Finance & Economics | WPN World People News

The World Bank Group committed a record-breaking *$15.3 billion to Sub Saharan Africa’s development in fiscal year 2014 (July 2013 to June 2014) supporting shared prosperity in the Region and focusing on increased efforts to reduce poverty.

Financing conditions for small and medium-sized enterprises (SMEs) remain a pressing concern in many countries, according to a new OECD report.

The Executive Board of the International Monetary Fund (IMF) completed the third review of Liberia’s economic performance under the three-year arrangement under the Extended Credit Facility (ECF) for Liberia.

The government of Guinea and the World Bank have signed a new development financing agreement in Conakry to improve electricity access for homes and businesses in the energy-starved West African country.

The Governing Council of the European Central Bank (ECB) decided on further technical details of a series of targeted longer-term refinancing operations (TLTROs), announced on 5 June 2014. The TLTROs are designed to enhance the functioning of the monetary policy transmission mechanism by supporting bank lending to the real economy.

In a decision written by Aristotelian idiot Justice Antonin Scalia, the United States Supreme Court on June 16 sided with the bloodiest of vulture funds, NML Capital and Aurelius Capital Management, in their effort to use American courts to gain discovery of all Argentine financial movements worldwide, in order to seize that country’s assets in payment for defaulted bonds. The Supreme Court simultaneously upheld a lower court ruling by Federal Judge Thomas Griesa, that Argentina had to immediately pay $1.5 billion to NML Capital and other “holdouts” against Argentina’s 2005 sovereign debt restructuring, and that Argentine assets anywhere in the world could be seized to execute that payment—including the $900 million that Argentina must pay on June 30 to its other creditors who renegotiated in good faith.

The World Bank Board of Executive Directors approved an IBRD loan in the amount of US$75 million to Georgia for the Third Secondary and Local Roads Project (Third SLRP). The project builds on the ongoing Second Secondary and Local Roads project and complements other projects funded by the World Bank in the road sector.

According to the roadmap of the 5G Public-Private Partnership, 5G standards will allow:

The World Bank’s Board of Executive Directors approved a US$300 million loan for the Social Safety Net Modernization Project in Ukraine to expand a targeted social safety net program that will help the most vulnerable and socially excluded people.