DAVOS, Switzerland (Reuters) – The Canadian government will achieve its goal of a balanced budget in the coming fiscal year without resorting to spending cuts, Finance Minister Joe Oliver told Reuters on Wednesday, hours after a surprise interest rate cut from the central bank.
Citing a weaker oil price, the Bank of Canada put an end to the longest period of unchanged rates since 1950, cutting its overnight rate to 0.75 percent from 1 percent. It also slashed its inflation and growth forecasts for the coming year.
DAVOS, Switzerland (Reuters) – Ukrainian President Petro Poroshenko accused Russia on Wednesday of sending 9,000 troops to back separatist rebels in the east of his country, and the IMF chief said she backed extra financial help for Kiev as the conflict inflicts severe economic damage.
Moscow challenged Poroshenko to present facts to prove his allegations. However, he won support from NATO, which said the amount of heavy military equipment used by Russian troops in eastern Ukraine had increased, and the alliance repeated its call for the forces to withdraw.
#OECD’s Gurria tells #Draghi to go for it: “Let Mario go as far as he can. I don’t think he should cap it” #Davos #QE
DAVOS, Switzerland (Reuters) – Ukrainian Finance Minister Natalia Yaresko said on Wednesday Kiev was hopeful that a deal with the International Monetary Fund to shore up Ukraine’s finances would be reached in the very near future.
Ukraine’s economy has been pushed close to bankruptcy by a war with pro-Russian separatists in the east, and economists have warned of debt writedowns if an existing IMF loan program is not beefed up to plug a estimated $15 billion funding gap.
BERLIN (Reuters) – A day after calling Islam part of Germany, Chancellor Angela Merkel said her government would use all means at its disposal to fight intolerance and discrimination, calling the exclusion of certain groups from society “humanly reprehensible”.
Her comments came a day after 25,000 anti-Islam demonstrators marched in the eastern German city of Dresden to demand stricter immigration rules and an end to multiculturalism.