Finance & Economics | WPN World People News

The EU milk quota regime comes to an end on March 31, 2015. First introduced in 1984 at a time when EU production far outstripped demand, the quota regime was one of the tools introduced for overcoming these structural surpluses. Successive reforms of the EU's Common Agriculture Policy have increased the market-orientation of the sector and, in parallel, provided a range of other, more targeted instruments to help support producers in vulnerable areas, such as mountain areas where the costs of production are higher. The final date to end quotas was first decided in 2003 in order to provide EU producers with more flexibility to respond to growing demand, especially on the world market. It was reconfirmed in 2008 with a range of measures aimed at achieving a "soft landing". Even with quotas, EU dairy exports have increased by 45% in volume and 95% in value in the last 5 years. Market projections indicate that the prospects for further growth remain strong – in particular for added-value products, such as cheese, but also for ingredients used in nutritional, sports and dietary products.

A new initiative launched this week marks an important milestone in the area of technical cooperation and training between the International Monetary Fund (IMF) and the Chinese Ministry of Finance in support of a comprehensive package of reforms. These reforms, outlined by the Chinese authorities in 2013, aim at fundamentally modernizing Chinese fiscal institutions.

The World Bank Group’s Board of Executive Directors approved US$50 million in continuing support to Côte d’Ivoire’s effort in promoting employment opportunities and skills training programs for the youth population on March 26.

Gabrielius Landsbergis

On March 26, the World Bank Group’s Board of Executive Directors approved US$75 million in continuing support for the Fourth Malawi Social Action Fund (MASAF IV) to help reduce poverty levels for about five million poor Malawians by providing work opportunities, cash transfers, and grants to raise household incomes.

An International Monetary Fund (IMF) team led by Wendell Samuel visited The Bahamas from March 9–20 to conduct discussions for the 2015 Article IV consultations.

An International Monetary Fund (IMF) staff mission led by Marshall Mills visited Victoria from March 11-26, 2015 to conduct the 2015 Article IV consultation discussions and assess performance under the second review of the Extended Fund Facility (EFF) Arrangement with Seychelles.

The World Bank Group announced that it is resuming development operations in the West African nation of Guinea Bissau on March 24. The announcement came during a discussion by the Bank’s Board of Executive Directors on the future of its relationship with Guinea Bissau after the Bank suspended operations following a military coup.

Tackling tax evasion should be a top EU priority. EU countries and the European Commission should play a leading role in discussing how to fight tax fraud and aggressive tax planning in the OECD and other relevant fora, says Parliament in its resolution on tax, voted on Wednesday.