Finance & Economics | WPN World People News

An International Monetary Fund (IMF) team led by Mr. Yongzheng Yang visited Myanmar during May 12−20 to assess macroeconomic developments and discuss economic policies with the authorities. The team met with the Governor of the Central Bank of Myanmar (CBM) U Kyaw Kyaw Maung, Deputy Governors U Set Aung, Daw Khin Saw Oo, and U Soe Min, and Permanent Secretary of Ministry of Planning and Finance U Maung Maung Win, and other senior officials. The team also held discussions with parliamentarians and private sector representatives.

We, the undersigned Multilateral Development Banks (MDBs), are committed to working together, and within our respective institutional mandates, to respond to the global forced displacement crisis and further strengthen our contributions to the development agenda, complementing ongoing humanitarian, diplomatic, security and peacekeeping efforts required to meet the needs of asylum seekers, refugees, Internally Displaced People (IDPs), as well as their countries of origin and host countries. Recognizing the critical role played by humanitarian actors in this area over the years, our commitment is to work more closely together building on our development experience.

A new World Bank report says careful and sustainable planning around emerging tourism markets could help Pacific Island countries gain as much as US$1.8 billion per year in additional revenues and create up to 128,000 additional jobs by 2040.

An International Monetary Fund (IMF) team led by Mr. Ding Ding visited Kiribati during May 9-18 to conduct the 2016 Article IV consultation discussions. The team had fruitful discussions with President Honorable Taneti Maamau, Minister for Finance Honorable Dr. Teuea Toatu, other government officials, development partners, and private sector representatives. Staff from the World Bank and the Asian Development Bank joined the meetings.

The Executive Board of the International Monetary Fund (IMF) on 20 May approved a 48-month extended arrangement under the Extended Fund Facility (EFF) with Tunisia for an amount equivalent to SDR 2.04 billion (about US$2.9 billion, or 375 percent of Tunisia’s quota) to support the country’s economic and financial reform program detailed in the authorities’ economic vision.

The President of the European Investment Bank, Werner Hoyer, has called for international humanitarian efforts tackling the refugee crisis to be reinforced by action that helps countries and communities anticipate and respond to crises in a resilient manner. EIB President Werner Hoyer was speaking ahead of the first-ever UN World Humanitarian Summit to be held in Istanbul on 23 - 24 May, gathering world leaders, civil society, multilateral development banks and other key actors in the world of development and humanitarian aid.

Gross domestic product percentage change on the previous quarter, seasonally adjusted data.
Note: Growth rate presented in this chart are based on data with more than one decimal.

The World Bank Group on May 21 launched the Pandemic Emergency Financing Facility (PEF), an innovative, fast-disbursing global financing mechanism designed to protect the world against deadly pandemics, which will create the first-ever insurance market for pandemic risk. Japan, which holds the G7 Presidency, committed the first $50 million in funding toward the new initiative.

On May 16, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Algeria, and considered and endorsed the staff appraisal without a meeting.

The economic outlook has deteriorated since the 2014 Article IV consultation, with the fall in oil prices increasing the urgency to reshape Algeria’s growth model.

The World Bank’s Board of Executive Directors discussed on 19 May (Thursday ) the 2016-2017 Country Engagement Note (CEN) for Cambodia and approved financing for four projects to provide many communities across Cambodia with better roads, sustainable sources of water, improved livelihoods from agriculture, and increased access to health care.