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You are here: Home / Archives for International Monetary Fund

Obama names Indian American investor as IMF director

March 6, 2015 by Nasheman

Sunil Sabharwal

Washington: President Barack Obama has nominated Sunil Sabharwal, an independent Indian American investor in the payments sector, as US Alternate Executive Director at International Monetary Fund for a term of two years.

The White House sent Sabharwal’s nomination to the Senate on Wednesday. At over two dozen, Obama administration boasts of having the highest number of Indian Americans in key jobs than any previous administrations in the US.

Sabharwal, who has been an independent investor since 2006, was the chairman of the Board of Ogone, a European ecommerce payment services company, from 2011 to 2013, according to the White House.

He advised Warburg Pincus on its acquisition of Easycash, a German network services company, subsequently becoming a board advisor from 2006 to 2009.

From 2003 to 2006, Sabharwal was senior vice president of strategic investments at First Data Corporation/Western Union.

From 1997 to 2003, he held several positions at GE Capital, including managing director.

From 1992 to 1996 he worked at the European Bank for Reconstruction and Development.

Sabharwal received a BS from The Ohio State University and an MS from the London Business School.

(Agencies)

Filed Under: Business & Technology, India Tagged With: Barack Obama, IMF, International Monetary Fund, Sunil Sabharwal, United States, USA

"We are better off without U.S government": Bolivian President Evo Morales

October 20, 2014 by Nasheman

Bolivia’s president talks about the country’s ongoing socio-economic transformation and his third term in office.

– by Al Jazeera

In 2009, under the country’s first indigenous president a new constitution declared Bolivia a plurinational state – ending centuries of undeclared apartheid.

Opponents in the oil-rich eastern region launched a civil disobedience movement, confronting the east against the poorer, indigenous majority who support President Evo Morales. Critics denounced the president’s fiery socialist rhetoric and the nationalisation of Bolivia’s oil and gas industry in the poorest and most undeveloped nation in South America.

Five years later, from the World Bank to the IMF, Evo Morales is getting full marks for overseeing an unprecedented transformation of Bolivia. Spurred by high commodity prices, economic growth is now the highest in the region.

And while the president’s anti-capitalist discourse is as strong as ever, a mix of mainstream economics and social programmes has dramatically reduced poverty and unemployment, while allowing the private sector to flourish.

“We have taken flight towards development. What others could not do in 180 years we have done in some nine years of profound changes …. We are going to make Bolivia the energy hub for South America,” says Morales.

In a region where personality cults are too common, millions of Bolivians have come to worship Morales.

He has just been re-elected after a disputed court decision allowing him to run for a third consecutive term as president.

“I believe that some revolutions, some transformations, are driven by a person. I don’t like it, but I am happy that there is now an Evo generation, a new generation of young men and women with a great deal of knowledge, principles, and values, who are assuming leadership. I am very pleased with the way young people are getting involved. Obviously, much depends on the process, on the steps we take to ensure good economic stability with social benefits,” Morales says.

Morales not only opposes the eradication and abolition of the coca leaf, the raw material for cocaine. He is also waging an international campaign to legalise and industrialise its use for traditional and medicinal purposes. He made headlines when he demonstrated how the plant is chewed at the United Nations, the same body that declared the plant an illegal narcotic in 1961.

He says: “It [drug trafficking] must be fought – we are convinced of that – and we are doing so more effectively and more wisely. When the United States was in control of counternarcotics, the US governments used drug trafficking for purely geopolitical purposes …. The US uses drug trafficking and terrorism for political control …. We have nationalised the fight against drug trafficking. ”

“The best way to fight drug trafficking is to engage the people. Then there will not be zero coca, but neither can there be unfettered coca cultivation, because a problem does exist. As long as there is market demand for cocaine, the sacred, natural leaf, the medicinal coca leaf will always be associated with this illegal problem. The root cause of drug trafficking is demand, because the developed countries are not stopping the demand for cocaine.”

On Talk to Al Jazeera, President Evo Morales gives an insight into his personal life and discusses his controversial decision to legalise child labour, his expulsion of the US ambassador, the issue of drug trafficking – and whether he plans to step down when this term is over.

Filed Under: Uncategorized Tagged With: Bolivia, Evo Morales, IMF, International Monetary Fund, Socialism, South America, USA, World Bank

China just overtook the U.S as the World's largest Economy

October 9, 2014 by Nasheman

Photo: Reuters

Photo: Reuters

– by Mike Bird, Business Insider

Sorry, America. China just overtook the US to become the world’s largest economy, according to the International Monetary Fund.

Chris Giles at the Financial Times flagged up the change. He’d also alerted us back in April this year that it was all about to happen.

Basically, the method used by the IMF adjusts for purchasing power parity, explained here. The simple logic is that prices aren’t the same in each country: a shirt will cost you less in Shanghai than San Francisco, so it’s not entirely reasonable to compare countries without taking this into account. Though a typical person in China earns a lot less than the typical person in the US, simply converting a Chinese salary into dollars underestimates how much purchasing power that individual, and therefore that country, might have. The Economist’s Big Mac Index is a great example of these disparities.

So the IMF measures both GDP in market exchange terms, and in terms of purchasing power. On the purchasing power basis, China is overtaking the US right about now and becoming the world’s biggest economy.

We’ve just gone past that cross-over on the chart below, according to the IMF. By the end of 2014, China will make up 16.48% of the world’s purchasing-power adjusted GDP (or $17.632 trillion), and the US will make up just 16.28% (or $17.416 trillion):

IMF, Google Public Data Explorer

It’s not all sore news for the US. It’ll be some time yet until the lines cross over in raw terms, not adjusted for purchasing power. By that measure, China still sits more than $6.5 trillion lower than the US, and isn’t likely to overtake for quite some time:

IMF, Google Public Data Explorter

But in terms of the raw market value of China’s currency, it still has a long way to go.

Filed Under: Uncategorized Tagged With: China, Economy, GDP, IMF, International Monetary Fund, USA

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