Wednesday, October 7, 1998
Seafood exports to China in troubled waters
The $1.3-billion seafood industry in the country is in for yet another crisis following frequent payment defaults and unfair trade practices by Chinese importers. The crisis has assumed critical proportions with most Indian banks deciding not to accept Letters of Credit (LCs) issued by Chinese importers.
World Bank clears 6-point plan to cure Asia malady
Worried over the contagion effect of the east Asian crisis, the World Bank on Monday night approved a six-point strategy for restoring sustainable growth and reversing the dramatic increase in poverty in Indonesia, South Korea, Thailand and Malaysia with a view to containing the risks of crises erupting elsewhere in the world.
India flays IBRD for diverting funds to lessen Asian woes
India and some other countries have objected to the role that the World Bank has played in going out of its way to help resolve the financial crisis in east Asia, diverting its funds to tune about $6-7 billion in the last fiscal year, which should have gone to development projects in the member nations.
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