Finance & Economics | WPN World People News

Russia's parliament has agreed to write off almost $10 billion of North Korea's Soviet-era debt, in a deal expected to facilitate the building of a gas pipeline to South Korea across the reclusive state.

The Executive Board of the International Monetary Fund (IMF) completed the eleventh review of Portugal’s performance under an economic adjustment program supported by a 3-year, SDR 23.742 billion (about €26.58 billion) Extended Fund Facility (EFF) arrangement.

The World Bank approved an additional loan for US$100 million for Micro, Small and Medium Enterprises (MSMEs) in Tunisia. This additional support will help finance scaling up a project that has shown good results in improving access to finance for Tunisian MSMEs. It will also add lines of credit for loans to micro-entrepreneurs, and patient financing — that is, long term financing with a grace period — for Small and Medium Enterprises (SMEs).

The United States Treasury criticized China for "significantly" undervaluing its currency, but again refrained from labeling Beijing a currency manipulator.

Danuta Jazłowiecka

Tensions are rising in Ukraine even as assurances of international aid to stabilize the country’s battered economy have started pouring in. Despite the promise of financial help, the ongoing conflict between Ukraine and Russia has only deepened the economic slump in both countries. Investors say the economic uncertainty extends beyond Russia and Ukraine’s borders.

China's economy grew 7.4 percent in the first quarter of this year, the slowest rate in 18 months for the world's second biggest economy.

"Made-in" labelling should be made mandatory for non-food products sold on the single market, Parliament said in Tuesday’s vote on plans to tighten up product safety requirements and market surveillance rules so as to strengthen consumer protection in the EU. Parliament also wants tougher penalties for firms selling non-compliant or potentially dangerous products.

EU workers moving to a different EU country will be able to take their full pension rights with them thanks to a draft law passed by Parliament on Tuesday.

Two projects in the Gaza Strip will respond to health and environmental threats and provide long-term solutions to the treatment of sewage and solid waste. The US$13 million grants by the World Bank are focused on improving sanitation services in the Gaza Strip, a development priority in the densely populated area facing severe public health and water pollution threats.