EU FREEZE RUSSIA
TT. EU set to freeze plans to complete the $50bn South Stream gas pipeline through the Black Sea from Russia.
The European Union is close to freezing plans to complete the $50bn (£30bn) South Stream gas pipeline through the Black Sea from Russia, the first serious EU action to punish the Kremlin for the seizure of Crimea.
Key details emerged in a leaked briefing by the European Commission's chief, Jose Manuel Barroso, to Bulgarian politicians, warning the country not to stand in the way of the EU's tough new line on the project, or attempt to undercut a unified EU response over Ukraine. "We are telling Bulgaria to be very careful," he said, according to reports in Bulgaria's press.
Mr Barroso said there are "people in Bulgaria who are agents of Russia", a reference to figures in the ruling Socialist party who have been trying to clinch a bilateral deal with the Kremlin.
The warning came as Ukraine once again rattled investors. Russia's Micex index of stocks fell 2.4pc and the rouble slid 1pc against the dollar after armed pro-Russian protesters seized government buildings in the eastern Ukrainian city of Donetsk and declared the region "independent". They also stormed offices in Kharkiv and Luhansk.
Ukraine's premier, Arseniy Yatsenyuk, accused Russian president Vladimir Putin of preparing the ground for seizure of the Donbass region, home to most of Ukraine's heavy industry. "The aim of this scenario is to divide Ukraine into parts and turn part of Ukraine into a slave territory under a Russian dictatorship," he said.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.