As the International Monetary Fund is poised to inject $650 billion into the global economy, indebted low and middle-income countries are exploring ways to leverage the relief into green investments.
In recent months, the plea of vulnerable nations for financial support has risen to the top of the international agenda.
Revenues from the commodity trade and tourism collapsed in 2020, leaving many nations struggling to meet their basic needs, let alone invest in sustainable development.
Cash-strapped governments in Africa, Latin America and the Caribbean do not have the luxury of borrowing cheaply t…
Read the full article at: https://www.climatechangenews.com/2021/03/26/rare-imf-relief-offers-hope-green-recovery-debt-laden-nations/
(Recasts with World Bank statement)
WASHINGTON, March 26 (Reuters) – Sudan has settled its debts with the World Bank after nearly three decades, moving the heavily-indebted African country closer to a much-needed international debt relief package, the World Bank and U.S. Treasury Department said on Friday.
World Bank President David Malpass said the move meant Sudan could now access nearly $2 billion in grants from the Banks International Development Association (IDA).
Payment of Sudans arrears was made possible through a $1.15 billion bridge loan from the U.S. government.
Sudans finance minister Gibril Ibrahim said clearance of the arrears would enable the country to secure financing from the World Bank Group and o…
Read the full article at: https://www.reuters.com/article/sudan-debt/sudan-moves-closer-to-debt-relief-with-us-loan-to-clear-world-bank-arrears-idUSL1N2LO02S
The Insolvency and Bankruptcy Code, 2016 envisaged standard, plain vanilla processes to start with, but anticipated sophisticated options as the ecosystem matured. With considerable learning and maturity of the ecosystem, and a reasonably fair debtor-creditor relationship in place, the stage is set to push the envelope a bit further.
The IBC-envisaged corporate insolvency resolution process (CIRP) critically depends on the availability of resolution applicants (RAs). When most companies, industries and economies are reeling under stress on account of the Covid pandemic, the likelihood of finding an RA to rescue a failing company is low.
This may remain a concern for some time as there is no clarity as to when Covid-19 will subside fully…
Read the full article at: https://www.thehindubusinessline.com/opinion/pre-packing-the-insolvency-resolution-process/article34172160.ece
18:06 26/03/2021
MOSCOW, March 26 (RAPSI) The Moscow Commercial Court has extended the procedure in bankruptcy against Vneshprombank until September 14, according to court records.
Earlier, in November, the Moscow District Commercial Court dismissed cassation appeals filed by six former top managers of the bank against seizure of their property.
In August 2020, the Ninth Commercial Court of Appeals dismissed appeals against seizure of immovable assets belonging to eight former top managers of Vneshprombank, according to court records.
In January 2020, the Moscow Commercial Court granted a motion to seize assets lodged by the Deposit Insurance Agency (DIA). The motion was filed as part of a claim to recover about 219 billion rubles from …
Read the full article at: http://www.rapsinews.com/judicial_news/20210326/306895967.html
MARK PAZNIOKAS :: CTMIRROR.ORG
Gov. Ned Lamont and Rodney Butler, the Mashantucket Pequot chairman, left with a laugh and a fist bump.
Behind the smiles, tension remained. But Gov. Ned Lamont and the leaders of the Mashantucket Pequot and Mohegan tribal nations gathered Thursday to publicly celebrate coming to terms on how to bring sports betting and online gaming to Connecticut.
All pledged to work for passage by the General Assembly of a bill codifying their pact, then seek its ratification by the Department of the Interior and Bureau of Indian Affairs all in time for the tribes and CT Lottery to take bets on NFL football in September.
The two tribes, ancient enemies and recent allies, had awkwardly split weeks ago. Losing patience…
Read the full article at: https://ctmirror.org/2021/03/25/tensions-and-a-fist-bump-at-ceremony-marking-gambling-deal/