Press Release: Parent Banks Reaffirm Commitment to Romania, European Commission and IMF Say Nov 19, 2009
rale, Alpha Bank, Volksbank, and Piraeus Bank) and representatives of the National Bank of Romania, the European Commission, the International Monetary Fund (IMF), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the World Bank Group, the European Central Bank and the home country authorities. The meeting was a follow-up to those held on 26 March and 19 May, when the banks initially committed to maintain their positions in Romania. (IMF News)
Gold forges record peak near $US1150 Nov 19, 2009
The International Monetary Fund said this week that it sold 2 tons of bullion, valued at about $US71. 7 million, to Mauritius. (Sydney Morning Herald -- Business)
Strong regional growth no reason for complacency Nov 19, 2009
1996-99 Economist at International Monetary Fund. 1999-2004 Senior economist at Institute of International Finance, Washington. (Sydney Morning Herald -- Business)
Another Obama nominee faces tax troubles Nov 19, 2009
If confirmed by the Senate, Brainard would oversee American policies on issues including the International Monetary Fund, the World Bank and international tax treaties ... Timothy Geithner was confirmed as Treasury secretary after it was disclosed that he had to pay more than $34,000 in back taxes and interest on income he made while working for the International Monetary Fund. (MSNBC -- Politics)
Dollar, Yen Gain as Japan Stocks Decline on Capital Raisings; Kiwi Weakens Nov 19, 2009
The International Monetary Fund raised its forecast for growth in the global economy next year to 3. 1 percent from 2. (Bloomberg -- Asia)
Mukesh Ambani Leads India's Richest as Net Worth Jumps 54%, Forbes Says Nov 19, 2009
The International Monetary Fund expects India, Asias third-biggest economy, to expand 6. 4 percent next year, the fastest pace among the Group of 20 nations after China. (Bloomberg -- Asia)
Washington news » Nov 19, 2009
A police detective alleges that former Washington Police Chief Charles Ramsey, despite past denials, ordered mass arrests of hundreds of demonstrators who were protesting annual meetings of the World Bank and International Monetary Fund in 2002. Ten months after Democrats took over the Capitol and the first African-American president moved into the White House, black lawmakers are in control of some of the most powerful positions in Congress and face new challenges to using their long-sought... (Atlanta Journal-Constitution -- World)
Press Release: IMF Concludes Staff Visit to Guinea-Bissau Nov 19, 2009
An International Monetary Fund (IMF) mission led by Mr. Paulo Drummond visited Guinea-Bissau during November 5 18 to assess the economic performance under the 2009 Emergency Post-Conflict Assistance (EPCA)-supported program, review the authorities fiscal plans for 2010, and discuss the possible path toward a medium- term arrangement. The mission met with the Prime Minister Carlos Domingos Gomes, the Minister of Finance Jos. (IMF News)
Press Release: Statement at the Conclusion of an IMF Staff Mission to Senegal Nov 19, 2009
An International Monetary Fund (IMF) mission headed by Norbert Funke visited Senegal during November 4 18, 2009 to conduct discussions for the fourth review of the Policy Support Instrument (PSI) and the second review of the Exogenous Shocks Facility (ESF). The mission met with Minister of State and Minister of Economy and Finance Abdoulaye Diop, Budget Minister Abdoulaye Diop, Minister of State in charge of International Cooperation and Infrastructure Karim Wade, Minister of Energy Samuel Sarr,... (IMF News)
Press Release: IMF Executive Board Completes First Review Under Côte d'Ivoire’s PRGF Arrangement, Approves US$57.3 Million Disbursement Nov 19, 2009
The Executive Board of the International Monetary Fund (IMF) completed today the first review of Cote d Ivoire s economic performance under a three-year Poverty Reduction and Growth Facility (PRGF) arrangement. With the completion of the review, Cote d Ivoire may request an SDR 35. (IMF News)
Article IV Consultations Nov 19, 2009
Executive Board of the International Monetary Fund List of Recent Consultations(). November 09, 2009: 2009 Article IV Consultation. (IMF News)
Detective says chief ordered mass arrests Nov 19, 2009
WASHINGTON A police detective alleges that former Washington Police Chief Charles Ramsey, despite past denials, ordered mass arrests of hundreds of demonstrators who were protesting annual meetings of the World Bank and International Monetary Fund in 2002. Ramsey, now the commissioner of the Philadelphia Police Department, has given inconsistent statements over the years on the arrests, saying repeatedly, including twice in sworn statements, that he did not order them. (Yahoo News -- Politics)
Golds bull-run and the 1970s Nov 19, 2009
Indias recent decision to buy International Monetary Fund gold could just herald the start of a new bull market in bullion, says Dylan Grice, strategist at Socit Gnrale. He notes several parallels between conditions now and those during the gold bull market of the 1970s. (FT.com -- Markets)
Why Yudhoyono needs FDI Nov 19, 2009
The International Monetary Fund has more conservatively projected Indonesia's growth will hit 4. 5% next year. (Asia Times Online)
Mauritius becomes latest nation to buy gold Nov 18, 2009
Mauritius has become the latest nation to buy from the International Monetary Fund, purchasing two tonnes of the precious metal. In spite of the small size of the transaction announced on Tuesday, it confirms the fresh appetite for gold among central banks fearful about a long-term decline in the value of the US dollar, the worlds main reserve currency. (FT.com -- Markets)
HSBC Brazil Fund Outperforms Biggest Rivals on Economic Outlook, Currency Nov 18, 2009
7 percent contraction this year, according to forecasts published Oct. 1 by the International Monetary Fund. The real has strengthened against most currencies this year on the prospects for growth, increased commodity prices, rising stocks and an improved credit outlook. (Bloomberg -- Latin America)
Dollar Woes Are Good News for Europe's Markets Nov 18, 2009
the managing director of the International Monetary Fund, talks of a new global currency dominating the world in a decades time. The reasons arent difficult to figure out. (Bloomberg -- Columnists)
Geithner testifies G-20 will endure in world economics Nov 18, 2009
Mr. Geithner agreed that funds from institutions like the International Monetary Fund and the World Bank should push developing nations toward a greener future. Continuing with next year's G-20 in Ontario, Canada, it will be a future in which those nations have a more significant say in the global economy. (Pittsburgh Post-Gazette, PA)
A U.S. visa, shouts of corruption, and barrels of oil Nov 18, 2009
In 2006, more than three-quarters of the population was living below the poverty line, according to a 2009 International Monetary Fund report ... In 2006, more than three-quarters of the population was living below the poverty line, according to a 2009 International Monetary Fund report. (Honolulu Star-Bulletin)
Gold inches up to mark new all-time high Nov 18, 2009
The International Monetary Fund said it sold two tonnes of gold to the central bank of Mauritius at prevailing market prices on November 11. The report follows news that the IMF sold 200 tonnes of gold to India early in November, a factor that drove gold prices to record highs above $US1100. (Sydney Morning Herald -- Business)
Goldman's Credit Crisis Mea Culpa Nov 18, 2009
Sticking with U.S.-Sino tensions for a moment, both President Barack Obama and Dominique Strauss-Kahn, managing director of the International Monetary Fund are urging China to "look to its long-term interests and allow its tightly controlled currency to rise," the WSJ writes. Surprisingly the Beijing government appears more worried about protecting its economy in the short term. (Slate)
Press Release: Statement by IMF Managing Director Dominique Strauss-Kahn at the Conclusion of his Visit to China Nov 18, 2009
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Beijing. It has been a great pleasure for me to make my second visit to China as Managing Director of the IMF. During this visit, I had the privilege of having valuable discussions with Vice Premier Wang Qishan, and fruitful meetings with People's Bank of China Governor Zhou Xiaochuan and Commerce Minister Chen Deming. (IMF News)
Japan doomsdayfears premature Nov 18, 2009
Sprinkling his piece with quotes from people such as the former International Monetary Fund chief economist Simon Johnson ("a real risk that Japan could end up in major default") and various finance gurus ("the sums are gargantuan," " the situation is irrecoverable," "incredibly dangerous," "shocking," "horrible," "the risk of a downward spiral"), Evans-Pritchard works himself up into a fever pitch of indignation, accusing the Japanese government of "sitting frozen like a rabbit in the... (Asia Times Online)
Tomato farmers appeal to government to curb imports Nov 18, 2009
"This situation is due to the unfair trade regulations of the World Trade Organisation and dictates of the International Monetary Fund, the World Bank which demand that Ghana opens her market to artificially cheapened products," he said. Mr. Mensah said the farmers were aware that whilst Ghana did not pay subsidies to farmers, the developed countries did that. (Ghana Web, Ghana)
Modest gains for Bush at Summit of Americas / Sweeping promises, sharp divisions as 34-nation meeting ends Nov 18, 2009
He noted that despite a decade of free-market policies backed by the United States and the International Monetary Fund, 26 percent of Latin America's population lives on less than $2 a day and 7 of every 10 new jobs are in the informal cash economy. Public opposition to free trade is growing in many countries, including Mexico, where the North American Free Trade Agreement has failed to boost the economy. (Yahoo News -- Summit of the Americas)
Asia Stocks, Commodities Fall as Bernanke Says Economy Faces `Headwinds' Nov 17, 2009
The euro weakened against the yen for a fourth day and declined versus the dollar after , the managing director of the International Monetary Fund, said a global recovery is likely to be sluggish. The dollar index against six major currencies including the euro and the yen was at 74. (Bloomberg -- Asia)
Gold May Climb to Record for Second Day as Weakening Dollar Fuels Demand Nov 17, 2009
The International Monetary Fund sold 2 metric tons of gold, or about $71. 7 million worth, to the central bank of Mauritius, it said in an e-mailed statement yesterday. (Bloomberg -- Australia & New Zealand)
Korean model triumphs over West Nov 17, 2009
The International Monetary Fund, the World Bank and other compilers showed the country as the world's 15th-biggest economy. As a measure of Korea's progress, its export strength to China is not goods for finishing and re-export, a feature of much of, for example, of Taiwan's and other East Asian economies' export industry, nor were they low-quality "cheap" goods in the pejorative sense. (Asia Times Online)
IMF Chief: Dollar In No Serious Risk Nov 17, 2009
The dollars demise has been exaggerated, says Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF). He told CNBC the greenback will remain the worlds primary reserve currency for years. (Newsmax)
Strauss-Kahn Sees Yuan Being Added to Special Drawing Rights `in a While' Nov 17, 2009
Nov. 17 (Bloomberg) -- , the managing director of the International Monetary Fund, said that the yuan may in future be added to the basket of currencies that set the value of IMF monetary units called special drawing rights. The yuan, also known as the renminbi, could be added in a while, Strauss-Kahn said at a press briefing in Beijing today. (Bloomberg -- Asia)
Gazprom: EU must support Russia over Ukraine Nov 17, 2009
But the country has a shortage of foreign currency and is already dependent on emergency loans from the International Monetary Fund. Gazprom's Deputy Chief Executive Alexander Medvedev told the BBC's Sharanjit Leyl that his company would waive billions of dollars of transit fees but, in return, the EU had to get tough on its neighbour. (BBC News -- Business)
Euro Weakens as IMF Says Global Recovery May Be Sluggish, Stocks Decline Nov 17, 2009
Nov. 17 (Bloomberg) -- The euro weakened against the yen for a fourth day and slipped against the dollar after an International Monetary Fund official said the global economic recovery may be sluggish and Asian stocks fell. The European currency declined against 9 of its 16 most- traded counterparts after , the managing director of the IMF, spoke in a media briefing in Beijing. (Bloomberg -- Japan)
Mauritius buys two metric tons of gold from IMF Nov 17, 2009
WASHINGTON: The African nation of Mauritius has bought two metric tons of gold from the International Monetary Fund for nearly $72 million ... The African nation of Mauritius has bought two metric tons of gold from the International Monetary Fund for nearly $72 million. (India Times, India)
IMF Head Eyes Global Currency Change, Presses on Yuan Nov 17, 2009
Dominique Strauss-Kahn, the managing director of the International Monetary Fund, restated his view that a new global currency might evolve out of the Special Drawing Right, the Fund's in-house unit of account. "That probably has to be a basket," Strauss-Kahn said of the eventual replacement for the dollar. (ABC News -- Business)
End of trend is nigh for central bank sales of gold Nov 17, 2009
But the Reserve Bank of India's recent purchase of 200 tonnes of gold from the International Monetary Fund has helped propel the nominal US dollar gold price to record highs. The transaction highlights the influential role central banks play in determining the gold price, but investors need to keep an even closer eye on the implications of exchange rates for performance of gold in Australian-dollar terms. (Sydney Morning Herald -- Business)
Will Beijing strengthen yuan? Nov 17, 2009
The International Monetary Fund has been particularly vocal, but many other countries have joined the chorus, including some in Asia. Dominique Strauss-Kahn, managing director of the IMF, said on Monday that exchange rate appreciation was part of the reforms that Beijing needed to implement to increase domestic consumption and move the country's economy away from a reliance on exports. (CNN -- International)
Group to lobby G-20 on world hunger Nov 17, 2009
They will urge delegates to keep promises the G-20 already has made, including ending corruption and secrecy in key international lending organizations and increasing the money that the World Bank and International Monetary Fund make available to entrepreneurs in the poorest nations. Although Bread for the World is a Christian organization, the study guide has been designed so Jews and Muslims can use it in reference to their own teachings. (Carroll County Times, MD)
IMF chief urges stronger renminbi for global balance Nov 17, 2009
BEIJING, Nov 16 - A stronger Chinese renminbi is part of the reforms that Beijing needs to implement to increase domestic consumption and help ease global imbalances, the head of the International Monetary Fund said on Monday. Dominique Strauss-Kahn, managing director of the IMF, said the countries at the heart of global imbalances needed to take various measures to ease them. (FT.com -- Markets)
Prospecting for gold Nov 17, 2009
This was bought from the International Monetary Fund as part of a currency management strategy by India. The purchased focused attention on suggestions that gold is increasingly being seen as an investment that provides diversification for currency holdings, although Indias finance minister Pranab Mukherjee said the purchase shouldnt be seen as a vote against any particular currency or a preference for gold over currencies. (Sydney Morning Herald -- Business)
Asian stocks retreat on Bernanke views Nov 17, 2009
Countries in the Group of 20 have provided about $US12 trillion to revive the global economy, according to International Monetary Fund data. The Asia-Pacific Economic Cooperation forum said at the weekend it will keep spending until there was ''durable'' growth. (Sydney Morning Herald -- Business)
Press Release: Statement by the IMF Staff Mission at the Conclusion of a Visit to the Union of the Comoros Nov 17, 2009
An International Monetary Fund (IMF) staff team visited the Union of Comoros during November 7-14, 2009 to carry out an initial assessment of performance under the Poverty Reduction and Growth Facility (PRGF)-supported program and to discuss the draft budget for 2010, as well as preparations for the country s preliminary Heavily Indebted Poor Countries (HIPC) Initiative decision point document. Comoros three-year, SDR 13. (IMF News)
Burundi--Consultative Group Meeting Nov 17, 2009
It is a pleasure to represent the International Monetary Fund (IMF) at this Consultative Group (CG) meeting. In my remarks I will focus on the economic program that is supported by the IMF Poverty Reduction and Growth Facility (PRGF). (IMF News)
Press Release: IMF Announces Sale of 2 Metric Tons of Gold to the Bank of Mauritius Nov 17, 2009
The International Monetary Fund announced today the sale of 2 metric tons of gold to the Bank of Mauritius, the nation s central bank. The sale was conducted on the basis of market prices prevailing on November 11, 2009 with proceeds equivalent to US$71. (IMF News)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the Dominican Republic Nov 17, 2009
On November 9, 2009, the Executive Board of the International Monetary Fund (IMF) concluded the 2009 Article IV consultation with the Dominican Republic. Background. (IMF News)
A Bonapartist in the Indian Ocean Nov 17, 2009
Many factors - Rajapakse's autocratic methods, austerity measures demanded by the International Monetary Fund, unrest among salaried class and wage earners, the price of cash crops - have generated fluidity in the public mood that may result in a political backlash as the economic and social crisis deepens. Meanwhile, the Tamil problem festers. (Asia Times Online)
Just the facts Nov 17, 2009
November 9 - Bloomberg (John Fraher and Shobhana Chandra): "The International Monetary Fund signalled record low US interest rates are funding global 'carry trades' and the dollar is still overvalued as concerns mount that new financial imbalances are forming. 'There are indications that the US dollar is now serving as the funding currency for carry trades,' the IMF said ... 'These trades may be contributing to upward pressure on the euro and some emerging-economy currencies.'". November 11 -... (Asia Times Online)
China Cool to Stronger Yuan as IMF Calls for Rise Nov 16, 2009
Outside pressure has been building on Beijing to let the yuan rise after more than a year of it being nearly frozen in place against the dollar, with the latest appeal voiced by the head of the International Monetary Fund on Monday. China's central bank last week tweaked its description of how it manages the currency, setting off a firestorm of speculation that it might be willing to give the yuan some room to run, though market expectations of appreciation have remained muted. (ABC News -- Business)
Suicide bomber kills 4 near Pakistani air base Nov 16, 2009
The market got a boost late last week after the International Monetary Fund said there were glimmers of recovery despite risks. Separately, suspected Taliban gunmen shot dead a pro-government ethnic Pashtun tribal elder in the Bajaur region, north of Peshawar, a government official in the region said. (The Star Online, Malaysia)
Obama announces Hawaii as site for 2011 APEC meetings Nov 16, 2009
"Hawai'i has never had anything remotely approaching an international meeting where the president of the U.S., president of China, prime minister of Japan, and many other heads of state come at the same time, not to mention something like 75 Cabinet officials, the heads of the World Bank, International Monetary Fund, and World Trade Organization, and leading regional and global business people," Morrison said. He added, "This may be arguably the biggest and most open international meeting of... (Honolulu Advertiser)
Oil Advances 1.3 Percent to Above $77 on Dollar Weakness Nov 16, 2009
Underlining views that a global economic imbalance is being reflected in the weakening dollar, the head of the International Monetary Fund said a stronger Chinese yuan was part of the reforms that Beijing needed to implement to increase domestic consumption. The weaker dollar helped push gold prices to a fresh record high on Monday, while U.S. wheat, corn and soybean futures also advanced more than 1 percent. (ABC News -- Wire)
Stronger Yuan Needed for Rebalancing: IMF Chief Nov 16, 2009
BEIJING (Reuters) - A stronger Chinese yuan is part of the reforms that Beijing needs to implement to increase domestic consumption and help ease global imbalances, the head of the International Monetary Fund said on Monday. IMF managing director Dominique Strauss-Kahn said the countries at the heart of global imbalances needed to take various measures to ease them. (ABC News -- Wire)
China Should Keep Yuan Stable: Commerce Ministry Nov 16, 2009
Yao was speaking shortly after International Monetary Fund Managing Director Dominique Strauss-Kahn said a stronger yuan is part of the reforms that Beijing needs to implement to increase domestic consumption and help ease global imbalances. (Reporting by Aileen Wang and Jason Subler; Editing by Ken Wills). (ABC News -- Wire)
'Stronger yuan needed ' Nov 16, 2009
BEIJING: A stronger Chinese yuan is part of the reforms that Beijing needs to implement to increase domestic consumption and help ease global imbalances, the head of the International Monetary Fund said on Monday ... A stronger Chinese yuan is part of the reforms that Beijing needs to implement to increase domestic consumption and help ease global imbalances, the head of the International Monetary Fund said on Monday. (India Times)
Obama in China faces tensions on trade and Tibet Nov 16, 2009
Obama's message won backing from the managing director of the International Monetary Fund, Dominique Strauss-Kahn, who said on Monday that a stronger yuan was needed to help Beijing encourage more domestic consumption and ease global imbalances. But at a gathering of Asia-Pacific leaders in Singapore over the weekend, Hu pointedly ignored international calls for his government to raise the value of the yuan and make Chinese exports relatively more expensive. (India Times)
IMF head warns of dangers of capital flows Nov 16, 2009
Capital flows to emerging markets reflected the positive outlook for those economies, the head of the International Monetary Fund (IMF) said on Friday, but he warned that they could destabilise currencies and asset prices. "The resurgence of capital flows to emerging markets, including several in Asia, is presenting policy challenges," said IMF managing director Dominique Strauss-Kahn. (Business Report, South Africa)
BlackRock Says C.banks to Be Net Buyers of Gold Nov 16, 2009
Investment in gold by central banks has picked up recently, with India buying 200 metric tons from the International Monetary Fund, and Taiwan's central bank is studying whether to raise the amount of gold in its forex reserves, with China and South Korea also debating the issue. BlackRock is one of the world's largest fund managers, boasting a total $1. (ABC News -- Wire)
Good talk saves the future Nov 16, 2009
Already we are seeing Indian corporations investing here, and with the International Monetary Fund pointing to Indian growth of 6. 5 per cent in 2010 - a growth driven largely by domestic demand - the attraction for investors becomes obvious. (Sydney Morning Herald -- Business)
Press Release: China's Leadership Key in Global Economic Recovery and Reform, IMF Managing Director Dominique Strauss-Kahn Says Nov 16, 2009
China is leading the world out of recession and has a key role to play in the longer-term reform and rebalancing of the global economy, Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), said in a to the International Finance Forum in Beijing today. The IMF projects China to grow at 8. (IMF News)
The International Monetary System: Reforms to Enhance Stability and Governance, International Finance Forum, By Dominique Strauss-Kahn Nov 16, 2009
By Dominique Strauss-Kahn, Managing Director of the International Monetary Fund, International Finance Forum, Beijing November 16, 2009. As Prepared for Delivery. (IMF News)
Gold's rally have some targeting $US1300 Nov 16, 2009
The Reserve Bank of India bought 200 metric tons of gold from the International Monetary Fund last month and Sri Lanka said it will continue buying the metal. Investors of all levels, from retail investors to central banks, are really diversifying their portfolios,'' said Toby Hassall, an analyst with CWA Global Markets Pty Ltd. in Sydney. (Sydney Morning Herald -- Business)
German Two-Year Notes Gain for Fourth Week as ECB Set to Continue Stimulus Nov 15, 2009
Asia will lead the global economic recovery, followed by the U.S., with Europe trailing, International Monetary Fund Managing Director said in Singapore yesterday. Higher joblessness is likely for advanced nations next year, he said. (Bloomberg -- Germany)
Modest gains for Bush at Summit of Americas / Sweeping promises, sharp divisions as 34-nation meeting ends Nov 15, 2009
He noted that despite a decade of free-market policies backed by the United States and the International Monetary Fund, 26 percent of Latin America's population lives on less than $2 a day and 7 of every 10 new jobs are in the informal cash economy. Public opposition to free trade is growing in many countries, including Mexico, where the North American Free Trade Agreement has failed to boost the economy. (Yahoo News -- Summit of the Americas)
Asia-Pac leaders spank Obama on trade backslide Nov 15, 2009
The US economy is picking up but unemployment has breached 10 per cent and economic leaders, including the heads of the International Monetary Fund and World Bank, warned in Singapore that protectionism could choke off recovery. Russian President Dmitry Medvedev said controversial tariffs enacted by his government to shore up ailing industries were temporary and urged his regional colleagues to "do anything we can to refrain from protectionism in any sphere". (Sydney Morning Herald -- World)
Obama can't avoid stubborn yuan as dollar swamps Asia Nov 15, 2009
"It's just outrageous, the impact on their neighbours and on relatively poor countries," said Simon Johnson, the chief economist at the International Monetary Fund in 2007 and 2008 and a senior fellow at the Peterson Institute for International Economics in Washington. As Obama seeks to push the Group of 20 goal of rebalancing the world economy from excessive US consumer spending and Asian exports, South Korea's won gained 8 percent against the yuan in the past six months. (Business Report, South Africa)
Yuan as world currency can be good for India Nov 15, 2009
The rumblings about the yuan being considered a reserve currency began early this year when China suggested that SDRs (special drawing rights) of the International Monetary Fund should be given a chance as the new reserve currency. It was felt this could pave the way for making yuan as a major backing currency for the SDRs. (India Times)
