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.

India, the world ’s fifth-largest economy, is facing elevated trade uncertainty as negotiations with the US continue to drag on. Any meaningful strengthening in the rupee is likely to depend on clarity over a bilateral trade agreement, economists say.

“We believe the rupee to be undervalued currently, with correction anticipated after there is more clarity on the US-India trade agreement,” said Hanna Luchnikava-Schorsch, head of Asia-Pacific economics at S&P Global Market Intelligence. 

India remains among the highest-tariffed countries globally, with average duties of around 50%, exceeding even those imposed on China . The steep levies have weighed on trade flows as talks between New Delhi and Washington stall.

After higher tariffs came into force in August, India’s exports to the US fell nearly 12% in September and 8.5% in October. Exports rebounded sharply in November, however, rising 22.6%, offering some relief to exporters.

Nomura’s chief economist for India and Asia ex-Japan, Sonal Varma, said the main risk is that India could lose momentum from global supply chain shifts. 

Firms focused on the US market may look elsewhere if high tariffs persist, she warned.

The rupee’s slide gathered pace earlier this month when it breached the psychologically important 90-per-dollar level. The currency began the year at 85.64 to the dollar and crossed the 91 mark in fewer than 15 trading sessions.

Foreign investors have remained largely bearish on India, with net outflows of more than $10 billion across asset classes this year, according to NSDL data. While India’s central bank has reiterated that market forces should determine the exchange rate, it reportedly intervened aggressively this week to curb the rupee’s fall.

South African firm Grindrod will invest $80 million over two years to expand the Matola Coal Terminal at Maputo Port from 8 million to 12 million tonnes annually. President Daniel Chapo, at the launch of new administrative facilities, emphasised prioritising rail over road to boost efficiency and regional competitiveness. The investment aims to create 800 direct jobs by 2027 and enhance sustainable development through integrated logistics.

Jihadist attacks in Mozambique as Total plans gas project restart

Islamic State-linked militants have renewed attacks in northern Mozambique, including deadly raids on military posts and a wildlife reserve, as TotalEnergies prepares to restart its major gas project. Analysts link the violence to recent announcements, including $4.7 billion in new funding from the US.

Mozambique keeps key interest rate steady at 18% in June

Mozambique’s benchmark interest rate for credit will remain at 18% in June, according to the Mozambican Banking Association (AMB). The rate has fallen steadily from 24.1% in January 2024, with a 0.5 percentage point cut in May and earlier in March. The AMB kept it steady at 19% in February and April. This decline follows reductions in the central bank’s monetary policy interest rate (MIMO rate), which dropped from 12.25% in January to 11.75% in March, reflecting continued low inflation expectations despite fiscal risks. Meanwhile, credit to the economy rose slightly in March to nearly 285 billion meticais (€3.99 billion), after a notable drop in February.

Government settles all unpaid debt service from 2024

Mozambique fully cleared its 2024 external debt arrears in Q1 2025 , paying $210.34 million (€185.6 million) in principal and interest, according to a Ministry of Finance report. Over half of the €47.3 million in unpaid debt was owed to Portugal. Payment delays had been blamed on post-election unrest and budget shortfalls. The report warns of added fiscal pressure in 2025 due to residual obligations and debt management system limitations.

Chapo wants fewer trucks, more trains to the port of Maputo

Mozambique’s President Daniel Chapo has called the growing use of road transport for coal and magnetite to the Matola Coal Terminal “unacceptable,” urging a return to boost efficiency and competitiveness. Speaking at the inauguration of Grindrod’s new office and the launch of an $80 million expansion, Chapo stressed that Matola’s infrastructure was built for rail. He also highlighted the $160 million container terminal project and the broader port expansion under the 25-year extension of the Maputo Port Development Company (MPDC) concession, which includes $600 million in planned investments. MPDC aims to modernise facilities, reduce logistics costs, and create new jobs, reinforcing Mozambique’s role as a logistics hub in southern Africa.

Guatemalan President Bernardo Arévalo de León announced that on May 22, Guatemala will sign an agreement with the U.S. to modernise its ports, beginning with the expansion and renovation of Puerto Quetzal. He called it a historic step toward creating better commercial conditions for both Guatemalans and international investors.

India to donate 600 artificial limbs to Guatemala in humanitarian effort

India will provide around 600 artificial limbs in a humanitarian initiative set to begin in October 2025 in Guatemala. The 50-day camp, organized by Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS), will take place at Guatemala’s Ministry of Defence and marks the 33rd global camp under India’s India for Humanity programme. The initiative coincides with the 53rd anniversary of India–Guatemala diplomatic ties and aims to strengthen bilateral cooperation.

Community culinary tours in Guatemala

Martsam Travel’s “From Market to Mayan Table” offers an immersive culinary journey through Guatemala, blending gastronomy, heritage, and regenerative tourism. Starting in Antigua, travellers join Mayan women for market tours and home-cooked meals, exploring traditional ingredients and cooking techniques. The experience includes hands-on preparation of ancestral dishes in a restored colonial home and features handmade aprons from a Maya sewing cooperative, symbolising cultural connection and community support.

Central America Festival highlights literature and dialogue in Guatemala

The Central America Festival kicked off in Guatemala , spotlighting literature, cultural exchange, and democratic values. Featuring over 60 writers and artists from Latin America and Europe, the event includes book launches, panel discussions, and artistic dialogues. Highlights include Nicaraguan author Gioconda Belli’s new novel, a panel with EU and Costa Rican leaders, and a tribute to Nobel laureate Miguel Ángel Asturias. Expanding beyond Guatemala City, events also take place in Totonicapán to engage broader communities. The festival runs through May 24.

IDB Invest finances Laki to strengthen SCF in Guatemala, El Salvador, and Honduras

IDB Invest has approved up to $50 million in financing for Laki and its subsidiaries to boost short-term funding access for MSME suppliers in El Salvador, Guatemala, and Honduras. The package includes a $10M supplier factoring facility, a $20M revolving import credit line, and a $20M uncommitted facility for future capital and sustainability projects. Advisory support will also help enhance ESG practices and operational transparency.

With 93% of its land covered by rainforest, the country is planning to start oil production from recently discovered offshore reserves.

Although this exercise threatens the carbon-negative status of the country, President Chan Santokhi claims the status will stay the same.

"The oil production can go hand in hand with the carbon negative status because we have also implemented, in addition to the oil and gas, our solar energy program. We will increase the solar energy, which will have a positive impact on our carbon-negative status. We will protect our forests," he told AFP.

This echoes his pledge at COP28 in Dubai in 2023.

“Let’s be very clear. Suriname will maintain its carbon negative status even when the offshore oil and gas industry is developed,” President Chan Santokhi said during his speech at the High-Level Segment of the 28th Conference of the Parties (COP).

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 .

Tanzania's economic landscape shows encouraging signs as the current account deficit for the year leading up to August 2024 has narrowed to US$2.57 billion from US$3.85 billion the previous year. This improvement is attributed to robust export growth, particularly in goods and services, which reached US$15.06 billion, driven by a surge in tourism and significant exports of gold, tobacco, and horticultural products. Traditional exports totalled US$1.1 billion, while non-traditional exports soared to US$6.57 billion, with gold exports alone witnessing an 8.2% increase to US$3.19 billion. Additionally, service receipts, primarily from travel and transport, contributed US$6.95 billion, reflecting a marked 21.7% rise in tourist arrivals, IPP Media reports.

First PPP power transmission project

Tanzania is also advancing its energy infrastructure, currently negotiating with two foreign entities for its inaugural Public-Private Partnership (PPP) power transmission projects, valued at an impressive $1.2 billion. Currently, power transmission remains solely under the control of Tanzania Electric Supply Company (TANESCO). With aspirations to draw lessons from successful PPP models in Latin America and Asia, the government faces notable challenges such as regulatory barriers and skills shortages in governmental agencies. These PPP initiatives aim to enhance electricity access and reliability while reducing transmission losses and costs for consumers. As reported by Daily News , despite benefiting from an overarching electricity surplus, the government has earmarked $1.9 billion for the enhancement of transmission infrastructure, addressing ongoing issues in power accessibility.

Longest bridge in East Africa opened

In another pivotal development, Tanzania has inaugurated the Magufuli Bridge, now recognised as East Africa's longest bridge, standing at 3.2 kilometres across Lake Victoria in the Mwanza region. Constructed for £240 million ($300 million) by Chinese contractors, this bridge connects the Misungwi and Sengerema districts, entirely financed by the Tanzanian government. Although construction began in December 2019, it was delayed due to the COVID-19 pandemic, with completion achieved on October 6, 2023. This infrastructure is set to significantly bolster regional connectivity with neighbouring countries such as Rwanda, Burundi, and Uganda, ranking among Africa's top ten longest bridges. The bridge has been named to honour the late President John Magufuli, who first envisioned the project.

Importance of conservation

The creative sector, particularly film, also plays a role in Tanzania's socio-economic development. Filmmaker Aika Kirei is utilising her animated series "Chiku and Katope" as a medium to educate primary school students about environmental conservation. VOA reports that through this innovative storytelling approach, Kirei aims to instil a sense of environmental stewardship in young viewers, highlighting the vital importance of sustainability and conservation efforts for future generations.

Economic boost

Furthermore, the economic contributions from Barrick Gold's Twiga partnership, encompassing the North Mara and Bulyanhulu gold mines, significantly bolstered the Tanzanian economy, accounting for 51% of the government's revenue from the extractive sector. According to the latest assessments by Mining Review Africa , these mines have excelled in safety initiatives, with Bulyanhulu being the recipient of an Occupational Safety and Health Award. Barrick Gold is actively conducting exploration efforts aimed at replenishing and expanding its mining reserves, whilst concurrently identifying new mining opportunities. The initial phase of the Barrick-Twiga Future Forward Education initiative has seen an investment of $10 million into local school infrastructure, with further investments planned.

According to the Corruption Perceptions Index (CPI) by Transparency International, these countries, especially Somalia demonstrate the most severe mismanagement of public funds and corruption.

The CPI ranks 180 countries and territories by their perceived levels of public sector corruption on a scale from 0 (highly corrupt) to 100 (very clean). In 2023, the global average score was 43, indicating that corruption remains a significant challenge worldwide.

Here is a list of the 10 most corrupt countries in the world with their scores:

Somalia - 11

Venezuela - 13

Syria - 13

South Sudan - 13

Yemen - 16

North Korea - 17

Nicaragua - 17

Haiti - 17

Equatorial Guinea - 17

Turkmenistan - 18

Lybia - 18

The UAE cabinet has approved a balanced budget for the 2025 fiscal year, with expenditures set to increase by nearly 12% to 71.5 billion dirhams ($19.47 billion). Revenue is also projected at 71.5 billion dirhams, maintaining the budget's balance. Nearly 40% of the budget will focus on social development, including significant allocations for education and healthcare. Over 35% will support government affairs, with smaller portions for infrastructure and economic sectors. This budget is part of the UAE's multi-year financial plan for 2022-2026, Zawya reports.

Insurance market leader

The MENA region's insurance market reached a turnover of 50.8 billion USD in 2023, a 9.2% increase from 2022. Non-life premiums dominate, making up 81.2% of the total. According to Atlas Magazine , Saudi Arabia leads the market with 17.45 billion USD (34.4% share), followed by the United Arab Emirates at 14.71 billion USD (29% share).

Crypto exempt from VAT

The United Arab Emirates has announced that cryptocurrency transactions will be exempt from value-added tax (VAT) starting 15 November 2024, with retroactive effect from 1 January 2018. This decision, communicated by the Federal Tax Authority, clarifies that digital assets will not incur the standard 5% VAT, aligning their tax treatment with traditional financial services. As reported by The Paypers , the UAE's regulatory framework supports fintech innovation and aims to bolster cybersecurity amid increasing digital transactions. Collaboration among fintech companies, regulators, and financial institutions is essential to address security challenges.

Goodwill campaign for Lebanon

Sheikh Theyab Bin Mohamed has launched a two-week philanthropic campaign in the UAE, running from October 8 to October 21, to support the people of Lebanon, under the slogan "The UAE Stands with Lebanon." This initiative follows President Sheikh Mohamed bin Zayed Al Nahyan's order for a $100 million relief aid package and the dispatch of six planes with 205 tonnes of essential supplies. Bernama adds that the campaign aims to engage community members and organizations in providing humanitarian support to Lebanon amid its ongoing crisis.

$100 billion investments

India aims to attract $100 billion in investments from the United Arab Emirates, announced Commerce and Industry Minister Piyush Goyal. Following the 12th India-UAE High-Level Task Force meeting, he highlighted that key sectors like data centres, AI, renewable energy, and transmission infrastructure will see significant funding. Currently, UAE's direct equity investments in India total just under $20 billion, with nearly $3 billion invested in the last fiscal year. Over the past five years, UAE's annual investments in India have tripled, making it the seventh-largest investor in the country, Business Today reports.

Despite global economic uncertainties and domestic challenges, Zheng emphasised that the fundamentals of China's economy remain robust.

"The National Holiday that just concluded saw strong market consumption, and we are fully confident in achieving the goals of economic and societal development for the year. We are also fully confident in maintaining stable, healthy and sustainable development. This is the first aspect of my briefing to you today," Zheng said.

He further stated "Overall, when we look at the current development, and the development forecast, the fundamentals of our country's economic development have not changed. With the continued release of various policies, particularly incremental packages, market expectations have recently significantly improved."

In September, China unveiled a range of stimulus measures aimed at boosting economic activity. These measures included tax cuts, increased infrastructure spending, and policies to support small and medium-sized enterprises.

The announcement of these initiatives led to a surge in stock market performance, reflecting investor optimism about China's economic prospects.

Interestingly, Zheng noted that there would be no need for additional large-scale fiscal spending for the remainder of the year. "The Chinese economy isn't in a crisis," he said, "and we don't need to announce a large fiscal spending package to help China hit its GDP target".

The country has set an ambitious growth target of 5% for 2024. According to the National Bureau of Statistics, China's GDP grew 4.7% in the second quarter and 5.3% in the first three months of 2024.

The CPI ranks 180 countries and territories by their perceived levels of public sector corruption on a scale from 0 (highly corrupt) to 100 (very clean). In 2023, the global average score was 43, indicating that corruption remains a significant challenge worldwide

Here are the top 10 least corrupt countries in the world with their respective scores according to the CPI:

Denmark - 90

Finland - 87

New Zealand - 85

Norway - 84

Singapore - 83

Sweden - 82

Switzerland - 82

Netherlands - 79

Germany - 78

Luxembourg -78

The Financial Action Task Force (FATF) has commended Mozambique for its unwavering commitment towards combating money laundering and terrorist financing, as efforts are underway for the nation to be removed from the FATF's 'grey list'. The latest progress report indicates substantial advancements, showcasing updates on six specific action items, the implementation of improved risk-based supervision, and the allocation of enhanced resources to the Financial Intelligence Unit (FIU). According to COB , despite these improvements, Mozambique still faces the challenge of fulfilling six remaining actions before the upcoming report due on November 24, a timeline dictated by its inclusion in the grey list on October 22, 2022.

Elections amid insurgencies

As Mozambique approaches critical elections this week, it is doing so under the shadow of persistent jihadist violence and severe drought-induced hunger affecting its populace. Approximately 17 million voters are set to cast their ballots to elect a new president, alongside members of parliament and provincial assemblies, marking an end to President Filipe Nyusi's extended two-term rule. Candidates are notably prioritising the cessation of the insurgency in Cabo Delgado, an area that has witnessed violence leading to the displacement of 1.3 million individuals. Despite facing corruption scandals and allegations of electoral fraud, the ruling Frelimo party is anticipated to win once more, reports KSAT .

History of Mozambique

Tracing the historical context of Mozambique reveals a series of significant events since gaining independence from Portugal on June 25, 1975. The country was established after a liberation struggle led by the Frelimo party, which later transitioned into a one-party Marxist state by 1977 under President Samora Machel. Following a tragic civil war lasting from 1977 to 1992, which claimed approximately one million lives and devastated the economy, a peace accord was signed, leading to the first democratic elections in 1994, maintained by Frelimo's continued dominance in elections ever since. As reported by Barron's , from 2017 to 2024, Mozambique has faced violent attacks connected to the Islamic State group, particularly in Cabo Delgado, resulting in military interventions from foreign nations and ongoing efforts aimed at peace and reintegration of combatants into civilian sectors.

Things to know about Mozambique

Despite boasting considerable natural gas reserves, Mozambique remains one of the poorest nations globally, with over 33 million inhabitants. The legacy of a destructive civil war and ongoing challenges, such as rampant poverty (afflicting around 74.5% of its population), underscore the urgency for economic stability. The Cabo Delgado province, rich in gas, has been the site of jihadist violence that has claimed nearly 5,800 lives since 2017. Barron's reports that support from regional forces like Rwanda and South Africa have been mobilised to address this crisis, and a recent promise of substantial gas revenue—potentially exceeding $6 billion annually—brings cautious optimism for future economic growth. However, further development efforts have faced hindrances from ongoing violence. Furthermore, Mozambique's vulnerability to climate-related disasters has been starkly illustrated through the damage inflicted by cyclones Idai and Kenneth in 2019.

First cashew factory

To stimulate economic diversification and bolster local agriculture, a new cashew nut processing factory has been inaugurated in Palma, Cabo Delgado, amidst improved security conditions. Funded by The Sunshine Approach Foundation with an investment of 30 million meticais (approximately US$1.3 million), this facility boasts a processing capacity of 1,500 tons of cashew nuts per year and is projected to create employment opportunities for around 100 individuals. This project is part of broader initiatives aimed at stabilizing and industrializing the region, reflecting renewed confidence from investors in Cabo Delgado, reports COB .

The Maldives is mending its ties with India following a diplomatic strain caused by mockery from two Maldivian ministers on social media, which reflected anti-India sentiment. Their actions led to their suspension amidst escalating tensions and a decline in Indian tourist numbers, crucial for the Maldives' economy. In August, India's external affairs minister visited the Maldives, initiating a diplomatic thaw that resulted in the resignation of the ministers. This shift signifies President Muizzu's recognition of the necessity for strong relations with India, highlighting the historical and economic ties essential for stability in the Indian Ocean, BTTV reported .

Timber's significance in resorts

Shigeru Ban Architects has unveiled plans for the "Infinite Maldives" resort on a 5-hectare site at Male’ Atoll, featuring 44 overwater and beachfront villas connected by a vast timber bridge. The project will emphasize local materials and sustainable practices, using engineered mass timber products to minimize transportation and energy use. Developed by Crystal Property Group, it aims to blend seamlessly with the natural landscape and is the first resort residence in the Maldives to invite overseas investors. According to Wood Central , the initiative follows recent eco-friendly developments in the region, such as the Fari Islands, which have set benchmarks for sustainability and timber-sourcing practices. Ban is also involved in constructing a mass timber hospital in Ukraine for war-affected individuals.

Mpox updates

The Health Protection Agency (HPA) of the Maldives reports no cases of mPox (formerly monkeypox) in the country, dismissing social media rumours of a positive case in Hulhumale' as false. Despite a global threat from an outbreak in Africa noted by the World Health Organisation (WHO), with cases reported in nearby Asian countries like India, the Maldives received mPox test kits from the WHO reports The Edition . The virus, first identified in humans in 1970, spreads through contact with infected animals and between humans, primarily requiring close physical contact. The WHO has recorded over 14,000 infections and 524 deaths globally in 2024.

Financial agreement with China

The Maldives' hopes of avoiding a debt crisis received a boost on Friday when China agreed to enhance trade and investment, showcasing its support and influence in the Indian Ocean nation. Recently, there have been growing concerns that the financially strained Maldives might become the first country to default on Islamic sovereign debt. However, this week has brought a sudden improvement in sentiment. Reuters adds that the sharp rebound in its only international market bond—a sharia-compliant sukuk issue—was further bolstered on Friday when China's central bank, the People's Bank of China (PBOC), and the Maldivian Ministry of Economic Development and Trade announced a "memorandum of understanding."

Economic connectivity with Vietnam

A seminar focused on enhancing economic connectivity between Vietnam and the Maldives was held in Male on September 10, coinciding with Vietnamese Ambassador Trịnh Thị Tâm's credentials presentation to Maldivian President Mohamed Muizzu. The event aimed to improve understanding of investment opportunities in Vietnam, where current trade is about $15 million, with limited Maldivian investment. Ambassador Tâm emphasized facilitating business connections and proposed delegations for further cooperation as the countries near their 50th diplomatic anniversary. Maldivian Minister Hussain Zamir highlighted potential collaboration in tourism, trade, and construction, while local businesses expressed interest in Vietnamese products and skilled labour. As reported by the Viet Nam News , the Vietnamese embassy showcased handicrafts and discussed prospects with Maldivian ministries on tourism and fisheries cooperation.

Despite numerous calls from the international community to lift the embargo, it remains firmly in place, significantly affecting Cuba's economy and its people.

During a press conference on Thursday, September 13, The foreign affairs minister of the country, Bruno Rodriguez, explained that "From March 1, 2023, to February 29 of this year, the blockade caused material damage and losses to Cuba amounting to 5.056 billion dollars."

In response, he urged the current US President, Joe Biden, to ease the sanctions in the remaining months of his tenure.

"The only honest, responsible, and serious thing the current occupant of the White House (President Joe Biden) could do would be to modify, in the remaining period of his term, the blockade policies he inherited earlier but has applied intensely and strictly."

The island nation's efforts to get the sanctions off its back is reflected in its unrelenting submission of documents of dissolution to the United Nations General Assembly for almost three decades.

In a recent document presented to the assembly, the country stated “It is not permissible, legal or ethical, that for decades a small country be subjected to a criminal policy of suffocation, with economic damages that exceed 164.,141.1 billion dollars at current prices.”

The veto was upheld with 153 votes in favour, 87 against, and eight abstentions despite a heated debate that lasted over four hours.

Thousands of protesters gathered outside the National Congress as news of the veto's approval spread. The demonstration quickly escalated, with some protesters breaking down barriers and clashing with riot police. Authorities responded with pepper spray and rubber bullets to disperse the crowd.

"No, I no longer live. I no longer live. Just because a heart beats doesn't mean there's life—be careful, I don't live. I'm a living dead, I don't know how to explain it. I don't live. I don't live because I earn 8,000 pesos (8.35 USD) a day, it's very simple, 240,000 pesos (250.60 USD) a month," said 75-year-old Luis Relinquet.

Argentina is struggling with severe economic challenges , including an annual inflation rate nearing 240%. President Milei's administration has implemented a series of austerity measures aimed at curbing government spending and stabilising the economy since it took over in December.

However, these measures have been met with significant opposition, particularly from those who feel the cuts disproportionately affect the most vulnerable populations.

"I don't want to use any bad words because my religion forbids it, but it slips out. He's a son of a bitch because he forgets about the elderly, he forgets about the elderly, the sick, and those of us who are in need." 76-year-old Edgardo Cabalillas added.

Tanzania is confronting the persistent issue of human-wildlife conflict, particularly with elephants encroaching into agricultural and residential territories. Recent reports from the Tanzania Wildlife Management Authority (TAWA) indicate that over 500 elephants have been successfully relocated back to their protected habitats using helicopter assistance from January 2023 to July 2024, reports Big News Network . Key affected areas comprise Lindi, Mara, Kilimanjaro, Morogoro, and Mbeya. In a bid to bolster wildlife conservation and better manage these conflicts, the Ministry of Natural Resources and Tourism is set to recruit 1,187 new game rangers over the next two years.

Opposition leader abducted and murdered

In a tragic turn of events, the lifeless body of Ally Kibao, a senior official from Tanzania's opposition CHADEMA party, was discovered on the outskirts of Dar es Salaam following his abduction by armed assailants. His remains exhibited severe injuries, and acid had been inflicted upon his face. This incident potentially jeopardises the reformist reputation of President Samia Suluhu Hassan, particularly as Kibao was kidnapped just a day prior, as reported by Azer News . While a preliminary post-mortem examination has been conducted, a comprehensive autopsy report is anticipated shortly.

Diplomatic ties with Kazakhstan

Meanwhile, Kazakhstan has reinforced its diplomatic ties with Tanzania and Mozambique by appointing Yerkin Akhinzhanov as its ambassador to both countries, while he concurrently maintains his ambassadorial role in South Africa. According to KINA , Akhinzhanov brings an extensive diplomatic portfolio, having served as Kazakhstan’s deputy Permanent Representative to the OSCE and the UN, and Minister Counsellor in various missions including those in Norway and the US. He is an alumnus of the Alma-Ata Pedagogical Institute of Foreign Languages.

$40 million investment

In a significant economic development, South Korean steel giant POSCO is embarking on a $40 million investment initiative involving Tanzanian enterprise Black Rock Mining, staged over two phases. The initial phase aims to inject $9 million, thereby increasing POSCO's equity in Black Rock Mining from 10.1% to 19.99%. The subsequent funding phase is intended to facilitate the construction of Module 1 of the Mahenge Graphite Project and will confer long-term offtake rights for graphite concentrate produced from Module 2, reports Energy Capital & Power . According to Black Rock Mining CEO John de Vries, this agreement is pivotal for enhancing stakeholder confidence and ensuring funding transparency for the project's production.

Samia reacts to murder of opposition leader

President Samia Suluhu Hassan has publicly expressed her profound grief regarding the murder of opposition CHADEMA leader Mohamed Ali Kibao, urging for a meticulous investigation into the incident. She reinforced the notion that Tanzania is a democracy, where the right to life is paramount, asserting her government's firm stance against acts of violence. CHADEMA Chairman Freeman Mbowe disclosed that Kibao’s body exhibited signs of extreme brutality, including severe beatings and acid burns. The ruling party's Secretary for Ideology, Amos Makalla, extended his condolences and called for thorough police investigations. According to Daily News , this harrowing act has been met with widespread condemnation from various political factions, including ACT Wazalendo, highlighting the pressing concern of political violence in Tanzania. The Police Force is actively pursuing investigations, deploying specialist teams to enhance their investigative capabilities.

The vibrant fabric of Zambia's cultural landscape was prominently displayed during the 2024 National Arts Festival in Lusaka. Organised meticulously by the Ministry of Youth, Sports and Art and the Zambia National Arts Council, this festival served as a nexus for artistic expression, bringing together artists from various backgrounds. The News Diggers reports that through a series of captivating performances and fashion shows, this event underscored the emotional resonance of art while fostering a communal spirit, culminating in a celebration of creativity that reaffirmed the vital role of art in mirroring the nation's socio-cultural essence.

Google to build an AI centre

In a significant technological advancement, Google has announced the establishment of an Artificial Intelligence Centre of Excellence at the University of Zambia. This initiative comes after a Memorandum of Understanding with the Ministry of Technology and Science. As articulated by Technology and Science Minister Felix Mutati, this AI centre marks a pioneering effort as the first of its kind in Southern Africa, strategically situated at the Zambia Research and Education Network (ZAMREN). As reported by TechAfrica News , the primary objective of this centre is to empower young innovators, equipping them with the necessary tools to devise solutions for local challenges. Furthermore, ZAMREN's noteworthy achievement of connecting 150 institutions to high-speed internet is instrumental in broadening student access, thereby fostering an environment conducive to innovation.

Tanzania-Zambia Railway to be rejuvenated

The regional cooperation between China, Tanzania, and Zambia is set to rejuvenate the Tanzania-Zambia Railway (TAZARA), which was initially established in the 1970s to enhance Zambia’s accessibility. This collaborative agreement, formalised during the recent Forum on China-Africa Cooperation (FOCAC) summit, signals a public-private partnership aimed at the rehabilitation of this critical transport artery. According to Globely News , the revival of TAZARA is especially pertinent given Zambia's current financial challenges, as this renewed focus by China is also an effort to counterbalance the strategic movements surrounding the U.S.-backed Lobito Corridor project which connects Zambia to Angola’s Atlantic port. Concurrently, Tanzania is undertaking its railway network expansion, with aspirations to position Dar es Salaam as a pivotal trade hub in the region.

Huawei donates telecom towers

Huawei has donated equipment for 25 communication towers to enhance national communication services. The donation, including wireless and transmission technology power systems, was formalized during President Hakainde Hichilema’s visit to China in September 2023 and solidified through a Memorandum of Understanding with the Ministry of Technology and Science in June 2024. Technology and Science Minister Felix Mutati announced that Zamtel will oversee the construction of these towers in remote areas with limited phone service access, as reported by Telecompaper .

De-dollarisation strategy in progress

Zambia's central bank is actively engaging in a de-dollarisation strategy to mitigate the depreciation of the kwacha, which has faced a staggering 22% decline against the dollar over the past year. Governor Denny Kalyalya disclosed that this initiative, first announced in June, is designed to curtail the use of foreign currency in local transactions, thereby augmenting the effectiveness of monetary policy. Bitcoinnews.com reports this plan, however, has encountered criticism as Zambia grapples with the challenges of recovering from a debt default coupled with an extensive power crisis that restricts electricity supply to households. Despite the limited usage of foreign currency in everyday transactions, certain sectors, notably real estate and automotive sales, continue to engage in dollar-based pricing. The central bank remains in consultation with various stakeholders, and a timeline for the implementation of this de-dollarisation strategy has yet to be established.

According to recent reports, male actors brought in a total annual income of $429 million this year.

Here is who received the highest paychecks in Hollywood:

Adam Sandler - $73 million

Dwayne Johnson - $50 million

Tom Cruise -$45 million

Ryan Gosling $43 million

Matt Damon - $43 million

Leonardo DiCaprio - $43 million

Jason Statham - $41 million

Ben Affleck - $41 million

Brad Pitt - $30 million

Will Smith - $25 million

According to a Forbes list, nine talented Hollywood actresses gross millions of US dollars annually after featuring in blockbusters and thrillers.

Below is a list of top Hollywood actresses and how much they are paid:

Sandra Bullock - $70 million

Scarlett Johansson - $56 million

Sofia Vergara - $43 million

Reese Witherspoon - $35 million

Angelina Jolie - $34 million

Gal Gadot - $31.5 million

Julia Roberts - $30 million

Jennifer Aniston - $28 million

Jennifer Lawrence - $28 million

The updated figure, worse than the preliminary reading of minus 2.1%, indicates a loss of momentum in Japan's economic recovery from the pandemic during the summer.

The outlook remains uncertain as overseas economies slow down, and persistent inflation weighs on domestic consumption.

Household spending fell 2.5% in October from a year earlier, extending an eighth consecutive monthly drop, while nominal wage gains of 1.5% left pay increases trailing behind inflation.

The weak GDP readings complicate the decision-making for the BOJ, which is considering potential shifts in its monetary policy.

Market speculation about the BOJ scrapping its negative interest rate has intensified, driven by remarks from central bank officials.

Japanese bond yields surged, and the yen strengthened against the dollar, suggesting anticipation of possible BOJ action.

Prime Minister Fumio Kishida faces challenges amid record-low poll ratings, a fundraising scandal, and criticism over measures to tackle inflation.

The weak GDP figures and ongoing consumer spending challenges present additional hurdles for Kishida's administration.

Economists suggest that the BOJ might act in early 2024, with April considered the most likely timing for a policy adjustment.

The outcome of Japan's economic indicators, combined with market speculation, leaves uncertainty about the BOJ's policy direction.

The central bank's decision, expected after its meeting on December 19, could impact the country's economic recovery efforts and add political pressure on Prime Minister Kishida.

Presidential run-off polls in which the fates of incumbent president George Weah and his opponent  Joseph Boakai are to be decided have closed in Liberia. In a close contest in October, the first round of polls ended with President Weah leading with 43.83% while Boakai pooled 43.44%. Both aspirants failed to reach the 50% mark, Sierra Leone Times reported. The two and their supporters remain optimistic about their chance of getting the nod from the electorates in the just-ended polls. “I’m happy; the place is calm and everybody voting and there is no tension, that’s the true nature of democracy and want to urge every Liberian to exercise their constitution in this way, as the best for our country,” the New Dawn quoted President Weah.

Patients block hospital road

Patients who had visited the government hospital in Gunta in the Nimba county in Liberia ended up protesting the failure of health professionals to give them any attention and treatment. Aggrieved patients though suffering from various ailments erected roadblocks on the Ganta-Sanninquellie route to prevent health professionals from moving out, the New Dawn reported. “We left our respective homes and have gone to receive treatment at the hospital but were unable to receive treatment on grounds that they have been providing free services to patients for over ten years without being placed on government payroll; based on that, we were unable to received treatment since day”, spokesperson of the patients, James Wonnie told the New Dawn

FGM Milestone

The fight against Female Genital Mutilation (FGM) in northern Liberia has reached a major milestone and has been marked with a celebration as traditional practitioners have abandoned the practice. This marks an end to the long battle in the region. In a flamboyant ceremony at the Gbanquoi Vocational and Heritage Centre, former traditional practitioners handed over their tools to the chairperson of the National Council of Chiefs and Elders of Liberia , Zanzan Karwor, the New Dawn reported. The Embassy of Sweden, UN Women, and UNDP were part of the stakeholders present at the ceremony.  

Low voter turnout

Liberia’s presidential run-off elections recorded low voter turnout throughout the entire voting process, on November 14. The voter behaviour has been attributed to amongst others, various candidates bearing the cost of transporting electorates to voting centres and general discontent with the Weah administration, the Front Page Africa Online reported. However, amidst the seemingly calm atmosphere of the process, pockets of violence were recorded in some areas which resulted in the death of two people, The Sierra Leone Times has reported.

Liberia’s central bank maintains monetary policy rate

The Central Bank of Liberia (CBL) has maintained the monetary policy rate at 20% for the sole reason of preventing further buildup of inflationary pressure on the economy in the coming years.  The Board of Directors of the CBL further resolved to reserve requirement ratios of 25% for Liberian dollars (L$) and 10% for United States (US) dollars, the Front Page Africa Online reported. The report further indicated that the Liberian economy amidst global uncertainty characterized by the Russia-Ukraine war, and climate change, showed resilience and a mixed growth trend, during the period in review.