Finance Minister Nirmala Sitharaman to hold review meeting with bankers

Nirmala Sitharaman with collar shirt

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Finance Minister Nirmala Sitharaman will hold a review meeting with bankers and heads of non-banking financial companies (NBFCs) on September 3. The meeting is taking place ahead of the roll out of one-time debt recast for resolution of COVID-19 related stress in bank loans.

“The review (meeting) will focus on enabling businesses and households to avail of the revival framework on the basis of viability, necessary steps like finalising bank policies and identifying borrowers, and discussing issues that require addressing for smooth and speedy implementation,” the Finance Ministry said in a statement.

The finance minister will review the implementation of the resolution framework for COVID-19 related stress in bank loans on Thursday with the top management of scheduled commercial banks and NBFCs, it said.

The Reserve Bank of India (RBI) earlier this month permitted one-time restructuring of both corporate and retail loans.

Banks are in

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Canada finance minister resigns amid friction with Trudeau and charity scandal

OTTAWA (Reuters) – Canada’s finance minister resigned on Monday amid friction with Prime Minister Justin Trudeau over spending policies and after coming under fire for his ties to a charity tapped to run a student grant program.

FILE PHOTO: Canada’s Minister of Finance Bill Morneau answers a question about the Economic and Fiscal Snapshot in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada July 8, 2020. REUTERS/Patrick Doyle/File Photo

Bill Morneau said he would not run for parliament again and would instead seek to become the next secretary general of the Organisation for Economic Cooperation and Development (OECD).

Just last week, Trudeau had expressed confidence in his finance minister as rumors swirled of a rift between the two men. Morneau, 57, has been in the job since Trudeau’s Liberals took power in 2015.

“This morning I went to the prime minister and I tendered my resignation,” Morneau

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Canadian finance minister resigns over tensions with Trudeau

Bill Morneau has resigned as Canadian finance minister and stepped down from his role as a member of parliament.

Mr Morneau and Justin Trudeau, the prime minister, have been at odds over Ottawa’s fiscal response to the coronavirus crisis, according to Canadian media, which reported that a meeting had been scheduled between the two to discuss spending plans on Monday. 

Speaking to reporters on Monday evening, Mr Morneau said he had never intended to run for office in more than two federal elections, and would instead put his name forward as the next secretary-general of the Paris-based OECD, with the backing of Mr Trudeau. 

“I see that there’s going to be a need for a long period of time for the recovery and we’re going to need a government that’s focused on that for this challenging time in front of us,” said Mr Morneau.

“So I think now is an

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Canadian finance minister quits Trudeau cabinet

Morneau told reporters at an impromptu news conference in Ottawa that he had met with Trudeau earlier in the day and told him he did not intend to run in the next election. He said it was time for a new finance minister to chart an economic recovery that “will take many years.”

“We know that now the next step is going to be a long, and yes, uncertain recovery,” Morneau said. “We need a finance minister that’s going to be there for the long term, and that’s why I think now is the appropriate time for me to think about next steps, which I’m doing tonight.”

Morneau, 57, said he intends to put his name forward to become the next secretary general of the international Organization for Economic Cooperation and Development. In a statement, Trudeau thanked him for his “unwavering leadership” and said he would “vigorously support” his OECD

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Canadian finance minister resigns amid contracting scandal

In a statement, Trudeau thanked Morneau for his work and voiced support for his OECD bid.

“Today, I spoke with Bill Morneau and accepted his resignation,” the prime minister said. “Canada will vigorously support his bid to lead this important global institution that will play a critical role in the global economic recovery.”

When asked why he didn’t have the longevity to lead Canada through a pandemic but could head the OECD instead, Morneau said his expertise serving in a G-7 country government could allow him “to help in another way.”

“I think that it’s really important for someone to want to be in this political role for the next period of time, and I think that period of time will be very challenging,” he said.

Morneau’s announcement came hours after a meeting with Trudeau, which was reportedly focused on their disagreements over spending on environmental programs as part of

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Bill Morneau: Canada finance minister quits amid charity probe

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Both Mr Morneau and Mr Trudeau have faced criticism for their involvement with WE Charity

Canada’s finance minister has said he will resign after conflict-of-interest allegations involving WE Charity.

Bill Morneau has faced pressure to step down after it was revealed he did not repay travel costs covered by WE while on overseas trips to see its work.

He said he recently realised he had not repaid the C$41,000 in expenses and has since written a cheque.

Prime Minister Justin Trudeau is also facing scrutiny for his and his family’s involvement with the charity.

Mr Morneau said he will step down from his position in the Liberal party cabinet and his role as member of parliament for his Ontario riding, Toronto Centre.

What did the finance minister say?

Addressing the media on Monday, Mr Morneau said he was no longer the “appropriate person” for his

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Canadian Finance Minister Quits Amid Rift With Trudeau

(Bloomberg) — Canadian Finance Minister Bill Morneau resigned after a rift with Justin Trudeau proved impossible to repair, leaving the cabinet with a major hole in the midst of a deep recession.

Morneau made the announcement at a press conference in Ottawa on Monday evening, saying he told the prime minister earlier in the day that he doesn’t intend to run in the next election. Trudeau didn’t immediately name a replacement, but the job won’t be filled by former Bank of England governor Mark Carney, according to two people familiar with the matter.

The departure comes at a critical moment for Trudeau as his government crafts a plan for economic recovery amid historically high unemployment. Morneau was seen as one of the more fiscally cautious members of the cabinet, and the prime minister’s office and the finance department have disagreed over how to direct C$240 billion ($182 billion) in Covid-19

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Trudeau’s Finance Minister Quits Post Amid Charity Scandal

Amid calls from political opponents for his resignation, Canada’s finance minister did just that on Monday night. But the minister, Bill Morneau, insisted his decision to step down was not related to a conflict-of-interest scandal that has embroiled Prime Minister Justin Trudeau’s government.

Instead, Mr. Morneau said he was resigning because he did not intend to run in the next parliamentary election and that it was time for a new finance minister to take over as the government’s response to the coronavirus crisis shifted from emergency relief to longer-term planning for an economic recovery,

Mr. Morneau’s resignation came six days after Mr. Trudeau issued a statement affirming that he had “full confidence” in his finance minister.

Mr. Morneau and Mr. Trudeau have been under political fire for not removing themselves from the cabinet discussion when a substantial no-bid contract was awarded to a charity that had connections to both of

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Algeria: Finance minister sounds the alarm over drying state finances

The Algerian Finance Minister debunked the government over the country’s finance following the crash of global oil, noting that the situation is dire and that it is pointless to lie.

Abderrahmane Raouya, during an improvised press conference in capital Algiers Wednesday, confirmed that the state finances have drastically dwindled, TSA reports.

The North African country has seen its resources affected after the oil prices have plunged across the globe due to low demand as the lockdown because of the novel covid-19 reduced economic activity worldwide.

The country’s national budget depends heavily on oil and gas revenues, which account for 97 per cent of total sales abroad.

The current national budget was built on a price of $50 a barrel at a time benchmark international crudes are trading at their lowest in about two decades. The country’s crude oil, Saharan blend, dropped and is currently sold at around $11.72 per barrel.

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Finance minister says Putrajaya will adjust spending if oil prices fall further | Malaysia

Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said the federal government has incorporated lower global oil price into its expected deficit this year. — Picture by Firdaus Latif
Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said the federal government has incorporated lower global oil price into its expected deficit this year. — Picture by Firdaus Latif

KUALA LUMPUR, April 21 — The federal government has incorporated lower global oil price into its expected deficit this year but will “reprioritise” its planned spending if the commodity declines further in value, said Datuk Seri Tengku Zafrul Tengku Abdul Aziz.

Oil price fell sharply on the international market after Saudi Arabia and Russia triggered a price war that came just ahead of the world-stopping coronavirus disease (Covid-19) pandemic.

The finance minister acknowledged the matter in his statement today, but sought to assure Malaysians that the government was prepared to adapt.

“The general preoccupation with oil is understandable, given that it is closely linked to global geopolitical influences. However, what is more important is to recognise how Malaysia has a

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