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Development key to cut poverty: Conabfe
LONDON. Mar 20: World Bag* Prestdem Bwber Cwrwfatr
mcritai* crisis, proasoiing "^^^repor^Rrtir****1^1 strives for society s ^goois
generations," Cordle said In a speech to a conference sponsored by the Observer
International Institute for Environment and Develop meant.
Worldwide slump in air travel
CANBERRA. Mar 20 The outbreak of hostilities In the Gulf caused a worldwide slump In air travel that coot the major International airlines one billion US dollars In lost revenue during ’ January, reports Xinhua
Figures from the Internationa) A1r Transport Association (IATA) show a 12 per cent slump In passenger and freight traffic after the Gulf war broke out
Kuwait sees renewed oil exports
NEW DELHI, Mar 20: Kuwait hopes to resume exporting oil within a year. Minister of State for Cabinet Affairs Abdul Rahman Al Awadi said, reports Reuter
He told a New Delhi news conference foreign experts were expected to start extinguishing Kuwait's oil well fires In about a month, although It might take up to three years to put them all out.
$550m WB loan to Egypt
CAIRO. Mar 20: The World Bank has approved a loan package that would gtvc E^pt up to 550 million Dollars to help It liberalise Its centrally planned economy. Egypt's Minister of International Cooperation said on Tuesday, reports Reuter. •
The Minister. Morris Makramallah. said the World Bank and Egypt had signed a Memorandum of Understanding on the structural adjustment loan fat-on Monday, but II had yet to be approved by the Bank's board of directors.
Kuwait to reopen hanks
KUWAIT CITY. Mar 20: Kuwait will reopen banks March 24 and Issue new money to replace more than 2 billion dollars 1n gold and currency looted by the Iraqis, the governor of the Central Bank said Tuesday, reports AP.
The governor. Salem Abdulaziz al- Sabah, told a new conference, that Kuwaitis, who were desperate for cash., would be entitled to the full amount they had in their accounts on Aug.l. 1990. the flay before Iraq invaded the Emirate. All transactions during the seven-month occupation have been cancelled, he added.
Mining industry gets boost in Zimbabwe
HARARE. Mar 20: Zimbabwe's mining Industry, buoyed by access to foreign currency for development under a new government reform programme, la facing an optimistic future. Chamber of Mines President Ellas Ngugama said, reports Reuter
The mining sector provides Zimbabwe with up to 43 per cent of Its foreign exchange earnings, the equivalent of Just under 1.6 billion Zimbabwe Dollars In 1990
Malaysian oil firm to manage cash
KUALA LUMPUR, Mar 20: Malaysia's state-owned oil firm Petronas plans to directly manage Its cash reserves of over 5.6 billion US Dollars a Job currently handled by a local bank and two foreign Investment firms, company sources said, reports Reuter.
A senior Petronas official, confirming the policy change, said: "We have plans to handle our reserves ourselves, but we must first build up our expertise In the area."
EC to boost trade with C. America
MANAGUA. Mar 20: The European Community has agreed to open its doors to Central American exports to help the region combat poverty and strengthen Ils own common market, officials said, reports AP.
Foreign Minister Enrique Dreyfus of Nicaragua made t)»c announcement Tuesday at the close of a one-week conference of officials from the 12 nation EC. the four other Central American nations. Mexico. Venezuela and Colombia.