Finance & Economics | WPN World People News

Recommendations to make corporate taxation fairer and clearer were voted by the Special Committee on Tax Rulings II on Tuesday evening. They call for an EU public register of beneficial owners of companies, a tax havens blacklist, sanctions against non-cooperative tax jurisdictions, action against abuse of “patent box” regimes, a code of conduct for banks and tax advisors, tax good governance rules in all EU trade agreements and a withholding tax on profits leaving the EU.

An International Monetary Fund (IMF) mission, led by James Roaf, visited Belgrade during June 9–21, 2016, to hold discussions on the fourth and fifth reviews under Serbia’s precautionary Stand-By Arrangement (SBA) with the IMF.

The European Central Bank (ECB) has bought €80 billion worth of public and private debt since March 2015 in order to boost growth and push interest rates down. The bond buying programme has led to the bank being criticised for overstepping its mandate, but Tuesday the German constitutional court ruled that it wasn't. ECB President Mario Draghi is expected to discuss the strategy known as quantative easing during his meeting with Parliament's economic committee Tuesday from 15.00 CET.

The Indian economy will continue to post robust growth in the coming years, says the latest India Development Update of the World Bank. The Update also reviews the current challenges in India’s financial sector and analyzes some of the impacts of the recommendations of the 14th Finance Commission on Indian states.

On May 20, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Trinidad and Tobago.

Trinidad and Tobago’s output has continued to shrink while declines in global energy prices are leading to surging fiscal deficits and are pushing the external current account into deficit. Energy output is sharply lower due to supply-side constraints.

The Jordanian authorities and a team of the International Monetary Fund (IMF) led by Martin Cerisola have reached a staff–level agreement on a request for a 36-month Extended Fund Facility (EFF). The proposed access to IMF credit under the arrangement will be determined in the coming weeks.

IMF Executive Board Completes Seventh and Eighth Reviews under Malawi’s ECF Arrangement and Approves US$ 76.8 Million Disbursement

The Executive Board of the International Monetary Fund (IMF) on 20 June completed the seventh and eighth reviews of Malawi’s economic performance under the program supported by an Extended Credit Facility (ECF) arrangement.

Indonesia’s economy continues to prove resilient with a forecasted GDP growth of 5.1 percent for 2016. But weaker than expected global economic expansion may moderate the growth recovery of Southeast Asia’s largest economy, according to a new World Bank report. The World Bank recently lowered its growth projections for the world by half a percentage point than previously expected, to 2.4 percent.

On June 10, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the 2016 Article IV consultation with the Democratic Republic of São Tomé and Príncipe.

IMF Executive Board Completes the Second Review Under the Extended Credit Facility Arrangement for the Kyrgyz Republic and Approves US$13.4 Million Disbursement On June 17, 2016, the Executive Board of the International Monetary Fund (IMF) completed the second review of the Kyrgyz Republic’s economic performance under the three-year Extended Credit Facility (ECF) arrangement. The Board’s approval enables the immediate disbursement of SDR 9.514 million (about US$13.4 million).