Finance & Economics | WPN World People News

Partners in the Global Agriculture and Food Security Program (GAFSP) announced $107 million in grants to five countries−Benin, Bhutan, Kenya, Laos PDR, and Timor Leste−for country-led initiatives to increase agriculture productivity, reduce poverty, and improve food and nutrition security.

An International Monetary Fund (IMF) team, led by Alex Mourmouras, visited Kuala Lumpur and Putrajaya during November 13-24, 2014, to conduct discussions for the 2014 Article IV Consultation with Malaysia. The team exchanged views with senior officials of the Government of Malaysia and Bank Negara Malaysia (BNM), and met with representatives from the private sector, think tanks and academia.

The World Bank’s Board of Executive Directors approved a US$40.5 million financing to the Republic of Moldova for the District Heating Efficiency Improvement Project, which will fund investments aimed at improving the efficiency of the district heating services in Chisinau.

At the invitation of the Banco Central de Reserva (BCR), a team of experts from the Monetary and Capital Markets Department of the International Monetary Fund visited El Salvador to take part in a Forum on Financial Stability on November 19, 2014. The mission also met with senior officials of the BCR, the Ministry of Finance, the Superintendency of the Financial System, and the Institute for the Guarantee of Deposits; with members of the Financial Commission of the Legislative Assembly; and with representatives the financial sector.

The Steering Committee of the International Monetary Fund (IMF) Regional Technical Assistance Center for West Africa (West AFRITAC) highlighted the growing role of the Center in supporting members’ needs and reforms in the region. Members of the Steering Committee met in Cotonou, Benin on November 17, 2014, with Benin chairing, to review implementation of the work program at mid-year.

Paying taxes has become easier over the past year for medium-sized companies around the world, the latest report from the World Bank Group and PwC finds. The time it takes an average company to meet its tax obligations dropped by four hours last year, according to the Paying Taxes 2015 study. The report also revealed that the total amount of taxes the average company paid in taxes and the number of payments it made have also declined in the past year. This is a trend seen every year over the ten year period covered by the publication.

Switzerland has become the 52nd jurisdiction to sign the Multilateral Competent Authority Agreement, which will allow it to go forward with plans to activate automatic exchange of financial account information in tax matters with other countries beginning in 2018.

The World Bank’s Board of Executive Directors approved US$9 million to support the second phase of the Solomon Islands Rural Development Program (RDP II), one of the Government’s main instruments to address rural poverty.

Plunging global crude oil prices are turning out to be a boon for India, a country which is heavily dependent on oil imports. Cheaper oil is boosting the government’s efforts to lift the economy from a deep slump.

The EU should provide aid worth €2.35 million to help find or create new jobs for workers made redundant by shipbuilders STX Finland Oy and the GAD abattoir in France, the Budgets Committee recommended on Thursday. The European Globalisation Adjustment Fund (EGF) aid still has to be approved by Parliament as a whole and the Council of Ministers.