Finance & Economics | WPN World People News

Low growth, low interest rates and low returns on investment linked to the slow global economy are now compounding the problems of population ageing for both public and private pension systems, according to a new OECD report.

Linda McAvan

A provisional agreement on the European Union budget for 2015 and the means to settle this year’s most urgent unpaid bills was reached by negotiators for Parliament and the Council on Monday. The deal still needs to be endorsed both by the full Parliament and the Council. For payments, MEPs secured €4.8 billion more to pay bills for 2014-2015. For 2015, the negotiators agreed to a compromise of €145.3 billion in commitments and €141.2 billion in payments.

On December 5, 2014 the Executive Board of the International Monetary Fund (IMF) completed the sixth review of Côte d’Ivoire’s performance under an economic program supported by an Extended Credit Facility (ECF) arrangement. The decision enables the disbursement of SDR 65.04 million (about US$94.7 million, 20 percent of quota), bringing total disbursements under the arrangement to SDR 422.76 million (about US$615.9 million, 130 percent of quota). In completing the review, the Executive Board granted a waiver of the non-observance of the continuous performance criterion on contracting or guaranteeing of new non-concessional external debt.

Spain has created a strong system to combat money laundering and terrorist financing, but improvements are needed in certain key areas, according to a new report by the Financial Action Task Force.

A new World Bank report launched presents a comprehensive review of the efforts made for over a decade to reinforce social cohesion and give more power to local authorities, or “communes” in Burundi through an ambitious decentralization program initiated after the civil war which devastated the East-African country.

The World Bank Board of Executive Directors approved US$110 million to support the Government of Mozambique’s State Budget and its poverty reduction plan (PARP). This International Development Association (IDA) funding is provided under the tenth Poverty Reduction Support Credit (PRSC X) program that supports the Government’s programmatic reform agenda agreed upon with the World Bank in the context of general budget support.

Jobs and migration are supporting substantial upward mobility across and within generations in a South Asia that is a land of extremes of side-by-side extravagant wealth and appalling poverty, a World Bank report said.

A new World Bank report launched presents a comprehensive review of the efforts made for over a decade to reinforce social cohesion and give more power to local authorities, or “communes” in Burundi through an ambitious decentralization program initiated after the civil war which devastated the East-African country.

“I was very pleased to return to Peru as it prepares to host the IMF and World Bank Annual Meetings less than a year from now. I would like to express my great appreciation to President Ollanta Humala and the First Lady, Nadine Heredia, Finance Minister Alonso Segura, Central Bank Governor Julio Velarde and the government authorities for their warm welcome and our productive discussions.