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Sovereign Wealth Funds Briefing - Archive | May, 2009

Local shares blamed for Temasek loss

Posted on 29 May 2009 by VRS  |  Email |Print

From FT: Temasek Holdings, the Singapore state investment agency, is likely to report a fall of about 30 per cent in the value of its portfolio for the year to April, mainly caused by sliding share prices for the Singapore companies it controls, the city-state’s finance minister told parliament yesterday.

Tharman Shanmugaratnam, whose ministry is the sole Temasek shareholder, made the statement in defence of Temasek’s recent decision to dispose of its 3 per cent stake in Bank of America, which has triggered a public outcry about the performance of the sovereign wealth fund…….Full Article (Subscription Required) : Source

Temasek portfolio lost $39.91 billion in 8 months

Posted on 29 May 2009 by VRS  |  Email |Print

From WSJ: Singapore’s state-owned investment company Temasek Holdings Pte. Ltd. lost 58 billion Singapore dollars (US$39.91 billion) from the end of March 2008 to November 2008, or a little over than half of its portfolio-value gains from the previous five years, the city-state’s finance minister said.

Tharman Shanmugaratnam, speaking in parliament, said Temasek’s investment portfolio grew by S$114 billion during the market cycle from 2003 to 2007…….Full Article: Source

Temasek beats returns of many big funds

Posted on 29 May 2009 by VRS  |  Email |Print

From Finance Minister Tharman Shanmugaratnam yesterday defended the overall track record of Singapore state investment vehicle Temasek Holdings.

He told Parliament that Temasek had made ‘large investment gains’ during the market cycle which began in 2003 and had included both boom and bust phases…….Full Article: Source

Singapore defends Temasek’s Bank of America sale

Posted on 29 May 2009 by VRS  |  Email |Print

From The Singapore government has defended state investment company Temasek’s sale of its stake in Bank of America Corp., saying the loss-generating trade didn’t reflect a shift to short-term investing.

Temasek sold its Bank of America shares after its 13.7 percent stake in Merrill Lynch & Co — initially purchased in 2007 — was converted after BoA bought the brokerage in January. Temasek held 188.8 million Bank of America shares worth about $2.6 billion in January…….Full Article: Source

Khazanah begins reshuffling GLC chiefs

Posted on 29 May 2009 by VRS  |  Email |Print

From Tenaga Nasional finance chief Datuk Mohd Izzaddin Idris has been named chief executive officer for infastructure group UEM from July 1 as state asset manager Khazanah Nasional Berhad, the investment holding arm of the government, kicked off a reshuffle of top executives in its stable of companies.

Sources said more changes are expected at the top echelons of other government-linked-companies including telecoms provider Telekom Malaysia Berhad and possibly within the sovereign wealth fund itself…….Full Article: Source

All international projects announced by Kazatomprom remain in force

Posted on 29 May 2009 by VRS  |  Email |Print

From All international projects announced by Kazatomprom National Atomic Company CJSC are in force. Chairman of the Board of Samruk-Kazyna National Welfare Fund JSC Kairat Kelimbetov has announced it at a press conference; Kazinform reports.

The Fund’s President reminded that the change in the top management of the national atomic company aroused certain reaction among foreign partners of the company……Full Article: Source

Central Huijin gets 9% CCB H shares from China Jianyin

Posted on 29 May 2009 by VRS  |  Email |Print

From China Knowledge: China’s Central Huijin Investment Co Ltd, a wholly-owned subsidiary of China’s US$200 billion sovereign wealth fund, China Investment Corp (CIC), on Tuesday signed an agreement with China Jianyin Investment Co to receive 20.7 billion H shares, or a 9% stake, in China Construction Bank Corp (CCB) at no cost, according to a statement released by CCB on Wednesday.

Central Huijin also plans to raise its stake in the Chinese lender in the secondary market in the next 12 months…….Full Article: Source

Return to the straight and narrow

Posted on 29 May 2009 by VRS  |  Email |Print

From Norway’s two largest pension schemes, the NOK2,275bn (US$329bn) Government Pension Fund - Global suffered the worst losses in its history during 2008 with a 23.3% loss. Its domestic equivalent - the NOK87.8bn (US$12.3bn), Government Pension Fund - Norway suffered a similar fate reporting a 25% loss during 2008 with plummeting equity markets being blamed for the losses.
However, with no end in sight to the market turbulence what are Norwegian pension funds doing to try and stem the tide of losses and get back on track?……Full Article: Source

Abu Dhabi’s ATIC bids for SWF’s Chartered Semi stake

Posted on 29 May 2009 by VRS  |  Email |Print

From Reuters: Abu Dhabi’s Advanced Technology Investment Co (ATIC) has made an offer for Singapore state investor Temasek Holdings’s near 60 percent stake in chipmaker Chartered Semiconductor, The Business Times newspaper reported on Friday.

The newspaper, which did not cite any source for the information, said ATIC, a venture capital firm owned by the Abu Dhabi government, has made the offer to buy the stake for between S$2.40 to S$2.60 a share, valuing Chartered CHRT.O at S$2.45 billion ($1.72 billion)…….Full Article: Source

Qatar to buy $4.1bn in real estate from banks

Posted on 29 May 2009 by VRS  |  Email |Print

From FT: The Qatar Investment Authority, the sovereign wealth fund, bought 5 per cent stakes in all local banks last year and is expected to take another 5 per cent this year.

In March, the government said it would buy the local equity portfolios of banks, worth an estimated $6bn, to prevent mark-to-market investment losses from hitting banks…….Full Article (Subscription Required) : Source

Chinese investment rises in Latin America

Posted on 29 May 2009 by VRS  |  Email |Print

From Xinhua: Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC) Alicia Barcena said here Wednesday that Chinese investment in Latin America is showing substantial increases.

“Although it represents a small figure, it is important in certain sectors like mining, hydrocarbons and the auto industry,” Alicia Barcena told Xinhua while presenting ECLAC’s annual report on regional investment…….Full Article: Source

Eminem’s $19,000 suite, Paprika Martini enliven Meurice Hotel

Posted on 29 May 2009 by VRS  |  Email |Print

From Bloomberg: The folks who run the Brunei Investment Agency, the $30 billion sovereign wealth fund of the oil-rich southeast Asian Sultanate of Brunei, were so smitten by the seven-story hotel literary Nobel Prize-winner Rudyard Kipling called his Paris home that it bought the place in 1996 for an undisclosed amount through the SWF’s London-based property-management company Dorchester Group Ltd.

The group’s roster of luxury hotels is now dubbed the Dorchester Collection. In 2007, BIA tapped French designer Philippe Starck to fine tune Le Meurice’s Belle Epoque architecture with lobster-claw telephones…….Full Article: Source

Saudi SWF to underwrite good projects

Posted on 28 May 2009 by VRS  |  Email |Print

From Even as banks in the region are still waiting on the sidelines to take on the role of financial intermediaries, Saudi Arabia has set a new trend by allowing its sovereign wealth fund (SWF) to underwrite project finance transactions, a top Calyon official said.

Briefing on the role played by his bank during the financial crisis that has gripped the financial services industry, Albert Momdjian, Managing Director and head of Middle East & Africa Investment Banking as well as DIFC Branch CEO of Calyon, Crédit Agricole’s Corporate and Investment Bank, said in Saudi, the banks are now encouraged to take part in the financial intermediation of large the projects due to the support coming from SWF…….Full Article: Source

Singapore PM kills “Temasek II” idea to help local firms

Posted on 28 May 2009 by VRS  |  Email |Print

From Reuters: The Singapore government will help nurture local companies compete in international markets, but will not force its sovereign wealth fund Temasek to finance them as suggested by some legislators, Prime Minister Lee Hsien Loong told parliament on Wednesday.

“Government wants to help companies grow, is trying many ways and is willing to do more,” Lee said. “But we don’t believe that this can be done by the government by simply pouring money, or creating a ‘Temasek II,’ he said…….Full Article: Source

Open up jobs in SWF stakes

Posted on 28 May 2009 by VRS  |  Email |Print

From The Government should allow Singaporeans to work in the companies its sovereign wealth funds like Temasek and Government Investment Corporation have a substantial stake in, a Member of Parliament advocated on Wednesday.

MP for Tampines GRC, Sin Boon Ann said Singapore should ‘make better use of these investments to work harder for us’ and not merely remain as a ‘passive investor’ as in most cases…….Full Article: Source

Alaska permanent fund rebound softened by trustee board’s decision

Posted on 28 May 2009 by VRS  |  Email |Print

From For at least six months, the Alaska Permanent Fund has been holding more bonds and fewer stocks than its policies call for in the hopes that bonds would out perform stocks - a gamble that may have been costly for the $30 billion fund that finances annual dividend checks to state residents.

Parts of the battered portfolio, stocks especially, have recently jumped in value. That follows the permanent fund Board of Trustees’ decision last fall, made on the advice of investment staff, to delay rebalancing the portfolio…….Full Article: Source

What Norway & Chile can teach America

Posted on 28 May 2009 by VRS  |  Email |Print

From Earlier this month, the New York Times profiled how Norway took the proceeds from its oil business and plowed it into savings. As the global economy contracted last year, Norway enjoyed economic growth of just under 3 percent.
This year, they’re running an 11 percent budget surplus and have one of the largest sovereign wealth funds in the world…….Full Article: Source

Should green-minded Norway invest in Canadian oil-sands?

Posted on 28 May 2009 by VRS  |  Email |Print

From Last week, Greenpeace failed in its bid to force Norway’s StatoilHydro to abandon a $2 billion investment in a project that it says produces 10 times the greenhouse gases as North Sea drilling.
Norway invests oil revenues in its government pension fund, also known as the Petroleum Fund, making it one of the largest such funds in the world, with assets worth $14 billion last year…….Full Article: Source

Mumtalakat holds corporate governance seminar

Posted on 28 May 2009 by VRS  |  Email |Print

From Bahrain Mumtalakat Holding Company B.S.C., (’Mumtalakat’) recently held a seminar for its executive directors to train them on the latest corporate governance practices.
The seminar, held in conjunction with the Center for International Private Enterprise, was held in Bahrain and was opened by Mumtalakat’s Deputy CEO, Mahmoud Al Khooheji…….Full Article: Source

NSSF boss promises speedy reforms

Posted on 28 May 2009 by VRS  |  Email |Print

From : The National Social Security Fund managing trustee has pledged speedy reforms on the national pension body so as to provide better services to members.

Among them will be to process pensioners’ benefits within seven days of application…….Full Article: Source

Considerable funds not yet allocated to build Georgian section of Baku-Tbilisi-Kars railway: SOFAZ head

Posted on 28 May 2009 by VRS  |  Email |Print

From The State Oil Fund of Azerbaijan (SOFAZ) has not yet allocated significant funds to construct the Georgian section of the Baku-Tbilisi-Kars railway this year, SOFAZ Executive Director Shahmar Movsumov said.
Movsumov said major funds have not yet been allocated, but only few funds were allocated to maintain the department, which was created for the project, as well as the design work,” Movsumov said…….Full Article: Source

SOFAZ Executive Director meets with the delegation headed by Regional Director for the South Caucasus of the World Bank

Posted on 28 May 2009 by VRS  |  Email |Print

From Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on May 27, 2009 the delegation headed by Asad Alam, Regional Director for the South Caucasus of the World Bank.

Mr. Movsumov briefed the guests on the Fund’s activity, management of its assets. He talked about SOFAZ’s leading role in implementation of the Extractive Industries Transparency Initiative (EITI) and Azerbaijan’s representation at the international EITI Board…….Full Article: Source

In crisis, Arab economic reform beckons

Posted on 28 May 2009 by VRS  |  Email |Print

From Most credible estimates of the losses suffered by Arab sovereign wealth funds in the past year suggest that these funds’ value has declined from around $1.6 trillion to $1.2 trillion, due to the drop in the value of financial investments abroad.
A new report by the International Labor Organization (ILO) regional office in Beirut (by Christina Behrendt, Tariq Haq and Noura Kamel) suggests that hard days remain ahead, as the Arab world’s economic growth rate is expected to decline from 6 to 4 percent this year (other reports suggest that a 2-3 percent growth rate is more likely)…….Full Article: Source

Plenty on the table for private equity

Posted on 28 May 2009 by VRS  |  Email |Print

From Sovereign wealth funds (SWFs) still provide a potent source of funding, albeit more focused on investing in the MENA region than elsewhere as a result of recent losses.
SWFs have also been connected with a resurgence in activity on the secondary market which has taken place as liquidity issues provide the incentive for stressed sellers to settle for bargain prices…….Full Article: Source

International Monetary reform and the future of the Renminbi

Posted on 28 May 2009 by VRS  |  Email |Print

From China’s central bank and other government-owned financial institutions, including China’s sovereign wealth fund (CIC) hold an estimated $1.5-1.6 trillion in U.S. dollar-denominated financial assets.
The rest is denominated in other convertible currencies. Official gold reserves amounted to 1,054 tons at the end of March 2009, accounting for about 1.5 percent of total reserves at the current gold price…….Full Article: Source

Sweden’s Central Bank shores up currency reserves

Posted on 28 May 2009 by VRS  |  Email |Print

From WSJ: Sweden’s central bank said Wednesday it will borrow 100 billion Swedish kronor ($13.24 billion) from the National Debt Office to restore its currency reserves.

The reserves have been depleted after lending to domestic banks and increased commitments to other central banks and international organizations, valued at a combined total of about 100 billion kronor, the Riksbank said…….Full Article: Source

Nigeria’s foreign reserves inch lower

Posted on 28 May 2009 by VRS  |  Email |Print

From AFP: Nigeria’s foreign currency reserves dropped to 45 billion dollars this week from 48 billion dollars a month earlier due to falling oil prices, the Central Bank of Nigeria (CBN) said Wednesday.

Nigeria’s foreign exchange reserves stood at 67 billion dollars at the height of the oil boom in July 2008 when crude prices peaked above 147 dollars (105 euros) per barrel on concerns over the faltering global economy…….Full Article: Source

Abu Dhabi sovereign wealth funds most welcome

Posted on 27 May 2009 by VRS  |  Email |Print

From Nicolas Sarkozy, the president of France, was in Abu Dhabi to sign ground-breaking agreements with the UAE on culture, diplomacy and security.
But commercial ties also were on the agenda. Travelling with Mr Sarkozy, along with a number of French corporate representatives, was Christine Lagarde, the minister of economy, industry and employment…….Full Article: Source

Mubadala eyes investment in French firms

Posted on 27 May 2009 by VRS  |  Email |Print

From Mubadala Development Company, an investment arm of the Abu Dhabi government, on Tuesday signed a deal to explore joint investment opportunities in French companies.

The memorandum of understanding between Mubadala and France’s Fonds Strategique d’Investissement, or FSI, aims to set up a framework for investing in sectors that are of mutual interest to both the companies…….Full Article: Source

Alaska revamps infrastructure asset allocation

Posted on 27 May 2009 by VRS  |  Email |Print

From The $29bn oil and gas endowment plans to allocate 18% to a new real assets category, including real estate, infrastructure and Treasury inflation-protected securities. The target allocation to infrastructure will be kept at 3%.

Michael Burns, chief executive officer of the oil and gas endowment, said in a statement it was better to “segregate assets by their characteristics, rather than simply by type”…….Full Article: Source

Temasek can help local firms

Posted on 27 May 2009 by VRS  |  Email |Print

From Temasek Holdings can make a greater difference to Singapore by helping homegrown enterprises expand regionally and globally, said two MPs in Parliament on Tuesday.

Such a move will lead to a stronger Singapore economy, they argued. The suggestion from Mr Liang Eng Hwa (Holland-Bukit Timah GRC) and Nominated MP Loo Choon Yong was made when they urged the Government to review the role of Temasek…….Full Article: Source

Goodyear’s tenure at Temasek starts with full in-tray

Posted on 27 May 2009 by VRS  |  Email |Print

From FT: The most highly anticipated corporate event of the year in Singapore will occur on October 1 when the leadership of state investment agency Temasek Holdings passes to Chip Goodyear, the former chief executive of BHP Billiton.

Speculation is rife about what changes Mr Goodyear will make, from whether there will be a management reshuffle to possible moves to make the Singapore state investment company more open and transparent…….Full Article (Subscription Required): Source

Joint funds sought to enhance market penetration

Posted on 27 May 2009 by VRS  |  Email |Print

From The GCC sovereign wealth funds (SWFs) should consider the establishment of joint funds both at the regional and international levels, Booz & Co said yesterday.

“Regionally, benefits from joint funds include sharing of risk, and increased investment opportunities,” said Richard Shediac, a partner at Booz & Company. Internationally, joint funds can facilitate market penetration and enhance knowledge transfer mechanisms…….Full Article: Source

The vital role of Sovereign Wealth Funds in the GCC’s future

Posted on 27 May 2009 by VRS  |  Email |Print

From The nations comprising the Gulf Cooperation Council (GCC) have generated large amounts of foreign exchange reserves over the decades, mainly from the production and sale of oil.

Since oil prices have been volatile since the early 1970’s, the GCC countries have historically used the money as a buffer against changes in commodity prices, to balance their budgets, to maintain economic stability and to create intergenerational savings…….Full Article: Source

Missive to Sovereign Wealth Funds

Posted on 27 May 2009 by VRS  |  Email |Print

From SWFs have an obligation to the nation. They should have a short-, medium- and a long-term plan to pump in money into the local UAE economy primarily. They should invest in unfinished construction & infrastructure projects in the UAE.

This will improve the circulation of money into the economy which is of paramount importance now…….Full Article: Source

Dan Gross: Wherefore Sovereign Wealth Funds?

Posted on 27 May 2009 by VRS  |  Email |Print

From Newsweek biz columnist Dan Gross wonders what the deal is with sovereign wealth funds (SWFs), those enticing, terrifying state-owned investment funds that came into vogue in Asia and Arabia about two years ago.
Why enticing? Why terrifying?……Full Article: Source

SWFs: Laws limiting foreign investment affect US. sssets

Posted on 27 May 2009 by VRS  |  Email |Print

From One type of foreign investor that has been increasingly active in world markets is sovereign wealth funds (SWF), government-controlled funds that seek to invest in other countries.

As the activities of these funds have grown they have been praised as providing valuable capital to world markets, but questions have been raised about their lack of transparency and the potential impact of their investments on recipient countries…….Full Article: Source

Muhtar: Nigeria’s Excess Crude Account, fast depleting

Posted on 27 May 2009 by VRS  |  Email |Print

From The Excess Crude Account, Nigeria’s local reserve for the rainy day, may be exhausted in the next two years if the Federal Government, 36 States and the Federal Capital Territory (FCT) continue to fall back on it to augment the nation’s dwindling oil revenue.
The nation’s dwindling fortunes are the result of the global economic meltdown, the shortfalls in the non-oil revenue sector, massive shut down of oil production as a result of the Niger Delta crisis as well as the production limitations of the Organisation of Petroleum Exporting Countries (OPEC)…….Full Article: Source

Central Huijin to consolidate China Construction Bank stake

Posted on 27 May 2009 by VRS  |  Email |Print

From Dow Jones: Central Huijin Investment Co., an investment arm of China’s sovereign-wealth fund, said Wednesday it will take over a unit’s 9% stake in China Construction Bank Corp. (0939.HK) to consolidate its holdings in the large commercial lender.

The stake transfer from wholly owned China Jianyin Investment Co. will raise Central Huijin’s direct ownership of China Construction Bank to 57% from 48%…….Full Article (Registration Required) : Source

The sheikh who backed Barclays

Posted on 27 May 2009 by VRS  |  Email |Print

From Sheikh Hamad, Qatar’s prime minister and foreign minister, wears a third hat: chief executive officer of the Qatar Investment Authority (QIA), which was founded in 2005. A latecomer among nations with sovereign wealth funds, Qatar formed the QIA to preserve its oil and gas wealth.

Last year, the Connecticut-sized emirate—best known as a staging ground for the 2003 US-led invasion of Iraq—earned more from LNG than oil for the first time…….Full Article: Source

Saudi king: Increased spending by $10 billion

Posted on 27 May 2009 by VRS  |  Email |Print

From AP: Saudi Arabia has increased its domestic spending to weather the global financial crisis, but has not sold any of its sovereign investments to boost liquidity, the ruler of the world’s largest oil producing nation said in an interview published Tuesday.

King Abdullah also told Kuwait’s Al Seyassah newspaper that the country’s crown prince and his successor was expected back home within six weeks, after undergoing treatment in the US…….Full Article: Source

Libya’s LFB to up HSBC unit stake to 70 pct

Posted on 27 May 2009 by VRS  |  Email |Print

From Reuters: The Libyan Foreign Bank (LFB) aims to hike its stake in HSBC (HSBA.L) affiliate British Arab Commercial Bank to 70 from 25 percent and plans to raise its capital 10 times to $10 billion, the Oea daily reported on Tuesday.

State-owned LFB has held a 0.56 percent stake in Italy’s second-largest bank UniCredit since 1997 and bought another 3.67 percent together with the Libyan Investment Authority sovereign wealth fund last October…….Full Article: Source

China’s Yuan: The next reserve currency?

Posted on 27 May 2009 by VRS  |  Email |Print

From Skeptics have dismissed Beijing’s talk of de-emphasizing the U.S. dollar, but China is making moves that could soon lead to a convertible yuan.
Are the Chinese finally getting serious about loosening their ties to the dollar—and even replacing the greenback with the yuan as the global economy’s reserve currency? The evidence is mounting that they are…….Full Article: Source

Penang establishes new sovereign wealth fund

Posted on 26 May 2009 by VRS  |  Email |Print

From The Penang government today sent a proposal and letter to Prime Minister Datuk Seri Najib Tun Razak office, seeking the approval from the federal government a guarantee of RM5 billion for the creation of Penang Sovereign Wealth Fund.
Chief Minister Lim Guan Eng said the fund to be known as Penang Investment Authority (PIA) shall be capitalised at RM5 billion, to be raised via an Islamic Bond issuance, fully guaranteed by the federal government…….Full Article: Source

Malaysia’s first state-established sovereign wealth fund identifies projects

Posted on 26 May 2009 by VRS  |  Email |Print

From The country’s first state-established sovereign wealth fund, Terengganu Investment Authority (TIA), with an initial fund of RM11bil, has identified several high-impact investment projects in the tourism, energy and agriculture sectors in the state and around the country.

TIA chief executive officer and former executive partner at Accenture, Shahrol Halmi, said the fund had identified several strategic partners and would team up with well-known sovereign wealth funds for these projects, which include regional and international projects that have “positive spillover benefits” to the state…….Full Article: Source

Standard Chartered: Temasek stake rises to 19.11% vs 18.81%

Posted on 26 May 2009 by VRS  |  Email |Print

From WSJ: Singapore state-owned investment company Temasek Holding Pte. Ltd.’s stake in Standard Chartered PLC (STAN.LN) grew to 19.11% from 18.81% after receiving a stock dividend, the U.K. lender said Monday.

Temasek now holds 369.5 million shares in Standard Chartered, the bank said in a statement…….Full Article: Source

Fullerton may need more Temasek support: Fitch

Posted on 26 May 2009 by VRS  |  Email |Print

From Fullerton India Credit Company (FICC), the non-banking finance subsidiary of Singapore-based Temaesk, may need additional assistance from its government-owned parent to withstand weak business conditions and risks of high credit losses, a rating agency said here on Monday.
In its statement, Fitch Ratings said FICC extends mostly unsecured loans, which comprises over 80 per cent of its lending, to its clients. Borrowers predominantly belong to the lower-middle or the middle income segments, a large part of which is self-employed…….Full Article: Source

Libya expects reserves at $136 billion this year

Posted on 26 May 2009 by VRS  |  Email |Print

From Reuters: OPEC member Libya expects foreign currency reserves to reach $136 billion this year from around $100 billion in the previous year, Libyan daily Oea reported on Monday.

“Foreign currency reserves are likley to reach $136 billion this year,” Oea quoted Libya’s Central Bank Research and Statistics head Ali Ramadan Shnebesh as saying…….Full Article: Source

How Minister picked new NSSF boss

Posted on 26 May 2009 by VRS  |  Email |Print

From More than there million members of the giant National Social Security Fund (NSSF) are watching keenly as Alex Kazongo takes up reigns as the new managing trustee of the controversy-prone multi-billion shillings pension scheme.

Labour Minister John Munyes on Monday appointed Kazongo, currently a director at the Kenya Pipeline Company (KPC) Board, to head the Sh90 billion-fund in what has become something like a game of musical chairs…….Full Article: Source

Sub-Saharan Africa to receive $10 bln in SDRs-IMF

Posted on 26 May 2009 by VRS  |  Email |Print

From Reuters: Sub-Saharan Africa will receive around $10 billion from the IMF in Special Drawing Rights (SDRs) to help its economies weather the global financial crisis, the Fund’s chief Dominique Strauss-Kahn said on Monday.

As part of a $1.1 trillion deal to combat the world economic downturn agreed at April’s G20 summit, the IMF will issue $250 billion worth of SDRs, which can be used to boost foreign currency reserves…….Full Article: Source

May 2009
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