The issue has drawn attention because it comes after the IMF said an audit by Senegal’s Court of Auditors found “significant underreporting” of fiscal deficits and public debt between 2019 and 2023.

According to the IMF, the average fiscal deficit over that period was revised upward by 5.6 percentage points of GDP, while central government debt at the end of 2023 was revised from 74.4% to 99.7% of GDP. The Fund said the revision reflected previously undisclosed liabilities, including hidden loans equal to 25.3 percentage points of GDP. 

Those findings became central to Senegal’s discussions with the IMF after its earlier $1.8 billion programme was derailed. 

What is established on the public record is therefore twofold: Senegal’s debt and deficit figures for 2019-2023 were officially revised after an audit, and fresh questions have since arisen over the disclosure of newer financing operations. 

What has not been officially established in the same way is that the more recent €650 million transactions are identical in nature to the historical hidden liabilities identified by the audit. 

Senegal fits a broader African pattern

Senegal’s case fits into a broader African pattern in which debt distress has been worsened not only by the scale of borrowing, but by weak disclosure, delayed reporting, off-balance-sheet obligations and borrowing through state-owned entities. Across these cases, the central issue has often been whether official debt records fully captured the state’s true obligations at the time they were incurred.

Mozambique: the clearest hidden debt scandal

Mozambique remains the clearest documented example of hidden sovereign borrowing in Africa. The World Bank says the crisis erupted in 2016 after the discovery of previously undisclosed debts linked to three state-owned companies. Those companies contracted more than $2 billion in debt in 2013 and 2014, backed by government guarantees issued without parliamentary approval. The Bank said about $1.3 billion of that debt remained undisclosed until 2016. 

The consequences in Mozambique were severe and immediate. Donor confidence collapsed, external support was suspended, and the country entered a fiscal and debt crisis that became one of the continent’s most prominent debt scandals. Later legal proceedings reinforced the scale of the case. In 2024, London High Court rulings and legal summaries said Mozambique was entitled to about $825 million from Emirati-Lebanese multinational shipbuilding group Privinvest and related parties, plus an indemnity for future liabilities estimated at about $1.5 billion in litigation tied to the $2 billion borrowing scheme. 

Republic of Congo: oil-backed debt and incomplete reporting

A joint World Bank-IMF debt sustainability analysis said Congo had weaknesses in public debt management and claims reporting, highlighted by the disclosure in June 2017 of oil-backed loans contracted between 2014 and 2015. 

The analysis said the debt stock included oil-backed debt contracted by the state oil company Société Nationale des Pétroles du Congo (SNPC) and guaranteed by the central government. It also said some liabilities, including debt from other state-owned enterprises and non-guaranteed SNPC debt, were not included because information was limited. 

Congo’s case showed how borrowing routed through a state-owned oil company and backed by future oil revenues could complicate the visibility of public obligations. IMF and World Bank documents linked those reporting weaknesses to the country’s debt distress and restructuring challenges. 

Zambia: incomplete disclosure of creditor exposure

In 2021, Reuters, citing research by the China Africa Research Initiative, reported that Zambia’s debt to Chinese public and private lenders was about $6.6 billion, nearly double the amount previously disclosed by the former government. 

The same reporting said Chinese banks and funds had disbursed $7.77 billion in loans to Zambia and its state-owned enterprises from 2000 to August 2021, of which at least $1.2 billion had been repaid. The researchers said this did not change Zambia’s total debt load, but showed that the previous authorities had not been transparent about the heavy weight of Chinese financiers among external creditors. 

That distinction matters because not all transparency failures take the form of secret loans missing entirely from headline debt statistics. In Zambia, the issue was also the composition of the debt, the role of state-owned enterprises, and the scale of exposure to one creditor group, all of which became more important once the country entered default and restructuring talks required a clearer picture of the debt stock.

Debt transparency concerns are widening

The wider context is that international institutions have warned that public debt is becoming harder to track as governments use more complex financing arrangements. 

The World Bank said in its 2025 Radical Debt Transparency report that while the share of low-income countries publishing some debt data has risen from below 60% in 2020 to above 75%, only 25% disclose loan-level information on newly contracted debt. 

They also said that complex financing arrangements have complicated debt reporting, indicating that the issue is not only whether debt data is published, but also how much detail is made public.

Singapore will provide grants totalling Special Drawing Rights (SDR) 25.48 million, equivalent to about $34.7 million, to two IMF facilities focused on poverty reduction and debt relief.

The largest share — SDR 21 million, or about US$28.6 million — will go to the IMF’s Poverty Reduction and Growth Trust (PRGT), which offers concessional loans to low-income countries facing fiscal stress and balance-of-payments problems.

A further SDR 4.48 million, equivalent to around $6.1 million, will be directed to the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries (PRG-HIPC Trust) to support the IMF’s debt relief efforts for Sudan.

MAS said Singapore’s contribution to the PRGT will be drawn from its Official Foreign Reserves, while the Sudan-related grant will come from Singapore’s existing resources held in IMF accounts and will not affect reserve levels.

The move follows a 2021 IMF allocation of SDR 650 billion to boost global liquidity during the pandemic. Singapore received SDR 3.73 billion from that allocation, despite not requiring the additional reserves, and is now redirecting part of its share to countries in greater need.

MAS said the contributions reflect Singapore’s interest, as a small and highly open economy , in supporting global financial stability and collective action through the IMF. The amounts are aligned with Singapore’s quota share at the Fund.

Beyond grants, Singapore will also channel SDR 746 million — about US$1.01 billion — to the IMF’s Resilience and Sustainability Trust in the form of a loan, supporting longer-term financing for vulnerable countries facing challenges such as climate change and pandemic preparedness.

MAS said the combined measures underscore Singapore’s support for multilateral efforts to stabilise fragile economies, at a time when debt pressures and external shocks continue to weigh heavily on the world’s poorest countries.

Such a downturn could spill into the economy if falling markets cause consumers and businesses to cut back on spending, he said.

The IMF estimates that increased investment in AI and technology added about 0.3 percentage points to average annual US economic growth in the first three quarters of 2025. This helped offset the economic impact of a lengthy US government shutdown later in the year.

Gourinchas noted a growing gap between the US, where AI investment is surging, and other advanced economies. The IMF now expects US growth of 2.4 percent this year, while growth in the euro area is forecast at 1.3 percent, with Japan expected to grow more slowly.

China and India are also seeing relatively strong growth compared with other emerging markets, the IMF said, with most of the recent upward revision in global growth driven by the US and China.

In return, Ghana committed to tough reforms, including spending restraint, debt restructuring and tighter fiscal controls, measures that helped slow inflation and calm currency markets but also raised concerns about social costs and policy constraints. 

In his New Year address on January 1, 2026, President Mahama said those reforms are now bearing fruit. Inflation has eased sharply from its 2024 highs, the cedi has stabilised, and debt renegotiations with creditors have been completed on what he described as “sovereignty-protecting” terms.

“We are beginning the process of exiting the IMF programme with dignity, not as supplicants, but as partners,” he said, arguing that Ghana no longer needs to rely on emergency external support to manage its finances.

Government officials say improved revenue collection, tighter budget discipline and renewed business confidence have strengthened the foundations for growth in sectors such as agriculture, manufacturing and construction.

What ‘exit with dignity’ really means

Leaving the IMF does not mean Ghana will cut ties with the institution. Instead, it is a desire to move away from programme conditionalities while maintaining credibility with lenders and investors.

For the government, “dignity” means exiting from a position of relative stability rather than crisis, with inflation under control, debts restructured and fiscal buffers slowly rebuilding.

A total of 68 African nationals have been repatriated from Ghana’s Ashanti Region to their respective countries following court rulings over criminal activities, including involvement in the Q-Net scam and prostitution. Ashanti Regional Minister Dr Frank Amoakohene announced in a Facebook post on December 18, 2025, that those deported included 42 Nigerians, 13 Cameroonians, seven Beninese, three Ivorians, and three Burkinabe nationals. He said the repatriations were carried out in line with due process and commended the Ghana Immigration Service for its professionalism, diligence, and collaboration with the courts and other security agencies in enforcing immigration laws and maintaining public safety.

Ghana to receive additional $385m from IMF programme

Ghana is set to receive an additional $385 million under its Extended Credit Facility programme after the Executive Board of the International Monetary Fund completed the fifth review of the arrangement. The disbursement brings total IMF support under the 39-month, $3 billion programme approved in May 2023 to about $2.8 billion. In a statement issued from Washington, DC, the IMF said Ghana’s performance under the programme had been generally satisfactory, with all quantitative targets for the review met. The Fund noted that economic growth through September 2025 exceeded expectations, inflation had declined into the Bank of Ghana’s target range, and the external sector strengthened due to robust gold and cocoa exports. While acknowledging progress in financial sector reforms and debt restructuring, the IMF cautioned that vulnerabilities persist in state-owned banks and called for stronger governance and supervision.

Youth unemployment flagged as national security concern

New data from the Ghana Statistical Service show that about 1.3 million young people aged 15 to 24 were not in employment, education, or training in the third quarter of 2025, representing 21.5 per cent of that age group. Reacting to the figures on a local radio channel, Citi FM, on December 18, Youth Development and Employment Minister George Opare Addo described the situation as alarming and warned that rising youth unemployment poses a serious national security threat. He said the John Mahama-led administration would intensify efforts to reduce unemployment and re-engage young people in productive economic activities as part of broader measures to safeguard national stability.

Ghana deploys troops abroad amid regional and international crises

Ghana has deployed military personnel to Jamaica and Benin in moves that signal an expansion of its South-South cooperation and regional security role. At a send-off parade in Accra on December 17, President John Mahama said the 14 Engineer Brigade deployed to Jamaica would focus on reconstruction rather than combat following the devastation caused by Hurricane Melissa, which killed more than 45 people and displaced hundreds of thousands. Ghana is also contributing about 100 personnel to the ECOWAS Standby Force in Benin after an attempted coup earlier in December. While authorities in Benin say the situation is under control, Ghanaian troops remain part of efforts to safeguard constitutional order, even as the deployments have sparked domestic debate over costs, priorities, and executive authority.

Ghana signs WTO law advisory accession protocol in Geneva

Ghana has signed the accession protocol to the Advisory Centre on WTO Law, gaining access to specialised legal support for trade disputes. The agreement was signed on December 18, 2025, in Geneva by Ghana’s Ambassador to the WTO, Emmanuel Asiedu Antwi, making Ghana one of 39 developing countries eligible for discounted legal services and training under the centre. The Advisory Centre provides confidential legal advice, representation in dispute settlement proceedings, and capacity-building programmes. While officials say the move will strengthen Ghana’s ability to defend its trade interests, the signing comes amid longstanding concerns about the country’s regulatory capacity and compliance with WTO notification obligations, highlighted during its most recent Trade Policy Review.

Egypt

With SDR 6.73 billion still outstanding, Egypt is by far Africa’s largest debtor to the IMF and one of the biggest globally. Egypt is currently under a 46-month Extended Fund Facility (EFF), complemented by an arrangement under the Resilience and Sustainability Facility (RSF), approved in March 2025. The program supports a far-reaching adjustment that includes currency flexibility, subsidy reforms and fiscal consolidation.

IMF staff project that Egypt’s obligations to the Fund will gradually decline over the life of the program, but for now the country remains heavily exposed. In the November snapshot alone, Cairo repaid more than SDR 164 million, trimming but not transforming its outstanding stock. 

Côte d’Ivoire

Côte d’Ivoire is the second-largest African borrower, with SDR 3.08 billion in IMF credit outstanding as of 12 November. Abidjan is covered by twin arrangements under the Extended Fund Facility and Extended Credit Facility, plus an RSF program aimed at climate and resilience spending. In June 2025 the IMF Board completed the fourth review of these programs and the third RSF review.

Kenya

In third place, Kenya has SDR 2.96 billion outstanding. Since 2021, Nairobi has been under a blended EFF/ECF program supplemented by an RSF arrangement, aimed at stabilising debt, raising revenue and creating space for social and climate spending. The IMF Board concluded the seventh and eighth reviews in October 2024, approving further disbursements.

In 2025, Kenya and the IMF opted not to proceed with a planned ninth review; the government has instead requested a new lending arrangement , seeking to roll over about US$800 million in undrawn funds while grappling with high debt-service costs and public anger over tax hikes.

Angola

Angola, fourth on the list with SDR 2.66 billion in IMF credit. An oil-dependent economy is still living with the legacy of earlier shocks. The country has no recent repayment history yet. Between 2018 and 2021, Luanda undertook an EFF-backed program that pushed through heavy fiscal consolidation, a value-added tax, exchange-rate liberalisation, partial debt reprofiling and steps toward inflation targeting.

Ghana

Ghana, fifth on the list, owes SDR 2.58 billion, equivalent to roughly US$3.5 billion at current SDR rates.  Accra is in the middle of a US$3 billion, three-year Extended Credit Facility approved in May 2023, designed to pull the country out of its worst economic crisis in decades. The IMF completed a third program review in late 2024, allowing a further disbursement of SDR 269.1 million (about US$360 million), while insisting on continued fiscal tightening, restructuring of domestic and external debt, and reforms in areas such as tax administration and state-owned enterprises.  

By mid-2025, Ghana’s parliament had also approved a US$2.8 billion debt relief deal with official bilateral creditors, pushing out payments due between 2022 and 2026 to the 2039–2043 period and helping keep the IMF program on track.

Cuts to the caste or for the people?

After decades of Peronist rule, Milei was promising an abrupt change away from statist ideology to a small-state model where, in his view, private enterprise and the invisible hand of the market would solve society’s problems.

Milei promised these cuts would fall squarely upon the state—in his telling, a bloated and corrupt institution of elites he dubs la casta , or “the caste”—while everyday working people would be spared. However, the reality has been quite different. The first half of 2024 was marked by a brutal inflationary spiral and recession, as Argentina’s economy absorbed the changes. Inflation peaked at 289 % in April 2024. Poverty was estimated at between 55 and 57 %—the latter a 20-year high —and the increases to child welfare weren’t enough to stop poverty from reaching seven in 10 Argentine children . Pensions have also been allowed to liquefy. Older adults protest every Wednesday outside Congress and are routinely met with police brutality. The situation has improved since that initial turbulent period. Inflation trended steadily downwards to 37 % in July, the most recent data available. Poverty was down to 38 % by the second half of 2024. And Argentina has run a fiscal surplus for the first time in 16 years.                                                                                                                                                   

Decelerating inflation rates and fiscal stability, however, take a toll on the welfare regime, which seems to suffer under these short-term gains. Social safety policies, which usually compensate for unemployment or poverty, crumble under the austerity measures, leading to a widening gap in access to participation in society and consequently causing further social division. This is reflected in recent data of the Transformation Index BTI 2026, where the scores for Socio economic barriers and Social safety nets each dropped from 6 to 5 out of 10 possible points, while the Equal opportunity score fell from 7 to 6 points.  

The IMF and currency controls

For the first year and a half of Milei’s presidency, business leaders and investors had one question on their lips: When would the government lift currency controls? This web of restrictions on how Argentines could use the US dollar gave rise to a flotilla of exchange rates and caused a major headache for anyone doing business. In April 2025, they got their answer. In a lengthy announcement, Economy Minister Luis Caputo and Central Bank President Santiago Bausili explained that Argentina would unwind the controls, the peso would float freely between wide bands, and the government would not intervene in the exchange market unless it passed the upper or lower limit. In the immediate aftermath, the World Bank and the IMF both announced financial injections to support Argentina’s economic reform program.

In October 2025, half of the deputies and a third of senators will be renewed in the national mid-term elections. Milei has a tiny minority in Congress and depends on support from friendly opposition. A process which has recently involved vetoing anything he deems spendy, since it’s harder to achieve the two-thirds majorities needed to overturn a presidential veto than the absolute majorities needed to pass laws in the first place. He hopes to strengthen his hand in these elections, allowing him to govern with greater ease. Corruption scandals and early-warning signs. However, much of his electoral appeal depends on a stable economy—and therefore, a stable dollar. The government has been loath to buy dollars to nourish its reserves for fear of pushing the price up, but this means its foreign reserves are still running on fumes.

This has proved a devil’s bargain: exporters do not want to sell because of the disadvantageous exchange rate, while Argentines, empowered by the lack of currency controls and the super peso, a currency which has significantly appreciated against the dollar as the reference currency, are bleeding the country’s coffers by holidaying abroad. After a period of restive market sessions, the government announced that it would intervene directly in the foreign exchange market.

But the development that could yet prove lethal lies closer to home. In late August, leaked audio said that senior officials, including Milei’s sister, Karina, who serves in the specially-created role of secretary general of the presidency, had been charging bribes in exchange for contracts with the state disability agency. The news broke at a time when Milei was fighting Congress tooth and nail to block a bill increasing funding for people with disabilities, arguing that there was no money for it. For the first time since he took office, Congress overturned his veto.

The corruption scandal soon made itself felt at the polls. On September 7, voters in Buenos Aires Province—Argentina’s largest electoral district, with almost 40% of the voter roll—went to the ballot boxes in local elections where the opposition coasted a victory over Milei with 47 % and a 13-point lead.

What happens in the Buenos Aires outskirts, traditionally a Peronist stronghold, can’t be generalised to the rest of the country. But one thing remains clear for Milei’s reform agenda: a voyage that looked like plain sailing back in April could run into storm clouds on the horizon.

* DISCLAIMER: The final reports underscoring the numerical figures referring to the BTI 2026 mentioned above will be published in early 2026.

The opinions and thoughts expressed in this article reflect only the author's views.

Amy Booth is a journalist in Buenos Aires who covers politics, human rights and global development in Latin America

South Sudan is staging a comeback, with its oil sector fuelling recovery. Guinea is booming, powered by rich deposits of bauxite and iron ore and a surge in energy projects.

In Ethiopia, growth remains strong, driven by construction, agriculture, and energy expansion.

Rwanda continues to attract attention through its vibrant tech start-up ecosystem and thriving tourism industry, while Uganda is positioning itself for an economic boost from new oil production and robust coffee exports.

The IMF attributes these successes to smart policy reforms and improved debt management, which are enabling these economies to stay steady even as global demand weakens.

According to the data , this includes China, Russia, the United States, Brazil, and Indonesia, nations that together make up nearly half of the world’s population. Meanwhile, countries like Nigeria, Ethiopia, Pakistan, Bangladesh, and India have also seen steady declines, though their rates remain above replacement for now.

In 2000, Ethiopia averaged over seven births per woman. By 2023, that number had dropped to around 4.5. Nigeria went from 6.8 to 4.5, while India, long associated with a booming population, has fallen from 4.8 to just above 2.1. China’s fertility rate, once near three births per woman, now hovers around 1.0, among the lowest in the world.

The decline isn’t limited to one region or culture. It’s tied to rising education levels, urbanisation, and the growing economic cost of raising children. Women’s increasing participation in the workforce, delayed marriage, and wider access to contraception are also key factors.

The International Monetary Fund (IMF) recently described this global fertility drop as “unprecedented in human history,” warning that it will reshape labour markets, pension systems, and migration flows. Similarly, The Lancet published research predicting that plummeting birth rates will “transform the global economy and the balance of power.”

But beyond the numbers lies a human story. Many couples today are choosing or feeling forced to have fewer or no children. A UN report found that the main reason is not biological infertility, but the financial and social pressures of modern life. Rising living costs, unstable jobs, and a lack of childcare make parenthood feel out of reach for millions.

Countries once worried about overpopulation are now struggling with the opposite problem. China, for instance, has begun offering cash incentives and tax breaks to encourage births after its population fell for the second consecutive year. Vietnam recently ended its long-standing two-child policy as its fertility rate slid below 2.

In the United States , the birth rate is at its lowest in more than a century. The Centres for Disease Control and Prevention (CDC) reported that American women had an average of 1.6 children in 2023, far below replacement. Brazil shows a similar pattern, and Russia continues to lose population despite government incentives.

The International Monetary Fund (IMF) classifies economies mainly as advanced or emerging, or developing based on income, industrialisation, and integration into the global financial system.

Meanwhile, the United Nations (UN) tracks the world’s Least Developed Countries (LDCs), nations facing the toughest structural barriers to growth. According to the UN’s 2024 list, 44 countries currently fall into this category, most of them in Africa and Asia.

LDC status depends on three main criteria: low income per capita, weak human capital (education, health, nutrition), and high vulnerability to external shocks such as conflict, climate disasters, or market fluctuations.

While many middle-income and developing nations have made progress in poverty reduction, the gap between rich and poor countries remains significant.

The map reflects this divide clearly. Developed nations, concentrated in North America, Western Europe, East Asia, and Oceania, enjoy strong institutions, diversified economies, and advanced industries.

Developing countries, stretching across Latin America, Asia, and parts of Africa, are experiencing rapid but uneven growth. Least developed countries, mostly in sub-Saharan Africa and parts of South Asia, continue to struggle with fragile economies and dependence on commodity exports.

These classifications are not merely academic. They shape access to international aid, trade privileges, and debt relief. LDCs, for instance, qualify for special trade preferences under the World Trade Organisation’s “Everything But Arms” initiative and receive concessional loans from global institutions.

But the boundaries between categories are shifting. The IMF’s 2025 World Economic Outlook highlights that several developing nations, including Vietnam, India, and Kenya, are seeing sustained growth and digital transformation that could accelerate their graduation from lower-income status.

Still, global inequality remains stubborn. The G20, meeting in October 2025, reaffirmed that developing nations’ debt burdens remain one of the biggest threats to stability, urging wealthier economies to maintain relief and restructuring programs.

Despite these challenges, there are signs of progress. Several LDCs are on track to graduate from the UN’s list in the next decade, including Angola and Bangladesh, after years of steady economic growth and investment in education.

Seme warned that any government seen to be relying on opaque conditional loans would face relentless protests. “We are not ready as a population to support another regime that will go back, banking on hopes of being given money by the IMF under unclear conditions … We are not with you, protests will always be here,” he added.

Salim Mghanga, a local resident, accused successive administrations of borrowing and then siphoning funds offshore. “They borrow money from these institutions, then they steal it, take it back to London and Switzerland, leaving the people wallowing in poverty,” he said.

Fadhili Owino, another Nairobi resident, described international lenders as “business-oriented” and argued their programmes ignore the livelihoods of ordinary people. “IMF & World Bank don’t understand the reality of the situation in Kenya… They only give out loans because they are business-oriented,” he said, adding calls for greater self-reliance. “Africa is the richest continent in the world, yet it is the poorest in the world… We should exploit our mineral resources for the benefit of our people.”

Kenyan President William Ruto told the UN General Assembly on Wednesday that Africa’s absence from permanent membership of the Security Council is “unacceptable, unfair, and grossly unjust.” He called for reforms granting Africa at least two permanent seats with veto power and two additional non-permanent seats. Ruto noted that Africa dominates much of the Council’s agenda, contributes significant peacekeeping forces, and bears the greatest costs of instability, yet remains the only continent without permanent representation.

Ex-UN official extradited to US

Kenya has extradited Bile Jean Philippe Assemian, a former United Nations employee, to the United States to face charges in an international firearms trafficking case linked to West Africa. Assemian, an Ivorian national who previously worked with the UN Support Office in Somalia (UNSOS), was handed over to US authorities on Thursday and flown to Cleveland, Ohio, for a federal court appearance. Kenya’s Office of the Director of Public Prosecutions confirmed the extradition in a statement on X, sharing images of Assemian boarding a flight under police escort while using crutches.

Traffic ring busted by Kenya Police

Kenyan police have broken up a trafficking network accused of recruiting citizens to fight for Russia in the war in Ukraine. Authorities said a raid in Nairobi uncovered recruitment materials, forged travel documents, and fake job offers used to lure victims. The operation highlights how criminal networks exploit vulnerable youth and reflects the growing use of foreign nationals in Russia’s military campaign.

Kenya pushes for US trade deal

Kenyan President William Ruto said on Wednesday, September 24, that his country expects to conclude a trade agreement with the United States by the end of the year and will press Washington to extend the African Growth and Opportunity Act (AGOA) for at least five years. Speaking on the sidelines of the UN General Assembly in New York, Ruto said AGOA, which grants duty-free access to U.S. markets for eligible African countries, is set to expire this month and remains critical to addressing trade deficits and strengthening U.S.-Africa ties. He is scheduled to meet U.S. Secretary of State Marco Rubio to advance discussions on both the bilateral trade deal and the renewal of AGOA.

IMF to visit Kenya

The International Monetary Fund (IMF) will send a mission to Kenya from September 25 to October 9 to discuss a possible new programme with lending provisions, the Fund announced on Wednesday. Kenya’s previous $3.6 billion IMF arrangement expired in April, and officials, including Central Bank Governor Kamau Thugge, have expressed interest in a fresh deal. IMF mission chief Haimanot Teferra confirmed that talks will begin “in the coming days.” News of the planned discussions lifted Kenya’s dollar bonds, with the 2048 maturity rising 0.7 cents to 89.88 cents on the dollar, according to Tradeweb data. Analysts say a new IMF programme is critical for Kenya to manage external debt repayments.

This visualisation is as much about global inequality as it is about crypto adoption. In North America, Western Europe, and parts of Asia, where incomes are highest, the cost of one Bitcoin is roughly equivalent to one to three years of earnings.

In contrast, across large parts of Sub-Saharan Africa, South Asia, and parts of Latin America , the same purchase would require more than 13 years of income, and in some countries, over 40 years.

The data underscores how dramatically access to digital assets varies depending on where one lives. The IMF’s April 2025 report shows that while global growth is expected to edge up to 3.3%, many emerging markets are still struggling with high inflation and slow income growth.

The World Bank’s 2024 classification confirms that more than 70 countries remain in the low- or lower-middle-income bracket, where annual earnings are a fraction of those in the U.S. or Europe.

And while Bitcoin remains a borderless asset, its price, hovering near record highs, does not scale to incomes equally.

TradingView data highlights that Bitcoin’s rally since early 2024 has been driven by institutional inflows, ETF approvals, and a new wave of speculative trading. For workers in low-income nations, this means Bitcoin is effectively receding further from reach, making full coin ownership an aspiration rather than a realistic investment.

This divide has wider implications for the global economy. Wealthier nations not only enjoy easier access to Bitcoin but also benefit from more robust financial infrastructure, lower transaction fees, and regulated exchanges.

Meanwhile, populations in poorer nations face higher volatility risks and are more likely to engage through informal peer-to-peer markets, which can be costly and expose them to scams.

The result is a two-tier crypto world: one in which Bitcoin acts as an asset class and portfolio diversifier for wealthier investors, and another where it remains largely symbolic for those locked out by income disparities.

Amidst modest global growth, the IMF forecasts that several developing economies are poised for significant expansion in 2025, with India, Argentina, and Indonesia leading the pack.

According to the IMF, India is projected to post the highest GDP growth rate among Global South nations, at 6.2%.

This performance cements India’s position as a global economic powerhouse, driven by strong domestic demand, digital transformation, and public investment in infrastructure and manufacturing.

Coming in second is Argentina, with a 5.5% growth rate, marking a dramatic turnaround from recent years of economic turmoil. Economic stabilisation efforts, structural reforms, and export recovery, particularly in agriculture and energy are contributing factors.

Indonesia rounds out the top three with 4.7% growth, driven by industrial development, consumer spending, and a resilient export sector.

Other key projections include:

The 2025 IMF report underscores a broader global context of moderate recovery, with world output growth expected to hover around 3.2%, largely unchanged from 2024. However, this average masks wide regional disparities.

Despite positive signals from emerging markets, the IMF cautions that rising tariffs, weak multilateral cooperation, and elevated policy uncertainty continue to dampen overall economic dynamism.

Global trade remains sluggish, and geopolitical tensions, particularly in Europe and parts of Asia, are casting long shadows over investment flows.

The Ministry of Justice has drafted sweeping amendments to Ethiopia’s Civil Society Organisations (CSO) Proclamation, sparking alarm among rights advocates. The proposal would grant the Ethiopian Authority for Civil Society Organisations (ACSO) new powers to suspend organisations on mere suspicion of “a serious legal violation” or when it “believes irreparable harm will occur if the organisation is not suspended,” Addis Standard reports. Belayihun Yirga, State Minister for Government Legal and Justice Service Sector, said Proclamation No. 1113/2011 was among the laws “significantly reformed,” and the changes are based on “extensive studies.” Addis Getnet, Director General of Legal Research, Drafting, Revision, and Codification, stated, “The draft amendment has been prepared in a way that reduces challenges encountered during implementation in recent years and incorporates new rights to further strengthen the sector.”  

PM Abiy reaffirms peaceful pursuit of sea access with Eritrea

Prime Minister Abiy Ahmed reiterated Ethiopia’s commitment to securing sea access “peacefully,” while rejecting the notion of imminent conflict with Eritrea. “Ethiopia does not have existence without its neighbours, and its neighbours do not have existence without Ethiopia,” he said, adding, “Our desire is to sow good seeds. We want access to the sea based on the principle of mutual benefit, not by force.” Addressing concerns over potential war, Abiy emphasised, “To those who raise the spectre of war with Eritrea, it should be known that we do not desire any conflict on our part; they should also do the same.” He stressed that “in the past seven years, we have not had a single conflict with neighbouring countries,” even as Eritrea accused Ethiopia of “provocative sabre-rattling,” Addis Standard reports.

Debt relief deal under G20 framework

Ethiopia has signed a Memorandum of Understanding with its Official Creditor Committee, unlocking over USD 3.5 billion in debt relief. Eyob Tekalign, State Minister of Finance, stated, “Ethiopia remains confident that the collaborative and pragmatic spirit that has prevailed so far will help expedite the process of finalising bilateral agreements.” He added, “We continue to engage in good faith with all other external creditors, including bondholders, to secure restructuring terms that align with our debt relief needs and the principle of comparability of treatment,” Capital Ethiopia quotes.

Ethiopia investing in nuclear science for peaceful purposes

Deputy Prime Minister Temesgen Tiruneh announced Ethiopia’s commitment to using nuclear science for peaceful purposes, especially in healthcare. “We are bringing life-saving technologies closer to our communities and strengthening regulatory systems to ensure the safe use of radiation,” he said at the Rays of Hope Forum 2025. “Through these efforts, we aim to save lives and promote public health,” he added. Temesgen also highlighted broader achievements: “Our Health Extension Program has trained tens of thousands of community health workers, extending healthcare access to every corner of the country.”

IMF approves Ethiopia review, unlocking $262m

The IMF executive board has approved the third review of Ethiopia’s $3.4 billion loan program, releasing $262 million to support economic reforms. “The authorities have made strong progress in implementing their economic reform agenda in the first year of their Fund-supported programme. Growth has been resilient, and inflation has fallen,” the IMF said . The review follows Ethiopia’s recent debt restructuring agreement, which aims to provide $2.5 billion in debt service relief during the program period through 2028.

The findings underscore the urgent need for policy interventions to bridge the digital divide.

The IMF's AI Preparedness Index (AIPI) evaluates 174 countries based on four critical dimensions: digital infrastructure, human capital and labour market policies, innovation and economic integration, and regulation and ethics. Each dimension is scored on a scale from 0 to 1, with higher values indicating greater preparedness.

Wealthier nations, particularly advanced economies, are at the forefront of AI readiness. Countries like Singapore, the United States , and Denmark have achieved top scores, reflecting robust digital infrastructures, skilled workforces, and comprehensive regulatory frameworks.

On the contrary, many emerging markets and low-income countries (LICs) like Mali, Senegal and Sierra Leone face challenges in AI preparedness.

These nations often lack the necessary digital infrastructure and skilled labour force to effectively adopt AI technologies, potentially exacerbating existing economic inequalities.

Implications for the global economy

The uneven readiness for AI adoption could have profound implications for the global economy. Advanced economies are poised to reap significant productivity gains, while countries with lower preparedness may struggle to keep pace, leading to widened income disparities.

To mitigate these disparities, the IMF recommends targeted investments in digital infrastructure and education to build a digitally competent workforce. Additionally, developing robust regulatory frameworks can help ensure ethical and effective AI integration.

“The World Bank is engaged in this process (Structured Dialogue) to fully re-engage in Zimbabwe and provide the government with the necessary concessional financing to help accelerate growth and poverty reduction,” said Fernandes.

Adding that, “However, we would like to reinforce that sufficient progress under each of the three pillars of the Structured Dialogue Platform for arrears clearance and debt restructuring is critical to realise this.”

The three pillars include, economic growth and stability reforms, governance and land tenure reforms, compensation of former farm owners and resolution of Bilateral Investment Promotion and Protection Agreements (BIPPAs), Herald Online reports.

Fernandes called on Zimbabwe’s senior leadership to maintain commitment to these pillars, saying, “We press on Zimbabwe’s senior leadership to continue and reinforce their commitment to each of the three pillars, to ensure their prompt success.”

Finance Minister Mthuli Ncube said Zimbabwe is preparing for an IMF mission expected next week and hopes to initiate an SMP by July. “We are looking for sponsors who can give us US$2.5 billion bridge finance,” he added.

Fernandes acknowledged the costs of reforms, warning that they “are not without short-term sacrifices,” including spending cuts and tax hikes, which “are often borne disproportionately by the poor.” She noted the development of the National Social Registry (ZISO) as a positive step to help target social assistance to vulnerable populations.

However, the IMF expects growth to rebound to 4.2% in 2026, driven by stronger investment and improving global conditions.

The updated outlook comes as part of the IMF’s global economic update , which reflects weaker-than-expected international trade dynamics, including new U.S. tariffs and an increasingly uncertain geopolitical environment.

Despite the overall slowdown, several countries in the region are expected to remain strong performers. Senegal, Ethiopia , and Côte d’Ivoire are forecast to post the highest growth rates in sub-Saharan Africa this year, underpinned by infrastructure investment, services expansion, and relatively stable political environments.

Meanwhile, Africa’s oil-exporting nations are expected to grow slower, averaging 2.7%, as global oil demand shows signs of softening. Nigeria, the region’s largest oil producer, is projected to grow by 3%, though this marks a 0.2 percentage point downward revision from previous forecasts due to falling oil prices and demand concerns.

Equatorial Guinea is likely to face the steepest contraction, with its economy expected to shrink by 4.2% this year, reflecting structural weaknesses and declining hydrocarbon output.

In  South Africa , the continent’s most industrialised economy, growth remains subdued at 1%, held back by persistent power shortages, policy uncertainty, and weak private investment.

The IMF warned that political instability and conflict remain “pronounced” risks to the region’s economic outlook. Rising food and energy prices, in particular, continue to weigh heavily on vulnerable economies with limited fiscal flexibility.

“Rising food and energy prices have had a severe impact on vulnerable nations with limited fiscal space,” Semafor quotes.

The IMF further urged policymakers in the region to prioritise fiscal discipline, investment in human capital, and governance reforms to build resilience in the face of global shocks.

A significant dust storm rolled through Chihuahua, northern Mexico, on April 19, resulting in health concerns and road closures across at least a dozen municipalities. Fortunately, no casualties were reported, according to AP .

Mexican officials to attend Pope Francis's funeral

Following the death of Pope Francis, Mexican Interior Minister Rosa Icela Rodríguez is set to represent Mexico at his funeral in Rome on April 26. President Claudia Sheinbaum praised the late pontiff's legacy of love and humanism, with no agreement reached with the U.S. on trade conditions, as reported by Mexico News Daily .

Arbitration filed over expropriated hydrogen plant

Air Liquide, a French industrial corporation, has initiated investment arbitration against Mexico regarding the expropriated hydrogen plant at an oil refinery. According to CDR News , the arbitration was lodged on 7 April under the Mexico-France bilateral investment treaty. 

Shocking discoveries at cartel ranch in Mexico

The discovery of a ranch allegedly used by drug cartels for training recruits has sent shockwaves through Mexico. Family members of missing individuals reported finding bones and makeshift cremation ovens, NPR reports.

IMF projects economic contraction for Mexico in 2025

The IMF forecasts that Mexico will be the only major economy to contract in 2025, adjusting its growth expectations to a 0.3% decline, influenced by the U.S. tariffs under President Trump's protectionist agenda. Mexico News Daily reports that President Claudia Sheinbaum disagreed with this assessment, asserting confidence in Mexico's own economic models.

Speaking on Global South Conversations with Ismail Akwei, Sachs said Africa could grow by 7% or 8% every year for the next 40 years if the right actions are taken. He said Africa’s slow progress is partly because of poor advice and fear of taking bigger steps.

"The IMF advice is don't borrow, don't invest so much, don't overdo it, stay out of trouble. But that just prolongs poverty," he said.

According to him, what Africa really needs is a bolder plan focused on investing heavily in education, infrastructure , and businesses.

Professor Sachs also pointed out that Africa must not keep relying only on its old partners, who were often colonial powers.

Instead, he said Africa should build strong partnerships with countries like China and India.

"It means Africa having a truly multilateral, multi-polar strategy in the world ," he said.

He stressed that investment in schools is key, calling for every child on the continent to complete at least secondary education, citing Ghana’s free education program started by President Nana Akufo-Addo.

He also said Africa must build more roads, railways, fibre networks, and renewable energy systems, noting that China could be a good partner for this work because of its strength in building infrastructure.

Professor Sachs further highlighted that young African entrepreneurs are a big hope for the future. He praised the new generation of startups and technology businesses but added that they need strong support to succeed.

According to him, the time for cautious, slow strategies is over if Africa wants to achieve real, lasting development.

According to IMF, one of the starkest contrasts in global employment is the disparity in unemployment rates among G20 nations. South Africa holds the highest unemployment rate, with nearly 50% of its youth population struggling to find work.

Deep-rooted inequality and limited access to formal labor markets fuel this crisis, making economic mobility difficult for many. In contrast, Japan has the lowest unemployment rate, but this comes with its challenges. An aging population and strict immigration policies have contributed to severe labor shortages, raising concerns about long-term workforce sustainability.

Income inequality remains a growing concern, with disposable incomes declining across most G20 economies. Inflation has led to a significant erosion of living standards, making it unlikely for many workers to recover financially in the short term.

According to the ILO, 1 million additional workers fell into extreme poverty in 2024, earning less than US$2.15 per day in Purchasing Power Parity (PPP) terms. An estimated 8.4 million more workers entered moderate poverty, earning less than US$3.65 per day per person in PPP terms. This decline in income security reflects broader economic pressures that disproportionately affect lower-income households.

The rise of informal work further complicates labor market stability. An estimated 58% of the global workforce remains in informal employment, meaning they lack job security, social protections, and stable incomes. While informal jobs provide livelihoods for millions, they often pay less and offer fewer benefits, exacerbating income inequality.

The reliance on informal work also contributes to sluggish productivity growth. The ILO notes that investment in low-productivity sectors, skills shortages, and digital monopolies have slowed productivity gains worldwide, hampering economic development.

Despite these challenges, opportunities for reform exist. Policymakers and businesses must focus on equitable labor policies, expanding access to quality education and job training, and fostering fair wages to ensure sustainable economic progress.

As employment landscapes shift, global economies must adapt by prioritizing inclusive workforce strategies, balancing innovation with social protection, and providing recovery efforts reach all workers.

Angola’s Gross Domestic Product (GDP) grew by 3.8% in 2024, driven by a recovery in the oil sector, according to the International Monetary Fund (IMF). However, the IMF warns that budget consolidation efforts have weakened due to rising capital expenditures and slow fuel subsidies reforms. Inflation remains high, and the currency depreciated over 10% against the US dollar in 2024, Angola Noticias reports. While the debt-to-GDP ratio declined, high external debt service continues to pressure the economy. The IMF projects 3% growth in 2025 but cautions about ongoing risks. "Growth is expected to remain at 3% in 2025, while inflation is expected to decrease with the disappearance of cost factors," estimates the IMF.

Angola among Africa’s 'less free' nations  

Freedom House’s "Freedom in the World 2025" report ranks Angola among Africa’s least free nations, scoring 28 out of 100. The report cites systematic repression of political dissent, despite some anti-corruption efforts under President João Lourenço. According to the study, "Angola has been governed by the same party since independence, and the authorities have systematically repressed political dissidence. Since the election of President João Lourenço in 2017, the government has taken measures to repress endemic corruption and eased restrictions on the press and civil society, but serious challenges persist in terms of governance and human rights," Angola24horas reports. Equatorial Guinea scored lower, ranking among the continent’s worst, while Cape Verde and São Tomé and Príncipe were the most democratic Lusophone African countries.

Angolan president cancels Timor-Leste visit  

The Angolan President João Lourenço has postponed his visit to Timor-Leste due to responsibilities as the African Union (AU) chair. Lourenço’s mediation of the conflict in the Democratic Republic of Congo, according to the presidency, remains a priority. "Unfortunately, the President of Angola has postponed the trip because Angola has assumed the presidency of the African Union, a great responsibility and a great honour," José Ramos-Horta told journalists. Ramos-Horta emphasised Timor-Leste’s understanding of the situation, noting that the president's planned visits to Australia and Indonesia are also now unlikely due to his AU commitments, Novo Journal reports.

Over 3,000 killed in road accidents in 2024  

Angola recorded 3,120 road accident deaths in 2024, up from 2,915 in 2023, despite a decline in overall accidents from 13,597 to 12,303. Injuries slightly decreased to 16,282. Luanda had the highest toll, with 2,650 accidents causing 954 deaths, Novo Journal reports. Major causes include speeding, drunk driving, poor road conditions, and mobile phone use while driving. Motorcycle riders, especially moto-taxi operators, were involved in a significant number of accidents.

Missionary's wife charged with murder  

Jackie Shroyer, wife of slain American missionary Beau Shroyer, has been formally charged with murder. Shroyer was stabbed in Huila Province in October 2023. The Criminal Investigation Service (SIC) claims Jackie orchestrated the crime with hired help. The couple arrived in Angola in 2021 for missionary work with SIM, a religious organisation. According to Angola Noticias , their children remain in the care of close family, while Jackie awaits trial, expected within six months.

China tops Asia's economic charts, with Japan and India following closely. Together, these three nations command a substantial 66.2% share of the continent’s economy. South Korea and Indonesia round out the top five, while the leading eight economies collectively account for 82% of Asia's total economic output. Conversely, Timor-Leste represents the smallest economy in the region.

Vietnam's GDP growth rate was projected to exceed 7% by the end of 2024, with an ambitious target of 8% GDP growth in 2025. This growth positions Vietnam among the top 15 largest economies in Asia. However, the country's Inflationary pressures are forecasted to be around 3.5%.

The outfit also forecasts that the ongoing trade tensions between major economies like the USA, Canada, the UK and Mexico may impact Asia's export-driven economies.

Asia's biggest economies are expected to drive growth in 2025, with emerging economies like Vietnam and Indonesia playing increasingly important roles.

During a podcast conversation with Joe Rogan, Meta CEO Mark Zuckerberg recounted a near-death sentence he faced in Pakistan due to legal claims asserting that Facebook had hosted blasphemous material, specifically a depiction of Prophet Mohammed, as reported by News18 . He said, “There are laws in different countries that we disagree with. For example, there was a point at which someone was trying to get me sentenced to death in Pakistan because someone on Facebook had a picture where they had a drawing of Prophet Mohammed, and someone said, ‘That’s blasphemy in our culture.’ They sued me and opened this criminal proceeding. I don’t know exactly where it went because I’m just not planning to go to Pakistan, so I was not that worried about it," he continued.

IMF praised Pakistan's economic reforms: Finance minister

Pakistan's Federal Finance Minister Muhammad Aurangzeb revealed that the International Monetary Fund (IMF) has acknowledged Pakistan's economic reforms and its journey towards macroeconomic stability. Sharing insights from his interaction with IMF Managing Director Kristalina Georgieva during a conference in Karachi, he pointed out advancements in taxation, energy, and the management of state-owned enterprises. Dunya News reported that he attributed these improvements to sound policymaking. Furthermore, Aurangzeb underscored the critical nature of addressing climate change, advocating for a policy framework enabling government facilitation while encouraging active participation from stakeholders, especially in the insurance sector, to promote sustainable economic development amidst financial hurdles.

Pakistan resumes US soybean imports after two-year hiatus

Pakistan has resumed imports of US soybeans after a two-year suspension, with an estimated 265,000 tonnes expected to arrive shortly. This development holds significant implications for the poultry sector, as it ensures a steady supply of high-quality feed. According to Profit , Zain Mahmood, Chairman of the All-Pakistan Solvent Extractors Association, indicated that this move will enhance feed conversion ratios and profitability for poultry farmers, while also reducing dependence on imports and bolstering domestic production capabilities. Experts predict that the re-establishment of these imports will stabilise feed costs and promote the growth and sustainability of the poultry industry.

Pakistan's policy on terrorism, foreign occupation remains unchanged

Pakistan's Ministry of Foreign Affairs has reiterated its stance on terrorism and foreign occupation amidst media misrepresentation. During a briefing at the UN Security Council according to The News , the country highlighted the urgency of addressing the underlying causes of terrorism, namely poverty and foreign occupation, with a particular focus on Palestine and Jammu and Kashmir. Pakistan, in collaboration with the Organisation of Islamic Cooperation (OIC), supports a holistic counterterrorism strategy that encompasses conflict resolution and draws a clear distinction between acts of terrorism and legitimate struggles for self-determination, in alignment with UN Resolution 60/288 concerning the Global Counterterrorism Strategy.

Anita Karim, Pakistan’s first female Mixed Martial Arts fighter

On a different note, Anita Karim has emerged as Pakistan's pioneering female mixed martial arts (MMA) athlete. Her groundbreaking journey serves as a testament to the increasing representation of women in sports that have traditionally been male-dominated in Pakistan. Karim's successes continue to motivate and empower young female athletes to pursue their aspirations in martial arts, AAJ News reports.

India has implemented a strict food safety protocol, rejecting imports from various countries due to concerns over quality and safety. The Food Safety and Standards Authority of India (FSSAI) has exposed instances of substandard products, notably mouldy areca nuts from Sri Lanka and heavy metal contamination in Chinese sushi. The FSSAI utilises its Food Import Rejection Alert (FIRA) portal to affirm its dedication to public health by rapidly communicating details of rejected food items, derived from a robust three-tier verification process ensuring compliance with safety standards, reports Ada Derana .

Debt swap terms

The Steering Committee of the Ad Hoc Group representing Sri Lanka's bondholders has shown a favourable disposition towards the country’s debt restructuring terms concerning approximately $12.55 billion in sovereign bonds. The committee incorporates major asset management entities like BlackRock and Morgan Stanley, advocating for a collaborative approach with the Local Consortium of Sri Lanka. According to Ada Derana , since the 2022 default, the Ad Hoc has worked with Sri Lankan authorities to establish restructuring agreements aligned with an IMF-supported programme, which introduces innovative financial instruments like Macro-Linked Bonds and Governance-Linked Bonds.

Adani Group scandal probe

An investigation has been launched by Sri Lanka's government regarding the Adani Group's wind power project worth $442 million amidst bribery allegations against its founder. Under the auspices of President Anura Kumara Dissanayake's administration, the review of this infrastructure project is indicative of a broader initiative to combat corruption and recover misappropriated assets. The Adani Group has refuted the allegations, branding them as unfounded, as reported by My News .

$14.2 billion debt restructuring agreement

In a move to solidify its financial standing, Sri Lanka has ratified a $14.2 billion debt restructuring agreement that was initiated by the previous government, aimed at achieving the debt sustainability necessary for compliance with the IMF. Following a provisional agreement with the IMF for a further tranche of its ongoing bailout, this restructuring will see the exchange of new bonds for existing liabilities. The current administration is keen on continuing these frameworks, anticipating further negotiations with other nations to ensure sustainable debt by year-end, according to Business Standard . Presently, Sri Lanka's external debt totals $37 billion, with substantial portions owed to international creditors.

Entrepreneurship rate low

The National Enterprise Development Authority (NEDA) revealed that only 3 percent of Sri Lanka’s working population is involved in entrepreneurship. NEDA Director Dhanuka Liyanagamage described this figure as “pathetic” compared to regional peers and emphasised the need to promote entrepreneurship more widely. He noted that parents and universities in Sri Lanka rarely encourage entrepreneurship, focusing instead on job opportunities. Despite this, Liyanagamage acknowledged progress since the 2022 crisis in recognising the importance of entrepreneurs for national development. He stressed the need to increase the entrepreneurship rate to at least 10 percent within the next 3-5 years and highlighted bureaucratic red tape as a major obstacle that the new administration must address, as reported by Killer Startups .

Senegal is set to recommit to a €2.5 billion ($2.67 billion) Just Energy Transition Partnership to reduce fossil fuel reliance. This follows a government change after the March elections, which created uncertainty around the deal initially proposed by former President Macky Sall. New President Bassirou Diomaye Faye and his appointed Prime Minister Ousmane Sonko are expected to support the initiative if they secure a parliamentary majority in the upcoming elections on November 17. The investment plan, currently in advanced drafting stages, is scheduled for completion in December and will outline how Senegal plans to increase renewable energy in its mix. According to Rigzone , funding is anticipated to come from France, Germany, the EU, the UK, and Canada over five years, echoing similar programmes established with countries like South Africa, Indonesia, and Vietnam to support the transition to greener energy sources.

Sonko calls for vengeance after election campaign clashes

Senegalese Prime Minister Ousmane Sonko called for vengeance on Tuesday, November 12 citing attacks on his Pastef party supporters by opposition members during the parliamentary election campaign. He reported clashes in Dakar, Saint-Louis, and Koungheul, blaming supporters of Dakar mayor Barthelemy Dias, leader of a rival coalition. "Let every aggression suffered by Pastef on their part since the start of the campaign, let every patriot they have attacked and injured be proportionally avenged," Sonko wrote in a Facebook post as reported by Barron's .

35 billion CFA agreement to establish defence industry in Mbacké

On November 8, 2024, Senegal signed a 35 billion CFA franc (approximately $56 million) agreement with the Senegal Military Vehicle Industry (ISEVEM) to establish a defence industry in Mbacké. The initiative aims to boost industrialisation, enhance national security, and promote sustainable development, positioning Senegal as a regional player in the defence sector while creating jobs. Key officials, including the Minister of Armed Forces and the South Korean ambassador, attended the signing ceremony. The project will establish a military vehicle assembly plant capable of producing approximately 1,000 vehicles annually, reducing dependence on military imports and strengthening national sovereignty. It is part of Senegal's “Senegal 2050” vision, which seeks to create industrial zones and support local SMEs through subcontracting opportunities, reports Sene News .

Senegal to wait at least until June for IMF loan resolution

Senegal will have to wait until at least June for a resolution regarding its $1.9 billion lending programme with the International Monetary Fund (IMF). This delay follows an audit revealing larger-than-previously reported debt and deficit figures. The IMF will not consider Senegal's request for a new programme until the audit findings are certified by the court of auditors in mid-December and reviewed by the IMF executive board, a process expected to take six months. Senegal's fiscal situation is deteriorating, with public debt averaging 76.3% of GDP and a budget deficit exceeding 10%. The current government, led by President Bassirou Diomaye Faye, has called for snap elections to secure a legislative majority for necessary economic reforms, according to Strait Times .

Investigation launched into the death of former Senegalese finance minister

An investigation has been launched into the death of Mamadou Moustapha Ba, former Senegalese Minister of Finance and Budget, who recently died in France. The Prosecutor of the High Court of Dakar initiated the inquiry following information suggesting suspicious circumstances surrounding his passing. According to Sene News , an autopsy has been ordered to identify potential medical or accidental causes linked to his sudden death. Ba was well-regarded for his contributions to Senegal's economy and his loss has deeply affected the nation. Authorities aim to clarify the events leading to his death, highlighting their commitment to transparency and legal protocols.

Dissolving the legislature, Dissanayake is now hoping for a favourable shift that would enable his government to implement reforms aimed at stabilising the island’s struggling economy.

Dissanayake’s economic vision includes pursuing austerity measures initially introduced by his right-wing predecessor Ranil Wickremesinghe, which has stirred mixed opinions among Sri Lankans. "I think the president's party, the NPP, will emerge victorious," said Imran Furkan, an analyst from Australia-based geopolitical risk firm Tresync. He believes Dissanayake will have the opportunity to implement his reform plans, despite the potential unpopularity of some economic measures.

The upcoming election is seen as critical by various sectors, particularly tourism and business. Anura Lokuhetty, the former president of The Hotels Association of Sri Lanka (THASL), expressed hope for a stable political climate. “As a businessman in the leisure sector… tourism plays a very vital role in Sri Lanka's economy. Therefore, a peaceful environment that is conducive to carrying out any business is what we anticipate from the election,” he told AFP.

The outcome of this election will determine the legislative backing for Dissanayake's economic reform agenda and set the course for Sri Lanka's recovery amidst significant financial challenges.

Somali Finance Minister Bihi Egeh and US Ambassador Richard Riley formalised the debt relief agreement in Mogadishu. Egeh shared the news on X (formerly Twitter), stating, “The American government debt totalling over $1.14 billion was forgiven today by the United States government,” crediting both recent debt relief processes and the March Paris Club agreement as catalysts for this move.

Ambassador Riley hailed the agreement as a “great day,” noting that this US debt cancellation represented “the largest single component of a total of $4.5 billion in debt owed to multiple countries that were forgiven” under a broader World Bank and International Monetary Fund (IMF) debt relief deal for Somalia. The arrangement is part of the Heavily Indebted Poor Countries (HIPC) Initiative, which was established to help the world’s most financially burdened nations in December 2023.

Somalia’s economy has faced severe challenges, including decades of civil war, violent insurgencies led by the al-Qaeda-linked jihadist group al-Shabab, and recurring climate-related disasters. As of 2022, approximately 54% of Somalia’s population lived below the poverty line, with urban areas bearing the brunt of these economic struggles due to high urbanisation rates.

Despite these obstacles, Somalia has been making strides in economic reform , maintaining a solid track record of macroeconomic management. The IMF praised Somalia’s consistent implementation of the Extended Credit Facility (ECF) programme, which began in January 2024 as a new three-year arrangement aimed at supporting Somalia’s post-HIPC economic goals. The IMF's Executive Board completed its first review of this programme in June 2024.

"The important thing I want to point out is that the fourth review of the programme will start the day after tomorrow and the IMF team will start its work the day after tomorrow in cooperation with the Central Bank and the relevant ministries," Mostafa said.

The review, which could unlock more than $1.2 billion in financing, is the fourth under Egypt's current 46-month IMF loan programme. Initially approved in 2022, the programme was expanded to $8 billion this year to help Egypt navigate an economic crisis marked by high inflation and severe foreign currency shortages.

"We have demonstrated that support in April, when we have taken the decision to increase the size of our programme from $3 billion to $8 billion, recognising how conditions have become more difficult for no fault of your own, but because of the conflict in your neighbourhood," Kristalina explained in an AFP footage.

She explained that the IMF's third review was conducted because inflationary pressures were gradually easing and foreign exchange shortages had been addressed.

"Inflation is moving down, it peaked at 37% last year, now it is around 25-26%, but the trend is toward lowering it somewhere around 16-17% by the end of the fiscal year," she added.

The deal, part of the Energy Sector Recovery Programme, includes a $250 million credit for the procurement of metres and a $10 million clean cooking grant, aligned with the Bank's Programme for Results (PforR) initiative.

The agreement allows the World Bank to facilitate the procurement of one million electricity metres through competitive bidding.

The initiative also aims to reduce Ghana's metering gap, integrate new meters into billing systems, and enhance revenue collection for the Electricity Company of Ghana (ECG), the Ghana News Agency reports.

Speaking at the signing event, Finance Minister Dr. Mohammed Amin Adam emphasised the government’s commitment to reforming the energy sector.

“The cash waterfall mechanism must be adhered to, and we won’t compromise,” he was quoted.

He further tasked ECG with addressing distribution losses and improving collection rates, noting that “in 2024 alone, deficits made the government spend approximately, GHS18 billion (US$1.2 bn) in financing.

Dr. Adam further noted that the project will remain the backbone of a thriving economy.

The Islamabad High Court (IHC) mandated the administration of Central Prison Rawalpindi to facilitate a meeting on October 24, between jailed former Prime Minister Imran Khan and his legal team. This directive is in response to grievances expressed by Khan's lawyers, particularly noting that he has not appeared in court since August. Khan's legal challenges stem from a range of charges, including the undervaluation of a jewellery set linked to him and his wife, Bushra Bibi, the latter having been released on bail after a lengthy detention. This order is transpiring against a backdrop of heightened tensions between the judiciary and the military in Pakistan, with allegations of undue influence on legal matters. Restrictions preventing visits to Khan by his lawyers have further exacerbated concerns regarding the political motivations behind the charges he faces.

Pakistan forwards BRICS membership

Pakistan's aspirations to join BRICS have taken a formal step as the country submitted a request for inclusion in the bloc, which represents a substantial segment of the world economy. This strategic move aims to bolster Pakistan's energy security, with plans to procure Russian oil at discounted rates while navigating the complex landscape of international sanctions. Despite current non-sanction status owing to limited trade with Russia, officials, including Rana Ihsaan Afzal Khan, have indicated that Pakistan will closely evaluate numerous elements as trade levels intensify.

Pakistan dismisses Israel’s assault on UN peacekeepers in Lebanon

Pakistan has voiced strong condemnation of Israel for what it describes as "deliberate" assaults on UN peacekeepers deployed in Lebanon. The country's stance underscores the necessity for the UN Interim Forces in Lebanon (UNIFIL) to fulfill their mandate without experiencing fear of aggression. These remarks follow Israeli military actions that resulted in injuries to two peacekeepers. Pakistan has denounced recent Israeli airstrikes in Gaza that claimed the lives of over 80 Palestinians, labelling these acts as war crimes and advocating for immediate protective measures for civilians along with a ceasefire.

Biden petitioned to facilitate former PM Imran Khan's release

In the United States, a coalition of over 60 Democratic lawmakers has petitioned President Joe Biden to leverage American influence towards securing the release of former Pakistani Prime Minister Imran Khan from his ongoing imprisonment. Spearheaded by Representative Greg Casar, the lawmakers have raised alarms over alleged human rights violations and discrepancies in Pakistan’s electoral process. They assert that the charges against Khan are politically driven and connected to his conflict with the military establishment—a view reinforced by the UN, which has declared Khan's confinement arbitrary and a breach of international law, recommending an expedited release.

$1 billion IMF request

Pakistan is requesting approximately $1 billion from the International Monetary Fund's (IMF) Resilience and Sustainability Trust (RST) in an effort to mitigate external economic shocks. This appeal follows a recent agreement with the IMF for a bailout package. Discussions are ongoing with the Asian Infrastructure Investment Bank regarding credit enhancement for a prospective Panda bond, with the country aiming for an initial issuance between $200 million and $250 million.

Rwanda will receive $184.9 million in funding from the IMF, comprising $95.9 million from the Resilience and Sustainability Facility and $89 million from the Standby Credit Facility. This funding follows a review of Rwanda's implementation of these instruments, aimed at addressing climate shocks and balance of payment needs. Despite external challenges, Rwanda's economy shows resilience, with GDP growth projected at 8.3% for 2024, bolstered by strong performances in services and construction. Inflation remains stable within the central bank's target range, and the Rwandan Franc's depreciation has facilitated necessary external adjustments. While macroeconomic policies align with program objectives, the IMF noted slower-than-expected fiscal consolidation, leading to a rising public debt-to-GDP ratio.

Election of Pan-African Parliament representatives

Rwanda has elected three deputies and two senators to represent the country at the Pan-African Parliament (PAP). Deputies Diogene Bitunguramye, Aimee Marie Ange Tumukunde, and Jennifer Wibabara were elected on October 21, followed by Senators John Bonds Bideri and Pelagie Uwera on October 22. The PAP, established under the 1991 Abuja Treaty, aims to promote African participation in economic development and address continental challenges. Each member country is represented by five legislators, including at least one woman. The Rwandan representatives will serve a five-year mandate while continuing their national duties.

Former UK home secretary’s expenditure during Rwanda trip

James Cleverly's in-flight catering for a one-day trip to Rwanda last December cost £655 per person, totalling £9,803 for 15 people. The round trip, which included chartering a private jet for £165,561, was for Cleverly to sign a deportation deal amid concerns about Rwanda's safety. Cleverly, now the shadow home secretary, incurred additional catering costs totalling £22,324 during a July 2023 trip to multiple countries, with a £1,488 average per head. His successor, David Cameron, spent £20,809 on catering for trips in February 2024. Critics, including the UK’s Labour representatives, highlighted the inefficacy of the Rwanda scheme, pointing out that it failed to deter channel crossings despite the significant expenditure.

Bilateral Air Services Agreement with Liberia

Rwanda and Liberia have signed a Bilateral Air Services Agreement (BASA) to enhance connectivity and economic cooperation between the two nations. The agreement was formalised at the International Civil Aviation Organisation event in Kuala Lumpur on October 21, 2024. It will allow each country's airlines to operate scheduled flights, improving travel times and convenience, particularly for students and facilitating trade and tourism. Key commitments include maintaining high aviation safety standards and fostering economic collaboration.

Genocide survivors recount 1994 mass killings at a Paris trial

At a Paris trial, Rwandan genocide survivors recounted the horrific mass killings from 1994, where over 800,000 Tutsis and moderate Hutus were murdered. Angélique Uwamahoro, then 13, described walking through bodies to survive, while another survivor detailed the brutal methods of attacks. The accused, Eugène Rwamucyo, a former doctor, faces charges of genocide and crimes against humanity but denies wrongdoing. He allegedly spread anti-Tutsi propaganda and supervised mass graves. This trial is part of a series addressing the genocide in France, with another doctor recently convicted and sentenced. Rwamucyo could face life in prison if found guilty.

In its latest World Economic Outlook (WEO) report, IMF chief economist Pierre-Olivier Gourinchas said that inflation is moving in the right direction without a major slowdown in growth or a global recession.

He explained that advanced economies are on track to meet central bank inflation targets by 2025, though it may take longer for emerging markets.

The report highlighted that while global growth is expected to trend toward a lacklustre 3.1% by 2029, various sectors and regions have experienced important changes over the past six months, according to AFP report.

The announcement follows the start of the IMF and World Bank Annual Meetings in Washington, where global finance ministers and central bankers are convening to discuss the economic landscape.

Vanuatu's Speaker of Parliament, Seoule Simeon, is set to appear in the Supreme Court on 19 November for a plea hearing concerning theft allegations linked to a government vehicle. The Magistrate Court has expressed satisfaction with the prosecution's investigation, thus committing the case onward to the Supreme Court. Simeon faces accusations of unlawfully diverting a government vehicle to Epi, an act deemed theft per the Penal Code. Notably, key witness Stanley John Fred has requested indemnity, suggesting he may provide vital testimony against Simeon, as reported by Post Courier . The allegations date back to the period between 2018 and 2020, and the outcome of the upcoming plea hearing is expected to significantly influence future legal proceedings in this matter.

Economic crisis

Vanuatu is grappling with a burgeoning economic crisis, as underscored by various recent analyses showing dramatic falls in essential economic metrics. Specifically, Value Added Tax (VAT) revenues have declined by 25% year-on-year, following the liquidation of Air Vanuatu. Additionally, government revenue recorded a shortfall of 23% from January to June, compounded by worries over diminishing funds from the Citizenship By Investment programme. According to The National , the World Bank’s forecasts indicate that the economy is approximately 3% smaller than it was in 2019, with per capita GDP plummeting to levels not seen in the last two decades. Looking ahead, projections remain bleak, with the International Monetary Fund (IMF) estimating only 2% annual economic growth until 2044, a rate insufficient to elevate living standards in light of population growth and imminent climate challenges.

Labour policy

In response to widespread issues faced by seasonal workers, including family disruptions, labour exploitation, and brain drain, the Vanuatu Government has unveiled its revised Labour Mobility Policy for 2024-2027. This policy is constructed upon five strategic pillars: 1. Legislative and Institutional Reform aimed at enhancing worker protection; 2. Improved data collection and coordination for insightful decision-making; 3. Strategies to support labour mobility management and facilitate returning workers' reintegration; 4. Child-centric social protection systems for families impacted by mobility; and 5. Enhanced worker welfare and benefits. As reported by Post Courier , Deputy Prime Minister Matai Seremaiah has stressed the necessity of building an environment conducive for returning workers to invest their skills locally, signifying the relevance of a Reintegration Strategy to foster sustainable economic growth.

Tourism boom

Vanuatu, an idyllic archipelago in the South Pacific, is undergoing a boom in its travel sector, spurred by a visa-free policy allowing entry for travellers from 117 nations, including significant markets like Australia, China, the UAE, the UK, and the US. This initiative simplifies access to the nation’s magnificent natural landscapes and rich cultural heritage. In 2022, Vanuatu welcomed nearly 39,000 visitors, contributing over $105 million to its tourism revenue. The country’s economy is heavily predicated on tourism, in addition to agriculture, fishing, and offshore financial services, Travel and Tour World reports. With crucial airports such as Bauerfield International and Santo International, Vanuatu maintains robust connections to regional destinations. Tourist attractions are plentiful, including the stunning Nanda Blue Hole, Champagne Beach, and the active Mount Yasur volcano.

2031 pacific games

In a stark warning, Antoine Boudier, President of Vanuatu's National Olympic Committee and Chair of the Vanuatu Chamber of Commerce, cautioned that the prospect of hosting the 2031 Pacific Games could lead Vanuatu into financial distress. He has advised the government to retract its bid in light of the nation’s precarious economic situation. Government officials took a month to deliberate on his strong caution, but ultimately, Boudier announced the withdrawal from the bid on the day of the vote in Palau, reports ABC .

Tunisians vote in election, with main rival to President Saied in prison

On Sunday, October 6, Tunisians voted in an election where President Kais Saied seeks a second term. His main rival was jailed last month, and most opponents are either imprisoned or barred from running. Saied faces two rivals: former ally and Chaab Party leader Zouhair Maghzaoui, and Ayachi Zammel, who was jailed last month. Read more here .

Protests erupt in Cape Town in solidarity with Palestinians: Video

On Saturday, October 5, thousands of South Africans marched through Cape Town in a show of solidarity with Palestinians. The demonstrators carried placards and chanted, urging the South African government to sever diplomatic ties with Israel. Read more here .

IMF and Ghana reach staff-level deal on $3 billion loan-programme review

IMF staff and Ghanaian officials have agreed on the third review of Ghana's $3 billion loan programme. The country is nearing the end of its debt-restructuring process under the G20's Common Framework, following its 2022 default on $30 billion in international debt.

Asia

Singapore tightens anti-money laundering measures

On Friday, October 4, Singapore authorities unveiled new measures to combat money laundering. These include inter-agency data-sharing, striking off inactive companies, and initiatives to encourage businesses to report suspicious activities. Read more here .

More than 200 Chinese citizens evacuated from Lebanon, foreign ministry says

China's foreign ministry announced on Saturday, October 5, that over 200 Chinese citizens have been safely evacuated from Lebanon. "These people, who have been evacuated in two batches, include three Hong Kong residents and one Taiwan compatriot," the ministry said in a statement. Read more here .

Meet the young Bangladeshi artist redefining the woman’s body image with art

In a world where societal and cultural standards often judge women's bodies and appearances, a young Bangladeshi artist is changing the narrative. Anusha Alamgir draws inspiration from her daily experiences, blending creativity and innovation across architecture, painting, and film to challenge public perceptions of women and their bodies. Read more here .

Latin America

Latin America gears up for clean hydrogen boom but the road is not smooth

Latin America's abundant hydroelectric and renewable energy resources position the region as a potential leader in clean hydrogen production. However, significant challenges remain as the world seeks alternatives to fossil fuels to combat the climate crisis. Read more here .

Mexico's top court accepts constitutional challenge to judicial overhaul

On Thursday, October 3, Mexico's Supreme Court agreed to review a constitutional challenge against the recent judicial overhaul. This controversial reform aims to transition the country to a system of popularly elected judges over the next few years. Read more here .

Brazil votes in local elections with eyes on 2026 presidential showdown

On Sunday, October 6, Brazilians voted for mayors and city councillors in over 5,500 municipal elections. Polls indicate strong performances by conservative candidates in several major cities, shaping the political landscape ahead of the 2026 presidential race. Read more here .

Ethiopians have celebrated the annual Meskel festival to commemorate the discovery of the "True Cross" by Saint Helena in 326 AD. Celebrated on September 27, the festivities, held at Meskel Square in Addis Ababa, attracted thousands of Orthodox believers. The festival is tied to a legend that a fragment of the True Cross has been preserved in Ethiopia since the 14th century at Gishen Debre Kerbe Mariam Monastery. Although Meskel symbolises interfaith unity and the change of seasons, tensions between religious groups have increased in recent years. The celebration is also influenced by Ethiopia's political climate and has shifted focus from military presence to tourism since being recognised as UNESCO Intangible Cultural Heritage in 2013. Pilgrims also journey yearly to Gishen Debre Kerbe Mariam Monastery, underscoring the festival’s significance in Ethiopian culture, La Croix International reports.

IMF support

The International Monetary Fund (IMF) has reached a preliminary agreement to provide Ethiopia with a $3.4 billion extended credit facility over four years. Upon official approval, Ethiopia will receive an initial disbursement of approximately $345 million. This financial support aims to assist Ethiopia in implementing its economic reform program, which includes a market-based foreign exchange rate system initiated in July 2022. According to APA News , the IMF highlights that these reforms are contributing to macroeconomic stability and sustainable growth in the country.

Economic issues

Chinese investors, who have contributed approximately $5 billion to Ethiopia's economy through over 2,000 projects, are increasingly relocating to neighbouring countries like Kenya, Uganda, and Tanzania due to various challenges in Ethiopia. Capital Ethiopia reports that concerns have been raised by both the Chinese Embassy and local officials regarding the impact of this trend on Ethiopia's economic development, as Chinese enterprises have created around 610,000 jobs in the country. Key issues driving this shift include a security crisis, hard-currency shortages, and bureaucratic hurdles, particularly with the customs bureau.

Berlin Marathon

Ethiopian athletes dominated the Berlin Marathon, with Milkeza Mengesha winning the men's race in a personal best of 2:03:17, narrowly defeating Kenyan Sibrian Kotut. In the women's race, Tigist Ketema also emerged victorious, finishing in 2:16:42, which is the third-best marathon time in history. The women's podium was entirely Ethiopian, as Ketema surpassed competitors Mestawet Fikir and Bosenah Mulat by over two minutes. Notably, the marathon occurred just a month after the Olympic Games in Paris, leading some prominent athletes to skip the event, according to Daily Sports .

Recognition of educational programmes

Ethiopia is poised to officially recognise educational programmes for the first time, following two years of efforts by the Education Training Authority to establish accreditation procedures. This recognition allows institutions to operate under a quality assurance framework and encourages universities to seek program accreditation, Capital Ethiopia reports. Re-registration of educational institutions will occur in the first six months of the 2024/25 fiscal year. The initiative aims to enhance the quality and credibility of Ethiopian education, ultimately improving its appeal to students and fostering development. This represents a pivotal advancement in Ethiopia's education sector, facilitating alignment with local and global standards.

President Ranil Wickremesinghe, who has been in office for two years, is facing a tough battle to secure a fresh mandate. His government introduced a series of belt-tightening policies, including tax hikes, as part of a $2.9 billion IMF bailout that helped stabilise the economy and end shortages of essential goods. 

"I've taken this country out of bankruptcy," Wickremesinghe, 75, said after casting his vote earlier in the day. "I will now deliver Sri Lanka a developed economy, social system, and political system."

However, the austerity measures have hit ordinary citizens hard, with many struggling to cope with rising costs of living. Wickremesinghe’s leadership helped restore calm after civil unrest in 2022, which saw protests and the ousting of his predecessor, but economic hardships remain a key issue for voters.

In the capital, Addis Ababa's biggest marketplace, Merkato, vendors and buyers cry wolf about the huge sums of money they need to sell their goods for and buy at respectively.

According to Abubakar Jemal, a shopkeeper who spoke to AFP, sales are slow due to the continuous increase in prices.

"When the cost of an item increases, the only option is to raise the price and sell it at a higher rate. As you can see, business has slowed down because of this. Since the dollar increased, the business has been slow," he stated.

Medanit Woldegebriel who is a clothes shop owner, detailed the exact price hikes her business had witnessed over the last few months. Holding onto a shirt from her collection she explained: "These shirts used to be 1500 birr ($13), and now they're 2500 birr ($21.5). It's the same for these sweaters; they used to be 1200 birr ($10.3), and now they're 1800 birr ($15.5)."

The National Bank of Ethiopia's decision to shift from a fixed to a market-based exchange rate, backed by the International Monetary Fund (IMF), has resulted in the Ethiopian birr losing 30% of its value. This move, aimed at stabilising the economy and attracting foreign investment, has had immediate and profound impacts on the cost of living.

The urban poor are among the hardest hit by these changes. With wages remaining stagnant, the increased cost of living has made it difficult for many to make ends meet. Pensioners and low-income workers are particularly vulnerable, as their fixed incomes are quickly eroded by inflation.

"The forecast for growth in sub-Saharan Africa is revised downward, mainly as a result of a 0.2 percentage point downward revision to the growth outlook in Nigeria amid weaker-than-expected activity in the first quarter of this year," the report stated.

Nigeria, a leading economy in Africa due to its large population, vast oil reserves, and diverse economic sectors, experienced a 2.98 percent growth in real terms in the first quarter of 2024. This was a decline from the 3.46 percent growth recorded in the fourth quarter of 2023, as reported by Nigeria’s National Bureau of Statistics.

Despite this revision, the IMF noted that economic activity in the region has shown resilience through early 2024, supported by robust private consumption in key economies. "Economic activity has shown resilience through early 2024, supported by robust private consumption in key economies,” said Jean-Marc Natal, Deputy Chief of the World Economic Studies Division in the Research Department of the IMF.

Pierre-Olivier Gourinchas, the Economic Counselor and Director, Research Department further noted that, “Sub-Saharan Africa, the growth projections are for 2024, are revised downward a little bit to 3.7 percent, that's a negative 0.1 percentage point revision, and are unchanged for 2025 at 4.1 percent.  And the broad context here is that as we see inflation increasingly in the rearview mirror and we expect to see inflation in the rearview mirror.  There is going to be an easing of global monetary conditions and financial conditions, and that is going to benefit also the region.  But let me ask Jean-Marc to come in and provide more details.” 

Globally, the IMF projected steady growth of 3.2 percent in 2024 and 3.3 percent in 2025, aligning with its earlier forecast from April this year.

In early 2024, Sri Lanka welcomed nearly 200,000 Indian tourists, with a focus on showcasing its diverse attractions and strengthening ties with India. The country aims to attract 2.5 million tourists in 2024, with a significant focus on MICE tourism. Tourism revenues exceeded USD 2 billion in 2023 and over USD 1.25 billion in the first four months of 2024. Sri Lanka is also emphasising visa-free entry for Indian travellers and aims to increase the MICE sector's share of total tourist arrivals, as reported by TravelBiz Monitor .

$1 billion investments

Sri Lanka has secured 35 investment agreements this year, according to State Minister of Investment Promotion Dilum Amunugama. The Ministry of Investment Promotion has achieved its goal of attracting investments totalling USD 1 billion, as set by the Ministry of Finance, the Minister announced. Amunugama made these remarks during the inauguration of the second and third phases of the Bingiriya Export Processing Zone. Newswire highlights that following President Ranil Wickremesinghe's directives, the Ministry is now exploring the development of new investment zones in Iranavila, Mankulam, and Kankasanthuari, he added.

Reduction in bilateral engagements

The government has decided to limit its bilateral engagements, including hosting foreign leaders, except for Indian Prime Minister Narendra Modi, in the coming months due to the presidential elections, according to Daily Mirror. The focus will be entirely on the elections. Visits from leaders of countries such as the United Arab Emirates and the Maldives have been postponed due to time constraints for President Ranil Wickremesinghe. However, Prime Minister Modi is expected to visit Sri Lanka before the elections, although the dates have not been officially confirmed. The Election Commission is expected to issue the election notice on either July 30 or 31, Daily Mirror reports.

Ex-president Sirisena to complete compensation payments

Sri Lanka's Supreme Court has ordered former President Sirisena to complete compensation payments to the victims of the 2019 Easter terror attacks before August 30. The court previously ruled that Sirisena and others failed to prevent the attacks and ordered them to pay compensation. Sirisena has paid Rs. 58 million ($191,625) out of the ordered Rs. 100 million ($330,388) and requested six years to pay the remaining amount. The deadline was originally set for July 12, 2023, Hindustan Times reports.

Sri Lanka to cut power prices

Sri Lanka has implemented a 22.5% reduction in power prices to ease financial strain on its citizens amid a severe economic crisis. This decision comes after previous price hikes to meet IMF bailout conditions. The reduction aims to aid economic recovery and provide relief to consumers, while also helping the country maintain its inflation target of 5%. According to Gulf Today , this move is part of broader fiscal reforms mandated by the IMF to stabilise the economy.

The Grenada Ministry of Health has verified that the norovirus, often referred to as the 'stomach flu,' is the main cause behind the current widespread gastroenteritis outbreak on the island. This conclusion comes after thorough lab tests by the Caribbean Public Health Agency (CARPHA) in Trinidad and Tobago. Known worldwide as a common source of acute gastroenteritis, the norovirus induces symptoms like diarrhoea, vomiting, nausea, and stomach pain. It is especially known for its rapid spread through tainted food and water, contact with contaminated surfaces, and person-to-person interaction, reports Loop .

Firearm offences elevated

Grenada has elevated firearm-related offences to the same level as murder and treason. Magistrates are no longer authorised to issue bail for those charged under the Firearms Act, as the government aims to address the high number of firearm offences in the country. Offences under the act will now be considered "very serious" and non-bailable. As reported by the Jamaica Observer , the amendment to the Criminal Procedure Code now includes offences under the Firearms Act that are punishable by imprisonment for five years or more as non-bailable. Grenada confiscated 35 firearms between January to June 2024, leading to the implementation of these changes.

New pricing for Citizenship by Investment Programme

IMA Grenada has announced a new pricing structure for its Citizenship by Investment Programme, aligning with standardised rates across the OECS. The minimum investment requirement will be US$235,000, in line with other member states. This change aims to end price competition and strengthen governance infrastructure, while enhancing transparency and accountability in the investment migration industry, according to Loop .

Grenada economy gets ‘high marks’ from IMF

In a notable shift from the usual narrative, the International Monetary Fund (IMF) has highlighted Grenada's economic prospects in a positive light, a rare occurrence for Caribbean nations, particularly those labelled as Less Developed Countries (LDCs). The IMF's latest evaluation following their visit to the 'Spice Isle' forecasts an impressive nearly four percent economic growth. The team noted that Grenada is witnessing 'sustained, strong growth,' supported significantly by its thriving tourism industry. According to Stabroek News , Grenada, like several other CARICOM countries, continues to rely heavily on costly food imports from outside the region despite its active agricultural sector.

Preparation for Hurrican Beryl

Authorities have issued a call to action for Grenada, Carriacou, and Petite Martinique inhabitants to finalize their preparations in anticipation of Hurricane Beryl. The collective islands of Grenada were declared to be under a Hurricane Warning as of 8 pm on Saturday, a status shared with Barbados, St Lucia, St Vincent and the Grenadines. Gerard Tamar, a forecaster at the Meteorological Office, has indicated that, given Beryl's current trajectory and location, the storm's eye is predicted to traverse the Grenadine Islands early on Monday, June 24. Tamar emphasised that, in addition to the hurricane's powerful winds, the expected rainfall poses a significant threat, with projections estimating up to 100 millimetres of rain along the hurricane's course, reports Loop .

Video evidence of jumping leeches in Madagascar captured by researchers from Fordham University has ended a centuries-old debate. The discovery, published in Biotropica, highlights the evolutionary advantages and conservation implications of leech behaviour, Wion reports.

Food insecurity

The Ambodifasika United Methodist Church in Madagascar is addressing food insecurity caused by climate change in the region. With assistance from the United Methodist Committee on Relief, church members distributed food and support to communities affected by drought and flooding. The area is plagued by extreme poverty and lack of access to clean drinking water. UM news reports, the church provided essential aid to over 300 individuals, including rice, soap, and clothing. The church is hoping to further support the community with sustainable development projects in the future.

Cable car transport

Madagascar's capital, Antananarivo, has introduced a new cable car transportation system that aims to alleviate traffic congestion. The system can transport up to 75,000 people daily but has faced criticism for its cost and prioritisation over other social issues. According to Arise News , the government announced plans for a subsidised fare for students and pensioners and the cable cars are set to be available for public use in 2025.

  Independence Day

UAE leaders, including President Sheikh Mohamed bin Zayed Al Nahyan and Vice President Sheikh Mohammed bin Rashid Al Maktoum, have congratulated President Andry Nirina Rajoelina of Madagascar on Independence Day. Sheikh Mansour bin Zayed Al Nahyan also sent a similar message to Prime Minister Christian Ntsay, Catchnews reports.

IMF support

Madagascar has received a $658 million loan from the IMF to support economic growth and resilience. The loan will be used to strengthen climate change adaptation, improve fiscal balance, and create fiscal space for investment. The country's growth prospects appear favourable, but it remains vulnerable to climate shocks. According to Market Forces Africa , the IMF and the authorities are implementing measures to improve governance, and transparency, and fight against corruption. The new loan arrangements aim to support Madagascar's program focused on strengthening human capital, accelerating economic development, and improving governance.

Zambia's corn production is expected to drop by over 50% in 2024/25 due to drought, leading the country to import approximately 1 million metric tons of corn to maintain food security. The government has authorised private sector imports, but only genetically engineered free corn will be permitted. However, this limits imports to neighboring Tanzania, excluding corn from South Africa, the main producer in the region, Reliefweb reports.

Foreign healthcare volunteerism

Foreign healthcare volunteers in Africa, especially from the United States, have been found to harm relationships between local Zambian health professionals and patients. The Conversation reports that the presence of volunteers, who can provide higher quality care due to their privilege, has created division and resentment. This relational harm highlights the need for global health volunteers and organisations to consider the impact on local relationships and work towards strengthening them.

Cybercrime arrests

22 Chinese nationals were arrested in Zambia for cybercrime, involving deceptive conversations with mobile users and the use of SIM boxes. Leader Li Xianlin received 11 years in prison. Raid on Chinese-owned businesses led to the discovery of large-scale criminal operations. 77 people were arrested, including Zambians and a Cameroonian. According to Business Insider Africa , more than 13,000 SIM cards were confiscated, demonstrating the extensive reach of the operation.

Upgrades at Mfuwe International Airport

Mfuwe International Airport in Zambia will remain open for upgrades during the 2024 peak tourism season, allowing access to South Luangwa National Park, Travel Daily News reports. The upgrades will take place over 90 days starting on June 13. This decision will support tourism in Zambia and ensure the continued growth of the industry.

IMF support for Zambia

The International Monetary Fund has agreed to provide $574 million in financial assistance to Zambia to support the country after severe drought. This follows a request to increase a previous loan deal from $1.3 billion to $1.7 billion. Zambia's Finance Minister Situmbeko Musokotwane said the agreement reflects the government's efforts to reform the economy and put its accounts in order. Jamaica Observer reports that the country has been struggling with a significant deceleration in GDP growth and a looming food crisis due to the drought.

Ecuadorian Assemblyman Leonardo Berrezueta, who heads the Ecuador-Cuba Interparliamentary Friendship Group, has criticized the United States for maintaining Cuba on its list of alleged state sponsors of terrorism, calling it "incongruent". In an interview with Prensa Latina, Berrezueta argued that Cuba should be removed from the list because it is not only not a terrorist country, but also a humanitarian one. He questioned how Washington could justify including a country that exports doctors, knowledge, science, technology, and education to the world in a list of terrorist states. According to Prensa Latina , Berrezueta, a member of the Citizen Revolution movement, emphasised Cuba's positive contributions to global humanity, making its inclusion on the list all the more incongruous.

Fight against violence

The National Police of Ecuador has acknowledged that violence in the provinces of Los Ríos and Manabí is "out of control". Despite a reduction in violent deaths nationwide, the country is still experiencing a security crisis, with recent shootings in Manta and Durán. The government is taking measures, including temporarily moving the National Police Command and Joint Command of the Armed Forces to Manta, to address the issue. Many citizens are calling for urgent and comprehensive action against violence, reports Telesur .

Ecuador-Kentucky Guard partnership

The Ecuadorian Air Force welcomed a C-130H Hercules into its inventory with the help of the Kentucky Air National Guard's State Partnership Program. The aircraft will enhance Ecuador's air mobility capability and support domestic and humanitarian operations. The partnership demonstrates deep collaboration between the United States and Ecuador. According to Dvids , Kentucky's expertise with the C-130H will support Ecuador in managing maintenance and flying schedules.

IMF approves $4 billion

The Executive Board of the IMF has sanctioned a fresh 48-month plan for Ecuador under the Extended Fund Facility (EFF), granting access to funds up to US$4 billion. Following the Board's approval, Ecuador can promptly receive US$1 billion. This programme is designed to bolster Ecuador's economic stabilisation efforts, protect its dollar-based system, and establish a groundwork for enduring equitable growth. According to the IMF , the government's policy framework emphasises firming up fiscal and debt stability, broadening the social welfare network, fortifying the robustness of the financial sector, and enhancing overall transparency and governance.

5 dogs with military intelligence given medals

The Belgian shepherds — Dayco, Amanda, Apolo, Zeus, and Maly — demonstrated remarkable speed and accuracy. One dog swiftly detected narcotics and subdued the individual in possession, while another uncovered explosive concealed beneath a vehicle's tyre. Their prowess was on display during a ceremony at a military intelligence brigade located south of Quito, Ecuador's capital, where they were honoured with medals for their exemplary service. The ceremony saw the uniformed personnel standing in formation as the dogs were awarded their decorations. As reported by ABC News , Colonel Santiago Salazar, the commander of the Calicuchima General Intelligence Brigade, highlighted the vital contribution of these dogs to public safety and the battle against organised crime, acknowledging their indispensable role in these critical efforts.

Argentina's monthly inflation dropped to single digits in April, the first time in six months. This is attributed to austerity measures and a slowing economy. The annual inflation rate is still the highest in the world at nearly 300%. According to news agency Saltwire , experts believe inflation will continue to slow due to decreased demand and government spending cuts.

IMF bailout

The IMF has agreed to release the next tranche of loans for Argentina, praising President Milei's austerity measures, which have helped restore macroeconomic stability. The $792 million payment will be available in June, helping to alleviate the country's worst economic crisis in two decades, AP News reports. Despite criticism, the IMF acknowledges the decisive implementation of the stabilization plan and the faster-than-anticipated progress in the country's economic overhaul.

LGBTQ rights

Three women have died in Argentina after a boarding house was set on fire with two lesbian couples inside. A 62-year-old man has been arrested in connection with the attack, which is being described as a hate crime by the Argentine LGBT Federation. According to reports , the attack has sparked protests and calls for justice for the victims. The organization also criticized the government for its anti-LGBTQ+ policies.

Argentina to Armenia ambassador

Alen Simonyan, the RA NA President, received the Ambassador of Argentina to Armenia, Rafael Enrique Gonzalez Aleman. They discussed the mutual respect and trust between the two countries and the Armenian community's cultural role in Argentina. They also talked about the security situation in the South Caucasus and Armenia's efforts to establish peace, which Argentina supports, First Channel News indicated.

Argentina and Venezuela's diplomatic ties

Argentina is pressuring Venezuela to allow six opposition aides, seeking refuge at the Argentine embassy in Caracas, to leave the country safely. Venezuelan President Nicolas Maduro reneged on promises to allow their safe passage, putting their physical safety at risk. This move comes amidst Maduro's crackdown on political opposition ahead of the upcoming presidential elections. Argentina is expected to escalate diplomatic pressure on Venezuela to resolve the issue, with hopes of regional support, Saltwire reports.

South African President Cyril Ramaphosa has labelled the opposition party's campaign ad depicting the burning flag as 'treasonous.' The ad warns of the ruling ANC forming a coalition with left-wing parties. According to Reuters , the upcoming election is hotly contested, with polls suggesting ANC may lose majority for the first time in 30 years. The opposition party, the Democratic Alliance, however, stands by the ad, calling for unity to rescue South Africa. ANC has also dismissed the need for a coalition as it is confident of winning the election.

South Africa to head G20 in 2025

South Africa will be president of the G20 in 2025. It plans to drive reforms in global economic governance, particularly focusing on IMF reform and the relationship between international organisations and their member states. The Conversation further reports that the country also aims to commission studies on these issues and how to divide responsibility between states and institutions. These initiatives aim to make the IMF more responsive to the needs and priorities of all member states and their citizens.

Building collapse claims 10 lives

Dozens of construction workers are still missing in the rubble of a collapsed building in South Africa, with 7 confirmed dead and 16 in critical condition. The incident occurred on Monday, May 6 and has witnessed rescue efforts which have brought in specialists from other areas. As reported by News4Jax , the search is expected to last until Friday, May 10. Multiple investigations into the cause of the collapse are also underway.

Online witchdoctors lure South African Christians

Young Black South African Christians are turning to online sangomas, or traditional healers, to connect with their ancestral roots through social media. This has sparked concerns among church leaders about syncretism and internet scams. Christianity Today expands that while some churches welcome the practice, others see it as incompatible with Christianity. They also warn of the risks of mixing traditional African spiritualism with the Christian faith.

Political arrests

According to an exclusive report by Adriaan Basson and Jeff Wicks on News24 , Bradley Conradie and Sarah Burger, prominent figures in the anti-corruption efforts at the University of Fort Hare under Vice-Chancellor Sakhela Buhlungu, have levelled sharp criticism at Police Minister Bheki Cele and the African National Congress (ANC). They accuse them of orchestrating politically motivated arrests in April. Conradie and Burger allege that Cele and the police sought to shield Eastern Cape premier Oscar Mabuyane, whose involvement in a "fake" degree scandal they had uncovered, and to safeguard the ANC's interests ahead of the May elections. Conradie and Burger, representing BCHC Attorneys and Horizon Forensics, were recruited by Buhlungu in 2017 to tackle corruption within the institution.

The Ministry of Interior and Coordination of National Government in Kenya has reported a staggering death toll of 228 due to ongoing floods. In the past 24 hours alone, nine more fatalities have been recorded, mirroring the grim toll witnessed between Friday and Saturday. Alongside the loss of lives, 164 individuals have been injured, and 72 remain missing, the Nation Africa reports. The situation has prompted the government to issue a weather forecast warning of moderate to heavy rainfall and thunderstorms in 37 counties, particularly in the Coast, Western, and Lake Victoria basin regions. “The Tropical Cyclone Hidaya storm is over and forecasted to have weakened; however, heavy rainfall is still expected offshore along the Coast region with strong winds and large waves already experienced in Kwale,” a statement by the Ministry read in part.

Judicial appointments

The Judicial Service Commission (JSC) has submitted a list of 20 candidates for appointment as High Court Judges to President William Ruto. Following a thorough review process, which included interviews conducted from April 3 to May 3, the JSC selected these candidates from a pool of 305 applicants, shortlisting 100 for consideration, according to KBC . This forms part of the Judiciary's efforts to bolster service delivery through the recruitment of additional personnel. An initiative touted by the Ruto administration to enhance the efficiency of the judiciary.

Kenya Airways halts flights to Kinshasa

Kenya Airways (KQ) has suspended its services to Kinshasa, causing disruptions in air travel within the Democratic Republic of Congo (DRC). The decision, effective April 30, has left a significant void in the market, as KQ was one of only two airlines providing daily flights between Kinshasa and eastern Africa hubs. The move follows the detention of KQ staff by DRC military authorities over an incident involving the attempted shipment of high-value cargo without proper customs procedures. This suspension not only raises concerns about airfare hikes but also highlights challenges in ensuring seamless air travel operations within the region, The East African has reported.

 AI-powered healthcare 

Innovation in healthcare through AI-powered startups is gaining momentum in Kenya, with initiatives like iZola, M-Tiba, MYDAWA, Zuri Health, and Goodlife leading the charge. These startups are leveraging AI technology to develop new treatments, enhance diagnostic accuracy, and personalize patient care, revolutionizing the healthcare landscape, Business Daily Africa reports. Dr. Wamuyu Owatoki, a scientist and operations lead expert said "AI-powered healthcare startups are revolutionizing healthcare and changing the healthcare landscape at an increasingly rapid pace. Many trends and predictions point to a profoundly transformed healthcare ecosystem driven by the integration and development of AI.” Platforms like iZola are employing AI-driven diagnostic systems to detect early signs of conditions such as autism, paving the way for early intervention and improved patient outcomes.

$1 billion IMF disbursement 

President William Ruto has expressed confidence in Kenya's expectation of a $1 billion disbursement from the International Monetary Fund (IMF) next month. This infusion of funds is poised to further bolster Kenya's recovering economy, which has shown signs of improvement following recent fiscal measures, the Citizen Digital reports. Notably, Kenya's shilling currency has rebounded from record lows, and robust lending from the IMF and World Bank has helped navigate liquidity challenges. The ongoing review process with the IMF aims to unlock additional financial support for Kenya's economic recovery efforts.

Ghana has been ranked as the 4th most stressful country for workers in Sub-Saharan Africa, according to the 2023 Gallup’s State of the Global Workplace report. The survey revealed that Ghanaian workers experience stress daily, placing the country high on the list of stress-inducing work environments in the region, MyJoy Online reports. Chad topped the list, followed by Uganda, Tanzania, and Sierra Leone. Despite ongoing recovery efforts from the pandemic, employee stress levels remain high. "While the debate over remote, hybrid, or on-site work continues, employee engagement remains paramount in reducing stress levels. The flexibility of remote work offers autonomy and well-being, valued highly by today’s workers," the report stated.

IMF requests tariff adjustment

The International Monetary Fund (IMF) has urged Ghana to implement strict reforms to empower utility service providers to ensure reliable and sustainable power for households and industries. Speaking at a press briefing in Accra, IMF representatives emphasized the need for an enabling environment for private sector players to increase renewable energy use. “Sometimes, the setup of the energy sector does not provide the utilities the ability to have cost recovery from the charges that they make to operate profitably and efficiently and supply energy as needed,” said Catherine Pattillo, an IMF Deputy Director. The call for tariff adjustments comes amidst recent power outages in Ghana, attributed to financial challenges in procuring fuel for power plants.

Injunction against genetically modified crops dismissed

The Human Rights Court 1 has dismissed an interlocutory injunction application filed by Food Sovereignty Ghana and others against the National Biosafety Authority (NBA) over the approval of 14 genetically modified organism (GMO) crops for food, feed, and processing in Ghana, according to local media Graphic Online . The court acknowledged the NBA's diligence in ensuring the safety and regulatory compliance of GMO crops in Ghana.

Press freedom ranking improves

Ghana has moved up 12 places in the World Press Freedom Index, ranking 50th globally. While this indicates progress, challenges remain, particularly regarding political interference in journalism. Recent incidents, including attacks on journalists and interruptions during media coverage, highlight ongoing concerns about press freedom in Ghana, the Accra Times reports. “This is what happened in Nigeria (ranked 112th in the 2024 World Press Freedom Index), where nearly 20 reporters were attacked in early 2023. In Madagascar (100th), ten were attacked by political activities during pre-election protests. In the Democratic Republic of Congo (123rd), where politicians often try to intimidate media personnel, the journalist Stanis Bujakera’s detention pending trial on a trumped-up charge prevented him from covering the run-up to the elections,” the report notes.

31 new COVID-19 cases

The Ghana Health Service (GHS) has reported 31 new cases of COVID-19 in the country in the past week. While the cases are not severe, health officials stress the importance of vaccination and containment measures. A national vaccination exercise is set to commence on May 5th, underscoring efforts to minimize the spread of the virus and protect public health, local media Citi News reports. “In the past week or so, we were recording some significant numbers up to about 30 or 31 or so. But this is not unexpected. As we have already been saying, COVID has come to stay with us. It is part of us. And so from time to time and that is why we also haven’t given up on vaccination and so if you are aware, from 5th to 9th May, we are going to do another exercise of COVID vaccination. So we are doing the national COVID-19 vaccination exercise as part of our strategies to reduce COVID to the barest minimum,” Programmes Manager at the Expanded Programme on Immunization at the Ghana Health Service, Dr Kwame Amponsah-Achiano said.

Addressing delegates at the summit, Adesina emphasized the detrimental effects of loans where countries pledge access to their natural resources, such as oil, in exchange for financial assistance. He argued that such agreements undermine the principles of transparency and equality within the global banking system.

“I think it's time for us to have debt transparency accountability and make sure that this whole thing of these opaque natural resource-backed loans actually ends because it complicates the debt issue and the debt resolution issue," Adesina said .

While resource-backed loans may seem like a lifeline for African nations with limited access to credit and capital, critics like Adesina caution against the potential pitfalls. Without stringent regulatory oversight, these loans could impose unfavourable terms, severely hampering a country's future revenues and access to credit.

"It may make sense if you actually use that money for the right things, but in most cases, there are no policy conditionalities," Adesina remarked, stressing the importance of responsible utilization of borrowed funds.

According to the Natural Resources Governance Institute, as of 2020, African countries had accrued up to $66 billion in resource-backed loans, primarily from Chinese and Russian state-owned institutions, as well as private entities like mining giant Glencore. Notably, the majority of these loans originated from the China Development Bank (CDB) and the China Exim Bank.

“The researchers identified 52 RBLs, 30 of which were taken by countries in sub-Saharan Africa and 22 in Latin America. They are distributed across 14 countries in the two regions. Thirty-eight were lent by Chinese policy banks; seven are from commodity traders; four are from other Chinese state-owned enterprises; one is from Korea Exim; one is from Nigeria; and one is from Russia's Rosneft. Forty-three of the loans are backed by oil, six by various minerals, two by cocoa, and one by tobacco. The total loan amount represented in the dataset is $164 billion, of which $66 billion went to Africa and $98 billion to Latin America,” the report read.

A leaked video has surfaced, revealing the Afghan Taliban's planning of an attack on Pakistani security forces. The video, originating from Afghanistan, has raised tensions between Kabul and Islamabad. Despite recent attacks on Pakistani soldiers, the Taliban government has not issued a response, reports media agency The News . Pakistan has persistently urged Afghanistan to cease attacks and collaborate in combating terrorism.

Former Prime Minister talks about his ousting

Although Nawaz Sharif is no longer the Prime Minister, he attributes his 2017 ousting to the military establishment. Amid ongoing conflicts with the ruling party Pakistan Muslim League Nawaz (PML-N), he expressed his commitment to steering the country towards progress, reports media agency Deccan Herald . Accusations of election rigging continue to heighten the political tensions.

Partnership for sustainable cotton farming in Pakistan

The Better Cotton Initiative has partnered with Net Zero Pakistan to advocate for sustainability and carbon emissions reduction on cotton farms. Net Zero Pakistan, launched in 2021, aims to ensure that the country's carbon emissions do not surpass atmospheric absorption levels by 2050, Eco Textile reported. 

Suicide attack targets Chinese nationals in Pakistan

Tragically, a suicide bomber targeted a vehicle carrying Chinese nationals in northwest Pakistan, resulting in the deaths of 5 Chinese citizens and their Pakistani driver. According to Fox News , the attack occurred in Shangla, Khyber Pakhtunkhwa province, following previous security threats to Chinese individuals in Pakistan. The government has pledged a comprehensive investigation and heightened security for Chinese nationals involved in Pakistani projects. 

New IMF Loan

Prime Minister Shehbaz Sharif is advocating for an additional IMF loan to strengthen Pakistan's economic stability. Emphasizing the need for growth, job creation, and inflation management, Pakistan is seeking a bailout package to facilitate long-term reforms, NDTV reports. The ongoing standby arrangement, slated to expire in April, is contingent on Pakistan meeting IMF conditions, including fiscal adjustments and interest rate hikes.