UNCC corporate claims update: decision reducing jurisdiction likely to have significant effect

Article Abstract:

The ruling of the so-called E-2 panel of commissioners of the Geneva, Switzerland-based UNCC on corporate claims is inclined to carry a considerable effect. The panel ruled that, in respect to contracts with Iraq, only unpaid products and services given three months prior to the start of the Gulf War or later would be qualified for compensation under the commission. The UNCC, formed to handle claims ensuing from the Gulf War, has substantially finished its job in the individual so-called small claims in the A, B and C categories.

Reparations, Laws, regulations and rules, Persian Gulf War, 1991, War reparations, United Nations Compensation Commission

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IMF approves over $1.5-billion 3-year financing for Pakistan

Article Abstract:

The International Monetary Fund (IMF) authorized a three-year financing package amounting to roughly $1.558 billion to bolster the medium term adjustment and reform plan of Pakistan. According to an IMF spokesperson, around $208 million of the total amount is accessible immediately. The adjustment and reform program for 1997 and 1998 is designed to boost the actual gross domestic product (GDP) growth rate to 5.5%, cutting year-on-year inflation to 10.5% and reducing the external current account deficit to 5.1% of GDP.

Foreign Loans-Intnl Agencies, International Monetary Fund, Finance, Economic policy, Economic development, Economic assistance, Foreign economic assistance, Pakistan, International organizations, Foreign loans

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