WB and IMF officials have gone jobless here, as Nepal no more needs their money. They are criticising the government policies, which resulted in rendering the economy one of the healthiest around.
Recently they are advising the Nepal Rastra Bank to not reduce the disparity in the spread rate. The banks here are highly profitable for the good of the economy and have eschewed investing in the manufacturing or developmental sector. They are willing to finance either the real estate or automobile purchase only. So they are sitting on a pile of cash.
In such a scenario, IMF and WB should not lobby for the Nepalese private banks to increase their profit.
But they are probably securing their job in the future.
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Of all the people, a former IMF official is now the governor of Reserve Bank of India. It sounds very intriguing that English media is trying to build an image for him. Kejariwal will find a lot of things to clean, if he gets into power.
Arvind Kejariwal represented a change in Indian politics. He has shown the courage to join it unlike his mentor Anna Hajare. Hajare has the probity of a saint around him, which can be only compared to that of Gandhi. But he has shown no inclination to join active politics and is happy to remain an activist. Also, he has not fully accepted Arvind as his protegee.
A problem with former bureaucrats is that they turn to populism in no time. Kejariwal too offered to reduce the cost of power to half, once he became the chief minister of Delhi. (An office he could not retain for long, for the political imperative of a country like India stretched him too thin.) Power is chronically deficient in India. So it leaves a gap in his understanding of Indian politics and it needs. Because he can not outdo the existing politicians in the competition of looking more populist.
Elections are due in India soon. After nearly seventy years of democracy, it has roughly seven hundred million people living below poverty line, though it’s media prefers to talk about the seventy billionaires it also has. Nearly two trillion dollars have escaped from India to safer heavens in EU nations or the USA, while the media here talked about the benefits of a free economy and reforms, during the last twenty five years. Had there been policies to prevent that, the picture of Indian economy has not looked so poor. So the list of policy failures, deliberate or otherwise, could be very long.
But this can not go on like it for long. Politicians like Kejariwal inspire hope among the people tired of endless unfolding of corruption scandals, irrespective of the party in power at the center. India matters to the world for its economic potential and its survival so far as a democracy, in spite of a stunning diversity. Rightfully, it is getting the due attention in recent days. The outcome of its elections are of seminal importance to the world powers, engaged in an ugly confrontation in Ukraine now.
May be, if Indian people vote him into political significance that may prove lasting, in the next general elections, Arvind kejariwal has a potential to create change in a society which so badly needs it. It is asking too much from a single person but often a single person makes all the difference in India. Young and charming, and untainted so far, Arvind has a lot to learn and nothing to lose.
Had he not been there, the Indian elections might have looked routine this time as well.
WTO was a non starter all the way. It assumed that by lobbying with the governments in power the developed world could con the developing. It should be not discussed any more. Without it the global trade in recent years has flourished like never before. Any unequal, binding agreement like WTO might have only impeded it.
Noncompetitive European nations will lose the trade war with a country like China, which will exact technology transfer through arm-twisting. No future trade agreement should try to protect the noncompetitive.
The hunt is on to find an enemy, when the things appear getting worst enough and beyond salvation. Several rounds of bail-outs seem to have failed to give the stimulus, as promised by the experts and politicians. So what is wrong with the world? Why is it slipping from the grip?
We are the innocent people having our share of privations in life. But still there are people who do not wish us well. They even may organize and try to finish us. The only defense would be for us to consolidate the league we have made and find the real enemy. It was not a dictator like in Iraq, we have seen.
But there must be some one else, who is responsible for our plight. There are other dictators ruling nations beyond our influence or under the influence of our rivals. It is time to target them. We can not wait for ever to find one. The world can not be stopped before it becomes democratic.
The Nobel academy should award itself this year’s Nebel prize in economics. For economising on the money of the prize.
If your leading banks are facilitating drug-trade and money laundering and still need to be bailed out, nuclear Iran is a lesser threat. The war against terrorism is at home.