Finance & Economics | WPN World People News

A new World Bank report has highlighted the need for Pacific Island countries to better incorporate climate and disaster risk management into planning and development, while proposing priority investments and policies to boost resilience to the year 2040.

Boosting competition in consumer markets and key input sectors can help African countries grow faster and alleviate poverty, according to a report launched by the World Bank Group and the African Competition Forum (ACF), on 27 July.

On July 8, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with St. Kitts and Nevis, and considered and endorsed the staff appraisal without a meeting.

The World Bank (WB) Board of Executive Directors on 25 July approved a US$100 million loan that will contribute to reducing transportation costs and improving road safety, as well as the planning and management capacity of Paraguay’s road network. The project will benefit approximately 400,000 Paraguayans that use Routes 1 and 3, which link important development hubs in the country.

On July 13, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the annual discussions on Common Policies and Challenges of Member Countries with the Central African Economic and Monetary Community (CEMAC).

The World Bank is raising its 2016 forecast for crude oil prices to $43 per barrel from $41 per barrel due to supply outages and robust demand in the second quarter.

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) on 26 July published 10 new peer review reports demonstrating continuing progress toward implementation of the international standard for exchange of information on request. The reports allocated ratings for compliance with the individual elements of the international standard, as well as an overall rating for each of the eight jurisdiction undergoing a Phase 2 review.

An International Monetary Fund (IMF) mission led by Mr. Chris Papageorgiou visited Port Vila during July 13-26, 2016 to hold discussions on the 2016 Article IV consultation. The mission met with the Vanuatu authorities, representatives from the private sector and civil society organizations, and international donors to discuss economic developments and policies 15 months after Cyclone Pam hit the country.

On July 22, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the 2016 Article IV consultation with Guinea.
Guinea’s economic performance over the past four years fell significantly short of the authorities’ ambitious projections.

The World Bank Group has suspended disbursements of funding to the Inga-3 Basse Chute (BC) & Mid-Size Hydropower Development Technical Assistance (TA) Project in the Democratic Republic of Congo (DRC). This follows the Government of DRC’s decision to take the project in a different strategic direction to that agreed between the World Bank and the Government in 2014.