Finance & Economics | WPN World People News

The World Bank Group’s Board of Executive Directors on 16 June endorsed a new Country Partnership Framework (CPF) for 2016-2020 to support Montenegro on a path toward more sustainable and inclusive growth. The new framework will selectively support Montenegro’s development agenda, with a particular focus on creating employment and economic opportunities, and restoring fiscal balance in order to accelerate long-run inclusive growth.

Governments need to implement more ambitious policies to address the global challenges facing agriculture, notably a shift away from direct support to farmers towards greater assistance for innovation systems that will improve productivity and sustainability, according to a new OECD report.

The Executive Board of the International Monetary Fund (IMF) on 15 June completed the third review of Armenia's performance under a three-year arrangement under the Extended Fund Facility (EFF). The completion enables the release of SDR 15.65 million (about US$22.01 million), bringing total disbursements under the arrangement to SDR 50.87 million (about US$71.53 million). The extended arrangement for SDR 82.21 million (about US$115.60 million) was approved on March 7, 2014.

Following two massive shocks which have resulted in two years of disappointing growth, economic activity is expected to rebound modestly, growing by 4.7 percent in FY2017, a new World Bank report said. According to the twice yearly Nepal Development Update, this rebound in growth hinges on stabilization of the political process, effective mobilization of earthquake rebuilding efforts and the full normalization of supply of goods.

Budgets Committee MEPs approved €1,824,041 in EU aid on Wednesday to support the reintegration in the labour market of 488 workers made redundant by several manufacturers of construction machinery in Wallonia. A further 300 young unemployed people should also benefit. The European Globalisation Adjustment Fund (EGF) aid still needs to be approved by Parliament as a whole and by the Council of Ministers.

The World Bank has approved a $125 million credit to help Sri Lanka establish its first public-private-partnership (PPP) to help better maintain the country’s roads, reduce long-term costs, and improve the performance of the Road Development Authority (RDA).

On June 3, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Sri Lanka.

The Sri Lankan economy has good underlying momentum but is starting to show signs of strain from a combination of an increasingly difficult external environment and challenging policy adjustments.

The World Bank’s Board of Executive Directors on 14 June discussed a new Country Partnership Framework for Uzbekistan for 2016-2020. The new strategy is aligned with the country’s own goal of achieving upper middle-income status by 2030 by increasing the economy’s competitiveness, improving the business environment, and developing its infrastructure to support rapid job creation.

A clear A to G scale for labelling the energy efficiency of household appliances should replace the proliferating pluses in today's top class (A+, A++, A+++) within 5 years, said Industry, Research and Energy Committee MEPs on Tuesday. The proposal for a new EU regulation aims to ensure that consumers are not misled into thinking that a A class appliance is one of the most efficient on the market, whereas under current rules it may in fact be one of the least efficient.

An International Monetary Fund (IMF) team led by Ricardo Velloso visited Luanda from June 1–14, 2016, for discussions on an Extended Fund Facility (EFF) supported program.