Finance & Economics | WPN World People News

On April 14, 2017, the Executive Board of the International Monetary Fund (IMF) completed the first review of Jamaica’s performance under the program supported by the Stand-By Arrangement (SBA), on a lapse of time basis. The 36-month SBA with a total access of SDR 1,195.3 million (about US$ 1.63 billion), equivalent of 312 percent of Jamaica’s quota in the IMF, was approved by the IMF’s Executive Board on November 11, 2016. The Jamaican authorities continue to view the SBA as precautionary, and to use it as an insurance policy against unforeseen external economic shocks that could lead to a balance of payments need.

Development partners reaffirmed commitment to helping the Philippines achieve long-lasting peace and progress in Mindanao as the long-running Mindanao Trust Fund-Reconstruction and Development Project (MTF-RDP) supporting peace and development in Mindanao closed on April 18th.

The World Bank Board of Directors approved US$100 million in additional financing for productive rural partnerships, which will benefit nearly 33,500 households. In this new phase, the Rural Partnerships II Project (PARII) seeks to improve incomes of more rural inhabitants and thus contribute to reducing poverty in Bolivia.

A family in Uvs Province, Mongolia, using a solar panel to generate power for their ger, a traditional Mongolian tent.

The government of Bangladesh on April 18th, signed two additional financing agreements totaling $74 million with the World Bank to improve the country’s e-government services across its agencies, as well as improve air quality of Dhaka city.

An International Monetary Fund (IMF) mission led by Mr. Björn Rother visited Tunis from April 7 – 18, 2017, to conduct the first review of Tunisia’s economic program supported by the four-year IMF Extended Fund Facility (EFF) approved in May 2016.

Plagued by war, violence, and low oil prices, economies in the Middle East and North Africa (MENA) region will see growth of 2.6 percent in 2017, down from 3.5 percent in 2016, according to the World Bank’s semi-annual MENA Economic Monitor launched on the sidelines of the Arab Monetary Fund, on April 17th. But after 2017, driven by ongoing reforms, the situation is expected to improve slightly and growth could exceed 3 percent in 2018 and 2019.

Possible protectionism in advanced economies should not deter export-oriented growth in South Asia, a region that could even benefit from the backlash against globalization, a new World Bank report said on April 16th. The report also confirms that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018.

A team from the International Monetary Fund (IMF), led by Mauricio Villafuerte, visited Tanzania from April 3-13, 2017 and held discussions with the authorities on the sixth review under the Policy Support Instrument (PSI) program that was approved on July 16, 2014.

The World Bank’s Board of Executive Directors on April 14 approved a $102 million loan to the government of Vietnam to support the effort of industrial enterprises to adopt energy-efficiency technologies and practices.