Finance & Economics | WPN World People News

The decline in remittances from Russia, weak global demand and low prices for the country’s key export commodities such as aluminum and cotton will cause Tajikistan’s economic growth to slow to an estimated 4.2 percent in 2015, the World Bank said Tuesday in its new bi-annual Tajikistan Economic Update launched in Dushanbe. The fall in remittances and slowdown of economic growth is having a strong impact on income, which is expected to contract by 10 percent in 2015.

On November 9, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Mexico.

The fall in foreign bank’s funding to countries in Eastern Europe may be bottoming out. A new report from the Vienna Initiative committee released Tuesday shows that foreign bank funding to Central, Eastern and Southeastern Europe (CESEE) countries, excluding Russia and Turkey, rose in the second quarter of 2015 for the first time since 2011.

On October 26, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Cambodia.
Cambodia’s economic growth has been one of the fastest among Asia’s developing economies in recent years. It averaged 7.0 percent in the last five years driven by robust garments exports, real estate, and construction.

The leaders of the world’s 20 largest economies Monday endorsed overhauled global standards to crackdown on tax evasion and recognised the important contribution made by the OECD to help the Turkish presidency in achieving the goal of more inclusive growth.

The Executive Board of the International Monetary Fund (IMF) Monday completed the third and fourth reviews of Sierra Leone's performance under a three-year arrangement under the Extended Credit Facility (ECF) and approved an augmentation of access of 45 percent of quota, equivalent to SDR 46.665 million (about US$64.59 million), to be distributed in three tranches.

Staff teams from the International Monetary Fund (IMF) and the European Commission (EC), in liaison with the European Central Bank (ECB), visited Nicosia during November 3-13 to review Cyprus’s economic reform program. Cyprus’s program, which is supported by financial assistance from the European Stability Mechanism (ESM) and the IMF, aims to promote economic recovery and job creation by restoring financial sector stability, strengthening public finances, and implementing reforms to increase long-run growth.

€1 trillion a year: that's how much tax evasion and tax avoidance is costing European tax payers every year, according to the European Commission. Parliament set up a special committee to investigate these practices in the wake of the Luxleaks scandals and came up with plans to ensure multinationals pay their fair share. Representatives of some of the world's largest firms face the committee on 16 November to share their views on the proposals.

The European Parliament has reached a provisional deal with the Council on the 2016 European budget in the early hours of Saturday. Parliamentary negotiators fought for more money for the migration, jobs and competitiveness priorities of the Parliament. After budget MEPs and the Council formally endorse the deal, the new budget of the European Union will be adopted at the November plenary session of Parliament.

An International Monetary Fund (IMF) mission led by Uma Ramakrishnan visited Jamaica from November 4-13, 2015, to conduct discussions on the tenth review of Jamaica’s IMF-supported program under the Extended Fund Facility (EFF).