Finance & Economics | WPN World People News

The Executive Board of the International Monetary Fund (IMF) on Friday completed the first review of Ukraine’s Extended Arrangement under the Extended Fund Facility (EFF). The completion of this review enables the disbursement of SDR 1,182.1 million (about US$1.7 billion), which would bring total disbursements under the arrangement to SDR 4.72 billion (about US$6.68 billion).

The World Bank Board of Executive Directors approved a US$40 million loan for the Additional Financing of the Lifeline Road Network Improvement Project (LRNIP) for Armenia on July 31. This project will further assist the Government of Armenia in its on-going efforts to improve accessibility to markets and social services through the rehabilitation of an additional 155 km of the lifeline road network, and enhance employment opportunities, mostly for the rural population. It will also help Armenia to strengthen the capacity of the Ministry of Transport and Communication (MoTC) in road safety and management of the road network, including disaster risk preparedness.

The World Bank’s Board of Directors Thursday approved a record investment of $700 million in guarantees for Ghana’s Sankofa Gas Project - a transformational project that will help address the country’s serious energy shortages by developing new sources of clean and affordable natural gas for domestic power generation.

On July 29, 2015, the Executive Board of the International Monetary Fund (IMF) approved SDR 891.3 million (about US$1.24 billion or 75 percent of quota) for Iraq under the Rapid Financing Instrument (RFI).

On July 24, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Kiribati, and considered and endorsed the staff appraisal without a meeting.

On July 27, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Somalia.

Since 1991, Somalis have suffered greatly from civil war. The economy deteriorated as the physical infrastructure was destroyed. In addition to the loss of lives, the war worsened the population’s living conditions, now among the lowest in the world. Even though the political and security situations remain challenging, Somalia has made tremendous progress since resuming relations with the IMF on April 12, 2013.

The World Bank Board of Directors Wednesday approved a US$6.8 million grant to help Jamaica improve the quality and use of climate related information for effective planning and action at local and national levels. Approximately 60% of Jamaica’s 2.8 million residents live in coastal communities, rendering them disproportionately vulnerable to the effects of climate change.

The Executive Board of the International Monetary Fund (IMF) Wednesday approved a 22-month Stand-By Arrangement for the Republic of Kosovo, in an amount equivalent to SDR 147.5 million (about €184 million, 250 percent of Kosovo’s quota in the IMF).The program’s approval enables the immediate disbursement of SDR 28.1 million (about €35 million).

Power was a major problem for returnees to Aqrabat, 25 km northwest of Bamyan town, central Afghanistan

The World Bank Group, working with the Kyrgyz Government and other partners, has launched an initiative to help develop Kyrgyzstan’s dairy sector by addressing key challenges to boosting agricultural production and encouraging local economic development.