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Last update: Tue, 24 May 2016 04pm

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IMF staff report says Greece needs revised fiscal, growth targets WASHINGTON: The International Monetary Fund said on Monday that Greece's current budget surplus and growth targets for its bailout program are unrealistically high and should be revised downward, and Greece's debt needs to be restructured. In a debt sustainability analysis report, IMF staff said few countries have ever managed a 3.5 percent primary budget surplus for long, and there is little political support for the deep cuts that would make that achievable. "In view of this, staff believes that the DSA should be based on a primary surplus over the long run of no more than 1.5 percent of GDP. This target would in staff's view be within the realm of what is plausible," the IMF staff report said. The new analysis was released a day before European finance ministers meet on Tuesday to review Greece's bailout and discuss the potential for debt restructuring.While Germany and some other euro zone ...

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Greek shares rise to outperform weaker European stock markets LONDON: The Greek bourse outperformed weaker European stock markets on Monday after Athens agreed a series of reforms that should pave the way for an agreement on bailout loans and debt relief talks. The broader, pan-European FTSEurofirst 300 index closed down 0.5 percent, while the European STOXX 600 fell 0.4 percent, pulled down by drops in Fiat Chrysler and Bayer. However, Athens' benchmark ATG equity index climbed 1.5 percent.It rose after Greek lawmakers approved tax ...

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European Union agrees to aid Libyan navy to stop traffickers BRUSSELS: The European Union will help rebuild Libya's shattered navy and coastguard to tackle migrant smugglers after a plea for aid from the new UN-backed unity government in Tripoli, EU foreign ministers agreed on Monday. Details of the aid are still to be worked out but EU foreign policy chief Federica Mogherini said an operational plan should come "in the coming days". The ministers said they would need a UN Security Council resolution to go ...

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Strategy being evolved to deal with issue of executions in Bangladesh: Saad LAHORE: Federal Minister for Railways Khawaja Saad Rafique on Monday said that Pakistan was making a strategy to deal with issue of executions of Jamaat-e-Islami leaders in Bangladesh.Addressing a conference titled "Shuhada-e-Wafa", organised by the Islamic Lawyers Forum at the Lahore High Court Bar premises, he said that Hasina Wajid-led government was instable and that was why it was increasing distances with Pakistan to enhance its relations with India. "Until now, no country supported the ...

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PM wants to see AJK developed, prosperous state: Dr Kirmani ISLAMABAD: Special Assistant to the Prime Minister, Dr Asif Kirmani Monday said Prime Minister Muhammad Nawaz Sharif wants to see Azad Jammu and Kashmir (AJK) a progressive, developed and prosperous.He was talking to Vice President, Pakistan Muslim League-Nawaz (PML-N) AJK Chapter Arshad Mehmood Ghazi and Additional Secretary General Sardar Abdul Khaliq, who called on him here.Dr Asif said people of Mirpur have given a lot of sacrifices which would not go waste, adding if people ...