International economics

Greece 'making progress' on long path to growth

Agence France-PresseMay 6, 2013 13:16

Greece is "making progress" in overcoming "deep-seated problems", the International Monetary Fund said on Monday, but finding a way to get the economy growing again after years of recession remains vital, it added. "Progress on fiscal adjustment has been exceptional by any international comparison," the IMF said in a regular report capping the visit of an audit team. "Greece has also made a significant dent in its competitiveness gap, " the report said.

ADB faces funding crunch, warns India

Agence France-PresseMay 4, 2013 12:30

The Asian Development Bank is facing a funding crunch as the multilateral lending agency seeks to reduce widespread poverty in emerging market nations and boost infrastructure, India warned Saturday. The Asia-Pacific region, despite boasting the world's fastest-growing economies, is still home to around two-thirds of the world's poor, with some 1.5 billion people living on less than $2 a day.

ADB faces funding crunch, warns India

Agence France-PresseMay 4, 2013 11:00

The Asian Development Bank is facing a funding crunch as the lending agency struggles to reduce widespread poverty in emerging market nations and improve ramshackle infrastructure, India warned Saturday. The Asia-Pacific region, despite boasting the world's fastest-growing economies, is still home to around two-thirds of the world's poor, with some 1.5 billion people living on less than $2 a day.

'No alternative to austerity' says IMF chief

Agence France-PresseMay 2, 2013 12:15

IMF chief Christine Lagarde insisted Thursday there was no alternative to the agenda of austerity being pushed across Europe, after massive demonstrations in several countries demanded an end to the policies. "There is no alternative to austerity," Lagarde told Swiss public broadcaster RTS. "The situation is difficult," she acknowledged, adding that countries needed to simultaneously observe "budgetary discipline", "prefer elements of growth" and promote "investment in employment".

US trade deficit drops to $38.8 billion in March as flow of crude oil falls to 17-year low

The Canadian PressMay 2, 2013 09:01

WASHINGTON - The U.S. trade deficit narrowed in March for a second month as the daily flow of imported crude oil dropped to the lowest level in 17 years. The deficit with China hit a three-year low. The overall trade deficit decreased to $38.8 billion, an 11 per cent drop from February's $43.6 billion, the Commerce Department reported Thursday.

Standard & Poor's raises Philippines' credit rating to investment grade

The Canadian PressMay 2, 2013 06:30

MANILA, Philippines - MANILA, Philippines (AP) — Standard S The upgrade reflects a "strengthening external profile, moderating inflation, and the government's declining reliance on foreign currency debt," S Fitch Rating's gave the Philippines its first-ever investment grade rating in late March, citing the country's current account surplus and status as a creditor nation. Presidential spokesman Edwin Lacierda said the upgrade indicates sustained confidence in the Philippine economy, which grew 6.6 per cent last year.

S.Africa trade deficit narrows

Agence France-PresseApril 30, 2013 10:30

Increased exports and weaker imports narrowed South Africa's trade deficit to 7.8 billion rand ($860 million) in March, down from 9.5 billion the previous month the revenue authority said Tuesday. Exports -- including mineral products and base metals -- increased by 2.9 percent, while imports were down by 0.3 percent. Nedbank analysts described the figures as volatile.

China nears US in money to Africa

Agence France-PresseApril 29, 2013 19:00

China committed more than $75 billion to Africa in the past decade, coming close to the level of US money although the nature of Beijing's support was far different, a study said Monday. The database released by the Center for Global Development aims to be the most comprehensive account yet of foreign assistance by China, which has faced criticism in Western countries suspicious of Beijing's motives.

China nears US in money to Africa

Agence France-PresseApril 29, 2013 18:01

IMF 'carefully' monitoring capital flows to Asia

Agence France-PresseApril 29, 2013 07:15

The International Monetary Fund said Monday it is "carefully" monitoring massive capital flows into Asia and urged the region's policymakers to guard against risks of overheating. The level of the inflows -- which have sent Asian stocks and property prices skyrocketing -- are close to or above historical trends in most economies including those in Southeast Asia, the IMF said. "We are seeing financial pressures -- you may call them imbalances, or the risk of imbalances -- rising," said Anoop Singh, director for the IMF Asia and Pacific Department.