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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.

ALSO READIIT – Kharagpur Researchers develop Technology to make Biofuel manufacturing cheaper, quicker and free of Pollution

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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Advancing Asia meet to be hosted by India and IMF

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New Delhi: Indian government and the International Monetary Fund (IMF) will be hosting “Advancing Asia: Investing for the Future” which will bring together officials, corporate executives, academics and civil society representatives from more than 30 countries covering Asia and the Pacific.

“Advancing Asia provides a forum for Asia-Pacific leaders to discuss a region renowned for its economic successes over the past decades,” said IMF Managing Director Christine Lagarde.

The Advance Asia conference will gather notable leaders from business and civil society, policymakers and academic.

IMF Managing Director today concluded his two days visit to India stating “I am delighted to have return to India these past few days to see first-hand remarkable dynamism of this country.”

“As Asia’s advanced, emerging market and developing economies move to the next stage of success, they face the key challenge of how to maintain and enhance the region’s high growth record while boosting jobs, reducing inequality, accelerating infrastructure and human capital development and implementing other growth-enhancing reforms.

“I am very pleased to cooperate closely with the Government of India on this conference that will explore how the region can meet these policy challenges through investments in the future,” said Lagarde.

The main agenda of the conference will include the most effective drivers of growth, income inequality, demographic change and gender, infrastructure investment, climate change, managing capital flows and financial inclusion.

Prime Minister, Narendra Modi and IMF Managing Director, Lagare will be among the conference keynote speakers.

The conference will be attended by other sector officials, including Indian Finance Minister Arun Jaitley, Asian Development Bank President Takehiko Nakao, Indonesian Finance Minister Bambang Brodjonegoro and Governor of Bank Negara Malaysia Zeti Akhtar Aziz.

Advancing Asia has followed the Asia 21: Leading the Way Forward conference, held in Daenjeon, South Korea in 2010, where the focus was to discuss the region’s role in a global economy recovering from the Global Financial Crisis.

Advancing Asia will soon be held in New Delhi from March 11 to 13, 2016.(IANS)

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World Bank, IMF should reflect rise of developing economies: India

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United Nations: India has called for reforming the World Bank and the International Monetary Fund (IMF) to reflect the rise of the developing and transitional economies and give them more say in governance.

The share of the developing economies in transition in the world gross domestic product has increased from 39 percent in 2008-2010 to 49 percent in 2012-14, but the shareholding patterns at the financial institutions have not kept pace with the change, Amit Narang, a counsellor at the Indian Mission told a session of the General Assembly committee that deals with economic and financial matters Tuesday.

“There is thus an urgent need to take up shareholding realignment in the World Bank to reflect these changes” he said.

“The changing global economic landscape makes it imperative for steps to be taken to increase the credibility and legitimacy of these institutions in response to these changes,” Narang added.

As for the IMF, he said it was facing and “unprecedented situation” having failed to implement the quota of shares set during the last review in 2010 even as the time has come for the next review.

The Republican-controlled US Congress has blocked the implementation of the new quota structure, which would increase the shares of India, Brazil, Russia and China-the BRIC countries-putting them among the 10 largest shareholders of the IMF. The share quotas determine the voting power and access to funding.

“We need to collectively reflect on a constructive way forward so that the IMF continues to be well resourced through quota resources, and also reflects the changing global economy in its governance structure,” Narang said.

He also criticised the Financing for Development Conference for “formalising the status quo which effectively keeps out the voices of a large number of countries” in the Committee of Experts on Sustainable Development.

“It unequivocally weakened multilateralism and undermined the notion of universality,” Narang asserted. “This important notion was exposed to be a convenient rhetoric to weaken differentiation in international relations.”

(IANS)