World Bank to take stock as Egypt scraps IMF loan

Read more on World Bank|Robert Zoellick|INTERNATIONAL MONETARY FUND|IMF WASHINGTON: The World Bank said on Sunday it would have to take stock of plans to lend to Egypt after the International Monetary Fund confirmed the authorities no longer wanted an IMF-backed loan program.

Egyptian Finance Minister Samir Radwan said on Saturday Egypt would

not borrow from the World Bank and the IMF after revising its budget and cutting the deficit target to 8.6 percent of gross domestic product from 11 percent.

World

Bank

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it

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decision.

"As far as we are aware these discussions are ongoing and we have heard nothing from the government to suggest the contrary," a World Bank spokesperson said.

"If there is no IMF program, we will have to take stock," the spokesperson added.

The World Bank and other international donors usually look to the IMF as a seal of approval to lend to governments.
The IMF said Egypt had scrapped plans for a $3 billion IMF loan agreed last month.

World Bank President Robert Zoellick

said on May 24 the povertyfighting institution would make available $4.5 billion over the next 24 months for Egypt. The funding included $1 billion this year in budget support and another $1 billion next year to help cover a huge budget shortfall after the economy was plunged into turmoil by mass protests that drove Hosni Mubarak from office on Feb. 11.

The World Bank program was also aimed at improving transparency and boosting employment, which were part of demands of the protesters.

Radwan said Qatar had provided Egypt with $500 million for budgetary support in the past week, and Saudi Arabia had offered a similar amount. What is HAWALA transactions?

Rave party busted, narcotics officer becomes suspect... more at: http://www.ndtv.com/article/india/rave-partybusted-narcotics-officer-becomes-suspect-115156&cp Karjat: It was 9:30 pm on Sunday night and the music was pumping in the Mount View resort in Karjat, a two and a half hour drive from Mumbai. The rave at the 3-star resort had been advertised discreetly on Facebook and via sms to college students. Then the police stormed in. They found heroin, cocaine, ecstasy and other drugs along with cash worth Rs. 3,08,000. And in a room at the resort, they stumbled upon

Anil Jadhav, an officer from the city's Anti-Narcotics Squad.

Mr Jadhav claims that he had been tipped off to the rave, and had arrived here to bust the party. He has been charged with arranging for drugs for the ravers. This afternoon, his

suspension was announced by Maharashtra Home Minister R R Patil.

"Anil Jadhav has been suspended...we need to take a close look at postings of Anti Narcotics Cell officers in one place for a long time," said the Home Minister. It's "100% a plant," said Mr Jadhav to NDTV. Police sources say MrJadhav not only helped the organiser get a licence for the party at the resort but organized the drugs that were sold. The resort manager and the party organiser are among the five people who have been arrested. They have been remanded to police custody till July 2. One person is absconding. The 300 attendees, who included 60 girls, were tested for drugs. They paid Rs. 1000 to attend the party. The results are awaited. Sources say first-time offenders are likely to be enrolled in a rehab program at a government-run hospital.

Read more at: http://www.ndtv.com/article/india/rave-party-busted-narcotics-officerbecomes-suspect-115156&cp

International credit rating agency DBRS in June 2011 upgraded Indias long term foreign and local currency debt outlook from negative to stable. Indias long term foreign and local currency debt outlook was upgraded in view of robust policy framework and ongoing reforms.