Finance & Economics | WPN World People News

The Executive Board of the International Monetary Fund (IMF) today completed the sixth and seventh reviews of Ghana’s performance under the program supported by the Extended Credit facility (ECF). In completing the reviews, the Executive Board approved waivers for nonobservance of three performance criteria: the net change in domestic arrears for end-December 2011, the fiscal balance target for end-March 2012, and the floor on net international reserves for end-March 2012.

The World Bank’s Board of Executive Directors today approved the Eastern Electricity Highway Project, which will connect Ethiopia’s electrical grid with Kenya’s, create power- sharing between the two countries, reduce energy costs, promote sustainable and renewable power generation, better protect the region’s environment, and pave the way for more dynamic regional cooperation between the countries of East Africa. The new project marks the first phase of a regional East Africa power integration program which is likely to cost US$1.3 billion at completion, eventually benefiting 212 million people living in five countries with a combined GDP of US$107 billion.

The World Bank’s Board has approved an International Development Association (IDA)* credit of US$95 million for the Nigeria Polio Eradication Support Project, which will help the country to achieve and sustain at least 80% polio immunization across all states, supporting the eventual eradication of the disease from Nigeria.

Around 350,000 newly unemployed people signed up for financial assistance last week in the United States, which is one reason that the jobless rate remains stuck at a relatively high 8.2 percent.

Rights groups want officials of the International Monetary Fund to demand an independent audit of Angola’s finances. They say an estimated $41 billion in oil revenues has been unaccounted for in the country during the years 2007 and 2011.

An unemployed youth.

Markets were up slightly Tuesday, after European Union finance ministers threw a lifeline to troubled Spanish banks by agreeing to the terms of a bailout. The ministers are back in Brussels later this month to finalize the deal.

The Executive Board of the International Monetary Fund (IMF) today completed the fourth review of Tanzania’s performance under the Policy Support Instrument (PSI) and approved a precautionary 18-month arrangement under the Standby Credit Facility (SCF) for SDR 149.175 million (about US$224.9 million).

Christine Lagarde, Managing Director of the International Monetary Fund (IMF) today said that the continuing global economic crisis needs a stronger cooperative policy response. In this regard, she paid tribute to Japan’s deep support for international cooperation.

When the Philippines committed to loan $1 billion to the International Monetary Fund last month for money aimed at bailing out debt-ridden nations in Europe, the country had another thing to brag about to help boost its image as an emerging player on the financial world stage. While the loan remains controversial in a country battling poverty, it also marked a milestone for an economy that has been steadily strengthening in recent years.