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India ‘a bright spot’ amidst global economic challenges

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Washington:  IMF managing director Christine Lagarde, mentioning that India is a ‘bright spot’ in the current economic challenges said, India would require stronger policies to help the world recover from the global economic downtrend.

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“I am calling on policymakers to make a policy upgrade to address the current challenges,” she said in a speech at the Council of the Americas ahead of the IMF-World Bank Annual Meetings that take place October 9-11 in Lima, Peru.

Lagarde, noting that the IMF’s global projections will be released next week, warned that ‘global growth will likely be weaker this year than last, with only a modest acceleration expected in 2016”.

The “good news”, Lagarde said, is a modest pick-up in advanced economies, but the “not-so-good news” is that emerging economies are likely to see their fifth consecutive year of declining rates of growth.

“India remains a bright spot. China is slowing down as it rebalances away from export-led growth. Countries such as Russia and Brazil are facing serious economic difficulties,” she said.

“If we put all this together, we see global growth that is disappointing and uneven,” she said, putting the world at a “difficult and complex juncture”.

“The prospect of rising US interest rates, China’s slowdown, a sharp deceleration in the growth of global trade, and the rapid drop in commodity prices are contributing to global uncertainty,” Lagarde said.

With conflict and forced migration, she said there is the “human toll” from economic dislocation and low activity.

More than 200 million people remain unemployed globally, income inequality is rising, and women continue to be disadvantaged both in pay and labour market opportunities.

“My key message today, however, is this: with the right policies, strong leadership, and global cooperation, it can be managed,” Lagarde stressed.

( Arun Kumar, IANS)

 

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A Machine Built By a Group of Egyptian Students can Produce Fuel from Worn-Out Vehicle Tires

Egypt raised fuel prices by up to 50 percent in June as a condition of a $12 billion International Monetary Fund program the country signed last year

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Fuel
Engineering student Mohamed Amr carries car tires to be used in extracting fuel in Cairo, Egypt, Aug. 23, 2017.
  • A group of 12 students worked on this machine as a graduation project
  • The machine first heats the tires until they reach evaporation point after which the vapor enters a condenser
  • The product created has similar properties to pure diesel

A group of Egyptian students has built a machine they say can produce fuel from worn-out vehicle tires.

The device heats the tires until they reach evaporation point. The vapor then enters a condenser. The result is a product “very similar in properties to pure diesel, and the carbon or black coal is just left inside the container,” said Mohamed Saeed Ali, one of 12 students who worked on the machine as a graduation project.

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The students are searching for investors for their project.

“Instead of polluting the environment, we recycle them [the tires] properly in an eco-friendly manner,” Saeed said.

Egypt raised fuel prices by up to 50 percent in June as a condition of a $12 billion International Monetary Fund program the country signed last year. (VOA)

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