Finance & Economics | WPN World People News

Stable growth momentum in the OECD area

The International Monetary Fund’s (IMF) Regional Technical Assistance Center for Central America, Panama and the Dominican Republic (CAPTAC-DR) is set to receive a first disbursement of €6.3 million from the European Union (EU) in July. The announcement of the disbursement was made at an event hosted by the Guatemalan Central Bank in Guatemala City.

Developing countries are headed for a year of disappointing growth, as first quarter weakness in 2014 has delayed an expected pick-up in economic activity, according to the World Bank’s Global Economic Prospects (GEP) report, released.

The World Bank Board of Executive Directors approved a US$22 million grant for the Tajikistan Agriculture Commercialization Project, which builds on the past reforms in agriculture and land, and further expands opportunities for farmers and enterprises to increase productivity and access to domestic and export markets. Agriculture accounts for 23 percent of GDP and 48 percent of employment in Tajikistan, so it plays a major role in economic growth and poverty reduction.

The World Bank Group’s Board of Governors has approved a US$96.55 million loan in support of the government of Morocco’s Second National Rural Roads Program (NRRP2) to increase access to all-weather roads in Morocco for the vast majority of the country’s rural population. The loan will be denominated in euros, at EUR70million.

The government of Bangladesh signed a $140 million credit to improve and strengthen critical disaster prevention infrastructure in the coastal areas of the country.

On June 5, 2014, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with New Zealand and considered, and endorsed, the staff appraisal without a meeting on.

An IMF mission led by Harry Snoek visited Conakry during May 22 - June 6, 2014 to conduct discussions on the fourth review of a program supported by an arrangement under the Extended Credit Facility (ECF),i which was approved by the IMF Executive Board on February 24, 2012 in the amount of SDR 128.52 million (about US$198 million).

The World Bank announced US$26.2 million in additional financing for upgrading water supplies and services in the Greater Tunis area and other cities in Tunisia, as well as for improving the financial situation of the national water utility, Société Nationale d'Exploitation et de Distribution des Eaux (SONEDE). The Greater Tunis area has about 2.5 million inhabitants, roughly a quarter of the country’s population.

Hungary’s economy emerged from the 2012 recession and posted 1.1 percent growth last year, mainly driven by government investment and consumption, and also net exports. Private demand—although strengthening on the back of accommodative monetary conditions and improved market confidence—remained weak, and credit to the retail and corporate sectors continued to contract, albeit at a slowing pace. Output growth is projected to pick-up to 2 percent this year as investment and private consumption continue to improve, while exports expand further.