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Staff teams from the European Commission (EC), the European Central Bank (ECB), and the International Monetary Fund (IMF) visited Athens during July 26-August 5 for the first quarterly review of the Greek government's economic program, which is being supported by a EUR 80 billion loan from Euro area countries and a EUR 30 billion Stand-By Arrangement with the Fund. The strategy and key policies remain as described in the May 2010 Letter of Intent and Memorandum of Economic and Financial Policies.

All is not well for the Congress in Andhra Pradesh after the recent Assembly bye polls in Telengana. As a senior Congress leader pointed out the party is facing two monsters - one created by the revolt of Jagan Mohan Reddy, son of the late Dr. Rajashekhara Reddy and second, strengthening of the Telengana movement after the recent resounding victory of the Telengana Rashtra Samithi in the last week's bye polls. The tragedy is that those handling the affairs are clueless.

New York: The United Nations Food and Agriculture Organization (FAO) has cut its global wheat production forecast for 2010 due to the impact of poor weather on crops in recent weeks, but allayed fears of a new food crisis, noting that current stocks should be adequate.

A mission from the International Monetary Fund (IMF), joined by representatives from the European Commission and the World Bank, visited Bucharest from July 26 to August 4.

KOLKATA: The North-East continues to be ridden by armed clashes. In Assam it is the ULFA organising terror attacks on security forces. In Manipur it is two groups of Kuki militants engaging in gun battles and killing one another. In the Karbi Anglong district of Assam it is the Dima Halom Daoga (Jewel faction) that is killing “outsiders” or targeting the railway track. Or the National Democratic Front of Bodoland (NDFB) carrying out terror attacks. There is no respite from violence and bloodshed even as New Delhi pursues its informal overtures to the jailed ULFA leaders to bring them to the negotiation table for a formal dialogue.

NEW DELHI: Finance Minister Mr. Pranab Mukherjee achieved a major victory for the UPA Government by skillfully pushing through the Lok Sabha on Monday, August 2 the controversial Securities and Insurance Laws (Amendment and Validation) Bill which replaces the ordinance issued on June 18 this year empowering IRDA to deal with the ULIP products as also seeking to set up a joint committee headed by the Finance Minister to resolve regulatory disputes over hybrid instruments. Finance Minister was able to persuade during the day to convince the BJP leaders that the Government has no intention to impinge on the freedom of the regulatory bodies and the Reserve Bank of India's premium role as the regulator will remain.

Executive Directors of the International Monetary Fund (IMF) have commended the authorities of Panama for their sound policies and appropriate policy response to the global financial crisis, which had helped mitigate the effect of the crisis on the economy and the financial sector. The timely implementation of policy measures, particularly in the fiscal area, contributed to the rapid recovery in economic activity and low unemployment. Directors also welcomed the improvement in Panama's sovereign credit rating to investment grade. They stressed that maintenance of sound policies would provide the basis for continued strong economic growth and further reduction in poverty.

The Bharatiya Janata Party periodically behaves as if it had come unhinged from reality. This typically happens on trademark issue of politicised religion, which pits the BJP against the rest of the political spectrum barring the Shiv Sena. Examples are the Babri Masjid—where it insisted, despite lack of historical evidence, that a temple was destroyed—; compulsory chanting of Saraswati vandana in schools; the Uniform Civil Code; rewriting of textbooks along viciously communal lines; and egregious defence of Mr Narendra Modi for the butchery of Muslims in Gujarat in 2002.

It is a curious fact of international diplomacy that the Republicans in America and the Conservatives in Britain - both right-wingers - have been more sympathetic towards India in recent years than the supposedly more liberal Democratic and Labour parties in the US and UK.

Executive Directors of the International Monetary Fund (IMF) have commended the authorities' forceful response to the recession in Russian Federation, noting that the pre-crisis policy of taxing and saving much of the oil windfall in a stabilization fund had created significant space for fiscal expansion, monetary easing, and extraordinary liquidity support to the banking system, while also helping to prevent an abrupt ruble depreciation. Given the near-term prospect of a recovery with lower potential growth, Directors agreed that the main challenges will be to implement medium-term fiscal consolidation, mitigate pressures for real appreciation and inflation, restore the health of the banking system, and improve the investment climate through ambitious structural reforms.