Finance & Economics | WPN World People News

Ukraine should implement a series of urgent economic reforms in the near future to enable it to achieve strong economic growth and create good quality jobs in the next few years, says a new World Bank Economic Update for Ukraine. Delaying the reforms is no longer an option because macroeconomic instability and stagnating growth are beginning to take a toll on the ordinary citizens in Ukraine.

The World Bank launched the “Review of national and regional research and innovation strategies for smart specialization (RIS3) in Poland” report at the Ministry of Infrastructure and Development. The main goal of the Review is to provide insights on how to improve the current Research and Innovation Strategies (RIS3), to better guide and increase the efficiency of public support for innovation at the national and regional level.

The World Bank’s Board of Executive Directors approved a US$30 million credit from the International Development Association (IDA) for Myanmar’s Modernization of Public Finance Management Project. The Australian government (US$8.5 million) and the UK’s Department for International Development (UKAID) (US$16.5 million) will co-finance the project through a multi-donor trust fund for Myanmar.

South Asia can use public and private investment to plug the infrastructure gap.

Moldova’s economy registered a record-high 8.9 percent GDP growth in 2013, driven by a good harvest year and increased private consumption fueled by remittances and wage growth. Despite this performance the economy remains vulnerable to risks linked to a volatile external environment and challenges affecting the country’s financial sector, says new World Bank Moldova Economic Update.

The fees that banks charge for processing consumers’ payments in the EU could be capped at 0.3% of the transaction value for credit card transactions and at a maximum of seven euro cents for debit cards, under a proposal being voted on by MEPs on Thursday 3 April.

A new project will provide access to finance to Micro and Small Enterprises (MSEs) and promote sustainable private sector job creation across Egypt. The US$300 million loan approved by the World Bank’s Board of Executive Directors will open doors for women, youth and marginalized groups to start and grow MSEs utilizing innovative financing tools to expand access to credit.

World Bank Group President Jim Yong Kim announced a series of measures aimed at strengthening the World Bank Group to better meet the evolving needs of clients, including a $100 billion increase in the lending capacity of the Bank’s lending arm for middle-income countries over the next decade, new innovations in financial management, and a boost in the institution’s ability to provide private sector support.

The European Globalisation Adjustment Fund contributes to packages of tailor-made services to help redundant workers find new jobs. The annual ceiling of the fund is €150 million.

The World Bank Group’s Board of Executive Directors approved a US$90 million loan to the Republic of Belarus for an additional financing to the ongoing Water Supply and Sanitation Project. The project helps to increase access to and improve the quality of water supply and wastewater services in eight cities of the country and support the modernization of the sector.