve Bank. On Tuesday, Kerala had to offer an interest rate of 8.96 per cent for Rs 6,000 crore market borrowing for state development loan for a 15-year period. "All states are going for a lower amount and a shorter period. Now, the coupon rate is an average of eight-plus. The question is why the market is behaving like this... there is a freeze in the credit market. "There are limitations due to the fiscal policy. Government of India should directly borrow from the Reserve Bank, monetise the debt and also allow states to borrow from the Reserve Bank," he said. Otherwise, Isaac said the situation would put all state governments in a debt trap. "When the crisis ends, all state governments will be in serious unsustainable debt situation. GDP is going to be negative and paying around 9 per cent interest, then that is unsustainable. This policy will push state governments into a fiscal crisis," he said during the interview on Friday. Kerala, which has put in place stringent measures to curb spreading of coronavirus infections and flatten the curve, has come out with a Rs 20,000 crore package to deal with the current situation by front loading borrowings. "The central government is forcing state governments to cut their expenditure. This is a very crazy policy. In a slump, you are forcing state governments to cut expenditure," he said. Presently, a state is permitted to borrow up to 3 per cent of its Gross State Domestic Product (GSDP). "We already have hard budget constraints... We are permitted to borrow 3 per cent of the GSDP. We have front loaded our borrowings so that we are able to meet demands due to the crisis "... unless you provide basic necessities to the entire population who are under the lockdown you are not going to get compliance. This is what is proved by the experience in the major cities in India with flights of lakhs of people undermining the very motive of the lockdown," he said. Asserting that printing of money is "absolutely" practical and fits the time, Isaac cited the examples of the US Federal Reserve and the European Central Bank and said that is the pattern all over the world. The Federal Reserve and many other central banks are directly purchasing bonds as part of efforts to ensure liquidity in the market. While noting that the state government would be going to the market for raising a lower amount, Isaac stressed that if one is serious about fighting the coronavirus pandemic, then better that the money is available and there is no point in getting the money after one month when the whole country has gone to the dogs. On Wednesday, the minister said Rs 6,000 crore borrowed from the market on Tuesday is Kerala's share in the first tranche of the Rs 1.27 lakh crore market borrowing that the Centre allowed for the states in 2020-21. Paying 8.96 per cent interest for 15 years on this loan would leave the state in a deep debt trap from which it would be difficult to come out, Isaac had said. Emphasising that the central government should understand and be more liberal in its fiscal policy and support, the minister said more needs to be spent on relief. Kerala Chief Minister Pinarayi Vijayan has written to Prime Minister Narendra Modi regarding proposal to issue pandemic bonds, which will have a lower interest rate. When asked whether he was optimistic about getting the Centre's nod for issuance of pandemic bonds, Isaac replied in the affirmative. "Yes. Pandemic bonds will be specially for Covid related measures. It should be at a lower interest rate because it is not going to have any capital expenditure or revenue expenditure for giving relief to people...," he said. Pandemic bonds would effectively work like monetisation of fiscal deficit -- which means the central bank prints more money to pay for government debt by buying up government bonds and booking the same on its balance-sheet. To a query on whether any other practical option was being planned in case pandemic bonds issuance does not happen, Isaac said the central government has to change its policy. "I am certain that compulsions of the current situation will force the central government to change its fiscal policy which is as idiotic as the demonetisation policy," he noted. Later this month, Issac said he would be convening a webinar with representatives from states to discuss states' finances as well as the coronavirus situation. The webinar is scheduled to be held on April 27 and 28. RAM ABMABM

You Searched For "Coronavirus in Kerala" and got 5 results

Coronavirus outbreak: Kerala finance minister moots 'pandemic bonds' to tide over financial woes

PTI

Kerala’s tourism is infected following three confirmed cases of coronavirus

Preeti Soni

Now, Kerala's border districts in Karnataka are on Coronavirus alert too

IANS

Coronavirus: A 3-year old child tests positive in Kochi, Kerala now has 6 cases

IANS

Covid-19: Allow states to directly borrow from RBI, says Kerala FM Thomas Isaac

PTI

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