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Kenya received a sovereign rating upgrade as S&P lifted its long-term credit rating to B from B-, citing reduced near-term external liquidity risks, strong exports, and robust remittances. The government projects 2025 growth at 5.6%, above finance ministry (5.3%) and central bank (5.2%) forecasts, and an improvement from 4.7% in 2024.
DR Congo’s central bank, under Governor Andre Wameso, forecast inflation will decline to ca. 8% by year-end from 24% in 2023, nearing the 7% target. Wameso said the current real interest rate of 17% is excessively high and constrains franc-denominated financing. The bank may cut rates in October for the first time since raising the policy rate to 25% in 2023. Plans under review include allowing individuals to invest in government securities and issuing long-term local-currency debt to establish a yield curve.
Nigeria approved its 2024–2027 medium-term debt strategy, raising the public debt ceiling to 60% of GDP by 2027 from 52.3% at end-2024, The Cable reported. The plan, supported by the World Bank and IMF, shifts borrowing toward longer-term naira instruments. It also introduces a 4.5% cap on interest-to-GDP, up from 3.75% in 2024, while sovereign guarantees remain capped below 5% of GDP.
South Africa’s Airports Company (ACSA) announced plans to spend 21.7 bln rand on infrastructure in the next 12 months, funding half via capital reserves and the rest through debt instruments. CFO Luzuko Mbotya said 2.3 bln rand has been allocated for refurbishment and rehabilitation projects this fiscal year.
Uganda recorded a July 2025 budget deficit of UGX 1.46 tln, below the UGX 1.66 tln projection, according to finance ministry data. Revenues and grants totaled UGX 2.54 tln, 3% above target, supported by UGX 168 bln in World Bank funding, despite VAT and petroleum tax shortfalls. Spending was 4% under budget due to implementation delays, affecting wages, goods, and local government transfers.
Bolivia’s natural gas production continued its multi-year decline, falling 17% YoY in H1 2025 to 5.1 bcm. Exports dropped sharply from 9 mln tons in 2020 to 4.8 mln in 2024, with just 1.8 mln tons shipped in Jan-Jun 2025. Analysts warned Bolivia may soon need to import gas to meet domestic demand.
Nepal’s lawmakers strongly criticized the recent India-China agreement to reopen trade routes through the Lipulekh pass, saying the deal was concluded without Kathmandu’s consent. Parliamentarians from both ruling and opposition parties denounced the agreement as undermining sovereignty, with The Kathmandu Post reporting that concerns center on the pass connecting Uttarakhand with Tibet.
Sri Lanka recorded USD 9.99 bln in total export earnings between January and July 2025, up 7.8% YoY, according to central bank and customs data. Merchandise exports contributed USD 7.8 bln, rising 7.2% from a year earlier. Authorities attributed the strong performance to diversification efforts, supportive policies, and competitiveness gains across key sectors.
Armenia’s consumer inflation reached 3.4% yoy in July, down from 3.9% the previous month. The central bank noted that inflationary pressures remain driven by supply-side factors.
Nepal sent diplomatic notes to both India and China on Aug. 21 objecting to their recent trade agreement that used Nepalese territory in Lipulekh without consent. Kathmandu reminded New Delhi the issue should be resolved via established mechanisms and stressed to Beijing that Lipulekh is Nepal’s sovereign territory, rejecting any deals made without approval.
S&P Global Ratings revised Kazakhstan’s outlook from stable to positive while affirming its ‘BBB-‘ rating, citing fiscal reforms, low external debt, and strong reserves. The agency noted that economic diversification and governance reforms are gradually reducing oil dependence and strengthening institutions.
The Serbian government will introduce measures to curb inflation, including capping retail margins on essentials, lowering loan rates, and expanding subsidies. The move comes amid ongoing student protests demanding early elections, with local media speculating a general and presidential vote could be held by year-end.
UAE President Sheikh Mohamed bin Zayed visited Angola and met President João Lourenco to discuss expanding bilateral ties. Lourenco emphasized the importance of the visit for strengthening cooperation across development priorities.
Egypt’s policy outlook drew mixed views as Fitch Solutions forecast the central bank’s key rate falling to 21% by end-2025, then to 11.25% in 2026 before stabilizing at 8.25% from 2028 to 2034, near pre-crisis levels. A Reuters poll, however, pointed to a 100 bps cut to 23% on Aug. 28, following two earlier cuts this year totaling 325 bps. Annual inflation slowed to 13.9% in July from 14.9% in June, easing pressure after years of tightening.
Ghana’s economy grew 5.7% in 2024 and 5.3% YoY in Q1 2025, according to the World Bank’s 9th Economic Update. The report cited progress on debt restructuring, lower inflation, and reserve accumulation, but warned that fiscal imbalances undermined earlier stabilization efforts. GDP growth is expected to moderate to 3.9% in 2025 due to tighter domestic demand, persistent inflation, and high interest rates, before returning toward 5% in the medium term.
Guinea recorded a trade deficit of 1.2 tln francs in July, reversing a 2.26 tln surplus in June, according to official data. Exports rose to 12.2 tln francs, driven by bauxite, which accounted for 58% of shipments mainly to China and India. Imports climbed to 14 tln francs from 8.4 tln the prior month.
Kenya received a sovereign rating upgrade as S&P lifted its long-term credit rating to B from B-, citing reduced near-term external liquidity risks, strong exports, and robust remittances. The government projects 2025 growth at 5.6%, above finance ministry (5.3%) and central bank (5.2%) forecasts, and an improvement from 4.7% in 2024.
Paraguay retained its Baa3 rating with stable outlook from Moody’s, confirming its investment-grade standing. The agency highlighted GDP growth of 5.9% in Q1 2025, up from 3.6% a year earlier, driven by resilient consumption and investment. Gross fixed capital formation rose 12.7%, marking six consecutive quarters of expansion, underscoring domestic demand strength.
Rwanda’s central bank lifted the policy rate by 25 bps to 6.75% for the next three months, describing it as appropriate to keep inflation within the 2%-8% target. Governor Soraya Hakuziyaremye also confirmed that Rwanda added gold to its reserves in July, noting the investment was performing well with global gold prices between USD 106,000 and 108,000 per kilo.
Senegal came under pressure from civil groups and opposition lawmakers calling for an audit of USD 7 bln in previously undisclosed debt accumulated under former president Macky Sall. Critics argue the debt, never ratified by parliament, should be canceled if deemed illegitimate. The government has already announced spending cuts and new revenue measures to address fiscal gaps, while IMF officials are in Dakar investigating the debt misreporting.
Argentina’s monthly activity index (EMAE) dropped 0.7% m/m in June, extending May’s decline, leaving activity 1.3% below February’s peak before FX controls were lifted. YoY growth remained strong at 6.4%, supported by financial services (+28.7% YoY), commerce (+11.5%) and manufacturing (+7.8%). In 1H25, growth averaged 6.2% YoY, though sequential weakness reflects tight monetary policy, falling real wages and political uncertainty, with activity likely to remain subdued through July and August.
Paraguay’s central bank held its benchmark rate steady at 6%, citing expectations that inflation will remain within the 1.5%-5.5% target band. Inflation accelerated to 4.3% in July, driven by food, restaurant and tourism prices, but expectations remain anchored. The bank has kept rates unchanged since early 2024, aiming for 3.5% inflation over its 18-24 month horizon.
Bangladesh and Pakistan agreed to strengthen long-strained ties, including efforts to expand trade, though Dhaka reiterated its unresolved demand for an apology over atrocities committed during the 1971 war of independence. Bangladesh’s foreign affairs adviser stressed that while reconciliation steps were taken, the apology issue remains unsettled.
Japan is considering announcing a 10 tln yen (USD 68 bln) private investment target in India over the next decade, updating its earlier 5 tln yen plan from 2022, according to Kyodo News. The announcement is expected during Prime Minister Modi’s visit to Japan later this month, as New Delhi faces heightened trade tensions with the US following Washington’s decision to impose a 50% duty on Indian exports.
Laos cut its base rate by 0.5 pp in mid-August to ease financial pressures on households and businesses, according to the Bank of Laos. Inflation averaged 10.2% between January and July, with July’s figure down sharply to 5.3% from 8.3% in May. The kip depreciated modestly against the USD and Thai baht, while the gap between commercial bank and market exchange rates widened. Authorities said the move is aimed at supporting growth and financial stability amid both domestic and external challenges.
Vietnam set an ambitious growth target of 10% annually and per capita income of USD 8,500 by 2030, according to a Finance Ministry report. Achieving this requires significant surges in public and private investment as well as FDI, alongside productivity gains, with total factor productivity needing to contribute over 50% to growth. Risks cited include excessive public spending crowding out the private sector, weak household consumption, a fiscal deficit averaging 5% of GDP, and inflation pressures potentially above the 4-4.5% target. Energy supply was also flagged as critical, with power demand expected to rise up to 1.6 times faster than GDP growth.
Georgia’s unemployment rose to 14.3% in Q2 2025, up 0.6 percentage points from last year, driven mainly by falling women’s employment.
Iran was hit with fresh US sanctions targeting networks accused of facilitating oil sales. The State Department designated two Chinese terminal operators for importing “millions of barrels” of Iranian crude, while the Treasury sanctioned Greek national Antonios Margaritis and associated firms and vessels for allegedly aiding petroleum exports that fund Iran’s weapons programs.
Nigeria’s FX reserves climbed to USD 41 bln by Aug. 19, the highest since December 2021, according to central bank data. Reserves gained momentum in early August when levels first crossed USD 40 bln, advancing by an average of USD 81 mln per day since then. The build-up reflects stronger FX inflows relative to outflows, sustaining steady external accretion.
Angola’s oil output fell below 1 mln barrels per day in July, reaching 998,757 bpd, its lowest since March 2023, according to official petroleum agency data. Oil Minister Diamantino Pedro Azevedo called reversing the decline the government’s “biggest challenge,” with revenues pressured as crude trades under the USD 70 benchmark in the 2025 budget.
