Finance & Economics | WPN World People News

World Bank Regional Vice President for the Middle East and North Africa, Inger Andersen announced a US$1.2 billion program of support for the democratic transition in Tunisia. The announcement came at the end of a three-day visit to Tunisia to consult with government officials, civil society and the private sector on how best to seize upon the momentum established by the adoption of the country’s new constitution.

The situation in Ukraine was extensively debated by MEPs during February's second plenary session in Strasbourg that took place on 24-27 February. MEPs also approved measures to reduce CO2 emissiosn from new cars and vans and ways to discourage young people from taking up smoking. In addition Czech President Miloš Zeman visited the Parliament.

Employers who owe their workers thousands of pounds for failing to pay them the correct National Minimum Wage have been named and shamed by Business Secretary Vince Cable.

Ministers, representatives from international organizations, private sector and labor union experts gathered in Saudi Arabia for a three-day event to discuss challenges and solutions related to access to the labor market, rigidity in economic structures, and enhanced social protection systems.

“Benin’s overall macroeconomic conditions were positive in 2013. According to INSAE estimates, gross domestic product (GDP) grew by 5.6 percent in 2013, largely driven by a favorable harvest and continuous improvement in the activity at the Autonomous Port of Cotonou. Delays in transporting and ginning cotton production during the 2013-2014 campaign represent a risk.

“Ghana’s economy slowed down on the back of sizable external and fiscal imbalances and energy disruptions in the first half of the year. Based on data for the first three quarters of 2013, the mission estimates growth of 5½ percent—well below the levels of recent years. On the fiscal side, revenue shortfalls, overruns in the wage bill, and rising interest costs pushed the 2013 deficit to 10.9 percent of GDP, versus a target of 9 percent.

“The DRC continued to maintain macroeconomic stability thanks essentially to the steadfast pursuit of a tight fiscal policy stance. The economy is estimated to have expanded by 8.5 percent in 2013 extending the strong growth recorded in 2012. Output of the mining sector continued to be the main driver with copper production alone exceeding 900,000 tons. At end-December 2013, annualized inflation fell to 1.1 percent, a record low and below the authorities’ medium-term objective of close to 4 percent, which is appropriate for an economy like the DRC undergoing deep structural changes.

“Performance under the government’s IMF-supported SCF program has been broadly favorable. Economic growth remains strong. With continued prudent monetary policy and benign developments in food prices in the region, inflation is expected to further moderate by mid-2014 to the medium term target of 5 percent. The current account deficit widened further in 2013, as the global prices of gold and traditional exports weakened.

The World Bank’s Board of Directors approved the Second Serbia Health Project of US$40 million and the Deposit Insurance Strengthening Project of US$200 million for Serbia. The Second Serbia Health Project aims at improving the efficiency and the quality of Serbia’s public health care system, while the Deposit Insurance Strengthening Project aims to strengthen the financial and institutional capacity of the Deposit Insurance Agency (DIA).

The EU's poorest citizens will continue to get food, basic material assistance and social welfare from the Fund for European Aid to the Most Deprived (FEAD) from 2014 to 2020, under a deal with Council endorsed by Parliament on Tuesday. MEPs succeeded in maintaining its budget of €3.5 bn. They also secured Council's agreement that the fund will be fully operational immediately.