Finance & Economics
IMF Distributes US$1.1 Billion of Gold Sales Profits in Strategy to Boost Low-Cost Crisis Lending to Low-Income Countries
The International Monetary Fund (IMF) will distribute SDR 700 million (about US$1.1 billion) in reserves attributed to windfall gold sales profits to its members in order to boost its concessional lending capacity for low-income countries during the global crisis. The distribution is a key element of a 2009 plan to boost concessional lending capacity to US$17 billion over the five years to 2014. The decision authorizing the distribution was taken by the Executive Board in February 2012, to become effective only after IMF members have provided satisfactory assurances that new amounts equivalent to at least 90 percent of the amount distributed—i.e. SDR 630 million—would be transferred or otherwise provided to the IMF’s concessional lending vehicle, the Poverty Reduction and Growth Trust (PRGT). The 90 percent threshold has been reached with assurances received from the countries listed below, meaning the distribution can now take place. The IMF will continue to seek contributions from remaining members in order to maximize concessional lending capacity. In addition, as agreed on September 28, the Fund is starting a process for seeking assurances on a separate distribution of the remaining gold sales windfall profits of US$2.7 billion.
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China Central Bank Says Priority is Keeping Prices Stable
China's central bankers on Sunday allowed some public and direct insight into their thinking. A top official of the People's Bank of China delivered remarks to those who had been attending a joint meeting of the International Monetary Fund and World Bank in Tokyo.
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China Central Bank Says Priority is Keeping Prices Stable
China's central bankers on Sunday allowed some public and direct insight into their thinking. A top official of the People's Bank of China delivered remarks to those who had been attending a joint meeting of the International Monetary Fund and World Bank in Tokyo.
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Mongolian appliances retailer BSB Service to get new store and warehouse
The EBRD is continuing to support the diversification of the Mongolian economy with a US$ 4 million senior loan and US$ 2 million mezzanine loan, one of the first in the country, to support the leading electronic retailer BSB Service.
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Indonesia can boost food security through investment, trade and subsidy reform, says OECD
Indonesia’s agro-food trade, 1990-2010
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Middle East and North Africa : Boosting support for women’s entrepreneurship will pay off in jobs and growth, says OECD
Governments in the Middle East and North Africa (MENA) should create urgently needed jobs for the 2.5 million people entering the labour market each year and improve their policies to encourage women’s entrepreneurship in order to reduce structural unemployment, says a new OECD report.
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Growth to Slow in East Asia and Pacific in 2012, But Domestic Demand Will Play Key Role in Rebound Next Year
Economic growth in the East Asia and Pacific region may slow down by a full percentage point from 8.2 percent in 2011 to 7.2 percent this year, before recovering to 7.6 percent in 2013. Growth in developed countries will remain modest, with recovery in the region to be driven mainly by strong domestic demand in developing countries, said the World Bank in its East Asia and Pacific Economic Data Monitor, released today.
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IMF Managing Director Christine Lagarde Highlights the Strong Performance of GCC Countries and Welcomes their Positive Contribution to World Stability
Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of a meeting in Riyadh, Saudi Arabia, with the finance ministers and central bank governors of the six-nation Gulf Cooperation Council (GCC)
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