Finance & Economics | WPN World People News

The Executive Board of the International Monetary Fund (IMF) completed the fifth review of Kyrgyz Republic’s economic performance under the program supported by the Extended Credit Facility (ECF). The Executive Board’s decision enables the immediate disbursement of an amount equivalent to SDR 9.514 million (about US$14.6 million) to the Kyrgyz Republic, bringing total disbursements under the arrangement to SDR 57.08 million (about US$87.6 million). The Executive Board also considered the Report on the 2013 Financial System Stability Assessment (FSSA).

The World Bank approved a total of $390 million additional financing for two ongoing projects in the education sector: $265 million for Secondary Education Quality and Access Enhancement Project and $125 million for Higher Education Quality Enhancement Project. The two operations aim to support the Government of Bangladesh in sustaining its efforts to improve educational outcomes.

On November 27, 2013, the Executive Board of the International Monetary Fund (IMF) concluded the Ex-Post Evaluation of Exceptional Access under the 2009 Stand-By Arrangement (SBA), and the first Post-Program discussion with Sri Lanka.

Asian countries outperform the rest of the world in the OECD’s latest PISA survey, which evaluates the knowledge and skills of the world’s 15-year-olds.

A three-count indictment was unsealed in federal court in Brooklyn, New York, charging Redinel Dervishaj, Besnik Llakatura, and Denis Nikolla with Hobbs Act extortion conspiracy, attempted Hobbs Act extortion, and brandishing a firearm in relation to the extortion. The charges arose from the defendants’ extortion of money from a Queens County restaurant owner.

The International Monetary Fund (IMF) released preliminary results from its 2012 Coordinated Direct Investment Survey (CDIS), the Fund’s worldwide survey of bilateral direct investment positions. The survey has been conducted annually since 2009, with revised data released semiannually.

The Executive Board of the International Monetary Fund (IMF) completed the seventh and final review under Rwanda’s Policy Support Instrument (PSI) and approved a new three-year PSI. In completing the review, the Board approved the authorities’ request for a waiver for non-observance of the continuous assessment criteria related to the ceiling on contracting non-concessional borrowing (NCB).

A new World Bank report projects GDP growth in Vietnam to rise modestly to 5.5% by 2015, with macroeconomic stability largely restored. The Taking Stock, launched, also says that the medium-term macroeconomic outlook remains favorable on balance.

Ethiopia is set to reap the rewards of a new initiative to help local businesses develop and deploy climate friendly technologies that will create thousands of new green jobs. The new Climate Innovation Center (CIC) in Ethiopia was announced through the support of a US$ 5 million grant agreement, signed between the World Bank and the Addis Ababa University.