SENDAI, JAPAN, March 16, 2015 – With developing countries the hardest hit by disasters like floods, cyclones, droughts and earthquakes, a new competitive challenge fund is being launched today to help developing countries design and implement ground-breaking solutions to overcome problems they face assessing disaster risks. The Global Facility for Disaster Reduction and Recovery (GFDRR), […]
The Executive Board of the International Monetary Fund (IMF) today approved a four-year extended arrangement under the Extended Fund Facility for Ukraine. The arrangement amounts to the equivalent of SDR 12.348 billion (about US$17.5 billion, 900 percent of quota) and was approved under the Fund’s exceptional access policy. The Board also took note of Ukraine’s […]
Benjamin M. Lawsky, Superintendent of Financial Services, announced today that Commerzbank will pay a $1.45 billion penalty, terminate individual employees who engaged in misconduct, and install an independent monitor for Banking Law violations in connection with transactions on behalf of Iran, Sudan, and a Japanese corporation that engaged in accounting fraud. The overall $1.45 billion […]
The Council granted France two extra years to bring its government deficit below 3% of GDP, the EU’s reference value for deficits. In a recommendation adopted on 10 March 2015 under the excessive deficit procedure, it called on France to correct the deficit by 2017. The Council called on France to fully implement measures already […]
WASHINGTON—Today, Administrator Maria Contreras-Sweet, the head of the U.S. Small Business Administration (SBA) and Dan Berger, President of the National Association of Federal Credit Unions (NAFCU), signed a Memorandum of Understanding (MOU) to invest in America’s future entrepreneurs and economy. “The SBA and NAFCU are formalizing a national partnership to promote small business lending. Credit […]
Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference, here, in Nicosia. I would like to thank Governor Georghadji for her kind hospitality and to express our special gratitude to her staff for the excellent organisation of today’s meeting of the Governing Council. Based on our regular […]
CHICAGO, – The Financial Solutions Lab at the Center for Financial Services Innovation (CFSI) with founding partner JPMorgan Chase & Co. today announced a $3 million competition for technology innovators working to address consumer financial challenges. This cross-sector initiative will identify technology-enabled financial solutions and provide winners with direct and indirect support to test and […]
An IMF staff team in Ghana has reached agreement with the government on a new economic reform program that would be supported by an IMF loan of about $940 million. The loan, which could receive final approval in early April, would back a program aimed at boosting economic growth and tightening fiscal discipline. Ghana would […]
My Staff has reviewed the list of measures that the Greek authorities prepared over the weekend. We think that it covers the broad topics that should be on the new Government’s agenda. In view of this, we would certainly be able to support the conclusion that the list “is sufficiently comprehensive to be a valid […]
Since my appearance before this Committee last July, the employment situation in the United States has been improving along many dimensions. The unemployment rate now stands at 5.7 percent, down from just over 6 percent last summer and from 10 percent at its peak in late 2009. The average pace of monthly job gains picked […]
