Finance & Economics | WPN World People News

The friendship bridge

The Executive Board of the International Monetary Fund (IMF) approved a 38-month SDR 82.21 million (about US$127.6 million, or 89.4 percent of Armenia’s quota) Extended Fund Facility (EFF) arrangement with the Republic of Armenia to support the authorities’ economic program. The approval enables the disbursement of SDR 11.74 million (about US$18.2 million), while the remaining amount will be phased over the duration of the program, subject to semi-annual program reviews.

The World Bank and the Ministry of Finance of the Kyrgyz Republic have signed an agreement for the US$ 2.8 million grant from the Japan Social Development Fund (JSDF) to increase agricultural productivity through support for the expansion of the community seed fund system in the Kyrgyz Republic. The funds will be managed by the Government and the project will be supervised by the World Bank.

Real GDP is projected to grow at 6.4 percent in 2013 owing to continued strong performance in the non-oil sector. Inflation declined to 7.9 percent at year end, supported by lower food price, fiscal consolidation, and a tight monetary policy stance. The external current account surplus fell to 3.1 percent of GDP from 7.8 percent at end-2012, but reserves remained at a comfortable 5.6 months of next year’s imports, despite uncertainties about the timing of the tapering of unconventional monetary policies.

The bail-outs in eurozone countries are managed by a group of international lenders called the Troika, made up of representatives of the European Commission, European Central Bank and the International Monetary Fund. A report by the economic committee, written by Mr Karas and Mr Liêm Hoang-Ngoc, looked at the Troika's working methods and results. Meanwhile a report by the employment committee, penned by Mr Cercas, focussed on how these decisions affected employment and society.

The lead MEPs in charge for the second pillar of banking union, the single resolution mechanism, have begun preparing texts for Parliament’s April plenary vote.

The World Bank Group (WBG) launched the preparation for a new partnership strategy with Egypt, which will guide the Group’s engagement in the country for the next five years.

Consumer prices, selected areas

January 2014, percentage change on the same month of the previous year

An International Monetary Fund (IMF) mission led by Mr. Vladimir Klyuev visited Port Vila, Vanuatu, during February 23 – March 4, 2014 to discuss the economic outlook and policies with the authorities, private sector representatives, and development partners.

Unemployed textile workers in Spain’s Valenciana region could get European Globalisation Adjustment Fund (EGF) aid worth €840,000 to help them find new jobs under plans approved by Parliament's Budgets Committee on Tuesday. The aid still has to be approved by Parliament as a whole and the Council of Ministers.