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Gorbachev Yeluin pact iRnorra crisis wAsomoros. v M . pact-between Soviet President Mikhail Gorbachev and his Dvw Boris Yeltsin Is absolute to ignore the country's economic crisis instead of tackling it head-on. a leading Western expert on the Soviet economy said, reports Reuter.
Speaking to a forum in connection with the International Monetary Fund (IMF). World Bank (WB) meeting. Anders icy which ^^lite^Tadto
communist .Poland In 1981.
Bulgaria hopes Iraq to repay oil debt
SOFIA. Apr 26: Bulgaria hopes Iraq will honour an agreement to settle Its one billion Dollars debt Io Sofia in oil. a senior Bulgarian trade official said, reports Reuter.
The year-old agreement, however, was suspended after the UN imposed sanctions agatnst Iraq.
Vladimir Karpachcv. de partment chief In the Foreign Economic Relations Ministry, said the two sides had not yet discussed the issued. "Because of the war. we didn't receive this oil. Two days ago we reopened our embassy in Baghdad and talks with the Iraqi authorities about 0* debt and its payment with oil will be the first important task," he added.
ADB meet in HK nextyear
HONG KONO. Apr 26: The Aslan Development Bank (ADB) will hold its annual meeting in Hong King next year • government spokesman said today. reports Reuter.
Some 2.000 to 3.000 ADB delegates, bankers and financial figures are expected to attend the meeting from May 4 to 6. 1992. he said.
Fifty-one countries belong to the Manila-based bank, which was launched in 1966. This year's annual meeting was held in Vancouver, Canada.
IMF iterates support for SDR allocation
WASHINGTON. Apr 26: International Monetary Fund (IMF) Director Michel Canxlcssus reiterated his support for a allocation of Special Drawing Rights (SDR) by the IMF, reports Reuter.
Camdessus said he was dc-lighted -to hear that Japan might suggest an allocation of SDRs, the IMF's artificial currency, to help head of a threatened global credit squeeze.
He was now discussing with the IMF's executive board the question of an SDR allocation after the IMF quota increase becomes effective at the end of the year.
Iraq may be forced to pay Kuwaitis
WASHINGTON, Apr 26: Iraq may be forced to pay as much as half its future oil profits as compensation to victims of its invasion of Kuwait and the consequent Gulf war, a senior US official said on Thursday, reports Reuter.
The Bush Administration official, who spoke to Reuters on condition he was not named, said discussions had begun among the permanent five members of the United Nations Security Council to set up a commission to oversee the collection and disbursement of compensation funds.
World air traffic still suffering
GENEVA, Apr 26: World air traffic has still not recovered from the effects of the Gulf war. Director General of the International Air Transport Association (IATA) Guenter Eascr said here Thursday, reports AFP.
IATA put its members' fosses at twd billton Dollars in the first two months of this
Fears of Iraqi-inspired terrorist attacks in revenge for allied armed intervention to oust Iraq from Kuwait have been deemed responsible for the grounding of many passengers.
IMF sides with Germany
WASHINGTON. Apr 26: The International Monetary Fund (IMF) has sided squarely with Germany In urging caution against cutting interest rates, but US President George Bush says lower rates are needed to spur sluggish world economics, reports Reuter.
The interest rate dispute will take centre stage at this weekend's meeting of the finance ministers and central bank governors of the Group of Seven (0 7) Industrial nations. The G-7 Includes Britain, Canada, France. Germany. Italy, Japan and the United States.