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Even as the global economy seemed set for a slow but durable recovery in 2010, the euro-zone was plunged into an unprecedented crisis in May with a threat of sovereign debt default in Greece, likely spread of its contagion across fiscally weaker economies of the single currency union, and euro on a downslide in relation to the dollar. With US bank exposures to euro-zone countries, President Obama called for decisive response by the European Union before the crisis engulfed the rest of the world.

New York: Fourteen countries were elected to serve on the United Nations Human Rights Council (HRC) for three-year terms starting next month after one round of balloting among Member States at UN Headquarters in New York.

Asia is leading the recovery of the world economy even though the region needs to remain attentive to downside risks, the International Monetary Fund (IMF) said in New Delhi in its presentation of the Regional Economic Outlook (REO) for Asia and the Pacific. The IMF also said India is likely to maintain its strong growth momentum driven by the robust domestic demand. Higher corporate profitability and favorable financing conditions in the country will support its private investment while its consumption growth will also remain strong on the back of better employment prospects and lower uncertainty.

An International Monetary Fund (IMF) mission, led by Nikolay Gueorguiev, held discussions with the Moldovan authorities during April 28 - May 13, 2010 as part of the first review of the country's program under the Extended Credit Facility/Extended Fund Facility (ECF/EFF) arrangements, and the 2010 Article IV Consultation.

New York: Countries of Asia and the Pacific are taking part in a United Nations meeting, held in the Republic of Korea, to agree on a coordinated response to ensure that the region's initial rebound from the global economic crisis can lead to sustainable growth.

The global economic and financial crisis has significantly affected the Croatian economy. Reduced private capital inflows and external demand aggravated Croatia's existing imbalances. With a large current account deficit, a high level of external debt, and significant balance sheet exposures to interest and exchange rate risks, market confidence in Croatia deteriorated sharply in early 2009. Financial asset prices collapsed, and sovereign spreads shot up.

The Executive Board of the International Monetary Fund (IMF) has commended the authorities' prudent policy responses to the impact of the global crisis, which helped maintain macroeconomic and financial stability and robust GDP growth. Going forward, the key challenges are to preserve the hard-won stability and diversify the sources of economic growth.

Washington - The World Bank has approved three projects totaling US$108 million for Sri Lanka, consisting of US$50 million for the North East Local Service Improvement Project; US$40 million for the Higher Education for the Twenty-First Century Project; and US$18 million for the Sustainable Tourism Project.

WASHINGTON, DC - The World Bank's Board of Executive Directors approved a loan of $250 million to the People's Republic of China to help improve the road infrastructure in the Ningxia Hui Autonomous Region in support of more balanced social and economic development.

WASHINGTON - The World Bank's Board of Executive Directors approved a loan of $100 million to the People's Republic of China to support the government's efforts to enhance food safety and meet increasing demand for higher quality and safer food by the Chinese population.