Costa Rica
Moody’s upgraded Costa Rica’s rating to Ba3 from B1, maintaining a positive outlook. This upgrade reflects Costa Rica’s stronger fiscal management and improved debt affordability,
September 19, 2024
Moody’s upgraded Costa Rica’s rating to Ba3 from B1, maintaining a positive outlook. This upgrade reflects Costa Rica’s stronger fiscal management and improved debt affordability,
Brazilian markets experienced a rally following the central bank’s decision to increase interest rates by 25 bps, coming just after the Fed rate cut. Despite
Bolivia recorded a fiscal deficit equivalent to 11% of GDP in 2023, amounting to USD 4.9 bln, the highest under President Arce’s administration. The deficit,
Argentina’s economy shrank by 1.7% in Q2 2024, marking the third consecutive quarter of contraction as the country deepens into recession. The efforts to achieve
Tunisia, one of President Kais Saied’s electoral opponents was sentenced to 20 months in prison, an action his campaign criticizes as politically motivated. This comes
South Africa’s central bank lowered its benchmark interest rate by 25 bps to 8%, marking its first rate cut in four years. The cut was
Kenya’s Treasury Secretary highlighted concerns at the Nairobi Securities Exchange about the government’s domestic borrowing crowding out private sector lending. The government acknowledges the need
Turkey plans to host separate discussions with Somalia and Ethiopia to mitigate tensions exacerbated by Ethiopia’s maritime agreement with Somaliland, which grants it sea access;
Angola’s central bank has held its borrowing rate steady at 19.5%, noting a peak in inflation, which slightly decreased to 30.5% in August from 31.1%.
Following the Fed’s surprising 50-basis-point cut, BancTrust & Co. suggests this could enhance the attractiveness of international capital markets for African nations like Nigeria and
Serbia signed a strategic energy partnership agreement with the US aiming to boost Serbia’s energy security and further transition to clean energy. The agreement was
Fitch upgraded Mongolia’s rating to B+ with a stable outlook. The outlook comes on the back of a reduction in the country’s public and external
Ukraine’s central bank held its interest rate at 13% as persistent uncertainties on the outlook and rising risks to the medium-term macro/inflation outlook continue to
Sri Lanka reached a preliminary agreement with bondholders to restructure USD 12.6 bln in debt, which includes a 27% haircut on existing bonds. The arrangement
Following the Fed’s initiation of policy easing, Asian currencies have strengthened. The Indonesian rupiah and South Korean won led the gains, while the Malaysian ringgit
Crude oil prices increased to around USD 70.6/barrel, driven by ongoing supply concerns following Hurricane Francine’s impact on US Gulf of Mexico production and noticeable
The World Bank intends to provide up to USD 3 bln in loans and grants to Bangladesh this fiscal year to aid in critical reforms,
India’s trade deficit widened to USD 29.65 bln in August due to a decline in exports by 9.3% to USD 34.71 bln and an increase
Indonesia marked its 52nd consecutive month of trade surplus in August, registering USD 2.90 bln, slightly below the USD 3.12 bln from the same month
MUFG revised Vietnam’s 2024 economic growth forecast downward to 5.8% from 6.1%, mainly due to the impact of Typhoon Yagi. However, a rebound to 6.8%
Discussions among some of Ukraine’s allies about potential endpoints for the conflict with Russia have sparked concerns among other Western nations. These talks suggest a
Azerbaijani President Aliyev emphasized during a phone conversation with US Secretary of State Antony Blinken that amending the Armenian constitution and dissolving the OSCE Minsk
The President of Georgia called on the opposition parties to unite against the ruling Georgian Dream party in the upcoming parliamentary elections. Concurrently, the foreign
The IFC provided EUR 100 mln to Morocco’s OCP Group to support the construction of a 219-kilometer water pipeline. This pipeline will transport desalinated water
Morocco’s state budget deficit decreased slightly by 3.6% YoY to MAD 40.2 bln (USD 4.06 bln) in the first eight months of 2024, compared to
Mozambique’s public debt-to-GDP ratio has decreased to 76% since 2016 but remains above the 60% sustainability threshold recommended for low-income countries. The government report highlighted
Deutsche Bank arranged financing of EUR 227 mln for Senegal’s Salvi Lighting deal, effective from July 2023. That financial package includes EUR 220 mln covered
Fitch noted that reducing load-shedding in South Africa could ease negative impacts on the country’s economic growth. Historically, power cuts have lowered GDP growth by
Honduras experienced a 3.4% YoY growth in economic activity in July, improving from a revised 1.9% in June. The nation’s international reserves increased to USD
Jamaica experienced a sharp increase in consumer prices by 2.4% MoM in August, primarily due to a 4.3% rise in food prices following Hurricane Beryl.