Finance & Economics | WPN World People News

The Executive Board of the International Monetary Fund (IMF) approved a new 24-month arrangement for Morocco under the Precautionary and Liquidity Line (PLL) in an amount equivalent to SDR 3.2351 billion (about US$5 billion, or 550 percent of Morocco’s quota at the IMF).

On July 28, 2014, the Executive Board of the International Monetary Fund (IMF) met to discuss the first review of Sudan’s performance under its Staff-Monitored Program (SMP). An SMP is an informal agreement between country authorities and Fund staff to monitor implementation of the authorities’ economic program.

Argentina says it will make another effort to reach a deal with a group of U.S. creditors to avoid a possible default on its debt, the second in 13 years.

China’s high speed rail network is the largest and fastest expanding in the world, bringing significant impacts on labor productivity, jobs, industrial growth and regional development. However, these impacts are not well captured by conventional cost benefit analyses.

Recent economic developments in the Republic of Congo have been favorable. Growth in the last 5 years has averaged about 5 percent per year, higher than in regional peers. Gross oil revenue averaged more than US$8 billion per year in 2012 and 2013, equivalent to about 60 percent of Gross Domestic Product (GDP).

Staff teams from the European Commission (EC), European Central Bank (ECB), and the International Monetary Fund (IMF) visited Nicosia during July14-25, 2014 for the fifth review of Cyprus's economic program, which is supported by financial assistance from the European Stability Mechanism (ESM) and the IMF.

In mid-July, as the planet was being wracked by growing war horrors in eastern Ukraine, Iraq, and Gaza, and by economic depression caused by the death throes of the trans-Atlantic financial system, heads of state representing half of humanity gathered in Brazil and took the first steps toward creating a New World Economic Order.

Governors and high-level representatives of the Eurosystem and EMEAP central banks met in Bangkok for their seventh high-level policy dialogue. The event was co-hosted by the Bank of Thailand, which currently holds the chair of EMEAP, and the European Central Bank. The dialogue provided an opportunity for central bank executives from two major regions of the world to exchange views on key policy issues of mutual interest and to strengthen the ties between their respective institutions.

U.S. President Barack Obama has criticized what he calls "a small but growing group" of big corporations that are fleeing the country to avoid paying taxes.