Fears of meltdown beyond '09 continue to grip govts
Tuesday, 28 October 2008
From Fazle Rashid
NEY YORK, October 27: The hands of the International Monetary Fund (IMF) are full now. It has too many countries knocking its door for helping them to come out of the present crisis.
Meanwhile, the 24-member governing board of the IMF conceded that the Fund chief Dominique Strauss-Kahn was guilty of a 'serious error of judgement' for being entangled in an affair with a colleague but exonerated him from the accusation that he had abused hisauthority to favour his girl friend during the episode.
The governing board concluded that Strauss-Kahn had not indulged in any harassment, favouritism or any other abuse of authority. The boardallowed him to continue in his position. The other consideration thatweighed heavily with the governing board that any change at thisturbulent time would further slow down its function . The IMF has beenaccused of being a mute by-stander during the crisis.
The fears of the meltdown continuing well beyond 2009 continue to grip the governments across the world. Peer Steinbruck finance minister of Germany sounded grim when he said the global financial markets are still at risk of collapse and the turmoil will continue at least till the endof 2009. Iceland having failed to convince Russia is now looking at itsneighbours for help. Nordic countries like Norway, Sweden, Finland, and Denmark may find out means to help Iceland.
Kuwait alarmed by losses at its banks suspended trading in the stock market and moved swiftly to guarantee deposits in all local banks. KingAbdullah of Saudi Arabia authorised sanction of $2.67 billion to Saudi Credit Bank which provides interest free loans to the lower incomefamilies.
Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman where the bulk of Bangladeshi workers are employed are working towards a common monetary union to stave off any impact of the meltdown. Greater monetary policy coordination across Asia would help the region in its efforts to calm down the turbulent markets rocked by global financial crisis, the newly appointed governor of India's central bank, the Reserve Bank of India, Duvvuri Subbarao was quoted as saying by a prestigious daily.
He backed the idea of the regional institutional framework to tackle the failing markets. India's software industry and outsourcing business have been hardest hit by the global meltdown.
NEY YORK, October 27: The hands of the International Monetary Fund (IMF) are full now. It has too many countries knocking its door for helping them to come out of the present crisis.
Meanwhile, the 24-member governing board of the IMF conceded that the Fund chief Dominique Strauss-Kahn was guilty of a 'serious error of judgement' for being entangled in an affair with a colleague but exonerated him from the accusation that he had abused hisauthority to favour his girl friend during the episode.
The governing board concluded that Strauss-Kahn had not indulged in any harassment, favouritism or any other abuse of authority. The boardallowed him to continue in his position. The other consideration thatweighed heavily with the governing board that any change at thisturbulent time would further slow down its function . The IMF has beenaccused of being a mute by-stander during the crisis.
The fears of the meltdown continuing well beyond 2009 continue to grip the governments across the world. Peer Steinbruck finance minister of Germany sounded grim when he said the global financial markets are still at risk of collapse and the turmoil will continue at least till the endof 2009. Iceland having failed to convince Russia is now looking at itsneighbours for help. Nordic countries like Norway, Sweden, Finland, and Denmark may find out means to help Iceland.
Kuwait alarmed by losses at its banks suspended trading in the stock market and moved swiftly to guarantee deposits in all local banks. KingAbdullah of Saudi Arabia authorised sanction of $2.67 billion to Saudi Credit Bank which provides interest free loans to the lower incomefamilies.
Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman where the bulk of Bangladeshi workers are employed are working towards a common monetary union to stave off any impact of the meltdown. Greater monetary policy coordination across Asia would help the region in its efforts to calm down the turbulent markets rocked by global financial crisis, the newly appointed governor of India's central bank, the Reserve Bank of India, Duvvuri Subbarao was quoted as saying by a prestigious daily.
He backed the idea of the regional institutional framework to tackle the failing markets. India's software industry and outsourcing business have been hardest hit by the global meltdown.