Islamabad - Pakistan has faced direct and indirect losses to the tune of 34.52 billion dollars in its fight against Islamist militants since 2001 when it joined the international alliance against terrorism, the latest government data revealed.

The financial losses, which have impacted all sectors of the economy, were expected to hit 8.46 billion dollars during the current financial year, which ends June 30, according to a document from Pakistan's Finance Ministry obtained by Deutsche Presse-Agentur dpa.

Manila  - The Asian Development Bank (ADB) said Tuesday it raised close to 1.2 billion dollars as it returned to the US dollar bond market with a 3-year global bond issue.

The Manila-based ADB said about 47 per cent of the bonds were placed in Europe, Middle East and Africa, 36 per cent in Asia and 17 per cent in the Americas.

ADB said 58 per cent of the bonds were bought by central banks, 24 per cent by funds, asset managers and insurance, and 18 per cent by banks.

Sydney  - The Reserve Bank of Australia on Tuesday cut interest rates by 1 per cent to 3.25 per cent in hopes of lifting consumer confidence and helping the economy skirt the global recession.

It was the RBA's fifth monthly cut and brings the rate it charges banks for borrowing to a level not seen since the 1960s.

The further easing of monetary policy comes after figures were released showing inflation falling sharply towards the RBA's 3-per-cent upper-range target.

Sydney  - Prime Minister Kevin Rudd Tuesday announced a 42-billion-Australian-dollar (27-billion-US-dollar) spending programme that he hoped would stop the faltering Australian economy from lurching into recession.

Rudd last raided the piggy bank in October for a 10.4-billion-Australian-dollar package of one-off payments to low-income families, first-time house buyers and pensioners.

The latest stimulus package is more of the same: one-off payments to families, to farmers and the unemployed. But as well as hand-outs to households, there will be a

San Francisco - The world's eighth largest economy started issuing IOU (I-owe-you) vouchers instead of checks Monday as an ongoing budget battle and a
42-billion-dollar deficit left the state without enough cash to meet its commitments.

Governor Arnold Schwarzenegger was meeting with legislators in a bid to resolve the standoff that has prevented the state from passing a budget. State comptroller John Ching has warned that the state could completely run out of cash by the end of this month if a solution is not found.

Budapest  - Hungary's Prime Minister Ferenc Gyurcsany on Monday expressed concern over the ongoing rapid weakening of Hungary's currency, the forint, after signalling that euro adoption is now a matter of urgency.

"The government is distinctly worried by the rapid fall in the value of the forint, and the fact that it is very difficult for businesses and individuals to get credit from banks," Gyurcsany said on Monday.