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Russia-Ukraine crisis Russia's war in Ukraine is a "naked aggression" without any provocation and France and India are working together to mitigate the consequences of the conflict including global food and energy security, French Ambassador Emmanuel Lenain said. In an interview to PTI, the envoy said France strongly condemned Russia's "illegal" annexation of four Ukrainian regions and described it as a serious violation of both international law and Ukraine's sovereignty. Welcoming Prime Minister Narendra Modi's recent call to Russian President Vladimir Putin to end the conflict, Lenain said leaders of both India and France are working together to convince Moscow to return to the negotiating table for resolving the crisis. "We feel that Putin wants to return to the time of imperialism and that's exactly what we want to avoid in Europe and anywhere else in the world, especially in this region where I am talking," he said. "In the Indo-Pacific too, we do not want this, and I … [Read more...] about Russia’s war in Ukraine ‘naked aggression’; working with India to mitigate its consequences: French envoy Lenain

IMF The International Monetary Fund on Tuesday took aim at new British financial plans that have roiled markets, warning that "large and untargeted fiscal packages" would likely increase inequality in Britain and could undermine monetary policy. In its first comments on plans by Britain's new finance minister Kwasi Kwarteng, which have sent sterling and bonds into free fall, the IMF urged UK authorities to consider providing more targeted support to families and business instead of sizable tax cuts and sharply higher government spending. “We are closely monitoring recent economic developments in the UK and are engaged with the authorities," an IMF spokesperson said, in response to a query from Reuters after the British pound hit an all-time low amid spiking market concerns. "Given elevated inflation pressures in many countries, including the UK, we do not recommend large and untargeted fiscal packages at this juncture, as it is important that fiscal policy does not work at … [Read more...] about IMF says UK fiscal measures will ‘likely increase inequality,’ urges rethink

United Nations The United Nations International Fund for Agricultural Development (IFAD) is in talks with the International Monetary Fund on joining forces on a new financing programme designed to shore up sustainable growth in poorer countries. IFAD could become a partner of the IMF’s $45 billion lending initiative, the Resilience and Sustainability Trust (RST), bringing its expertise on how small-scale producers and farmers cope with climate change in vulnerable countries, the incoming IFAD president told Reuters. "The IMF needs implementing partners and is still in the process of deciding how that works," said Alvaro Lario. "We could participate through the climate adaption angle of the RST." Food security is key for many emerging and frontier market economies, which are vulnerable to the effects of climate change and have also been at the sharp end of a global rise in inflation in countries where foodstuffs make up as much as 40% in inflation baskets – the selection of … [Read more...] about UN farm fund in talks with IMF to join forces on resilience trust: President

Pakistan Finance Minister Miftah Ismail on Sunday stepped down from his post to make way for Ishaq Dar to take over the reins of the country's cash-strapped economy. The formal decision to put 72-year-old Dar in the driving seat of the financial affairs was taken in during a meeting between the Prime Minister Shehbaz Sharif and his brother Nawaz Sharif in London on Saturday. Both the finance minister Miftah Ismail and his successor Ishaq Dar were present in the meeting, besides other leaders of Pakistan Muslim League-Nawaz (PML-N). Miftah handed over his resignation to the elder Sharif, who is out of politics due to conviction in corruption cases but his decisions are considered binding on the party. I worked to the best of my ability for four months, and remained loyal to the party and the country, Miftah was quoted as saying by the PML-N in a statement. Close Former premier Sharif appreciated the efforts made by Miftah for carrying out the responsibilities … [Read more...] about Pakistan Finance Minister Miftah Ismail steps down; makes way for senior PML-N leader Ishaq Dar to take over