Finance & Economics | WPN World People News

The World Bank Group (WBG) committed $10.2 billion in fiscal year 2014 (July 2013 to June 2014) to support Latin America and the Caribbean efforts to boost economic growth and maintain historic social gains. This includes resources from the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

During my visit, I was impressed by the authorities’ determination to transform Bangladesh into a middle-income country with sustainable and equitable opportunities for all.

In its newly released Mongolia Economic Update, the World Bank said that the Mongolian economy is facing challenges from the large balance of payments pressure and high inflation. The World Bank underscored that the economic vulnerability will likely continue under the current growth-oriented policies and urged that monetary and fiscal policies be tightened in order to restore economic stability and maintain financial soundness.

The World Bank’s Board of Directors approved an additional financing of US$400 million to the already existing Gas Sector Development Project of Turkey.

Consumer prices, selected areas

May 2014 percentage change on the same month of the previous year

World Bank Group support to developing countries rose sharply to $61 billion in fiscal year 2014 as the organization prepared for transition to a new operating model, up from $52.6 billion in FY13.

St. Kitts and Nevis repaid, ahead of schedule, SDR 11.1 million (about US$17.1 million) obligations to the IMF on June 24, 2014.

U.S. Treasury Secretary Jack Lew says the pace of economic reform and the need for further appreciation of China’s currency will be among the issues at next week’s Security & Economic Dialogue in Beijing. Lew does not see cyber-spying as an impediment to improving relations between the world’s top two economies.

The World Bank’s Board of Executive Directors approved a US$500 million Financial Sector Reform and Modernization Development Policy Loan for the Government of Indonesia. The loan supports Indonesia’s policies aimed at reinforcing the stability of the financial system, diversifying the financial sector, and expanding financial inclusion to reach the poor and other underserved groups.

The Executive Board of the International Monetary Fund (IMF) completed the fourth review of Cyprus’s performance under an economic program supported by a three-year, SDR 891 million (about €1 billion) extended arrangement under the Extended Fund Facility (EFF). The completion of this review enables the disbursement of SDR 74.25 million (about €84 million), which would bring total disbursements under the arrangement to SDR 371.25 million (about €420.2 million).