Finance & Economics | WPN World People News

An International Monetary Fund (IMF) mission, headed by Mr. George Tsibouris, visited Antananarivo, Madagascar, from April 23 to May 6, 2014 and reached agreement with the Malagasy authorities on a program that could be supported by the IMF’s Rapid Credit Facility (RCF). Subject to IMF management approval, the staff-level agreement is expected to be submitted to the IMF Executive Board for its consideration in June 2014. Under the arrangement, Madagascar would be able to access up to SDR 30.55 million (about US$47.4 million).

The Southeast Asia region, with more than half-a-billion people, is among the fastest-growing regions in the world but levels of growth and prosperity within the region remain uneven. Good policies need to be implemented in the region to maintain strong growth and make it more inclusive, boosting productivity, reducing poverty, and avoid falling into the “middle income trap”.

Economic losses due to disasters in OECD and BRIC countries, 1980-2012

Inequality – now at its highest level in decades in many countries – undermines economic growth and well-being, says a new OECD report.

“Botswana is undergoing a cyclical recovery in line with its major trading partners. The economy grew faster than expected in 2013 at about 6 percent, owing to the improved performance of the mining sector. However, the non-mineral sector slowed down from about 6 percent in 2012 to about 5 percent in 2013, partly reflecting recurring power supply disruptions and to some extent the drought.

Portugal, the economic recovery is broadening. Exports continue to drive economic growth, while private investment and consumption have also started to pick up. Unemployment is expected to decline further, in line with the moderate economic recovery expected in 2014 and 2015.

Following the successful completion of the EU/IMF financial assistance programme at the end of 2013, staff teams from the European Commission and European Central Bank (ECB), visited Ireland to carry out post-programme surveillance (PPS) on April 29-2 May. This was coordinated with the IMF's first post-programme monitoring (PPM) mission. The European Stability Mechanism also participated in the meetings on aspects related to its Early Warning System.

Shares in world GDP in PPPs, 2011 (%)

A proposal for an amended Directive on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States, a proposal for a Directive implementing enhanced cooperation in the area of Financial Transaction Tax, the In-Depth Reviews 2014 in the context of the Macroeconomic Imbalances Procedure and the follow-up to the international finance meetings last month in Washington D.C. are the main topics of the ECOFIN Council on 6 May, under the presidency of the Greek Minister of Finance, Yannis Stournaras.

Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon from 22 April to 2 May for the 12th and final review of Portugal’s economic adjustment program. Discussion with the authorities also focused on the remaining challenges after the end of the program.