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Baku - The World Bank has approved a US$ 70 million equivalent IDA Credit and a US$ 171.6 million IBRD Loan to the Republic of Azerbaijan for the Third Highway Project. This Project will improve safety and efficiency of the Baku - Shamakhi road by upgrading it from two to four lanes, and will strengthen management of the nascent motorway network.

Environmental pollution remains a serious issue in the developing world, affecting the lives of billion people, reducing their life expectancy, and damaging children's growth and development. The Government has recently revised the National Ambient Air Quality Standards (NAAQS) and limits for 12 pollutants have been notified. Area classification based on land -use has been done away with so that industrial areas have to conform to the same standards as those for residential areas. The annual average norms for Lead, Nitrogen Dioxide (No2), Arsenic, Nickel, Benzene and Benzo(a ) Pyrene in ambient air are at par with the European Union norms. However, the norms for Particulate Matter having size less than 10 micron (PM10 ) and Particulate Matter having size less than 2.5 micron (PM2..5) are more relaxed than EU norms. Indian norms for Carbon Monoxide, Ozone and Sulphur Dioxide (SO2) are more stringent than EU norms. Ammonia is additionally included in our NAAQS.

With India's weapons import in 2009 officially estimated at around US$ 2.1 billion giving the country a dubious distinction as the world's biggest arms importer for the year, it may be time to induce some of the global arsenal producer-exporters to set up manufacturing shops in India. Between 2005 and 2009, India imported arms worth US$8.4 billion. The value of the total defence import, including spares, attachments, gears, electronic items and weaponry, is however much larger. Therefore, the latest 'discussion paper' prepared by the union commerce and industry ministry on allowing as much as 74 per cent foreign direct investment (FDI) in defence is a very timely and welcome initiative.

NEW DELHI: The prime minister's anniversary press conference this week has been examined with a fine tooth comb by the media and commentators. While there has been criticism that Dr Manmohan Singh chose not to give out much concrete information in course of his interaction with the journalists, he has for all practical purposes laid out a broad vision of work for the government. Instead of rattling off a series of small incremental steps that his government has taken in the last one year, the prime minister spoke of the overall strategy in the remaining four years of his government. That seems fitting for the highest executive of the country. Let us examine these.

Peru sets an example to other emerging markets of how to reach a fast track of growth and poverty reduction by carrying out strong economic policies, International Monetary Fund Managing Director Dominique Strauss-Kahn said in Lima.

New York: As several boats loaded with relief supplies head for the Gaza Strip, the United Nations has urged all parties to press ahead towards resolving the problem.

The OECD and the Council of Europe has developed a Protocol amending the multilateral Convention on Mutual Administrative Assistance in Tax Matters. The updated Convention was presented to Ministers and Ambassadors attending the annual OECD Ministerial meeting held in Paris and was signed by 11 countries already Parties to the Convention (Denmark, Finland, Iceland, Italy, France, Netherlands, Norway, Sweden, Ukraine, the United Kingdom and the United States). In addition, Korea, Mexico, Portugal and Slovenia signed both the Convention and the amending Protocol.

Executive Directors of the International Monetary Fund (IMF) have noted that strong capital inflows prior to 2009 had supported rapid economic growth. However, the global crisis exposed the vulnerabilities that had built up, leading to a credit crunch and a sharp contraction in economic activity when those flows reversed. Given the limited policy flexibility, Directors emphasized the need to reduce the large fiscal and external imbalances and to strengthen competitiveness through structural reforms.

New York: UN Secretary-General Ban Ki-moon has urged all parties in Nepal to reach consensus on extending the body tasked with drafting the country's new constitution, which was supposed to be completed by 28 May.

New York: The United Nations food relief agency and the Italian capital, Rome, signed a partnership agreement under which the city - where the agency's headquarters are located - will co-sponsor global efforts to combat hunger and malnutrition, scourges that afflict more than a billion people across the world every day.