USA 'running out of money' to fight Covid-19
March 30, 2022, 10:00 am

USA 'running out of money' to fight Covid-19

USA-New York-Flag of USA-Manhattan/Pixabay

The Xinhua reported, health officials lamented on Tuesday that the United States is "running out of money" to fight COVID-19, as more than 80 million cases have so far been reported nationwide.

"The federal government is running out of funds to provide Americans, especially those who are uninsured, with COVID-19 vaccines, tests, and treatments," said an op-ed co-authored by U.S. Surgeon General Vivek Murthy and David Kessler, chief science officer for the U.S. COVID-19 Response Team.

They wrote in the piece published by The New York Times (NYT): "If the funding does not materialize, we will find ourselves in a far weaker position, struggling to keep up with a constantly evolving virus that will continue to threaten our health, our economy, and our peace of mind."

According to ABC News, federal funding to cover the cost of COVID-19 testing and treatment for uninsured Americans reportedly dried up this week. Several testing providers will no longer provide tests for free to uninsured Americans, saying they will begin to charge between 100 and 195 U.S. dollars for PCR tests.

In addition, the federal government last week cut shipments of lifesaving monoclonal antibodies to states by 35 percent -- and officials anticipate running out of monoclonal antibodies later this spring.

Murthy and Kessler said: "We will not be able to continue making home tests available, and the critical surveillance efforts that help us anticipate new waves and variants will be compromised." They added: "We cannot wait for another crisis for Congress to make sustained pandemic response funding available."

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The call for congressional funding came a day after U.S. President Joe Biden unveiled the federal budget request for the fiscal year 2023, in which his administration urged efforts and investments to prepare "for future pandemics and other biological threats."

The budget asks for "transformative investments in pandemic preparedness" across the U.S. Department of Health and Human Services -- 81.7 billion dollars available over five years -- while it includes 9.9 billion dollars to expand public health infrastructure and increase capacity for forecasting and analyzing future outbreaks, among other things.

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However, the proposed funding for public health services was hugely dwarfed by the request for military and defense spending that amounts to over 813 billion dollars, of which 773 billion is planned for the Pentagon. Biden pitched it as "one of the largest investments in our national security in history."

In an article earlier this year, NYT opinion columnist Farhad Manjoo argued that the level of U.S. military spending, reportedly accounting for nearly 40 percent of the world's defense expenditures, "has long been excessive."

Manjoo said: "After a pandemic that has claimed the lives of more Americans than any war we fought, continuing to throw money at the military is an act of willful disregard for the most urgent threats we face."

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In an opinion published by The Washington Post on Monday, Megan Ranney, a practicing emergency physician and academic dean of the Brown University School of Public Health, pointed out that in the United States "the health-care and public health system is just as vulnerable to COVID as it has ever been."

"That's a problem not just for COVID patients but for anyone who walks through our doors," Ranney added. "Yet, it appears, the country has moved on."

The Xinhua reported, the total number of COVID-19 cases in the United States hit the milestone of 80 million on Tuesday afternoon, with more than 978,000 related deaths, according to data from Johns Hopkins University. Both numbers are the highest in the world.

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The highly contagious Omicron subvariant BA.2 is now the dominant strain of COVID-19 in the United States, causing almost 55 percent of all new infections last week, showed the latest data from the U.S. Centers for Disease Control and Prevention.

The hardest-hit region continues to be the Northeast, where BA.2 is causing more than 70 percent of all cases. The South and Mountain West are seeing the fewest cases in the nation, with the subvariant leading to roughly one-third of infections in those regions.

Anthony Fauci, the top American infectious disease expert, has recently said that he expects "an uptick in cases" due to BA.2 in the United States -- where states and cities have moved to lift restrictions -- and that the Omicron subvariant is about 50-60 percent more transmissible than the first Omicron strain.

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Murthy and Kessler agreed that the pandemic has not been over, warning that "it would be a grave mistake to assume COVID-19 no longer requires our action and investment."

They said: "As we have seen repeatedly over the last two years, periods of declining cases have been followed by waves of increases," adding that "While we cannot predict exactly when cases will rise again, the increase in cases we are seeing in Europe should serve as a reminder that being prepared for future waves is imperative."

Source: xinhua

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.