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Nepal PM appeals for quake aid, vows funds will reach victims KATHMANDU: Nepal's prime minister pledged Thursday to ensure that all aid would reach quake victims, seeking to allay fears over corruption and red tape as he appealed for funds at a meeting of international donors in Kathmandu.Nepal says it needs around $6.7 billion to recover from the April disaster, which killed more than 8,800 people, destroyed nearly half a million houses and left thousands in need of food, clean water and shelter.But some international donors have been slow to pledge money, concerned that bureaucracy and poor planning will prevent it from being used efficiently.Prime Minister Sushil Koirala urged delegates including foreign ministers from regional superpowers China and India as well as World Bank, UN and EU officials to "work with us, the government of Nepal"."In an environment of good faith, I assure you that we will (leave) no stone unturned in ensuring that the support reaches the intended beneficiaries... because ...

South Korea unveils $14bn stimulus package to spur growth SEOUL: South Korea on Thursday announced a $14 billion stimulus package to boost its troubled economy, hammered by the deadly MERS outbreak, which has dented consumer spending and business sentiment.In announcing the 15 trillion won programme -- which follows a central bank interest rate cut to a record low this month -- the finance ministry also slashed its growth outlook for this year.Finance Minister Choi Kyung-Hwan said the extra was crucial because a recovery in ...

Putin extends Western food ban for one year MOSCOW: Russian President Vladimir Putin on Wednesday extended a ban against most Western food imports for a year, saying the longer-than-expected measure would ensure the country's security.He unveiled the extension of the ban after EU foreign ministers said this week that sanctions against Moscow over the Ukraine conflict would be prolonged until January 2016."The government turned to me with an appeal to extend the measures," Putin told a government meeting."In accordance with this letter today ...

Israel must tackle 'stubbornly high' budget deficit: IMF JERUSALEM: Israel's government needs to immediately address lowering the budget deficit or face a growing debt burden, the International Monetary Fund said on Wednesday. It expects a deficit of 2.75 percent of gross domestic product in 2015 and urged the government bring it down to 2.25 percent next year. "The fiscal deficit remains stubbornly high," the IMF said at the end of its week-long visit to Israel. "Current levels leave few buffers to deal with ...

Cameron says looking at bolstering UK-French border after migrant surge LONDON: Prime Minister David Cameron said on Wednesday his government was considering reinforcing Britain's border with France around the port of Calais after what he said were unacceptable scenes of chaos involving migrants trying to reach his country. "We have been looking at whether we can put more personnel and indeed sniffer dog teams on that side of the channel to make a difference," Cameron told parliament. "There is also more work being done in ...

Spain sees GDP reaching pre-crisis level by end-2016 MADRID: Spain's economy grew at close to 4 percent in the first half of 2015, putting it on course to return to pre-crisis levels of output by the end of next year, Economy Minister Luis de Guindos said on Wednesday. Spain's gross domestic product fell around 8 percent between the first quarter of 2008 and the second quarter of 2013, when it began emerging from a long downturn, and the economy - and the extent ...

German business confidence hits four-month low in June: Ifo FRANKFURT: German business confidence fell to its lowest level in four months in June as the outlook for Europe's biggest economy clouds over, the Ifo economic institute said on Wednesday.The Ifo institute's closely watched business climate index fell to 107.4 points in June from 108.5 points in May, the think tank said in a statement. That is the lowest level since February. It was the second month in a row that the index has fallen ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln