Finance & Economics | WPN World People News

The World Bank Group (WBG) has unveiled an ambitious program to help Jordan implement its long term development agenda in an uncertain and conflict prone regional environment. The Country Partnership Framework (CPF) charts a development strategy for the years 2017 through 2022 with the overarching objective of helping Jordan renew its social contract and promote economic and social inclusion.

The Ministry of Finance Wednesday signed a $30 million agreement with the World Bank aimed at continuing to finance Lao PDR’s Poverty Reduction Fund (PRF). The signing was witnessed by H.E. Mr. Somdy Douangdy, Deputy Prime Minister and Minister of Finance.

On June 29, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Russian Federation.
The Russian economy contracted by 3.7 percent in 2015 due to falling oil prices and the quasi closure of international financial markets to Russian entities.

Communities hit hard by the floods and landslides that devastated areas of Myanmar in 2015 will receive assistance for resilient road reconstruction, livelihoods support, and recovery of the agriculture sector as part of the Flood and Landslide Emergency Recovery Project (FLERP). The World Bank’s Board of Executive Directors approved US$200 million of financing for the project on 14 July.

On July 6, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Italy.

The Italian economy is recovering gradually from a deep and protracted recession. Buoyed by exceptionally accommodative monetary policy, favorable commodity prices, supportive fiscal policy, and improved confidence on the back of the authorities’ wide-ranging reform efforts, the economy grew by 0.8 percent in 2015 and continued to expand in the first quarter of 2016.

As developing countries face continuing economic headwinds, World Bank Group commitments grew to more than $61 billion in loans, grants, equity investments and guarantees supporting countries and private businesses in fiscal year 2016 (July 1, 2015 – June 30, 2016).

Organization for Economic Co-operation and Development

The World Bank’s Board of Executive Directors on 12 July approved $216.5 million in financing to support a new government project that will improve infrastructure in Indonesia’s slum areas and benefit more than 9.7 million urban poor across the country.

The International Monetary Fund (IMF) has published a Fiscal Transparency Evaluation (FTE) report for Kenya, on 12 July. The evaluation was carried out at the request of the government of Kenya by a team from the Fund’s Fiscal Affairs Department in September 2014, using information for the fiscal year 2012/13.

Members of Parliament’s Budgets and Economic and Monetary Affairs committees debated the need for a euro area budget with finance ministers Jeroen Dijsselbloem (Netherlands, also Euro Group President), Michel Sapin (France), Pier Carlo Padoan (Italy), Pierre Gramegna (Luxembourg), Peter Kažimír (Slovakia), Edward Scicluna (Malta) and Euclid Tsakalotos (Greece) on Monday evening.