Finance & Economics | WPN World People News

The Contact Group on Piracy off the Coast of Somalia (CGPCS) was established on 14 January 2009 pursuant to UN Security Council Resolution 1851 (2008) to facilitate the coordination of actions among more than 60 states and organisations to fight piracy off the coast of Somalia. Since its creation, the CGPCS through increased coordination and information sharing among states, private sector (e.g. shipping industry, insurance companies) and non-governmental organisations has contributed to a marked reduction in the number of pirate attacks and hijackings.

The World Bank’s Board of Executive Directors approved funds to strengthen the business environment in Tanzania, with actions focused on land administration reform and improved access to financial services, to spur economic growth and improve shared prosperity for the country’s population, especially for the most vulnerable. The US$60.2 million Additional Financing to Private Sector Competitiveness Project (PSCP) is financed by a credit from the World Bank’s International Development Association (IDA).

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida; Michael B. Steinbach, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office

The global economy may be entering a new phase as the year draws to a close. New data suggest some of the uncertainty that has characterized much of 2013 appears to be lifting as a new year begins, though economists are cautious. Despite steady improvement, U.S. unemployment remains high, Europe’s debt crisis is far from over, and China’s economy continues to slow.

An International Monetary Fund (IMF) mission led by Mark Horton visited Yerevan during December 9-18 to continue discussions on a possible new 38-months Extended Fund Facility (EFF) arrangement.

The Armenian parliament has ratified a controversial natural gas agreement with Russia, despite widespread protests by the opposition.

The World Bank’s Board of Executive Directors approved a EUR 5 million (US$6.8 million equivalent) Additional Financing for the Energy Efficiency Project in Montenegro.

An International Monetary Fund (IMF) mission led by Mr. Mauricio Villafuerte visited N’Djamena during December 9 - 19, 2013 to conduct consultations under Article IV of the IMF Articles of Agreement and assess performance under the Staff Monitored Program (SMP) approved last July.

The Executive Board of the International Monetary Fund (IMF) completed the second review of Cyprus’s performance under an economic program supported by a three-year, SDR 891 million (about €1 billion, or US$1.4 billion) Extended Fund Facility (EFF) arrangement.

The Executive Board of the International Monetary Fund (IMF) completed the sixth review of Senegal’s economic performance under the program supported by the Policy Support Instrument (PSI).