Finance & Economics | WPN World People News

The Executive Board regretted that when the combined third and fourth reviews were completed on November 11, 2016, the authorities did not accurately disclose to the IMF the accumulation of external debt payment arrears of about $46 million. This led to a significant breach of the continuous performance criterion on the non-accumulation of external payment arrears. The Board therefore considers that the disbursements following the reviews were non-complying.

This quarter, the World Bank debarred 16 companies in sanctions cases, and entered into 8 Negotiated Resolution Agreements.

During this quarter, the World Bank debarred Sunlabob Renewable Energy Co., Ltd. for 6 months as part of a Negotiated Resolution Agreement (NRA). The company misrepresented its expertise by including one of its ex-employees in a proposal.

South Korean President Moon Jae-In should raise the perilous situation of more than 38 North Korean refugees detained in China in his meetings with US President Donald Trump in Washington, DC, on June 29 and 30, 2017, Human Rights Watch said on Jun 29. The refugees are at risk of imminent return to North Korea, where they face torture and long-term detention.

Investment commitments in infrastructure projects with private participation in developing countries declined sharply in 2016, falling by 37 percent compared to 2015, says a new World Bank Group report.

Sri Lankan Government led reforms to improve competitiveness, maintain macro-fiscal stability and strengthen institutions, with broad support in the country, are key to robust economic growth, job creation and poverty reduction. The new Sri Lanka Development Update (SLDU) of the World Bank launched underscored these priorities, on June 29th.

The Zambian economy has continued its recovery in 2017, but the stronger growth and better macroeconomic indicators have not resulted in an improvement in the fiscal indicators, says a new World Bank Economic Brief Reaping Richer Returns from Public Expenditures in Agriculture released on June 29th.

The World Bank announced on June 23, 2017 a new project to promote entrepreneurship in Jordan by providing critical, early stage financing to the small and medium enterprises (SMEs) that have proven to be the engines of job creation. The new US$50 million project aims to support over 200 innovative start-ups from across the country, with the establishment of a private sector managed funding facility.

The World Bank on June 23, 2017 approved $47.50 million to improve water, sanitation, and drainage infrastructure in Chittagong, with the aim of helping about 650,000 inhabitants of Bangladesh’s second largest city gain access to safe and reliable water.

Resolving the ongoing financial crisis and sustaining growth in Zimbabwe will require bold measures to correct fiscal imbalances, according to a World Bank report released on June 21th. In 2016, the fiscal deficit increased sharply to 10% of GDP boosting short term growth, but also depleting resources to support medium- and long-term development.