UNCTAD Chief calls for Asian monetary fund

October 4th, 2009 ISTANBUL - The United Arab Emirates (UAE) has called for setting up a regional financial market for the Middle East and East Asia following the failure of efforts to globalise financial services, WAM news agency reported Sunday. The recommendation was made by Sultan bin Nasser Al Suweidi, governor of the UAE Central Bank, while addressing the meeting of governors of central banks and monetary agencies of member states of the Organization of the Islamic Conference (OIC) which took place at the sidelines of the annual International Monetary Fund-World Bank meeting being hosted by Turkey.

October 1st, 2009 ISTANBUL - A protester threw a shoe at the chief of the International Monetary Fund (IMF) Thursday and tried to storm the stage at a Turkish university. IMF Managing Director Dominique Strauss-Kahn was holding a townhall-style meeting at Bilgi University in Istanbul, where the IMF and World Bank are holding their annual meetings this week and next.

September 22nd, 2009 MANILA - The Indian economy is expected to grow by 6 percent in 2009 as capital inflows, industrial production and business confidence soar, the Asian Development Bank (ADB) said Tuesday. In the Asian Development Outlook 2009 Update, the bank said that while agricultural output for 2009 was expected to remain stunted and exports weak, adroit economic management in the form of fiscal stimulus packages and accommodative monetary policy had minimised damage from the global financial crisis.

September 7th, 2009 MUMBAI - In sharp variance to the findings of an expert panel set up by India, a UN agency says futures trading in commodities affects spot prices of physical markets across the world, calling for concerted regulatory action by governments. Released worldwide Monday, the report by the United Nations Conference on Trade and Development (Unctad) blames large financial investors for influencing commodity prices through futures trading, without regards to the actual demand-supply situation.

September 7th, 2009 NEW DELHI - India's economic growth is forecast to slip to 5 percent in 2009 from 7 percent during the previous calendar year, even as the world output is slated to decline by 2.7 percent, said a report released by a UN agency Monday. "Since domestic demand accounts for a large and increasing share of total demand, South Asia, particularly India, is expected to see continued growth in 2009," said the annual Trade and Development Report of the United Nations Conference on Trade and Development (Unctad).

September 7th, 2009 NEW DELHI - Fighting climate change does not contradict development goals, instead it offers "enormous economic opportunities", says the 2009 report of the UN Conference on Trade and Development (Unctad). Released worldwide Monday, the annual Trade and Development Report says keeping global warming at a manageable level "is not possible without resolute policy efforts that trigger a process of structural change towards more climate-friendly modes of consumption and production around the world".

September 7th, 2009 NEW DELHI - The Indian economy could grow by 5 percent this year even as the world output is slated to decline by 2.7 percent, a report said Monday. "Since domestic demand accounts for a large and increasing share of total demand, South Asia, particularly India, is expected to see continued growth in 2009," said the trade and development report, 2009, of the United Nations Conference on Trade and Development (UNCTAD).

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 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.

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 26th, 2009 UN seeks answer to bankruptcy of a countryUNITED NATIONS — The U.N. trade chief said Thursday there is a "missing link" in the international financial system that is becoming more critical as the global economic crisis drags on: What happens when a country is bankrupt and can't pay its debts? Supachai Panitchpakdi told a U.N.

May 6th, 2009 Asia faces weak recovery from slowdown, IMF saysSINGAPORE — Most Asian economies face weak recoveries next year after contracting sharply this year, the International Monetary Fund said Wednesday, urging governments to boost spending to offset faltering global demand. Despite some signs that a plunge in exports and manufacturing may have bottomed in recent months, the IMF warned sustained growth won't return to the region before late 2010.

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.

January 31st, 2009 DAVOS - Japan would provide about $17 billion in development aid to Asian countries, the country's prime minister said here Saturday. 'Japan will support Asian countries by mobilizing funds ranging from Official Development Assistance (ODA), other official flows to private capital,' Taro Aso told delegates at the World Economic Forum (WEF) in Davos, Swiss ski resort.