Tag Archives: Portugal

Modi is going on a mission to Portugal, USA and Netherlands to enhance bilateral engagements

Newsroom24x7 Staff

New Delhi: Indian Prime Minister Narendra Modi will embark on his visit to Portugal, USA and Netherlands tomorrow.

On the eve of his departure, the Prime Minister said in a statement that that this visit is aimed at enhancing the bilateral engagement in various areas.

The Prime Minister, who will pay a working visit to Portugal on 24 June, said that the close historical and friendly ties between India and Portugal have picked up momentum after the Portugese Prime Minister Antonio Costa’s visit to India in January this year.

Building on recent discussions, The Prime Minister said: “we will review the progress of various joint initiatives and decisions. We will also discuss ways to further enhance the bilateral engagement, especially in the areas of economic cooperation, science & technology, space collaboration and people to people ties. We will deliberate on means to intensify our cooperation in counter-terrorism and on other international issues of mutual interest. I also see significant potential for deepening bilateral trade and investment ties.

I am also keen to interact with the Indian Community in Portugal during the visit.”

The Prime Minister will be in Washington, D.C. from 24 to 26 June at the invitation of the US President Donald J. Trump.

Modi said that e ha spoken with President Trump on telephone and their conversations have touched upon their common intent to take forward their productive all round engagement for the mutual benefit of the people of the two countries.

The Prime Minister said he looks forward to the opportunity to have an in depth exchange of views on further consolidating the robust and wide-ranging partnership between India and the United States.

India’s partnership with the United States is multi-layered and diverse, supported by not just Governments but all the stakeholders on both sides. I look forward to building a forward looking vision for our partnership with the new Administration in the United States under President Trump.

Apart from official meetings with President Trump and his cabinet colleagues, the Prime Minister will be meeting some prominent American CEOs. He will also be interacting with the Indian diaspora in the United States.

On 27 June, Modi will be visiting the Netherlands. This year the two countries are celebrating 70 years of the establishment of Indo-Dutch diplomatic relation. During the visit, the Prime Minister will have an official meeting with the Dutch Prime Minister Mark Rutte. He will also call on King Willem-Alexander of the Netherlands and meet Queen Maxima.

During his meeting Prime Minister Rutte, the bilateral relations will be reviewed and there will be an exchange of views on important global issues, including counter-terrorism and climate change.

Economic relations form the core of bilateral relations between India and the Netherlands, the Prime Minister has underscored adding that the Netherlands is India’s 6th largest trading partner in the EU and 5th largest investment partner globally. The Dutch expertise in areas such as water and waste management, agriculture and food processing, renewable energy and ports and shipping, matches with India”s development needs, the Prime Minister has pointed out while emphahsing that Indo-Dutch economic engagement is a win-win proposition.

During this visit, Modi will also be meeting with CEOs of major Dutch companies and will encourage them to join the Indian growth story.

The PM has noted that there are strong people to people relations between the two countries with the presence of second largest Indian Diaspora in Europe in the Netherlands.

The Prime said that he is looking forward to engaging with the Indian community in the Netherlands.

50 countries do not meet fiscal transparency requirements: US Report

Newsroom24x7 Flash

Department of StateThe US department of State has concluded that, of the 140 governments that were potential beneficiaries of foreign assistance and were evaluated 50 did not meet the minimum requirements of fiscal transparency. Of these, eleven governments made significant progress toward meeting the minimum requirements of fiscal transparency.

On January 14, US Secretary of State John Kerry released the FY 2014 Fiscal Transparency Report, assessing whether governments that receive U.S. assistance meet minimum requirements of fiscal transparency. The Department’s assessments evaluate the substantial completeness, reliability, and public availability of budget documents, as well as the transparency of natural resource extraction contracting and license procedures.

The Report is prepared under Section 7031(b) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2014. The Report examines governments receiving bilateral allocations of assistance under the Act. In compiling the Report, the Department assessed the fiscal transparency of governments as of the date the Act became law.

Governments meeting fiscal transparency requirements

The Department assessed the following governments as meeting the minimum requirements of fiscal transparency for FY 2014: Albania, Angola, Armenia, Argentina, The Bahamas, Belize, Benin, Bosnia and Herzegovina, Botswana, Brazil, Bulgaria, Cabo Verde, Chile, Colombia, Costa Rica, Cote d’Ivoire, Croatia, Czech Republic, Djibouti, Ecuador, El Salvador, Estonia, Georgia, Ghana, Greece, Guatemala, Guyana, Honduras, Hungary, India, Indonesia, Iraq, Israel, Jamaica, Jordan, Kenya, Kosovo, Kyrgyzstan, Latvia, Lesotho, Liberia, Lithuania, Macedonia, Malaysia, Mali, Malta, Marshall Islands, Mauritania, Mauritius, Mexico, Micronesia, Moldova, Mongolia, Montenegro, Morocco, Mozambique, Namibia, Nepal, Pakistan, Palestinian Authority, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Poland, Portugal, Romania, Rwanda, Samoa, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Slovakia, Slovenia, South Africa, Sri Lanka, Thailand, Timor-Leste, Togo, Tonga, Trinidad and Tobago, Tunisia, Turkey, Uganda, Uruguay, Vietnam, and Zambia.

The following table lists those governments that were found not to meet the minimum requirements of fiscal transparency and identifies whether the governments made significant progress toward meeting those requirements:

Governments Assessed Pursuant to the Act as not Meeting Minimum Requirements of Fiscal Transparency for FY 2014

Significant Progress

No Significant Progress

Afghanistan

X

Algeria

X

Azerbaijan

X

Bahrain

X

Bangladesh

X

Burkina Faso

X

Burma

X

Burundi

X

Cambodia

X

Cameroon

X

Central African Republic

X

Chad

X

China

X

Comoros

X

Congo, Democratic Republic of the

X

Congo, Republic of the

X

Dominican Republic

X

Egypt

X

Ethiopia

X

Fiji

X

Gabon

X

Gambia, The

X

Guinea

X

Guinea-Bissau

X

Haiti

X

Kazakhstan

X

Laos

X

Lebanon

X

Libya

X

Madagascar

X

Malawi

X

Maldives

X

Nicaragua

X

Niger

X

Nigeria

X

Oman

X

Sao Tome and Principe

X

Saudi Arabia

X

Somalia

X

South Sudan

X

Sudan

X

Suriname

X

Swaziland

X

Tajikistan

X

Tanzania

X

Turkmenistan

X

Ukraine

X

Uzbekistan

X

Yemen

X

Zimbabwe

X

US views fiscal transparency as a critical element of effective public financial management since it helps in building market confidence, and sets the stage for economic sustainability. Transparency also provides a window into government budgets for citizens of any country, helping them to hold their leadership accountable. Reviews of the fiscal transparency of governments that receive U.S. assistance help to ensure that U.S. taxpayer money is used appropriately and sustain a dialogue with governments to improve their fiscal performance, leading to greater macroeconomic stability and better development outcomes, the US department of State goes on to emphasise.

The Office of Monetary Affairs (OMA) monitors global macroeconomic developments and works to prevent and resolve financial crises in countries where U.S. interests are at risk. It seeks to increase the financial security of the United States and its key partners. OMA also works to expand global economic growth and development by advocating sound macroeconomic policies that foster economic stability and expand opportunities for U.S. trade and investment worldwide.

OMA provides the Secretary of State with expertise on global financial and macroeconomic issues, working in close cooperation with the Treasury Department’s Office of International Affairs. OMA is also the Department’s liaison with the International Monetary Fund (IMF). In addition, OMA interacts with a wide range of foreign government officials and representatives of other international and non-governmental organizations. It also consults with representatives of private financial institutions to ensure that U.S. financial interests abroad are accurately and effectively reflected in U.S. foreign economic policy.

To help poorer countries overcome unsustainable debt burdens and improve their chances for economic growth and development, OMA promotes debt relief through the Paris Club, representing the Secretary of State as Head of the U.S. delegation. The Paris Club is the forum for coordinating debt relief policy among sovereign creditors and negotiating individual country debt treatments. Paris Club agreements can also affect non-member country and private sector creditors when debtor countries are required to seek comparable treatment. OMA also coordinates with the Treasury Department to formulate U.S. debt-relief policies more broadly and to promote initiatives through multilateral institutions.

OMA develops strategies to fight corruption and improve transparency from an economic and business perspective. OMA heads the U.S. delegation to the OECD Working Group on Bribery in International Business Transactions, coordinates the interagency to combat bribery of foreign public officials, and ensures compliance with the Convention on Combating Bribery of Foreign Public Officials in Internationals in International Business Transactions, also known as the Anti-Bribery Convention.

Click Here for Government by Government Assessment (Fiscal Transparency Report)