Finance & Economics | WPN World People News

Reduced donor aid, war, suspension of revenue payments and ongoing restrictions by the Government of Israel have had a severe impact on the Palestinian economy. The World Bank economic report to the Ad Hoc Liaison committee (AHLC), a forum of donors to the Palestinian Authority, examines current economic trends and recommends measures and reforms to stop further deterioration.

An International Monetary Fund (IMF) team, led by Mr. Maxwell Opoku-Afari, IMF Mission Chief for São Tomé and Principe, visited São Tomé and Príncipe from September 23-29, 2015, to discuss recent economic developments and support the preparation of the 2016 budget. The IMF Executive Board approved approved a new three-year, SDR 4.44 million (about US$6.2 million) Extended Credit Facility (ECF) arrangement on July 13, 2015, to support São Tomé and Príncipe’s medium-term economic program.

The World Bank Group’s Board of Executive Directors Tuesday endorsed a Country Partnership Framework (CPF) for Côte d’Ivoire for 2015-2019. The CPF proposes a World Bank lending program of up to US$1 billion and International Finance Corporation (IFC) financing of up to US$1 billion over a four-year period. It will support Côte d’Ivoire in creating a competitive and inclusive economy, while MIGA is open to analyzing new guarantees.

Council cuts in EU 2016 budget funding for refugees and agencies dealing with migrants were reversed by Budgets Committee MEPs in votes on Monday and Tuesday. MEPs also added funding for youth employment programmes, the Erasmus + student mobility programme and for research, transport and energy networks.

The European Globalisation Adjustment Fund contributes to packages of tailor-made services to help redundant workers find new jobs. Its annual ceiling is €150 million. Redundant workers are offered measures such as support for business start-ups, job-search assistance, occupational guidance and various kinds of training. In most cases, national authorities have already started the measures and will have their costs reimbursed by the EU when their applications are finally approved.

The European Investment Bank (EIB) is granting EUR 500 million, the first tranche of an approved loan amount of EUR 1.5 billion, to Hungary to co-finance priority projects receiving support from the European Regional Development Funds and the European Social Fund within the 2014-2020 EU programming period.

At the High Level Economic and Trade Dialogue in Beijing on 28 September, China announced its intention to contribute to the Investment Plan, as well as closer cooperation with the EU on investment issues in general.

Volkswagen, the German car manufacturer, has acknowledged that many millions of its cars sold worldwide have been specially equipped to trick emission tests, so as to appear less polluting. In the European Parliament, the Environment committee deals with emissions legislation. Committee chair, Italian EPP MEP Giovanni La Via, told us in an interview that the affair needs to be thoroughly investigated, rules on emissions toughened and proper oversight ensured at the EU level.

World Bank Managing Director Sri Mulyani Indrawati, on concluding her three-day visit to India has said that the slowdown of the global economy will not stop India from becoming an economic powerhouse as long as reforms are sustained to ensure the most vulnerable and poor share in prosperity.