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Canada will apply to join the China-backed Asian Infrastructure Investment Bank (AIIB), Ottawa's finance department said Wednesday, in a coup for Beijing after Washington had tried to dissuade US allies from signing up. "Canada is always looking for ways to create hope and opportunity for our middle class as well as for people around the world," Finance Minister Bill Morneau said in a statement issued in Beijing.
Zambia plans to cut subsidies as agreed with the International monetary Fund, with talks on an aid package at an advanced stage, a presidential spokesman said on Tuesday. “The money that is being injected into subsidies will be invested in growth areas of the economy,” presidential spokesman Amos Chanda told a media briefing. Chanda said the IMF had indicated in talks with the government that the aid package would amount to around $1.2 billion dollars and negotiations would resume as soon as a new cabinet was appointed. Depressed global commodity prices have slashed Zambia's receipts for copper, its top export, and caused a 9 percent fall in the kwacha currency against the dollar since April, exposing the economy's over-reliance on the metal.