Finance & Economics | WPN World People News

Armenia and the World Bank signed a US$50 million development policy finance operation to support the Government’s reforms program across key economic areas, on December 8. The Fourth Development Policy Financing (DPF-4) for Armenia supports a wide range of reforms promoting fiscal, social and environmental sustainability and strengthening competitiveness. This is the last operation in a programmatic series of four DPFs spanning 2013-2016.

A decline in government funding of science and technology research in a number of countries could pose a threat to innovation at a time when global challenges like climate change and ageing populations demand solutions, according to a new OECD report.

A proposal to grant Spain €856,800 in EU aid to help find new jobs for 250 former car workers who were made redundant by 29 firms making motor vehicle parts in the Valencia region was approved by the Budgets Committee on Thursday. The European Globalisation Adjustment Fund (EGF) aid still needs to be approved by the Council of Ministers on 12 December, and by a plenary vote in Parliament planned for 14 December.

On November 23, 2016 the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Finland.

The World Bank Board of Executive Directors approved an International Bank for Reconstruction and Development (IBRD) loan of $325 million to strengthen Cameroon’s national electricity transmission network. The Electricity Transmission and Reform project is the second IBRD operation for Cameroon this year since 1992.

The Executive Board of the International Monetary Fund (IMF), on December 7, completed the fourth review of Armenia's performance under a three-year arrangement under the Extended Fund Facility (EFF). The completion enables the release of SDR 15.65 million (about US$21.24 million), bringing total disbursements under the arrangement to SDR 66.52 million (about US$90.28 million). The extended arrangement for SDR 82.21 million (about US$111.57 million) was approved on March 7, 2014.

Zambia needs higher domestic revenue collection if the current levels of government expenditure are to be maintained in a sustainable manner, says a new World Bank Economic Brief released on December 7.

An International Monetary Fund (IMF) mission led by Mr. Martin Sommer visited Ashgabat during December 1–6, 2016, to assess macroeconomic and financial developments and discuss economic challenges and policy priorities with senior government officials and the diplomatic community.

Governments in Latin America will need to improve public sector management and capacity – including budget allocation – to compensate for the pressure on public finances from sliding commodity prices, according to a new report by the OECD and Inter-American Development Bank covering more than 15 countries in the region.