Finance & Economics | WPN World People News

The International Monetary Fund (IMF) recognized the Federal Government of Somalia, headed by President Hassan Sheikh Mohamud, paving the way for the resumption of relations after a 22-year interval. The decision is consistent with broad international support and recognition of the Federal Government. Recognition of the government allows the IMF to offer Somalia technical assistance and policy advice.

It’s a bit of a surprise – but a very nice one – to be here in Dublin today, and to be able to share with you the outcome of a highly engaging discussion we had on tax evasion.

The surge in Member States’ appetite for progress and action in the fight against evasion is extremely welcome.

So what have did hear in today’s discussion?

I heard that our Member States want quick agreement on the EU Savings Directive and the mandates to negotiate stronger tax agreements with Switzerland and others.

The new World Bank Group strategy for India shifts support significantly to low-income states, where most of the poor live, and is the institution’s first country strategy to set specific goals on reducing poverty and increasing prosperity.

The U.S. Treasury Department said on Thursday it has imposed sanctions on an Iranian businessman, a Malaysian bank and a network of companies it accused of attempting to evade international sanctions on Iran through money laundering.

Although piracy episodes off the Horn of Africa have fallen in the last 12 months, a new World Bank analysis of its human and economic costs says that “Somalia cannot ‘buy’ its way out of piracy; nor can the international community rely solely on its law enforcement agencies to defeat pirates whether at sea or land.”

The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, announced Wednesday the Agency’s Board of Directors approved the creation of the Conflict-Affected and Fragile Economies Facility.

Malaysia has joined the OECD system for the Mutual Acceptance of Data (MAD) in the Assessment of Chemicals, ensuring that its non-clinical safety data related to the protection of human health and the environment will be accepted by all 40 countries adhering to MAD.