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Executive Directors of the International Monetary Fund (IMF) have noted that Luxembourg, with its open economy and large internationally-integrated financial sector, experienced a severe shock from the global financial crisis. They commended the authorities' prompt and forceful policy response, which safeguarded the financial sector. At the same time, Luxembourg's strong fiscal position provided room for fiscal policy to support the economy and protect household incomes. While the economy has stabilized and growth has resumed, the balance of risks remains on the downside. Directors encouraged the authorities to address the vulnerabilities exposed by the crisis.

As a result of details provided to the Global Forum on Transparency and Exchange of Information for Tax Purposes, Brazil and Indonesia are now ranked in the category of jurisdictions that have substantially implemented the internationally agreed tax standard.

WASHINGTON - The World Bank will continue its support to the implementation of the Growth and Poverty Reduction Strategy Framework (2007-11), while helping Mali weather the lingering effects of the food and global crisis, through a budget support credit in the amount of SDR 46.5 million (US$70.5 million equivalent), including SDR 10.3 million (US$15.5 million equivalent) from the Crisis Response Window.

WASHINGTON - The Government of Mali will benefit from a multi-donor investment of US$160 million to increase the productivity of smallholder agricultural and agribusiness producers and to increase the use of sustainable land and water management (SLWM) practices.

WASHINGTON - The World Bank's Board of Executive Directors has approved a loan of $84 million to the People's Republic of China to assist Chongqing Municipality's efforts to meet the challenges of rapid urbanization. The project aims to increase resident access to improved public services including roads, water supply, employment training, and primary health care.

WASHINGTON ― The World Bank has approved a US$ 495 million loan to Brazil, in support of the Eletrobras Distribution Rehabilitation Project. The project will increase quality of service and operational performance of six state power distribution utilities located in Brazil's poor North and Northeast regions. Approximately 3 million people in 118 municipalities, an area equivalent to Colombia and Bolivia combined, will directly benefit from improved power reliability.

This weekend, for the first time ever, hackers from around the world will gather at Microsoft's Washington, DC offices, for a marathon of forty-eight hours of hacking for humanity - to develop practical software solutions for disaster risk reduction and response.

WASHINGTON - More than 400 leading international development and technology experts have agreed to work on the application of innovative technologies to help countries throughout the world to mitigate and prepare for the catastrophic effects of disasters, saving lives and economies.

Nairobi — Kenya's economy is recovering steadily and is forecast to grow at 4.0 percent in 2010, according to a new World Bank report. It even has the potential to improve further to 4.9 percent in 2011 if no shocks occur.

BEIJING - On June 1 the World Bank's Board of Executive Directors approved a loan of $40 million to support technical and vocational training in Liaoning Province and Shandong Province in China.