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ASHGABAT, July 9, 2021 – The World Bank approved $ 20 million from the International Bank for Reconstruction and Development (IBRD) for the Turkmenistan COVID-19 Response Project. The funding will strengthen the country’s response and preparedness efforts in the face of the health and social risks of the COVID-19 pandemic.

In particular, the World Bank will support priority activities under the National pandemic preparedness and response plan, which strengthen country-level coordination, improve risk communication and community awareness, and strengthen testing, response capacities, infection prevention and control, and case management practices in health facilities .

“The COVID-19 pandemic has posed an unprecedented threat to hard-won development gains around the world, including in Turkmenistan, calling for urgent and decisive action,” said Jan-Peter Olters, World Bank Country Director for Tajikistan and Turkmenistan. “By collaborating in the response to COVID-19, Turkmenistan will be better prepared to improve the quality of health care and increase access to it and to take a more holistic approach to deliver health services in an efficient and inclusive manner. “

Turkmenistan will improve and improve its capacity to respond to COVID-19 with project activities focused on strengthening and improving access to health services and the provision of COVID-19-related care to all citizens, including including vulnerable population groups. The proposed investments are expected to generate benefits beyond the pandemic response, including improving information systems to monitor infectious diseases, building strong infection control capacity in healthcare facilities and introducing innovations. in the provision of health services.

In addition, the project will support the purchase of medical, diagnostic, waste management equipment and essential supplies, such as test kits, laboratory reagents and drugs. Medical staff will receive training in COVID-19 care and infection prevention, as well as longer-term capacity building in intensive care delivery. To support these efforts, the project will join forces with other development partners, including the World Health Organization (WHO) and relevant United Nations agencies.

By procuring climate-smart lab technology, the project contributes to overall climate change goals. In the longer term, the project will provide training activities for public health specialists to improve their ability to detect future epidemics, including those caused by climate-related diseases.

The Ministry of Health and Medical Industry and its Division of Sanitary and Epidemiological Safety and Control will play a key role in the coordination and implementation of project activities. The Government of Turkmenistan will partner with the United Nations Development Program (UNDP) which will act as the executing entity of the project.

The World Bank, one of the largest sources of finance and knowledge for developing countries, is taking broad and swift action to help developing countries respond to the health, social and economic impacts of COVID-19. This includes $ 12 billion to help low- and middle-income countries purchase and distribute COVID-19 vaccines, tests and treatment, and strengthen immunization systems. The funding builds on the World Bank Group’s broader response to COVID-19, which is helping more than 100 countries strengthen their health systems, support the poorest households and create enabling conditions to maintain livelihoods and jobs for those hardest hit.

PRESS RELEASE N °: 2021 / ECA / 126

Contacts

Ashgabat

Oraz Sultanov
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Washington

Sona Panajyan
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New Delhi: A bench of two Supreme Court judges, led by Judge DY Chandrahud and also including Judge MR Shah, refused to hear the petition filed by lawyer-cum-petitioner, Vishal Tiwari, asking for directions to modify his judgment of March 23, 2021 and order that the deadline for declaring any bad debt account (APM) runs from the date of the judgment pronounced. “These are all policy issues, we cannot interfere with the petition, sorry,” Judge Chandrachud said, adding that the petition is not maintainable.Also Read – Karnataka 2021 SSLC Examination: Plea Filed To Karnataka High Court To Cancel Exams | Deets inside

The judgment has already been handed down in the loan moratorium case and the prayer requested by Tiwari is very different, the Supreme Court bench said. The judges questioned Tiwari about the need to file an amendment request, which is filed when there is a need for name correction or some type of correction required in the case. Also Read – What is happening is terrible: Supreme Court issues center notice to allow authorities to arrest people under scrapped law

Tiwari replied that the reason he filed a request for modification is because the Reserve Bank of India (RBI) has issued a circular and there is a 7 day period from the date of the judgment to consider the counts as a non-performing loan. Also Read – CA 2021 Exams: Old Course Students Request ICAI For Additional Attempt. Details here

Tiwari, in his petition filed in the Apex Court, said the last paragraph of the order reads: “Accounts which were considered to be standards and were not declared NPA until August 31, 2020 , should not be declared ZIP, until further orders. This meant that the accounts had to be considered standard. “

Tiwari said such a court order was a relief for commercial borrowers, who were facing severe financial hardship due to the sudden outbreak of COVID-19 and the subsequent imposition of a full lockdown by the Indian government. to restrict the transmission of COVID-19[FEMININE[FEMININE

Such an order suspending the non-taxation of the NPA by banks against borrowers was overturned by the judgment of March 23, 2021, and therefore banks in accordance with the law can impose the NPA of a standard account in the event of default, Tiwari said. .

Typically, in legal parlance, a borrower’s standard account can be declared NPA if there is a repayment of 90 days or more, Tiwari said in his petition.

Therefore, it needs to be clarified and ordered by the Apex Court that the 90-day period for calculating the standard account statement as an NPA should start from the day of judgment in this batch of claims, Tiwari said in his request.

Tiwari urged the court to clarify / modify and orient the judgment / order of March 23, 2021, in order to avoid any practical or sensitive issues that may arise in the future on the issue of classifications.

Labor MEP Alfred Sant has denounced the way loans are distributed in member states by the European Investment Bank (EIB).

Expressing serious concerns about the EIB’s operational performance, Sant asked how in 2019 only four EU Member States between them received almost 50% of the loans granted by the bank.

Speaking in a joint debate on the European Investment Bank at the plenary session of the European Parliament on Thursday, Sant acknowledged how essential the EIB is in supporting EU investment policy and facilitating support financial to major projects.

Sant also noted that the EIB’s newly acquired role as the EU’s climate bank makes sense.

The European Investment Bank is the investment bank of the European Union and is owned by the EU Member States. It is one of the largest supranational lenders in the world. It finances projects that achieve the political objectives of the European Union through loans, guarantees and technical assistance.

While welcoming his work in EU partner countries, the head of the Maltese S&D delegation said geographic imbalances in European Investment Bank lending remain a vital structural handicap.

“New criteria ensuring a wider geographical distribution of investments are needed,” Sant said in Thursday’s plenary session.

“There should be a higher priority for regions traditionally plagued with an investment gap, especially those with geographic disadvantages like the EU’s peripheral and island regions.

“Any insufficiency of the general investment needs for the recovery of Covid-19 and for the Green Deal will weigh the most heavily on these regions. Thus, the financing strategies must be adapted to their geography, in particular for projects related to transport and to energy “.

Another major problem, according to Sant, is transparency, including sharing information on EIB financing activities with MEPs: “We do not understand the reasoning behind the sudden decision by the EIB to end the dissemination. of its monthly EFSI status reports in June 2018. A permanent information-sharing mechanism should be put in place, defining loans approved by sector and by country.

“I look forward to the continuation of the dialogue between the European Parliament and the EIB. Together, we can succeed in achieving a comprehensive and fair green transition of the European economy.

SB Finance Corp., the consumer finance arm of Security Bank Corp., has partnered with Grab Philippines to provide personal loans to Grab users, driver-partners and merchant-partners through the mobile app of these latter.

In a statement, SB Finance said that as part of its partnership with Grab, users of the ridesharing and food delivery app can apply for a personal loan of up to 2 million pesos with payment terms. up to 36 months.

Applying for the loan will be done through an online process and applicants can expect the funds to be released in five days, he said.

“Our strategic partnership with Grab Philippines aims to help Filipinos by providing personal loans tailored to their needs. We are optimistic that Grab users, drivers, delivery people and merchant partners will be able to enjoy a holistic digital lending experience as we navigate the new normal, ”said Abbie Casanova, President and CEO of SB Finance .

For his part, the director of Grab Financial Services in the Philippines, Erwin Yamsuan, said that the company’s partnership with SB Finance would give its users better access to much-needed funding that they can use to pursue plans. doing business, renovating, or paying for health emergencies. , among others.

“We hope that with these loans, consumers can maintain or improve their quality of life, especially during this pandemic,” Yamsuan said.

SB Finance is a joint venture between Security Bank Corp. and Krungsri in Thailand.—AOL, GMA News

The Supreme Court on Friday rejected the request for a moratorium on the declaration of accounts as non-productive assets (NPA) until June 23, she announced. The court said it was a matter of policy and did not consider it an “appropriate case” for intervention. In June, the SC rejected a plea to seek further relief from the loan moratorium, which was put in place due to the start of the second pandemic wave of COVID-19. The court asserted that such decisions with financial ramifications are best left to the decision makers, namely the government and the Reserve Bank of India.

A bench composed of judges Ashok Bhushan and Mukeshkumar Rasikbhai Shah rejected a PIL filed by lawyer Vishal Tiwari on Friday, July 2. June.

The Supreme Court clarified that it also had other pressing issues to deal with, such as vaccinations, issues related to migrant workers, etc. The tribunal also added that these matters fall within the purview of the government and the RBI as policy makers to assess situations and take appropriate action.

On March 23, the Supreme Court ruled out banks from charging interest on interest during the six-month loan moratorium period that was set from March 1 to August 1, 2020. That done, however, the court refused to put an extension of the moratorium period on loans beyond the period from March to August. This was done because the court felt that these types of changes were best left in the hands of the decision makers.

The judiciary then overturned a September 3, 2020 stay order that prevented lenders from declaring loan accounts that were not classified as such prior to August 31, 2020 as NPAs. That said, the judiciary and court expressed to on several occasions their anxiety about the struggle. borrowers from different sectors who have been hit hard by the pandemic. Sectors like real estate and electricity have been among the most affected.

The court was of the opinion that if he were to change the outline of the moratorium and give all borrowers full interest relief, it would “break the bank”, so to speak. This course of action would most likely jeopardize the banking system and drain all funds according to the RBI.

Read all the latest news, breaking news and coronavirus news here

Borrowers can contact their banks to convert their loans to the new scheme or refinance their loan with another lender after carefully assessing the costs of refinancing and the potential savings on interest.

The Reserve Bank of India’s decision to keep the repo rate unchanged at a low of 4% for over a year has helped many banks cut interest rates on fixed deposits, demoralizing investors . However, this downward trend in pensions has also led many banks to cut their floating interest rates on home loans to decades-long lows, especially since October 2019, when the central bank ordered all banks. to compare their loans externally.

In fact, there are currently at least 15 banks that offer home loans starting at less than 7% per annum. Compare that to September 2019, when the lowest mortgage rates were around 8.40% per annum. , having the necessary margin funds, a credit score above 750, and adequate repayment capacity, this could indeed be the perfect time to make your home buying dreams come true, according to BankBazaar.

The current phase of low interest rates on home loans, especially by banks that have compared their loans to the RBI repo rate, also offers an opportunity for borrowers who are managing home loans under the MCLR or rate scheme. (i.e. for loans taken out before October 2019) to refinance their loans into repo-linked loans to take advantage of lower rates and save on the outflow of interest.

Borrowers can contact their banks to convert their loans to the new scheme or refinance their loan with another lender after carefully assessing the costs of refinancing and the potential savings on interest.

Note, however, that the loans linked to pensions will experience a rapid and proportional increase whenever the central bank decides to increase the rate of pensions. These loans also involve customer risk extending beyond the repo rate and the bank spread which could be triggered if the borrower’s credit rating suffers a substantial decline during the life of the loan, resulting in a higher applicable interest rate and EMI amount, according to BankBazaar.

So, if you are planning to take out a home loan for less than Rs 30 lakh, here is a list of the top 15 government and private banks that currently offer the lowest interest rates. Note that the interest rate that is applicable to you would be determined according to your age, your income, your gender, your credit rating, the amount of the loan, the loan / value ratio or any other condition of the lender. you have chosen.

15 Best Banks Currently Offering Lowest Interest Rates On Home Loans Under Rs 30 Lakh

Disclaimer: Interest rates that vary with tenure terms or credit scores in the specified loan amount are shown as a range, and banks have been listed in ascending order based on their current mortgage rates for loans below Rs 30 lakh. Data taken from the banks’ respective websites on July 2, 2021.

Data compiled by BankBazaar.com, an online marketplace for loans, credit cards and more.

NEW DELHI: Risk-averse Indian lenders are emerging as one of the biggest obstacles to the country’s speed of recovery from the pandemic-induced downturn, as they withhold credit when the economy needs it most.
Loans to businesses and individuals have grown at a moderate pace of 5.5% to 6% in recent months, half the pace seen before the pandemic, according to data from the Reserve Bank of India. The State Bank of India, the country’s largest lender, wants to almost double its credit growth rate to 10% in the year that started April 1, but is poised to miss the target.
Coronavirus: Live Updates
“It is a very fragile situation,” said Dinesh Khara, chairman of the SBI, after releasing the results of the exercise ended in March. The bank would not “compromise” on asset quality to meet its targets, he said.
Khara’s comments highlight the biggest obstacle to both credit underwriting and economic growth, set at 9.5% this year, already reduced from previous central bank forecast of 10.5% and more to an unprecedented contraction last year. Banks’ risk aversion – or fear of bad loans in a tough economic environment – could further slow the economic recovery, analysts, including those at the RBI, say.
“Credit is a necessary and possibly the most important ingredient of economic growth,” according to SS Mundra, former deputy governor of the RBI, who estimated that the multiplier effect of credit on nominal gross domestic product growth is 1 ,6 times.
It doesn’t help India’s case that it is already home to one of the biggest piles of bad loans among major economies. And add to that a crisis in shadow banking, which has resulted in the rescue of two lenders and the bankruptcy of two more in the past two years.

The RBI expects the bad debt ratio of banks to rise to 9.8% by the end of this fiscal year, from 7.48% a year ago.
Slow capex
While banks procrastinate on loans on the one hand, companies are pushing back their investment plans in the face of lack of demand on the other.
Business willingness for new investment is low, according to the Center for Monitoring Indian Economy Pvt, with capital spending declining. While companies recorded windfall profits mainly from widespread cost reductions, most used the additional funds generated to repay bank loans.

According to a SBI study, where economists analyzed the top 15 sectors and a thousand listed companies, more than Rs 1.7 lakh ($ 22.8 billion) in debt was reduced last year. Refineries, steel, fertilizers, mining and mineral products as well as textile companies alone have reduced their debt by more than Rs 1.5 lakh crore, the trend continuing this year, the Chief economist of the bank, Soumya Kanti Ghosh.
“Any significant recovery beyond 10% growth in credit demand will require a substantial turnaround in the private investment cycle, which still seems far away as companies focus on deleveraging,” said Teresa John, economist at Nirmal Bang Equities Pvt. in Bombay. It predicts 7% GDP growth this year, which is in the lower end of a Bloomberg survey with a consensus of 9.2%.
What Bloomberg’s Economy Says
“A further slump in credit growth means the RBI should allow a bit more time for credit recovery before it begins to unwind its stimulus.” – Abhishek Gupta, Indian economist
Consumers are also fixing their finances, which does not bode well for the aggregate demand for goods and services as well as for personal loans, and therefore for economic growth. The current recovery is likely to be less abrupt than the rebound that occurred in late 2020 and early 2021, analysts at S&P Global Ratings say.
“Households are depleting their savings,” S&P analysts wrote. “A desire to replenish their cash flow may delay spending even as the economy reopens.”
And while Covid-19 relief measures may provide some respite for banks, the need to raise capital will remain high once stress from the virus begins to show up on their balance sheets.
“Challenges for Indian banks posed by the coronavirus pandemic have increased due to a virulent second wave,” said Saswata Guha and Prakash Pandey of Fitch Ratings this week, as they cut India’s growth forecast from 280 basis points to 10%. This underscores “our belief that the renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and revenue generation.”

As part of the Pemulih package announced by Prime Minister Tan Sri Muhyiddin Yassin on June 28, banks are now offering a six-month moratorium on loan repayments to all Malaysians. This is similar to what was offered during the First Order of Movement Control (MCO) last year.

Like other banks, Affin Bank has announced its Covid-19 relief measures, and its new Repayment Assistance Program (NRA) 2.0 offers a six-month installment deferral or one 50% reduction in down payments for a period of six months. The moratorium is accessible to everyone, individuals in the B40 and M40 segments and the richest 20% (T20) to small and medium-sized enterprises (SMEs) and micro-enterprises.

Affin Bank did not provide an example of a deferred payment in numbers, but it should be similar to the examples from CIMB and Maybank. Of course, the interest will vary depending on the amount of your loan, the remaining term and the agreed interest rate, you should therefore check with the bank for details before deciding whether or not to delay your payments.

The important thing to note is that opting for the moratorium will always result in additional interest charges. the the moratorium is not a loan exemptionso you don’t get six months of “free payments”. Instead, your payment is simply deferred, with the loan term extended by six months Therefore. As is the total interest paid is higher simply because of the extension of the mandate.

Unlike the previous targeted aid, it is not necessary to justify a reduction in salary or loss of employment, and no documents are required. However, borrowers will always have to request the moratorium from the bank, and sign an amended loan agreement.

Approval is automatic for private borrowers, while for businesses, it is first subject to banking control and not automatic. Approvals for eligible people are expected to take around five days, while for SMEs it is two weeks. Also, accept the loan break will not affect the status and CCRIS rating of an individual, so you don’t have to worry about the moratorium that will affect your credit rating.

Affin Bank Chairman and CEO Datuk Wan Razly Abdullah Wan Ali said customers can expect a quick and easy application process. “The bank understands the importance of this moratorium on customers impacted by Covid-19, and we are accelerating the processing of requests and will keep customers informed within a short period of five days for individuals and 14 days for SME customers” , did he declare. in a report.

Those interested in the Affin Bank moratorium can contact the bank on 03-82302222 or by email at [email protected] (community banking). Applications can also be submitted via this electronic form.

Besides Affin Bank, banks that have announced their moratorium options on Pemulih include:

Keywords: COVID-19[female[feminine

Risk-averse Indian lenders are emerging as one of the biggest obstacles to the speed of the country’s recovery from the pandemic-induced downturn, as they withhold credit when the economy needs it most.

Loans to businesses and individuals have grown at a moderate pace of 5.5% to 6% in recent months, half the pace seen before the pandemic, according to data from the Reserve Bank of India. The State Bank of India, the country’s largest lender, wants to almost double its credit growth rate to 10% in the year that started April 1, but is poised to miss the target.

“It is a very fragile situation,” said Dinesh Khara, chairman of the SBI, after releasing the results of the exercise ended in March. The bank would not “compromise” on asset quality to meet its targets, he said.

Khara’s comments highlight the biggest obstacle to both credit underwriting and economic growth, set at 9.5% this year, already reduced from previous central bank forecast of 10.5% and more to an unprecedented contraction last year. Banks’ risk aversion – or fear of bad loans in a tough economic environment – could further slow the economic recovery, analysts, including those at the RBI, say.

“Credit is a necessary and possibly the most important ingredient for economic growth,” according to SS Mundra, former deputy governor of the RBI, who estimated that the multiplier effect of credit on nominal gross domestic product growth is 1 ,6 times.

It doesn’t help India’s case that it is already home to one of the biggest piles of bad loans among major economies. And add to that a crisis in shadow banking, which has resulted in the rescue of two lenders and the bankruptcy of two more in the past two years.

The RBI expects the bad debt ratio of banks to rise to 9.8% by the end of this fiscal year, from 7.48% a year ago.

Slow capex

While banks procrastinate on loans on the one hand, companies are pushing back their investment plans in the face of lack of demand on the other.

Business willingness for new investment is low, according to the Center for Monitoring Indian Economy Pvt., With capital spending on the decline. While companies recorded windfall profits mainly from widespread cost reductions, most used the additional funds generated to repay bank loans.

According to a SBI study, where economists analyzed the top 15 sectors and a thousand listed companies, more than 1.7 trillion rupees ($ 22.8 billion) in debt was reduced last year. Refineries, steel, fertilizers, mining and mineral products as well as textile companies alone have reduced their debt by more than 1.5 trillion rupees, the trend continuing this year, the economist wrote recently in head of the bank, Soumya Kanti Ghosh.

“Any significant recovery beyond 10% growth in credit demand will require a substantial turnaround in the private investment cycle, which still seems far away as companies focus on deleveraging,” said Teresa John, economist at Nirmal Bang Equities Pvt. in Bombay. It predicts 7% GDP growth this year, which is in the lower end of a Bloomberg survey with a consensus of 9.2%.

What Bloomberg Economics Says …

“A further slump in credit growth means the RBI will likely allow a little more time for credit recovery before it begins to unwind its stimulus.”

– Abhishek Gupta, Indian economist

Consumers are also fixing their finances, which does not bode well for the aggregate demand for goods and services as well as for personal loans, and therefore for economic growth. The current recovery is likely to be less abrupt than the rebound that occurred in late 2020 and early 2021, analysts at S&P Global Ratings say.

“Households are depleting their savings,” S&P analysts wrote. “A desire to replenish their cash flow may delay spending even as the economy reopens.”

And while Covid-19 relief measures may provide some respite for banks, the need to raise capital will remain high once stress from the virus begins to show up on their balance sheets.

“Challenges for Indian banks posed by the coronavirus pandemic have increased due to a virulent second wave,” said Saswata Guha and Prakash Pandey of Fitch Ratings this week, as they cut India’s growth forecast from 280 basis points to 10%. This underscores “our belief that the renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and income generation.”

(This story was not edited by NDTV staff and is auto-generated from a syndicated feed.)

Major Australian banks have announced new support measures to help businesses and individuals affected by the extended COVID-19 lockdown in Sydney and other sudden closures and travel restrictions across the country.

With restrictions tightened on what type of shopping is considered “essential” to leave the home, more retailers are likely to join the ranks of hospitality and personal services businesses already closed or heavily affected by the lockdown.

Even before these tightened restrictions were announced, the Australian Banking Association (ABA) said its members, including the Big Four banks, would offer new support to customers struggling with the brunt of foreclosure restrictions.

The ABA stressed that these measures would be available to all small business and home loan clients heavily impacted by current lockdowns or recovering from recent lockdowns, regardless of location and industry.

What financial support is offered?

Small businesses – with debts of less than $ 3 million and revenue of less than $ 5 million – can request repayment deferrals of up to three months, with the deferral period added at the end of the ready.

The loan must not have been in arrears before the last COVID impact, unless the customer was already on a payment schedule agreed with their bank.

Small businesses could also request reimbursement of their merchant terminal fees for up to three months and fee waivers on cash deposits and farm management deposit accounts for the same period.

Professional clients as well as individuals can also ask their bank for a deferred repayment of their mortgage.

Unlike last year’s global loan deferral offer, this would be evaluated month by month between the customer and the bank.

“Customers can rest assured that if they need help, they will get it,” said Anna Bligh, Executive Director of ABA.

“The banks are also ready to support big companies and they will be assessed on a case by case basis.

How to access banking support?

Ms Bligh said customers should act quickly if they are having difficulty.

“Customers who need help should contact their bank,” she said.

ABA represents 22 banks, including the four large regional and mid-sized banks, as well as foreign institutions licensed in Australia.

Commonwealth Bank Managing Director Matt Comyn is currently Chairman of the Board of the ABA.

He said the ABC will proactively contact eligible businesses early next week to offer them a loan deferral through an online application process.

“The pandemic continues to impact businesses across Australia, with small businesses in particular facing cash flow challenges due to blockages and travel restrictions,” Mr. Comyn observed.

Westpac chief executive Peter King said his bank was preparing for an increase in support requests.

“We see the need for immediate support for small business owners who face issues of reduced commerce, cash flow and foot traffic as more people stay at home, especially in areas with lockdown restrictions like Greater Sydney, ”he noted.

“We have increased our support to reflect the longer term impact of COVID-19 and have a dedicated team of bankers available to help tailor this assistance to the personal circumstances of our clients. “

What do small businesses think?

Alexi Boyd is the Acting Managing Director of the Council of Small Business Organizations Australia (COSBOA), a leading lobby group for the industry.

After discussing the latest developments with a representative sample of its members, she welcomed the banks’ decision.

“Anything that anyone can offer right now is welcomed by small businesses,” she said.

“It’s great to see the ABA take center stage.”

New South Wales Treasurer Dominic Perrottet also welcomed the move, following the state government’s recently announced business support program.

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Ms Boyd added that banks had recently spoken to small business clients to get a feel for how they were affected, and it appeared to show up in the aid announcement.

However, she said banks still have work to do to communicate what’s on offer to many of their customers.

“It is therefore important that banks provide clear and precise information.”

Ms Boyd said small business owners should also seriously consider seeking independent financial advice on how any postponement and extension of their loan could affect their operations and plans, especially given the increased fees. of future interest.

She would like the National Cabinet to also take the lead in agreeing on national standards for locking and closing borders so that businesses have more certainty about what is likely to happen and can prepare for it. .

“It is nothing short of devastating,” Ms Boyd said of the current Sydney lockdown.

“We have to be guided by the medical experts, but small businesses bear the cost, both financially and in terms of mental health.”