Finance & Economics | WPN World People News

World Bank Group President Jim Yong Kim said India is pursuing reforms that could accelerate growth in its economy and this could more rapidly reduce poverty and spread prosperity to more people in the country who are marginalized and vulnerable.

Mr Dario Scannapieco, EIB Vice-President responsible for lending operations in Croatia, stated: “EIB funds, intermediated through PBZ, a well-established EIB partner financing institution, will help to increase the competiveness of Croatia. The loan is designed to support mainly SMEs, which are the backbone of the Croatian economy in terms of both employment and economic growth.”

Mexico now has the chance to dramatically boost growth rates and resume convergence of its living standards towards those of advanced economies, reduce pervasive labour market informality and drive down high rates of poverty and income inequality. The momentous reforms that have now been legislated (in labour, competition, education, energy, the financial sector, infrastructure, telecommunications and the tax system) could have a significant economic impact. However, they will have to be accompanied by decisive actions that improve the functioning of judicial institutions, strengthen the rule of law, address security issues and reduce widespread corruption, the OECD said.

When it comes to fighting poverty around the globe, the EU and the member states take it very seriously. Together they are the world's largest aid donor, spending €56.5 billion in 2013 alone to help countries across the world fight poverty. This represented more than half of public aid that year. In December 2013 the European Parliament approved more than € 51.4 billion for supporting countries and regions outside the EU in 2014-2020.

Gains from low oil prices can be substantial for developing-country importers if supported by stronger global growth, says a World Bank Group analysis of the oil price decline, contained in the latest edition of Global Economic Prospects.

Faced with weaker export prospects, an impending rise in global interest rates, and fragile financial market sentiment, developing countries need to rebuild fiscal buffers to support economic activity in case of a growth slowdown, says the new edition of Global Economic Prospects, released Wednesday by the World Bank Group. For many developing economies, lower oil prices have provided a timely opportunity for doing so.

The Executive Board of the International Monetary Fund completed Wednesday the first review of Tanzania’s economic performance under the program supported by the Policy Support Instrument (PSI) and granted a waiver for the non-observance of the continuous assessment criterion on the non-accumulation of external arrears.

The EU and the US are able to share information about bank transfers in order to track suspected terrorists thanks to the Terrorist Finance Tracking Program (TFTP) Agreement, also known as the Swift agreement.

Oil giant Royal Dutch Shell has agreed to pay more than $83 million in a settlement with thousands of people in fishing community in southern Nigeria for two oil spills.