Finance & Economics | WPN World People News

Latvia should step up its efforts to improve the employment prospects of young people by continuing to reform its vocational education system and pursuing the commitments made as part of the Youth Guarantee to further reduce the share of young people under 30 who are not in employment, education or training (NEETs).

An International Monetary Fund (IMF) team led by Nicole Laframboise visited Grenada from August 20–27, 2015 to conduct discussions on the third review of Grenada’s IMF-supported program under the Extended Credit Facility (ECF). The ECF arrangement was approved on June 26, 2014 for an amount of SDR 14.04 million (then US$21.7 million, or 120 percent of Grenada’s quota at the IMF). The first and second reviews were completed on December 12, 2014 and June 29, 2015 respectively. Total resources of SDR 6.04 million (about US$8.5 million) have been made available to Grenada under the arrangement.

The World Bank’s Board of Executive Directors Wednesday approved a US$500 million IBRD loan to finance the Second Multi-Sector Development Policy Operation in Ukraine. This new financing supports a number of high-priority structural and macroeconomic reforms to improve the country’s public sector governance, business environment, energy and social assistance.

IMF staff reached staff-level understandings with the Tunisian authorities on the sixth review under the SBA. These understandings are subject to approval by IMF management and the Executive Board, which is tentatively scheduled to consider the review in late September.

An International Monetary Fund (IMF) mission led by Ricardo Velloso, visited Luanda from August 12-25, 2015, to conduct discussions for the 2015 Article IV consultation.

An International Monetary Fund (IMF) mission led by Uma Ramakrishnan visited Jamaica from August 12-21, 2015, to conduct discussions on the ninth review of Jamaica’s IMF-supported program under the Extended Fund Facility (EFF).

The United States Agency for International Development (USAID) and the International Monetary Fund (IMF) have signed a Memorandum of Understanding (MOU) that enables the two organizations to enhance their close cooperation in capacity development. IMF Deputy Managing Director Carla Grasso and Senior Deputy Assistant Administrator for USAID’s Bureau for Economic Growth, Education, and Environment, Charles North, signed the agreement Thursday in Washington DC.

The World Bank Group announced the debarment of Shandong Taikai Power Engineering Company Limited for a period of 18 months following the company’s involvement in fraudulent practices relating to the World Bank-financed Electricity Sector Development Project in Uganda and Second Transmission and Distribution Project in Vietnam.

Malaysia has achieved one of the highest levels of financial inclusion among Southeast Asia countries, due in part to policies taking advantage of mobile phones and banking agents to expand access, according to a recent World Bank report discussed at a conference on Thursday.

Increasing tax revenues and ensuring sustainable domestic resource mobilisation will be critical as emerging Asian economies seek to boost the provision of public goods and services and improve economic growth and living standards.