Finance & Economics | WPN World People News

Nigeria can build on the oil-driven economic recovery anticipated for it in 2017 by strengthening its macroeconomic policy framework and implementing the structural reforms needed to diversify the economy and break out of a boom and bust cycle, according to the World Bank’s newly-released Bi-annual Economic Update.

An International Monetary Fund (IMF) team led by Allison Holland visited Muscat from May 3-16 to hold the 2017 Article IV consultation discussions with Oman.

Russia is uniquely positioned to exploit advantages in the digital arena in order to promote economic growth and improve its business environment. Early reforms in Russia’s telecommunications sector enabled faster, more accessible and more affordable Internet connectivity for people and firms across the country, according to the recently published report Reaping Digital Dividends: Leveraging the Internet for Development in Europe and Central Asia.

An International Monetary Fund staff team led by Mr. Paolo Mauro visited Pretoria, Johannesburg, and Durban from May 3 to May 16, to conduct the 2017 Article IV consultation discussions with South Africa.

The World Bank is helping to reduce costs for firms in acquiring internationally recognized certifications and product testing, through a new, $15.3 million loan to improve export competitiveness and productivity in Kosovo. The Kosovo Competitiveness and Export Readiness Project, approved on May 18th, will help both firms and consumers in the country by supporting product certification for export markets, such as the European Union, strengthening the capacity of export-oriented firms, and reducing the cost of business inspections.

Driven mainly by resilient construction and garment sectors, Cambodia’s economic growth remains strong, projected to reach 6.9 percent in 2017 and 2018, according to a new World Bank report.

On May 5, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Togo. The Board also approved a new three-year Extended Credit Facility Arrangement for Togo; a press release on this was issued separately.

Earlier this year, Parliament vetoed a similar list drawn up by the Commission, of countries thought to be at risk of money laundering, financing terrorism or promoting tax evasion.

Entrepreneurs in Afghanistan can obtain a permit for setting up a business with relative ease, but they face considerable hurdles in other areas which are important for a firm to start up and operate, says the World Bank Group’s Subnational Doing Business in Afghanistan 2017 report, released on May 17th.