Finance & Economics | WPN World People News

On April 24, 2015, the Executive Board of the International Monetary Fund (IMF) completed the sixth review of Jordan’s three-year economic program supported by a Stand-By Arrangement (SBA). The completion of the sixth review enables the immediate release of SDR 142.083 million (about US$200 million), bringing total disbursements under the program to SDR 1.08 billion (about US$1.58 billion). The 36-month SBA in the amount of SDR 1.364 billion (about US$2 billion) was approved by the Executive Board on August 3, 2012.

Staff from the European Commission, in liaison with staff from the European Central Bank (ECB), visited Ireland to carry out the third post-programme surveillance (PPS) mission from 27 April to 1 May. This was coordinated with the International Monetary Fund's (IMF) third post-programme monitoring (PPM) mission. The European Stability Mechanism (ESM) also participated in the meetings on aspects related to its Early Warning System.

The World Bank Group’s Board of Executive Directors approved a US$60 million International Development Association (IDA) credit for Ghana to improve the Electricity Company of Ghana’s (ECG) financial performance, minimize its commercial losses, and ultimately contribute to increased revenue and cash flow on April 30.

The World Bank’s Board of Directors on April 30 approved three loans totaling EUR163.5 million (US$183.4 million) to three independent railway companies – HZ Infrastructure, HZ Cargo, and HZ Passenger Transport. The loans for the Sustainable Croatian Railways in Europe Project, with the guarantee of the Republic of Croatia, are aimed at improving the operational efficiency and the financial sustainability of the public railway sector in Croatia.

The World Bank approved US$50 million to improve skills training programs in priority growth sectors on April 30 in Punjab. The project aims to improve the quality, labor market relevance and access to the training programs with a focus on the employability of graduate trainees.

World Bank Group will support Kenya to develop a stronger financial system, increase long term financing and reduce the cost of credit to borrowers under a new finance program approved on April 30.

The International Monetary Fund (IMF) and the World Bank’s International Development Association (IDA) have decided to support US$1.1 billion in total debt relief for Chad, of which US$1.0 billion is expected to be delivered by multilateral creditors and the remainder by bilateral and commercial creditors.

One billion euro in EU funding to help member states get up to 650,000 young people into work will be delivered in 2015 thanks to European Social Fund rule changes approved by Parliament on Wednesday. This EU Youth Employment Initiative funding tops up European Social Fund (ESF) money in the 20 member states with regions where youth unemployment exceeds 25%.