Finance & Economics | WPN World People News

Australia's central bank, the Reserve Bank of Australia, raised interest rates to a nearly 12-year high on July 7 to curb high inflation.

The Reserve Bank ofAustralia raised its cash rate by one notch upward to 4.35%, the highest since December 2011, AFP reports.

It was the first rate hike in five months and the first since Michele Bullock took over as RBA chief in September.

The Reserve Bank of Australia says the 'top priority' now is to get inflation back to 2% to 3% by the end of 2025.

The Government of Nepal and 16 development partners agreed to consolidate and scale up financing and technical assistance to support Nepal to implement a set of high-priority investments and policies in line with Nepal’s Green, Resilient, and Inclusive Development (GRID).

The fourth edition of the World Bank Reserve Management Survey Report showed that central bank reserve management remained resilient during a historically volatile year. Central banks identified ESG, volatility and risk, and inflation as their main challenges in 2022.

Restructuring key State-Owned Enterprises (SOEs) in Eswatini will create new opportunities for the private sector and accelerate economic growth, says a World Bank report released, Augest 7. Making SOEs more efficient will reduce their reliance on public funding and boost private sector-led growth, which is much needed to absorb the growing youth labor force, according to the report.

According to the sixth edition of the World Bank’s Economic Update on Mauritania, the country continues to recover from the economic and social impacts of the COVID-19 pandemic, with economic growth increasing from 2.4% in 2021 to 5.2% in 2022.

Over the last two decades the Dominican Republic has been one of the fastest growing economies in Latin America and the Caribbean. But maintaining this dynamic growth in the future, and spreading its benefits to more areas and families experiencing poverty, will require a higher increase in productivity through the implementation of reforms to strengthen human capital, competitiveness, innovation, public spending efficiency, and resilience to climate events, according to a new study by the World Bank.

The Executive Board of the International Monetary Fund (IMF) concluded the 2022 Article IV consultation with the United Arab Emirates.

UAE economic growth strengthened in 2022, benefitting from a rapid and effective COVID response, supportive fiscal measures, and the benefits of earlier social and business-friendly reforms.

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Indonesia on May 22, 2023.

Indonesia’s forward-looking, and well-coordinated policies helped it close out the highly challenging global environment of 2022 with healthy growth, falling inflation, and a stable and profitable financial system.

An International Monetary Fund (IMF) team, led by Ms. Emine Boz, visited Antigua and Barbuda during June 19–23, 2023 and met government officials and other counterparts to discuss recent economic developments, economic outlook, and policy priorities.

The Government of Ghana on June 23 received approval of $200 million financing from the International Development Association (IDA) for the Ghana Tree Crop Diversification Project (TCDP) to diversify and grow its economy through modernizing agriculture to accelerate productivity, resilience, and industrialization. This financing will directly benefit 12,800 cocoa farmers and 39,975 cashew, coconut, and rubber farmers, and their households. An additional 20,000 jobs are expected to be created in downstream value addition by mobilizing private capital. Nearly 40 percent of on-farm beneficiaries will be women.