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Executive Directors of the International Monetary Fund (IMF) have commended the authorities for their strong policy response to the crisis, which succeeded in stabilizing the economy and restoring confidence. The economy is recovering at a solid pace, the fiscal position has improved substantially, and core inflation remains subdued. Directors noted that fiscal consolidation, exchange rate flexibility, and effective monetary policy would help tackle the challenges ahead and lay the foundations for sustained growth.

New York: The number of asylum-seekers seeking to live in the industrialized world continues to fall and is now almost half the level it was a decade ago, the United Nations refugee agency reported today as it released its annual snapshot of asylum trends.

New York: The top United Nations relief official today called for restraint by all sides in Yemen, warning that the ongoing violence is worsening an already dire humanitarian situation.

Switzerland is experiencing a strong expansion. While inflation remains muted, slack in the economy is disappearing. Absent significant shocks, the monetary authorities should be in a position to tighten in the near term. As normalization of interest rates may not fully correct mortgage market tensions, the authorities will need to curb risky lending practices through macro-prudential policies. More fundamentally, there is a need for the authorities to strengthen legal clarity on how system-wide (“macro-prudential”) risks should be identified and addressed. Ongoing efforts to strengthen financial supervision and regulation are commendable and should be pursued. Swift adoption by Parliament of the “too big to fail” proposal would be a major contribution in reducing the risks created by the two large banks.

New Delhi: The Pakistan Prime Minister, Yousaf Raza Gilani will be reaching India to see the World Cup cricket semi-final match between India and Pakistan. But he will not land in Delhi.

New Delhi: South Africa has sought India’s cooperation in micro, small and medium enterprise sector.

New Delhi: India has emerged as the 4th largest investor in Mozambique and is also among the latter’s five major trading partners.

New Delhi: India has assured that it will not allow a situation where the global prices of life-saving drugs would shoot up. It would continue to supply innovative, adaptable and affordable life-saving technologies to Africa.

MANILA, PHILIPPINES – The Asian Development Bank (ADB) is to help thousands of poor households in remote mountainous areas of Nepal gain more income from the production and sale of valuable agricultural produce.

KOLKATA: There is something unique about the high-stakes in West Bengal Assembly elections in 2011: the process of political polarisation has now extended from the political arena to the media and the intelligentsia.