Finance & Economics | WPN World People News

Around one in seven students in the 13 OECD countries and economies that took part in the first OECD PISA international assessment of financial literacy are unable to make even simple decisions about everyday spending, and only one in ten can solve complex financial tasks.

The World Bank’s Board of Executive Directors approved two IBRD loans to the Republic of Azerbaijan. The first loan, in the amount of US$100 million, will support the Judicial Services and Smart Infrastructure Project (JSSIP). This project builds on the current Judicial Modernization Project, and aims at improved access, transparency, and efficiency of selected judicial services.

An International Monetary Fund (IMF) mission led by Mr. Mauro Mecagni visited Nairobi from June 25 to July 9 to conduct the 2014 Article IV Consultation discussions1. The mission met with Hon. Henry Rotich, Cabinet Secretary of the National Treasury, Professor Njuguna Ndungu, Governor of the Central Bank of Kenya, the Speakers of the Senate and the National Assembly, senior government officials, and representatives of civil society, the private sector and development partners.

The Government of Albania and the World Bank conducted a joint portfolio review of World Bank supported projects on July 8, 2014. This exercise marked the initiation of a regular oversight process aimed at unlocking implementation issues to enable the projects to accomplish results.

On June 23, 2014, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation and First Post-Program Monitoring (PPM) with the Republic of Moldova.

Stable growth momentum in the OECD area

A World Bank report released indicates that Vietnam’s macroeconomic stabilization performance has continued to improve. Growth remains moderate and continues to come in below its potential.

An International Monetary Fund (IMF) mission led by Cheikh Anta Gueye visited Niamey from June 22-26, 2014 for the fourth review of Niger’s financial and economic program supported by the Extended Credit Facility (ECF). The ECF arrangement for Niger was approved on March 16, 2012 .

The World Bank Group’s Board of Executive Directors approved Euro 7.3 million in IBRD financing for the Environmental Services Project in Albania, which will benefit farmers, forest associations, groups, and individuals in 310 rural communes and 2,980 villages across the country.

Despite a slight deceleration in 2013 due to lower oil revenues, Angola’s economy appears to be back on track with real GDP growing by 4.4%, according to the World Bank’s latest Angola Economic Update. This is well above the 2009-2011 average of 3.5%, although still below the 5.2% growth in 2012.