Finance & Economics | WPN World People News

The World Bank Board of Executive Directors approved three new projects for Argentina totaling US$265 million on April 7, focused on expanding access to renewable energy among isolated rural populations; preserving native forests through sustainable management benefitting those communities dependent on them, and protecting vulnerable natural areas.

Streamlining schedules, stops, fares, and passenger information among subways, buses and commuter rail, will make it easier for passengers, cut down on operational costs and boost operational revenue, according to a new World Bank paper published on April 7, Public Transport Service Optimization and System Integration.

Annette Dixon, new Vice President of World Bank Group’s South Asia Region made an introductory visit to Pakistan from April 1 to 4, 2015. She called upon Prime Minister Nawaz Sharif and met with the Finance Minister Ishaq Dar and key members of the Economic Team.

The Executive Board of the International Monetary Fund (IMF) approved a three-year arrangement under the Extended Credit Facility (ECF) for Ghana in an amount equivalent to SDR 664.20 million (180 percent of quota or about US$918 million) in support of the authorities’ medium-term economic reform program on April 3.

On March 16, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Turkmenistan.

Around 2,500 redundant workers of the former French road haulage company Mory-Ducros, which closed in 2014, should get EU aid worth €6 million to help them back into work, said Budgets Committee MEPs in a vote on Wednesday. The European Globalisation Adjustment Fund aid still needs to be approved by Parliament as a whole and the Council of Ministers.

The amount of milk produced in the EU will for the first time in three decades be determined by market forces only after European milk quotas ended on 1 April. The quotas were introduced in 1984 when production outstripped demand with the aim of putting an end to Europe's "milk lakes and butter mountains". It is hoped that by scrapping the quotas, Europe's milk producers are able to supply fast-growing markets in Asia and Africa. However, some farmers worry it could lead to price volatility.

The World Bank projects a negative growth outlook for Russia in 2015-2016, with the economy expected to contract by 3.8 percent in 2015 and modestly decline by 0.3 percent in 2016. Investment is projected to contract for a second year in a row as the Russian government is delaying some large infrastructure projects and private investors are cutting back on investment programs, while capital remains expensive and demand uncertain, according to the World Bank’s latest Russia Economic Report, launched in Moscow on April 1.

Portugal has successfully completed a demanding reform and adjustment programme and is starting to see the benefits. Action to promote equity and quality in education and further labour market reforms are now necessary to help the country secure its future prosperity, according to a new OECD report.

‌Thriving, struggling or suffering? Regional perceptions of life