Live COVID-19 updates: U.S. economy needs more fiscal support to move into recovery phase: Fed official

0 Comment(s)Print E-mail Xinhua, August 6, 2020
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BEIJING, Aug. 6 (Xinhua) -- The following are the updates on the global fight against the COVID-19 pandemic.

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WASHINGTON -- Amid the recent resurgence of COVID-19 cases, the U.S. economy clearly needs more fiscal support to move into the recovery phase from the reopening phase, a senior Federal Reserve official said Wednesday.

"The increase in virus cases that we've seen in recent weeks has raised the downside risks to the outlook and is a stark reminder that there are several different scenarios that could play out," Loretta Mester, president of the Federal Reserve Bank of Cleveland said at a virtual event.

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SEOUL -- South Korea reported 43 more cases of the COVID-19 as of 0:00 a.m. Thursday local time compared to 24 hours ago, raising the total number of infections to 14,499.

The daily caseload stayed above 40 in eight days due to small cluster infections and imported cases.

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ULAN BATOR -- Mongolia has reported 16 more COVID-19 recoveries, taking its total recoveries to 260, the country's National Center for Communicable Diseases (NCCD) said Thursday.

Meanwhile, the Asian country has tested 441 people for the virus in the last 24 hours with negative results, with its total confirmed cases remaining at 293, marking the fourth consecutive day without new cases, the NCCD said.

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JAKARTA -- The Indonesian Financial System Stability Committee saw that the stability of the country's financial system in the second quarter of 2020 was normal but awareness should be raised amid COVID-19 pandemic, according to the finance minister as quoted by the State Secretariat here Thursday.

Finance Minister Sri Mulyani Indrawati along with the top executives of the committee members, namely the central bank Bank Indonesia, the Financial Service Authority and the Deposit Insurance Institution made the remarks on a virtual press conference on Wednesday. Enditem

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