Finance & Economics | WPN World People News

Young factory workers producing shirts in Accra, Ghana.

On July 27, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the 2016 Article IV Consultation discussions with Curaçao and Sint Maarten, two autonomous countries within the Kingdom of the Netherlands, and considered and endorsed the staff appraisal without a meeting.

An International Monetary Fund (IMF) mission led by Ms. Uma Ramakrishnan visited Jamaica during August 9–19, 2016, to conduct discussions on the thirteenth Review of Jamaica’s IMF-supported program under the Extended Fund Facility (EFF).

In keeping pace with global trends, the World Bank on 18 August unveiled a new Procurement Framework to help its partner countries in South Asia that procure goods and services under Bank-financed projects make the best use of their public spending, strengthen their national procurement policies, and improve their development objectives.

An International Monetary Fund (IMF) staff mission, led by Mr. Daniel Leigh, visited Paramaribo from August 8 to 18, to initiate discussions on the first review under Suriname’s Stand-By Arrangement (SBA) with the IMF.

The World Bank (WB) and the Government of Nicaragua signed on 17 August an agreement to implement a project aimed at increasing broadband access and make further progress in the development of Information and Communications Technologies (ICTs), especially in the Caribbean region of Nicaragua.

On July 27, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with China.
China continues its transition to sustainable growth, with progress on many fronts yet also many challenges. Growth slowed to 6.9 percent in 2015 and is projected to moderate to 6.6 percent this year owing to slower private investment and weak external demand.

The World Bank (International Bank for Reconstruction and Development, IBRD) announced on 12 August that the People’s Bank of China (PBOC) has approved the World Bank’s inaugural issue in the Chinese domestic market of bonds denominated in Special Drawing Rights (SDRs). The World Bank is the first entity to receive such approval and it marks the launch of the SDR bond market in the world’s second-largest economy.

On July 29, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of Korea.

Kuwait's partial deregulation of gasoline prices represents a politically and economically bold move on energy subsidy reforms, for a country where, on a per capita basis, subsidies are amongst the highest in the world. Energy subsidies in Kuwait represents a major burden on public finances in Kuwait, with estimates ranging from 1.3 percent of GDP to 5.7 percent of GDP, when environmental, health and other externalities are taken into account. Because of the size, they result in major distortions, with extremely high levels of energy consumption, much higher than those driven by demographic and growth trends, and in comparison to other high income countries.