Finance & Economics

June 2016 Euro area unemployment at 10.1% , EU28 at 8.6%

The euro area (EA19) seasonally-adjusted unemployment rate was 10.1% in June 2016, stable compared to May 2016 and down from 11.0% in June 2015. This remains the lowest rate recorded in the euro area since July 2011. The EU28 unemployment rate was 8.6% in June 2016, stable compared to May 2016 and down from 9.5% in June 2015. This remains the lowest rate recorded in the EU28 since March 2009. These figures are published by Eurostat, the statistical office of the European Union.

Egypt: IMF Reaches Staff-Level Agreement on a Three-Year US$12 Billion Extended Fund Facility

In response to a request from the Egyptian authorities, an International Monetary Fund (IMF) mission led by Mr. Chris Jarvis visited Cairo from July 30 to August 11, 2016 to discuss support for the authorities’ economic reform program through IMF financial assistance.

Statement by World Bank Group President Jim Yong Kim on Inspection Panel Report on Uganda Project

The Inspection Panel has delivered to the World Bank Board its investigation report on the Uganda Transport Sector Development Project. The failures in this project have prompted us to assess all similar projects to ensure that we are upholding the principle of doing no harm.

IMF Staff Completes Twelfth and Final Review Mission to Pakistan

An International Monetary Fund (IMF) staff mission, led by Harald Finger, visited Dubai from July 26 – August 4, 2016 to conduct discussions on the twelfthand final review of Pakistan’s economic program supported by a three-year IMF Extended Fund Facility (EFF) arrangement (See Press Release No. 13/322). The staff team met with Finance Minister Ishaq Dar, State Bank of Pakistan (SBP) Governor Ashraf Wathra, and other senior officials.

World Bank Board Approves New Environmental and Social Framework

Package expands protections for people, environment in Bank-financed projects

The World Bank’s Board of Executive Directors on 4 August approved a new Environmental and Social Framework (ESF) that expands protections for people and the environment in Bank-financed investment projects. The safeguards review included the most extensive consultation ever conducted by the World Bank.

OECD annual inflation slightly up to 0.9% in June 2016

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California Man Pleads Guilty to Cashing Fraudulent and Stolen Checks

Cashed Tax Refund and Social Security Checks at Walmart Stores

A San Pablo, California, resident pleaded guilty to his role in a conspiracy to commit theft of government property, announced Principal Deputy Assistant Attorney General Caroline D. Ciraolo, head of the Justice Department’s Tax Division, U.S. Attorney Brian J. Stretch of the Northern District of California and Special Agent in Charge Michael T. Batdorf for the Internal Revenue Service’s Criminal Investigation (IRS-CI).

IMF Executive Board Concludes 2016 Article IV Consultation with Japan

On July 29, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Japan.
Economic growth has slowed due to weak private consumption and sluggish investment, and inflation has lost its forward momentum. While financial conditions remain accommodative, falling stock prices and the appreciation of the yen have resulted in a modest tightening.

Supporting Sri Lanka's Economic Reforms with $100 Million for Growth and Jobs

The World Bank Board approved a $100 million credit from the International Development Association (IDA) to support the Government of Sri Lanka's economic reform program, on 30 July.

IMF Executive Board Concludes 2016 Article IV Consultation with Singapore

July 25, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Singapore.
Singapore’s economy continues to perform well despite being impacted by a combination of cyclical and structural factors, originating both at home and abroad. Growth moderated from 3.3 percent in 2014 to 2 percent in 2015, and it was 2.2 percent in the first half of 2016.