The stricter new policy also aims to tackle how rich countries contribute to corruption in the developing world by failing to prevent bribery and money laundering or by allowing anonymous corporate ownership. IMF unveils new corruption policy for member states, photo AFP The International Monetary Fund will systematically address corruption and its impact on economic growth with all its member countries under new guidelines launched on Sunday (Apr 22). The stricter new policy also aims to tackle how rich countries contribute to corruption in the developing world by failing to prevent bribery and money laundering or by allowing anonymous corporate ownership. "We know that corruption hurts the poor, hinders economic opportunity and social mobility, undermines trust in institutions and causes social cohesion to unravel," IMF Managing Director Christine Lagarde said in a statement. "We have now adopted a framework for enhanced engagement on governance and corruption that aims for … [Read more...] about IMF unveils new corruption policy for member states
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G7 ministers meet on Russia, Iran and North Korea threats
Canada's Minister of Foreign Affairs Chrystia Freeland, seen here with Japanese Foreign Minister Taro Kono, will host all of her G7 colleagues plus the European Union's representative at a working lunch to discuss the crisis in Russia and Ukraine. (AFP/Lars Hagberg) The envoys were also keen to glean clues from their US colleague about whether President Donald Trump will tear up the Iran nuclear deal and how he will handle a planned summit with North Korea's Kim Jong Un. The ministers from the world's most powerful democracies are meeting to plan for June's G7 summit of rich-world leaders in Charlevoix, Quebec - but Russia and North Korea will never be far from their minds. Canada's Foreign Minister Chrystia Freeland hosted the meeting and invited her G7 colleagues plus the European Union's representative to a working lunch to discuss the crisis in Ukraine, where Russian-backed rebels have seized the eastern Donbas region. Afterwards, she said the G7 members had "reaffirmed our … [Read more...] about G7 ministers meet on Russia, Iran and North Korea threats
Door to US China trade talks seems to open after IMF meeting
The gathering of world finance ministers began with heightened anxiety about the potential damage a US-China trade war could do to the economic recovery but ended on Saturday (Apr 21) with a door open to negotiations. IMF Managing Director Christine Lagarde said it was important to resolve trade disputes before they impact growth. (Photo: AFP/Andrew Caballero-Reynolds) International Monetary Fund chief Christine Lagarde, who has been urging countries to avoid damaging protectionism, said this weekend's spring meeting had "made progress towards dialogue." And shortly after her comments, US Treasury Secretary Steven Mnuchin announced he was considering a trip to Beijing to hold talks on the trade dispute, a welcome respite after weeks in which tensions had ratcheted ever higher. Tensions between the world's two largest economies have cast a shadow over this week's gathering of finance ministers, given concerns a trade war would undercut the global recovery. President Donald … [Read more...] about Door to US China trade talks seems to open after IMF meeting
EU, Mexico reach agreement on free trade deal
The EU and Mexico said on Saturday (Apr 21) they had reached an "agreement in principle" to modernise an existing free trade deal, as the Latin American country faces pressure from protectionist measures threatened by US President Donald Trump. The EU and Mexico released a statement, about an "agreement in principle" over trade, from EU Trade Commissioner Cecilia Malmstrom (L), Mexico Economy Minister Ildefonso Guajardo Villarreal (R) (seen in 2017) and EU Agricultural Minister Phil Hogan. (Photo: AFP/Pedro Pardo) Under the updated terms of the 2000 deal, "practically all bilateral trade in goods will now be duty-free, including in the agricultural sector," the European Commission, the EU's executive arm, said in a statement. The move is seen as sending a strong signal to Trump who last year launched renegotiations of what he has previously referred to as Mexico's "cash cow" - the North American Free Trade Agreement (NAFTA). The US leader's threat to even axe NAFTA altogether … [Read more...] about EU, Mexico reach agreement on free trade deal
Trump to honour Macron, his unlikely French friend
They talk regularly, have shared memorable handshakes and supposedly have an "unbreakable" friendship. When US President Donald Trump and France's Emmanuel Macron meet next week, there will be more back-slapping - but also major differences. US President Donald Trump (L) and French President Emmanuel Macron (R) have forged a friendship that has been one of the few stable elements in recent American foreign policy AFP/Mandel NGAN The Trump-Macron relationship has been one of the few stable elements in recent American foreign policy, with the French leader emerging as the privileged European partner for the White House. While Trump's relations with German Chancellor Angela Merkel have often been tetchy and he has clashed publicly with British Prime Minister Theresa May, the mercurial US leader has been consistently friendly with France's 40-year-old centrist. Their warm ties will be on display from Monday when Macron becomes the first foreign visitor during Trump's term to … [Read more...] about Trump to honour Macron, his unlikely French friend