Wednesday, June 10, 2009

Newswire: South-South Cooperation

[Russia - Brazil] -- Russia, Brazil to Buy $20 Billion IMF Bonds, Diversify Reserves

Russia and Brazil, seeking to reduce their dependence on the dollar, announced plans to buy $20 billion of bonds from the International Monetary Fund and diversify foreign-currency reserves.

[Brazil - Russia - IMF] -- Brazil (and possibly Russia)to Buy $10 Billion of IMF Bonds, Mantega Says

Brazil will buy $10 billion of bonds issued by the International Monetary Fund to help the Washington-based lender provide financing to countries hurt by the financial crisis, Finance Minister Guido Mantega said.

“This is an investment that Brazil is doing with part of its reserves and making available financing so that the IMF may help emerging countries, especially developing countries which today face a shortage of capital because of the global financial crisis,” Mantega said.

Russia’s central bank said today it may cut investments in U.S. Treasuries, currently valued at as much as $140 billion, a week after China said it may reduce reliance on the dollar and U.S. bonds. Treasuries fell after Alexei Ulyukayev, first deputy chairman of Bank Rossii, said some reserves may be moved into IMF debt.

[China - Afghanistan] -- Afghanistan to boost economic, security ties with China: Afghan FM

"Since the beginning of the new era in Afghanistan in late 2001,China has been among our most committed and generous friends," Spanta, who is here for an official visit, told a seminar on Afghanistan's role in the region.

China has been instrumental in regional consensus and international solidarity with Afghanistan, he said, noting China is also the largest investor in the war-hit country.

[China - Cameroon] -- China vows to enhance friendly military co-op with Cameroon

The Chinese armed forces are willing to advance friendly cooperation with Cameroon, Chinese Defense Minister Liang Guanglie said here Wednesday.

The Chinese armed forces attach importance to its relations with Cameroon, said Liang, adding China is ready to work together with Cameroon to raise bilateral military ties of friendly cooperation to a higher level.