Finance & Economics | WPN World People News

An International Monetary Fund (IMF) mission led by Domenico Fanizza visited Harare from February 24 to March 11, 2016 to hold discussions on the 2016 Article IV Consultations and the third and final review under a 15-month Staff-Monitored Program (SMP) approved by Management in October 2014. The discussions covered recent economic developments and the near and medium-term outlook and risks for Zimbabwe; implementation of the policies and reforms under the SMP; and near and medium-term policies that could help remove the hurdles to growth.

More than 7 million more jobs can be created each year in East Asia if the cities improved their competitiveness, says the World Bank’s report Competitive Cities for Jobs and Growth: What, Who, and How.

Next year’s EU budget priorities should continue to be tackling the migration and refugee crisis while at the same time investing more and better to accelerate today’s slow economic recovery, MEPs say in a resolution voted on Wednesday. Parliament highlights the problems of long-term and youth unemployment and disparities in economic development across the EU. It also underlines that the refugee crisis will not be a temporary one.

A World Bank-supported program providing thousands of young Papua New Guineans with life skills and employment training has been extended to 2018 with additional funding support of US$ 10.8 million (over PGK 31 million) from the Australian Government.

Just months after the Paris Agreement at COP21, on March 8 the World Bank brought together over 30 developed and developing countries at the Carbon Pricing: Sustaining the Momentum after COP21 conference in Zurich to take stock and discuss opportunities and challenges to use carbon pricing to reduce greenhouse gas emissions.

Draft rules designed to boost the efficiency and cut the cost of services supplied at EU maritime ports, such as mooring and towage, were voted by Parliament on Tuesday. Ensuring transparency in the setting of fees for using port services and infrastructure, and in any public funding that ports receive, should help to prevent price abuse and market distortions and thus boost trade, MEPs say. But current port service arrangements could remain, provided they meet minimum requirements, they add.

On March 2, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Belgium.

The recovery is expected to continue at a modest pace in the near term, driven primarily by private consumption, supported by continued low energy prices. However, downside risks loom large, including from the slowdown in emerging markets, financial volatility, and geopolitical stress.

Since 2005, services exports in Kenya have accounted for over 50% of the increase in total exports, and are poised to overtake goods exports, says a new World Bank report launched on March 7. Trade, transport, ICT and financial services lead the pack.

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement on Cyprus on March 7 :
“I have received a letter from Mr. Harris Georgiades, the Minister of Finance for Cyprus, informing me of his government’s decision to cancel the Extended Fund Facility (EFF) arrangement, effective March 7, 2016. The Fund’s 36-month EFF arrangement was scheduled to expire on May 14, 2016.