Australian government welcomes International Monetary Fund endorsement of stimulus spending

August 7th, 2009 MELBOURNE - Australia's Minister for Education Julia Gillard today announced that the Government will provide more than eight million dollars (Australian) to fund a new Australia India Institute at the University of Melbourne. The Institute will work to strengthen bilateral relations between Australia and India The Institute is a joint project of the University of Melbourne, La Trobe University and the University of New South Wales.

July 10th, 2009 ROME - China has called on the group of eight industrialised nations (G8) to take steps to steady the exchange rate. It also proposed the creation of a new international reserve currency to replace the dollar.

July 8th, 2009 IMF expects slow recovery from global recessionWASHINGTON — The global economy is beginning a sluggish recovery from its worst recession since World War II, the International Monetary Fund said Wednesday. The IMF increased its estimate for global economic growth in 2010 to 2.5 percent, from an April projection of 1.9 percent.

July 8th, 2009 IMF raises Asia 2009 growth forecastBEIJING — The International Monetary Fund has raised its 2009 growth forecast for Asia's developing economies from 4.8 percent to 5.5 percent but cautioned that a sustained rebound will depend on recovery in developed economies. The Washington-based cited improved prospects for regional giants China and India.

July 4th, 2009 BEIJING - Asia should have its own monetary fund to better ensure financial stability of the region, a senior UN official has said. "Ultimately Asia should have its own monetary fund," Supachai Panitchpakdi, secretary-general of the United Nations Conference on Trade and Development (UNCTAD), was quoted as saying by the China Daily Saturday.

June 29th, 2009 Kosovo enters Int'l Monetary Fund, World BankWASHINGTON — Kosovo, a former province of Serbia, has become the 186th member of the International Monetary Fund and the World Bank. Documents were signed and speeches made at the State Department on Monday to make Kosovo's accession official 16 months after the province's ethnic Albanian majority declared independence from Serbia.

June 19th, 2009 MELBOURNE - Australia's Minister for Immigration and Citizenship, Chris Evans, today met representatives from the Indian community in Melbourne to listen directly to their views on the racial attacks involving Indian students. The Minister reassured the Indian community that the Australian Government welcomes students from India and values their decision in coming to Australia to further their studies.

May 13th, 2009 Australia defends 'optimistic' growth forecastsCANBERRA, Australia — The government on Wednesday defended as conservative forecasts that Australia's economy will grow rapidly once it emerges from a mild two-year recession. The forecast of a stellar recovery beginning late next year is part of the government's strategy revealed Tuesday to sustain jobs during the global downturn by going deep into debt through spending on infrastructure and other measures.

April 22nd, 2009 German economy minister against new stimulusBERLIN — Germany's economy minister said Wednesday there is wide agreement that the country needs no new stimulus package now, even as forecasts for this year's economic outlook darken. The German government has put together two stimulus packages worth some euro80 billion ($104 billion), featuring programs such as infrastructure spending and a popular car-scrapping bonus.

April 22nd, 2009 IMF says Asia could see 'modest recovery' in 2010BEIJING — The International Monetary Fund says Asian economies could see a modest recovery next year, boosted by stronger export demand and stimulus spending. Trade-driven Asia has been hit harder than expected by the worst global downturn since the 1930s.

April 2nd, 2009 LONDON - British Prime Minister Gordon Brown said Thursday that China deserves the right to demand more say and representation in the International Monetary Fund (IMF). Brown told reporters after the G20 summit that China pledged to contribute $40 billion to the international financial institutions, while the European Union (EU) and Japan offered $100 billion respectively.

February 17th, 2009 LONDON - British Prime Minister Gordon Brown Wednesday hoped world leaders gathering at the April 2 G-20 summit in London will strike a global 'grand bargain' to rescue the international economy. 'From the discussions I have had - and am about to have - I think we are fashioning for the future a global deal, a grand bargain, where each continent accepts its responsibilities and its obligations to act to deal with what is a global problem that can only be solved with a global solution,' Brown said at his weekly press conference.

February 16th, 2009 SYDNEY - Lots of Australians are disobeying Prime Minister Kevin Rudd and keeping rather than spending the money he gives them to boost demand in the economy. Their behaviour is a rational response to warnings given about a nasty end to 17 consecutive years of economic growth.

February 12th, 2009 CANBERRA - The Australian parliament Friday passed a 42 billion Australian dollars ($27.4 billion) economic stimulus package, after striking a last-minute deal with a key independent senator. Following protracted negotiations Thursday and early Friday, Nick Xenophon, whose vote was needed to ensure the passage of the package, eventually joined with the government.

January 23rd, 2009 CHENNAI - The central government and the Reserve Bank of India (RBI) will jointly work to chart out more stimulus packages for industry, Home Minister P. Chidambaram said here Saturday.