The virus that causes this disease, like the flu, affects the respiratory system, but it is potentially ten times as lethal. Your company gives you an early retirement offer, should you take it? I don’t think the stock market and its swift recovery is telling the real story. My goal is always realism, but more importantly, I’d like to focus on the action we must all take to protect ourselves from whatever is next. Share. Will your fears lead you to spend less and save more money? ", The management chief said contributions for regular budget assessments have sharply declined in the first quarter of 2020 relative to earlier years, explaining that the payment of assessments by Member States has "resulted in a collection gap of more than $220 million. © 2020 CBS Interactive Inc. All Rights Reserved. Waiting even a short time to begin putting aside money is a huge mistake because it has an outsized effect on the amount of money you'll end up with. Also on Wednesday, the U.N. Secretary General, Antonio Guterres, wrote to the 193 member states that the U.N. is under "increased financial constraints" related to the coronavirus coupled with shortfalls related to a decline in payments of assessed dues by countries in addition to arrears by many nations, the U.N. Pamela Falk is CBS News Foreign Affairs Analyst and an international lawyer, based at the United Nations. Peter Dunn: With so many elements of American life heading in the wrong direction, it’s challenging to know what is heading in the right direction. "Although the immediate impact of the move to alternate working conditions in response to the COVID-19 outbreak will lead to reductions in travel, contractual services, and general operating expenses across all budgets, we also anticipate new demands upon our operations and services as we respond to the global health crisis," Pollard wrote in her memo on April 1. I'd like to focus on the personal finance steps we must take to protect ourselves. U.N. official warns of "dire" financial crisis due to coronavirus in leaked documents. Those of us who didn’t experience a financial dip, won’t have to dig out of a hole that we’re not in. If you possess all these fears and you choose instead to avoid thinking about how you can mitigate these risks, then you’re ignoring reality. No big weddings in Indore due to Covid-19 guidelines; those associated with wedding industry face crunch. The airline industry alone is slated to cuts tens of thousands of jobs as of October 1, as government aid dries up. ", Abelian sent an email with further explanation of the Pollard memo, also obtained by CBS News, that said the world body is using up most of its reserves: "In the first three months of the year, the Secretariat has utilized most of the cash balance carried over from 2019 which has dropped from about $200 million to $50 million at the beginning of 2020.". I’m neither an optimist nor a pessimist. The "WHO, U.N. Foundation and partners launched a first-of-its-kind COVID-19 Solidarity Response Fund to raise money from a wide range of donors and support the work of WHO and partners to help countries respond to the COVID-19," Tarik Jasarevic, spokesman for the World Health Organization, told CBS News on Saturday. The views and opinions expressed in this column are the author’s and do not necessarily reflect those of USA TODAY. If you are taking advantage of COVID-19 financial relief, late or missed payments will not be shared with credit reporting agencies. Early retirement? The world is living its worst scare since the global financial crisis (GFC) in the form of COVID-19, now officially declared a pandemic. First published on April 4, 2020 / 7:37 PM.