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BRUSSELS May 24: A «MKh delayed European Community k«xl aid programme for the Soviet Union worth 250 mil lion Ecus (300 mllhnn dollars) should be fully underway by July a European Commission official said on Thursday, re
Director General for External Relations Horst Kre rater told a news conference after annual EC-Soviet talks the
the aid pledged at the EC's Rome summit in December would reach those who most
Soviet Deputy Foreign Mini star Ernest Ob mtn sky. spea king at the same news confer ence said both sides were to blame for delays in distributing the aid. which was first earm arked as emergency assistance to help the Soviets through the
Japanese economy continues to expand
TOKYO. May 24: The Japs nese economy continued to expand for the 54th consecutive month In May. helped by firm domestic demand, the Economic Planning Agency (EPA) Silk! Friday reports AFP
The agency, quoting previously announced economic Indications, said In Its monthly report that the two main engines of the economy — consumer spending and corporate capital spending — remained firm but thetr pace of growth had slowed somewhat
Agency officials said the continued economic expansion would likely match or even surpass the record period of uninterrupted expansion which lasted 57 months starting In October 1985.
Indian Rupee devalu*d
BOMBAY. May 24: The Re serve Bank of India (RBI) today announced a downward revision of the rupee by 0.42 per cent in relation to the Pound Sterling, making the British unit costlier by 15 paise. reports PTl.
The new middle rate now works out to Rs. 35.85 per Sterling as against Rs. 35.70 previously. The new buying and selling rates for spot delivery arc 2.7964 and 2.7824 Sterling per Rs. 100. corresponding to Rs. 23.76 and Rs. 35.94 per Sterling respectively.
The Rupee was depreciated twice on May 21 by 1.13 and 0.42 per cent in the morning and late afternoon respectively.
USSR must earn West assistance'
WASHINGTON. May 24: The Soviet Union must cam economic help from the West by making tough political decisions to reform its economy and by starting to carry them out. the number two official at the US Treasury Department says, reports Reuter.
"You have to earn your way into the brotherhood of economic reformers. You've got to have some steel in your spine. There are political risks attached to it."
A team of Soviet experts Is visiting the United States this week to tty to put together an economic reform plan that they hope will win tens of billions of dollars in aid from the West
Economic problems to dominate OAU meet
LAGOS. May 24: Regional political Issues are likely to take second place to pressing economic problems at Monday's ministerial meeting and the forthcoming summit of the Organisation of African Unity (OAU). Nigerian experts said, reports Reuter
The sources said increased economic cooperation and self reliance in Africa would be major topics. This represents a significant shift away from politics. which traditionally have held sway at OAU meetings since the early 1960s.
The topic of South Africa and upheavals in other African nations may also be discussed at the June 3-5 summit and Monday's meeting of the OAU Council of Ministers tn Abuja.
Dollar closes lower in NY
NEW YORK. May 24 : The dollar closed lower, pressured by technical and speculative selling, as traders readied themselves for a three-day weekend, reports Reuter ft a still range-trading, with the dollar trading between I 71-1.73 Marks. And I expect that range to hold tomorrow. People are not going to be overly aggressive ahead of a three-day weekend, said Robert Hatcher, a dealer for Barclays Bank. Holidays will close trading In the UK and US Monday.
The dollar closed at 1.7115/25 Marks, down from the opening of 1 7280/90 Mar ks and Wednesday • Finish of 17223/30 Marks J