Finance & Economics | WPN World People News

The Czech Republic needs new reforms to boost productivity, improve economic growth and accelerate convergence toward the levels of income and well-being seen in the most advanced European countries, according to a new OECD report.

The European Commission presented guidance aimed at supporting consumers, businesses and public authorities to engage confidently in the collaborative economy on 2 June.

Poland’s small and medium sized companies (SMEs) have substantial innovation potential. Identifying the needs and strengths of these companies and uncovering the leaders should help ensure that their innovation and entrepreneurial potential is fully used. With adequate public support, such champions may succeed in the domestic and international markets, according to a new World Bank Group report, Toward an Innovative Poland: The Entrepreneurial Discovery Process and Business Needs Analysis, launched in Warsaw, on 3 June.

The Executive Board of the International Monetary Fund (IMF) approved a 36-month extended arrangement under the Extended Fund Facility (EFF) with Sri Lanka for an amount equivalent to SDR 1.1 billion (about US$1.5 billion, or 185 percent of quota) to support the country’s economic reform agenda, on 3 June.

The World Bank Board of Executive Directors approved a $300 million International Development Association (IDA) credit to improve mobility along selected corridors in Addis Ababa and the effectiveness of road safety compliance systems throughout Ethiopia, on 3 June.

Mr. Cyril Muller, World Bank Regional Vice President for Europe and Central Asia, on 2 June concluded his first official visit to Belarus to exchange views on the country’s key development priorities in the context of the deepening cooperation under the World Bank Group Country Partnership Strategy for Belarus. Mr. Muller was accompanied by Mr. Qimiao Fan, the outgoing Country Director for Belarus, Moldova and Ukraine, and Ms. Satu Kahkonen, Global Director of Macroeconomic and Fiscal Management.