Finance & Economics | WPN World People News

On March 14, 2016, the Executive Board of the International Monetary Fund (IMF) approved a SDR 709.259 million (about US$989.8 million, or 131 percent of Kenya’s quota) 24-month Stand-By Arrangement (SBA). The first review of the SBA was completed on January 25, 2017. On March 12, 2018, the Executive Board of the International Monetary Fund approved the Kenyan authorities’ request for a 6-month extension of the SBA to September 14, 2018 to allow additional time to complete the outstanding reviews.

On August 1, 2018 the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Hungary, and considered and endorsed the staff appraisal without a meeting.

The Chartered Institute of Taxation (CIOT) has welcomed Scottish Government plans to consider the introduction of a new relief from Land and Buildings Transaction Tax (LBTT) for investors such as pension funds and insurance companies that invest in Scottish property.

Reiterating its commitment to promoting competitive cities through improved infrastructure, urban integration and environmental protection, the World Bank approved the initial funds for building the Bogota metro, which will promote mobility, urban development and access to public transportation in the city.

The World Bank Board of Executive Directors, on August 1, approved a loan to the Republic of Croatia for the Integrated Land Administration System Project (ILAS) in the amount of EUR 19.7 million (US$ 24.07 million equivalent). This provides additional funding to an ongoing, well performing project lead by the Ministry of Justice (MoJ) and the State Geodetic Administration (SGA).

The World Bank responded to strong demand from countries in the Middle East and North Africa Region (MENA) for development finance, global expertise and innovation during the financial year that ended on June 30th, 2018. In addition to US$6.3 billion in new financial commitments during the past financial year, the Bank also delivered a wide range of analytical products to help MENA countries transform their economies, and lay the foundations for inclusive growth and job creation.

On July 20, 2018, the Executive Board of the International Monetary Fund (IMF) discussed a staff evaluation of the Fund’s facilities for low-income countries (LICs).

The World Bank, on August 1, announced the 15-month debarment of China-based Jiangsu Zhidehuatong Information Technology Co., Ltd. (TRACHTECH) in connection with fraudulent practices as part of the Hubei Xiangyang Urban Transport Project in China.

On August 1, the European Commission has published the latest figures on EU imports of soybeans, showing an increase of 283% in imports of soybeans from the U.S., bringing the EU's total share of imports of U.S. soybeans to 37%, up from 9% one year ago.