Finance & Economics | WPN World People News

A team from the International Monetary Fund (IMF) visited Kampala to conduct the third review of Uganda’s economic program supported by the Policy Support Instrument (PSI). The mission met with Hon.

New guidance from the Financial Action Task Force (FATF) will help countries tackle the misuse of corporate entities for money laundering, terrorist financing and other illicit purposes.

A new UNICEF report shows that 2.6 million children have sunk below the poverty line in the world’s most affluent countries since 2008, bringing the total number of children in the developed world living in poverty to an estimated 76.5 million.

China’s growth continued to moderate reflecting renewed policy efforts to rebalance the economy. For 2015-16, average growth is expected to ease to slightly above 7 percent as policy efforts to place the economy on a more sustainable growth path are likely to intensify, according to the World Bank’s China Economic Update released.

A new World Bank Group report finds that 85 percent of economies in Europe and Central Asia implemented at least one regulatory reform aimed at making it easier for local entrepreneurs to do business in 2013/14, a larger percentage than in any other region.

A new World Bank Group report finds that amid unrest in the Middle East and North Africa, local entrepreneurs faced challenging circumstances in the past year. While several economies improved the business environment for local firms—such as the United Arab Emirates, among this year’s 10 top global improvers—the pace of regulatory reform in the region was comparatively slow.

Secretary-General Ban Ki-moon (right) and Jim Yong Kim (left), President of the World Bank, meet with Tedros Adhanom Ghebreyesus, Foreign Minister of Ethiopia, during their trip to Addis Ababa, Ethiopia.

Turkey is a significant and geopolitically critical economy. Its companies, like those from many other countries, operate in corruption-prone sectors and countries. In spite of this, only 10 allegations have come to the attention of Turkish authorities since foreign bribery became an offence in Turkey in 2003. Turkey has opened investigations into only 6 of these allegations, 3 of which were closed. Turkey’s level of enforcement of its foreign bribery laws – with just a single prosecution leading to an acquittal in 11 years – is considerably low. The Working Group is therefore concerned that Turkey is insufficiently proactive in its enforcement efforts.

The European Central Bank (ECB) has today published the results of a thorough year-long examination of the resilience and positions of the 130 largest banks in the euro area as of 31 December 2013.