Finance & Economics | WPN World People News

MEPs have another busy week ahead of them

The Executive Board of the International Monetary Fund (IMF) completed on September 16, 2016 the thirteenth review of Jamaica’s economic performance under the program supported by a four-year, SDR 615.38 million (about US$932.3 million at the time of approval) arrangement under the Extended Fund Facility (EFF). The completion of the review enables an immediate disbursement of an amount equivalent to SDR 28.32 million (about US$39.6 million).

Drug-resistant infections have the potential to cause a level of economic damage similar to—and likely worse than—that caused by the 2008 financial crisis, according to a new report by the World Bank Group entitled “Drug Resistant Infections: A Threat to Our Economic Future.” The research shows that a high-case scenario of antimicrobial resistance (AMR)—where antibiotics and other antimicrobial dugs no longer treat infections the way they are supposed to—could cause low-income countries to lose more than 5% of their GDP and push up to 28 million people, mostly in developing countries, into poverty by 2050. And unlike the financial crisis of 2008, there would be no prospects for a cyclical recovery in the medium term, as the costly impact of AMR would persist.

The Bank of West African States (BCEAO) and the International Monetary Fund (IMF) will co-host a conference on September 20, 2016 in Dakar, Senegal, to examine the prospects and policy options for promoting financial inclusion in West Africa.

Hourly labour costs rose by 1.0% in the euro area (EA19) and by 1.4% the EU28 in the second quarter of 2016, compared with the same quarter of the previous year. In the first quarter of 2016, hourly labour costs increased by 1.6% in both zones. These figures are published by Eurostat, the statistical office of the European Union.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in August on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported on September 16. Over the last 12 months, the all items index rose 1.1 percent before seasonal adjustment.

Real average hourly earnings for all employees decreased 0.1 percent from July to August, seasonally adjusted, the U.S. Bureau of Labor Statistics reported on September 16. This result stems from a 0.1-percent increase in average hourly earnings being more than offset by a 0.2-percent increase in the Consumer Price Index for All Urban Consumers (CPI-U).

Switzerland becomes the first partner to contribute to the new six-year phase (2016–22) of the International Monetary Fund’s (IMF) fund for capacity development on natural resource wealth management, with a financial contribution of CHF7 million (US$7.1 million).

A staff team from the International Monetary Fund (IMF), led by Samir Jahjah, visited Bangui from September 6-13, 2016, to assess economic and financial developments through end-August, review early progress under the program supported by the Extended Credit Facility (ECF) and discuss progress in preparing for the Brussels Donors Conference in November 2016.