Tag: Finance

SINGAPORE, September 18, 2006 (LBO) – The World Bank rapped politically hungry governments saying short sighted policies fail to uplift the poor, keeping them at the ‘bottom end of the pyramid’. It’s a bad cycle. When projects are scaled up, they bump against the governments which failed their people in the first place, which is […]

SINGAPORE, September 18, 2006 (LBO) – Civil society groups Sunday slammed IMFs plan to overhaul its governance structure, saying they mean very little to poor countries. The Washington based Fund’s policymakers backed the 61-year old International Monetary Fund’s reform agenda today, giving more voting power or influence to fast growing economies of China, Turkey, South […]

SINGAPORE, September 18, 2006 (LBO) – World Bank’s policy body Monday asked the bank’s president not to lose sight of reducing poverty, as the global lender ups the tempo to curb corruption and promote good governance through lending programs. We strongly endorse the Bank’s role and mission is to eradicate poverty among middle income and […]

SINGAPORE, September 18, 2006 (LBO) – Sri Lanka was one of the 23 countries that opposed a plan to overhaul the voting shares of the International Monetary Fund. Voting rights or access to funds are determined on member’s economic growth, openness to trade, the amount of reserves they hold and the volatility of each economy. […]

PUERTO DE LOS CRISTIANOS, Spain, Sept 17, 2006 (AFP) – A second boatload of some 200 clandestine immigrants from Asia has been spotted on its way to the Canary Islands, this time from Guinea Bissau, police said here Saturday. “It’s carrying around 200 Asians and probably left from Bissau,” Agustin Brito Machin, secretary general of […]

SINGAPORE, Sep 17 (LBO) – Though other South Asian nations are doing reasonably well in fighting inflation Sri Lanka’s central bank must be more vigilant and do more to stabilize prices, a senior IMF official said. “The mainstay of monetary policy is to maintain financial stability and low inflation. South Asian economies are doing reasonably […]

SINGAPORE, Sept 16, 2006 (LBO) – The practice of Sri Lanka and other South Asian countries that spend massive public resources on subsidies do not help the poor, World Bank Chief Paul Wolfowitz said. “Subsidies are often given as an excuse to cushion the poor,” Wolfowitz said during an informal meeting with South Asian journalists […]

SINGAPORE September 16, 2006 (LBO) – Historically high global oil prices have overtaken a three decades old ethnic conflict to emerge as the biggest challenge Sri Lankan economy has to face in recent times, the country’s Central Bank governor said Friday. We like to keep the discussion channels open between the World Bank and the […]

SINGAPORE, September 16, 2006 (LBO) – Workers’ remittances is turning out to be an attractive sources of foreign financing for countries like Sri Lanka, which can sometimes use them as a buffer against oil shocks, the International Monetary Fund said Saturday. But they may be of only limited value in absorbing shocks and reducing vulnerability […]

Singapore September 15, 2006 (LBO) – The International Monetary Fund Friday asked domestic policymakers to be nimble and adapt to external risks like inflation and high oil prices that is threatening to disrupt global economic growth. The Washington based global financial watchdog and biggest financial backer, is also keen to boost its surveillance role of […]

Singapore September 15, 2006 (LBO) — Singapore Friday appeared to be willing to soften on an earlier ban of allowing civil society groups to participate in the annual World Bank-IMF meetings next week, following sharp objections from the international lenders “However, we cannot guarantee that all 27 activists will be admitted to Singapore,” it said. […]

SINGAPORE September 15, 2006 (LBO) – In addition to curries, saris and a passion for cricket, Sri Lanka shares similar problems with South Asian countries, but rapid economic growth is now creating the ‘political space’ for policy and institutional reforms, the World Bank said. “The Sri Lankan government was (last year) elected on a platform […]