Finance & Economics | WPN World People News

The EU should check what EU funds spent in member states achieve, and not just that they are spent according to the rules, said MEPs debating the European Court of Auditors (ECA) annual report on EU spending in 2013 in plenary session on Wednesday.

The World Bank’s Board of Executive Directors approved a US$20 million International Development Association (IDA) grant to help generate investment in large-scale sustainable energy projects in Southern Africa.

A team from the International Monetary Fund (IMF), led by Mr. Oral Williams, visited Lilongwe from October 29−November 12, 2014 to conduct discussions for the fifth and sixth reviews under Malawi’s Extended Credit Facility (ECF) arrangement.

An International Monetary Fund (IMF) mission led by George Tsibouris, visited Madagascar during October 29−November 11, 2014 for the first Article IV consultation (since 2007), and to initiate discussions of a medium-term reform program that could be supported by an Extended Credit Facility (ECF) arrangement. Discussions focused on recent economic developments, policy implementation, and prospects for further economic and structural reforms.

On November 10, 2014, the Executive Board of the International Monetary Fund (IMF) completed the fifth review of Jordan’s performance under the authorities’ three-year economic program supported by a Stand-By Arrangement (SBA). The 36-month SBA in the amount of SDR 1.364 billion (about US$2 billion, or 800 percent of Jordan’s quota at the IMF) was approved by the Executive Board on August 3, 2012. The completion of the fifth review enables the immediate release of SDR 85.25 million (about US$125.4 million), bringing total disbursements under the program to SDR937.75 million (about US$1.38 billion).

Giving the European Union a budget must take priority over redistributing resources to EU member states, said Budgets Committee MEPs on Tuesday, after a third fruitless effort to engage the Council of Ministers in budgetary negotiations within the official deadline. MEPs want the most urgent bills for 2014 to be settled before discussing the 2015 budget, but the Council has yet to agree even on the first budget top up, proposed by the European Commission as long ago as May.

The U.S. and China have reached a breakthrough in talks to expand a World Trade Organization agreement that would eliminate tariffs on high-tech products.

The Government of India (GoI) and the World Bank signed a $200 million loan agreement to enhance the productivity of Micro, Small and Medium Enterprises (MSMEs) by expanding and upgrading Technology Centers across India.

On November 4, 2014, the World Bank Group announced the debarment of Mr. Steven Nederhorst, a Dutch national, together with any entity that is an Affiliate directly or indirectly controlled by Mr. Nederhorst, including but not limited to Elmcrest Group Limited, formerly Landmarc Limited, for a period of six years for engaging in corrupt and fraudulent practices relating to the Dar ElSalaam Water Supply and Sanitation Project in Tanzania.

A staff team from the International Monetary Fund (IMF) led by Mr. Cheikh Anta Gueye visited Niamey from October 21to November 3, 2014, for discussions on the 2014 Article IV consultation and the fourth and fifth reviews of the program supported by the Extended Credit Facility arrangement (ECF). The discussions covered the implementation of the program as well as economic and financial developments in 2014, the medium-term outlook and the policies needed to consolidate macroeconomic stability and foster inclusive growth.