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.

Nigeria’s economy is on course to record its strongest expansion in more than 10 years, with the World Bank upgrading its growth forecast to 4.4% for both 2026 and 2027. In its latest Global Economic Prospects report, the Bank said growth rose to 4.2% in 2025, driven by services, particularly finance and information and communication technology, alongside a modest agricultural recovery and Nigeria’s emergence as a net exporter of refined petroleum products. “Growth in Nigeria is forecast to strengthen to 4.4 percent in both 2026 and 2027, the fastest pace in over a decade,” the report said, adding that tax reforms and prudent monetary policy are expected to support activity, improve investor sentiment and further reduce inflation. The Bank, however, cautioned that sustaining momentum will require tackling long-standing structural weaknesses and strengthening fiscal discipline to ensure growth is durable and inclusive.

Nigeria and UAE deepen ties

President Bola Tinubu has announced that Nigeria will co-host the Investopia investment conference with the United Arab Emirates in Lagos in February, as both countries seek to attract global capital and boost sustainable investment inflows. The announcement was made on the sidelines of the 2026 Abu Dhabi Sustainability Week, following the conclusion of a Comprehensive Economic Partnership Agreement (CEPA) between Nigeria and the UAE. Tinubu described the CEPA as a historic deal that will deepen cooperation in renewable energy, infrastructure, logistics and digital trade. “We warmly invite our partners to help build sustainable and shared prosperity for Nigeria, Africa and the world,” he said, noting that Nigeria aims to mobilise up to $30 billion annually in climate and green industrial finance while strengthening climate governance through a new national carbon market framework.

Lagos fire service reports 133 deaths in 2025

The Lagos State Fire and Rescue Service said 133 bodies were recovered from emergency incidents across the state in 2025, as it responded to 2,617 emergency calls during the year. Speaking at the agency’s annual staff engagement, Controller General Margaret Adeseye said fire incidents accounted for about 85% of all calls, with 473 victims rescued alive. She disclosed that properties valued at ₦118.3 billion (approx. US$78.9 million) were saved, while losses stood at ₦19.7 billion (approx. US$13.1 million), representing a 6:1 save-to-loss ratio. Adeseye said the figures highlight the importance of preparedness and professionalism in a rapidly growing megacity, adding that the recent passage of the Lagos State Fire and Rescue Service Bill has strengthened the agency’s institutional framework and operational efficiency.

Police decline to comment on U.S. airstrikes

The Nigerian Police Force has confirmed it has intelligence on recent United States airstrikes against terrorist targets in Sokoto State, but said it would not disclose details publicly. Force spokesperson Benjamin Hundeyin said the matter should be addressed by defence authorities, stressing that the police would not comment on the operation. The strikes , carried out on December 25, were confirmed by the U.S. Department of Defence, which said “multiple ISIS terrorists” were killed in an operation conducted at Nigeria’s request. U.S. President Donald Trump described the action as a “powerful and deadly strike” against ISIS-linked militants in northwest Nigeria.

U.S. delivers military assets to support counter-terror operations

Nigeria’s fight against terrorism and banditry received a boost with the delivery of what the United States described as “critical military supplies” to support ongoing security operations. U.S. Africa Command (AFRICOM) said the delivery underscores the security partnership between both countries, although details of the equipment were not disclosed. The development comes as Nigeria’s Chief of Air Staff, Air Marshal Sunday Aneke, seeks to fast-track the acquisition of 12 AH-1Z attack helicopters from the United States. The latest support follows recent joint U.S.-Nigerian strikes against ISIS-affiliated groups in Sokoto State.

Angry fans stormed Salt Lake Stadium in Kolkata on Saturday, December 13, after football star Lionel Messi left the venue earlier than expected during a heavily attended event . Thousands of fans, many wearing Argentina jerseys and waving flags, had gathered as part of Messi’s three-day “GOAT Tour” of India. Frustration grew as tight security limited access to the player, despite high ticket prices. Fans vandalised stadium property, ripped out seats and hurled objects onto the track, while some stormed the pitch. A senior police official confirmed the arrest of the event’s chief organiser, adding that authorities were exploring refunds. West Bengal Chief Minister Mamata Banerjee apologised to Messi and fans and ordered a probe, while the All India Football Federation said it was not involved in organising the private event.

World Bank approves major clean air programmes in India

The World Bank has approved financing for two major air quality programmes in the Indian states of Uttar Pradesh and Haryana, aimed at improving air quality for about 270 million people. The Uttar Pradesh Clean Air Management Program will invest nearly $300 million in cleaner transport, agriculture and industry, including electric buses, electric three-wheelers and access to clean cooking for millions of households. A separate $300 million programme in Haryana will strengthen air quality monitoring and support clean transport and cleaner technologies for small businesses. The initiatives are part of a broader regional effort to tackle air pollution in the Indo-Gangetic Plains and Himalayan foothills.

Prada partners with Indian artisans after cultural backlash

Italian luxury brand Prada will launch a limited-edition sandal collection inspired by traditional Indian Kolhapuri chappals, turning earlier accusations of cultural appropriation into a formal collaboration with Indian artisans. Around 2,000 pairs will be produced in Maharashtra and Karnataka and sold globally from February 2026. Prada has signed agreements with two state-backed Indian leather development corporations and plans a three-year partnership that includes training programmes in India and Italy. The company said artisans would be fairly compensated, with the project expected to cost several million euros.

Pakistan and Bangladesh signal openness to new regional grouping

Pakistan has indicated openness to forming a regional grouping with Bangladesh, following Dhaka's assertion that it is strategically possible to pursue such cooperation without India. Pakistan’s Foreign Office  said  any proposal from Bangladesh would be viewed within the context of Islamabad’s commitment to multilateralism. The comments follow confirmation that a trilateral mechanism involving Bangladesh, China and Pakistan has already begun, with the first meeting held in China in June. Officials from the three countries said the framework is based on cooperation, openness and “true multilateralism,” and is not directed at any third party.

India eases business visas for Chinese professionals

India has moved to speed up business visas for Chinese professionals by cutting bureaucratic scrutiny and reducing approval times to under a month, according to officials. The decision marks a shift after years of tight restrictions following the 2020 border clashes between the two countries. Industry groups say the earlier delays led to billions of dollars in production losses, particularly in electronics and solar manufacturing. China welcomed the move as a positive step toward improving people-to-people exchanges, while Indian officials said the changes were part of broader efforts to stabilise economic ties and attract investment.

Since Rajoelina’s transition , Madagascar has been less governed than managed as a hunting ground for a privileged elite. The Presidential Palace became a hub of organised predation, where advisers ran a disciplined criminal network, shaping decrees, controlling contracts, and striking opaque deals with foreign companies. “Development” became a code for kickbacks. Cabinet members advanced mining and land deals that benefited their clans while blocking essential public services, and intelligence agents enforced the system by suppressing dissent around this core, operating intermediaries who managed laundering, transfers, and offshore channels that drained national wealth. In mining regions, forests were razed, rivers polluted, and gold smuggled out weekly under official protection, investment in name but a liquidation of sovereignty in practice.

The transitional pill or the subtle art of confiscating the nation!

In Malagasy political life, certain words are used so often they lose meaning, and “ transition ” is one of them. It suggests a temporary passage toward renewed democracy, yet our history shows that transitions have never been passages at all. They become lucrative interludes, zones outside normal political rules, where the state stops functioning as an institution and instead becomes an asset controlled by a small circle. A transition has no ideology, no vision, and no project beyond its own survival. Its fuel is the Provisional, a space where nothing is fixed and those in power enjoy near-total freedom because everything remains undefined. In this context, the Provisional becomes a resource to be exploited. This is why transitional governments avoid clear political agreements: agreements close the parenthesis, limit their manoeuvring room, and impose deadlines they prefer to keep vague so the period where anything is possible, even the unspeakable, can continue.

The three little pigs of the republic: The presidency, mines, and finances

The orange-clad presidency did not govern ; it operated like a multinational plunder corporation. It became the central server of an institutional mafia that turned the Malagasy administration into a trafficking hub sanctioned by decree. The Palace was less a seat of power than the headquarters of a white-collar family gang. Madagascar has been treated like an open-air supermarket through the hidden dominance of its mines. The sector wasn’t merely looted but emptied and ravaged with official approval. Across the south, southeast, and central regions, the pattern repeats: Chinese companies signing deals in hours, local authorities facilitating rather than overseeing, resources extracted without compensation or safeguards, and vast stretches of land left as abandoned craters.

The shadow of the ‘Tablieristes’: Why are we trapped in our own poverty?

Madagascar’s persistent poverty is not the work of fate or an ancient curse; it stems from the fact that real power has long operated outside formal institutions. Parallel networks and closed fraternities have placed their people throughout the administration, preventing the rise of a true public meritocracy. The state grew not through exams, standards, or independence, but through belonging to a clan, region, business group, or lodge. When the state is weak, these networks rule; when institutions fail, closed circles decide . The result is an administration suffocated by co-optation, appointments negotiated in back rooms, ministries run by loyalty instead of competence, and entire sectors controlled to protect insiders rather than serve the nation.

World Bank funding to align with refoundation priorities

Resources must respond to citizens’ needs, which is why Economy and Finance Minister Dr. Herinjatovo Ramiarison urges that World Bank funding align with the “Refoundation” Government’s priorities. He reiterated this during the review of World Bank–financed projects, noting that Madagascar has already set its goals: improving access to water and electricity, strengthening health, education, and security, and restoring citizens’ dignity. The focus now is accelerating implementation and ensuring concrete results. The 2023–2027 Country Partnership Framework (CPF) had already outlined the Bank’s strategy for inclusive and resilient growth, centered on three priorities: expanding employment opportunities, improving equitable access to public services, and strengthening resilience to shocks.

The data in the image shows Cambodia at 16.6%, Vietnam at 11.9%, Myanmar at 20.8%, the Philippines at 9.1%, Indonesia at 12.6%, Thailand at 8.7%, and Malaysia at 8.2%. Some of these figures represent decreases from 2021; for example, Cambodia saw a drop of 6.2 percentage points, and Vietnam declined by 3.0 points.

These numbers come in line with World Bank data on the broader measure of agriculture, forestry, and fishing’s share of GDP globally.

As Southeast Asian economies grow and diversify, the share of agriculture in GDP often falls. That’s natural in development: the industry and services sectors tend to expand faster than farming. The image confirms that trend: many countries show declines between 2021 and 2024.

This doesn’t mean agriculture is unimportant, far from it. It remains vital for food security, rural employment, and exports. What the shrinking share often signals is that productivity improvements in nonfarm sectors are outpacing gains in agriculture.

A report from ISEAS notes that despite agriculture’s role in regional food systems and exports, it faces increasing pressures from trade volatility, land use change, and climate stress.

Climate change adds urgency to the picture. According to the Food and Agriculture Organisation (FAO), in Southeast Asia, more than 100 million smallholder farmers depend on farming, yet they face increased heat, erratic rainfall, and extreme weather.

Between 2008 and 2018, natural disasters and climate extremes caused roughly USD 21 billion in production losses across the region.

These environmental pressures may further erode agriculture’s share of GDP if farmers can’t adapt, threatening livelihoods and food supply.

The World Bank is responding to these pressures by directing more financing to agribusiness and agriculture. In 2024, it announced it would double its agri-finance and agribusiness commitments to USD 9 billion annually by 2030.

This pivot aims to support technology, infrastructure , climate resilience, and better value chains in food systems.

One real-world example of agriculture’s power: In the Philippines, the sector rebounded sharply in 2025, driving the country’s fastest annual growth in some time. According to Reuters, the Philippines posted 5.5% year-on-year growth in Q2 2025, largely led by a 7% increase in agricultural output.

“We are seeing very robust investment in that sector, both from companies developing AI models and from firms adopting them,” Gourinchas said. “This is being adopted very broadly, and it’s contributing to growth performance in the U.S. right now. But valuations are quite stretched,” he said.

The IMF notes that the rapid expansion of AI is helping to sustain economic activity, especially in advanced economies. Tech giants and traditional firms alike are pouring billions into machine learning, automation, and AI-driven analytics.

“ People see their portfolios performing well,” Gourinchas said, adding, “That confidence is feeding back into stronger spending, which in turn adds to demand pressures.”

Despite the optimism, the IMF warns that asset prices tied to AI may be rising faster than the real economy can justify. Gourinchas said that while some of the projected profits behind today’s market valuations might be accurate, “no one can know for sure.”

The Fund fears that if expectations fail to materialise, if AI productivity gains prove slower or narrower than hoped, a market correction could follow, wiping out wealth and tightening financial conditions globally.

“ Trade tensions, financial market vulnerabilities, and weak fiscal positions are converging in ways that could quickly reverse hard-won gains,” he said while speaking at the Annual IMF Meetings.

Here are the four key threats outlined by the IMF:

1. Trade tensions and supply chain disruptions

Despite some optimism earlier this year, global trade remains at risk from new tariff measures and geopolitical rifts. The IMF noted that while recent U.S. tariffs have had a limited immediate impact due to exemptions, any escalation could knock 0.3 percentage points off global output.

Countries that rely heavily on exports or imported inputs could face inflationary pressures and a slower recovery if protectionism intensifies.

"Flaring up trade tensions with the potential for supply chain disruptions could quickly lower global output by as much as 0.3 percentage points," he said.

2. Financial market risks, the AI boom and a potential tech bubble

The IMF drew parallels with the late 1990s dot-com bubble, cautioning that today’s AI-driven surge in tech investments could start financial instability. Surging stock valuations, rapid capital inflows, and speculative investments risk a sharp market correction.

A sudden fall in tech markets, Gourinchas warned, could hurt household wealth, corporate investment, and global financial conditions . “There are echoes in the current tech investment surge of the dot-com boom of the late 1990s. It was the internet then, it is AI now. We're seeing surging valuations, booming investment, and strong consumption on the back of solid capital gains. The risk is that with stronger investment and consumption, a tighter monetary policy will be needed to contain price pressures. This is what happened in the late 1990s. There is also the flip side of the boom. Markets could reprice sharply,” he said.

3. China’s economic slowdown and structural weaknesses

The IMF flagged serious concerns about China, pointing to its property sector crisis, high local debt , and declining productivity. The country’s pivot to state-backed industrial sectors, such as electric vehicles and solar, has generated growth, but at a potential cost of misallocated resources and rising fiscal burden. China’s ongoing slowdown could spill over to commodity-exporting nations and global supply chains.

4. Fiscal fragility and pressure on central banks

Many countries have failed to rebuild fiscal buffers after the pandemic. With high public debt, rising interest costs, and new spending demands, from climate adaptation to defence, governments face increasing pressure. "As fiscal constraints become more binding, we are seeing rising pressures on central banks. Calls to ease monetary policy, whether to support activity or reduce government debt service at the expense of price stability, always backfire,” he added.

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.”

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.

Prime Minister of Mongolia, Zandanshatar Gombojav, met with World Bank Vice President for East Asia and the Pacific, Manuela V. Ferro, on September 2, 2025. The Prime Minister thanked the Bank for its long-standing contribution since 1991 and outlined policy priorities, including human development, green transition, digital transformation, and tax reform. He stressed the need to diversify the economy beyond mining, expand exports, and improve affordable housing access to reduce air pollution in Ulaanbaatar. Ferro praised Mongolia’s recovery after COVID-19 and highlighted agriculture, renewable energy, and tourism as key diversification sectors. The World Bank reaffirmed its readiness to support Mongolia’s development agenda.

Prime Minister emphasises agriculture as backbone of economy

During a visit to Darkhan-Uul aimag, Prime Minister Zandanshatar underlined agriculture’s central role in Mongolia’s economic growth, pointing to the Eurasian market as an opportunity for agricultural exports. Officials from the Ministry of Food, Agriculture, and Light Industry reported progress under the “Food Revolution” and “White Gold” movements, including concessional loans, increased crop and livestock production, and strengthened cashmere and leather processing. More than 2,500 new jobs have been created and 25 new food processing plants commissioned. Agriculture contributed significantly to Mongolia’s 5.6% economic growth in the first half of 2025.

Fitch reaffirms Mongolia’s credit rating

Fitch Ratings has maintained Mongolia’s sovereign credit rating at “B+, Stable,” citing stable growth and prudent fiscal management. The agency forecasts GDP growth of 5.7% in 2025 and 5.3%t in 2026–2027, supported by copper exports and recovery in agriculture. Fitch projects government debt will fall below 40% of GDP in the medium term, while external debt refinancing has eased repayment risks for 2026–2027. However, risks remain due to reliance on raw material exports and inflation, projected at 8.5%t in 2025–2026.

China and Mongolia deepen strategic partnership

On September 2, President of China Xi Jinping met President of Mongolia Khurelsukh Ukhnaa in Beijing. Both leaders reaffirmed their commitment to a comprehensive strategic partnership, emphasising stronger mutual trust, infrastructure connectivity, and joint modernisation goals. Discussions focused on cross-border railways, renewable energy, agriculture, and environmental protection. Agreements were signed on honey exports, customs, quarantine cooperation, metrology, and media collaboration. Xi Jinping praised progress on joint projects such as the Gashuunsukhait-Gantsmod railway and Erdeneburen Hydropower Plant, while both sides pledged to boost bilateral trade toward $20 billion.

Mongolia projects self-sufficiency in flour production

The Ministry of Food, Agriculture, and Light Industry announced that this year’s wheat harvest will largely meet domestic flour demand, with 255.8 thousand tons expected . While a shortfall of about 100 thousand tons will require imports, the Government has prioritised strengthening agriculture through the “Atar-4” campaign, “White Gold” movement, and “Food Revolution” program. Agriculture contributed 3.6% to GDP in the first half of 2025, creating 58,000 new jobs. Plans include expanding concessional loans for private businesses, boosting meat exports, and easing pressure on overburdened pastureland by directing livestock into economic circulation.

The United Nations Development Programme (UNDP, 2023) highlights this trend as a core pillar of South–South cooperation, which is rapidly reshaping global governance.

For decades, North–South aid relationships dominated development models, with the World Bank and International Monetary Fund (IMF) playing central roles. Today, many developing countries are seeking alternatives. According to the World Bank (2022), South–South trade now represents over 25% of global trade, compared with just 8% in the early 1990s. This shift signals a move away from dependency on traditional Western institutions toward more balanced and diversified partnerships.

The expansion of trade and infrastructure projects has become a cornerstone of new alliances. The China-Africa Research Initiative (2023) reports that China-Africa trade exceeded $282 billion in 2022, making Beijing Africa’s largest bilateral trading partner. India, meanwhile, has become a key energy and pharmaceutical partner, while Brazil is extending agricultural and technical cooperation across the continent. These relationships not only provide new markets but also strengthen South–South solidarity.

Beyond economics, developing nations are strengthening political and security ties. Organisations like the BRICS bloc (Brazil, Russia, India, China, South Africa) are expanding influence, with recent additions such as Saudi Arabia and Ethiopia highlighting the group’s growing relevance. Analysts at the Carnegie Endowment for International Peace (2023) note that such alliances challenge Western-dominated forums like the G7 and NATO, offering alternative spaces for political dialogue and security collaboration.

While the rise of these alliances signals progress, challenges remain. Power imbalances often persist, with larger economies like China or India exerting disproportionate influence. The World Bank (2022) warns that debt sustainability, transparency, and labour conditions must be monitored closely to prevent exploitation. Similarly, environmental concerns around mega-infrastructure projects have raised alarms among civil society groups in both Africa and Asia.

While global attention often focuses on the population giants of India and China, Indonesia’s demographic footprint remains one of the world ’s most significant yet underrecognised stories.

As of 2024, here are the world’s most populous nations:

Indonesia is the largest country in Southeast Asia by population, and the largest Muslim-majority nation in the world.

With over 17,000 islands, Indonesia's population is spread across diverse urban centers like Jakarta, Surabaya, and Medan, as well as remote island communities.

According to the  World Bank , Indonesia’s median age is just 30.2 years, making it significantly younger than countries like China (39) or the U.S. (38.5).

This demographic advantage is often referred to as a “demographic dividend”, in other words, a window of opportunity for economic growth.

Announced in June, this second disbursement brings Côte d'Ivoire’s total earnings under the carbon contract to $50 million. The country had earlier received $35 million in June 2024 after reducing 7 million tonnes of CO₂ emissions.

The funds are distributed directly to local communities, many of them former poachers now turned forest protectors, through mobile money platforms. According to World Bank Country Director Marie-Chantal Uwanyiligira, this system ensures transparency and traceability.

"Côte d'Ivoire is the first country in Africa and the second in the world, after Vietnam, to execute a carbon contract with the FCPF fully," she added.

Project coordinator Konan Éric explained that payments are based on verified environmental activities, with a new round of beneficiary registration set for July 2025. So far, 12,000 individuals have received funds, with the project aiming to support 30,000 beneficiaries.

Environment Minister Assahoré Konan Jacques emphasised the global relevance of Côte d'Ivoire’s achievement. “This strengthens our climate credibility internationally,” he said, highlighting that the country’s surplus carbon credits, exceeding 10 million tonnes, could serve its Nationally Determined Contributions (NDCs) or be sold on global markets.

Vietnam emerged as a global leader in forest carbon finance, becoming the first country in the Asia-Pacific region, and the first globally under the World Bank’s Forest Carbon Partnership Facility (FCPF), to fully implement an Emission Reductions Payment Agreement (ERPA) .

In March 2024, the country received a landmark $51.5 million payment for successfully reducing 10.3 million tonnes of carbon dioxide emissions between February 2018 and December 2019. This remains the largest single disbursement ever made under the FCPF program.

The Taï project demonstrates how carbon finance can fund both climate mitigation and poverty reduction, positioning Côte d'Ivoire as a model for carbon credit markets and climate action in Africa.

The World Bank, in its Climate Change Action Plan 2021 – 2025 , aims to reduce carbon emissions by supporting countries in developing and implementing strategies to decrease greenhouse gas emissions.

According to the minutes of the meeting , the loan and credit agreements signed with the IDA in May and June 2025 will cover:

These initiatives align with the DRC’s National Energy Compact and the Africa-wide Mission 300 , aiming to increase electricity access to 62% by 2030. The World Bank’s DRC portfolio now exceeds $7 billion, with $7.023 billion across 18 national and two regional projects as of March 31, 2025.

The $1.49 billion package, while vital for development, adds to the DRC’s debt burden, with a GDP of approximately $72 billion in 2024.

In real terms—adjusted for overall inflation—food price inflation outpaced general inflation in 53.0% of the 166 countries analysed.

The report highlights the top 10 countries experiencing the highest real food price inflation:

The persistent high food inflation is attributed to a combination of factors, including supply chain disruptions, currency depreciations, and climatic events affecting agricultural output. While global commodity prices for staples like maize and wheat have seen declines, these reductions have not translated into lower consumer prices in many countries due to local economic conditions and policy challenges.

The World Bank's findings highlight the urgent need for targeted interventions to address the root causes of food inflation and to support vulnerable populations. Without concerted efforts, the combination of high food prices and economic instability could lead to increased hunger and malnutrition, particularly in low-income countries.

La parte más notable del crecimiento, según los analistas, vendrá de Argentina. Tras experimentar dos años de recesión económica, el país prevé un repunte significativo del 5% en 2025 y del 4,7% en 2026, motivado por avances en sectores clave como la agricultura y la minería, además de un marco macroeconómico más estable.

En Perú, se anticipa un crecimiento también del 2,5% tanto en 2025 como en 2026, impulsado principalmente por inversiones mineras y de infraestructura. Sin embargo, el consumo será moderado en comparación a años previos. Las proyecciones indican que el consumo público aumentará a un ritmo más lento, impactando la tendencia de crecimiento.

Brasil, la mayor economía de la región, enfrenta una desaceleración, con crecimientos previstos de 2,2% para 2025 y 2026, bajando del 3,2% en 2024. A pesar de un consumo privado fuerte, se espera que las políticas monetarias y fiscales restrictivas limiten el dinamismo económico del país, lo que representa un desafío considerable.

En México, el crecimiento será más modesto, proyectándose en apenas un 1,5% en el bienio 2025-2026. La combinación de consolidación fiscal y una política monetaria estricta hace que la situación económica sea complicada, además de que la inflación está propensa a permanecer alta.

Por su parte, Colombia proyecta un crecimiento del 3% durante 2025 y 2026, respaldado por una recuperación del consumo privado, aunque la situación fiscal podría dificultar este crecimiento. Chile debería mantenerse en un crecimiento más controlado, con un 2,2% favorecido por la exportación de materias primas. En el Caribe, la economía podría crecer un sorprendente 4,9% en 2025, gracias al auge petrolero en Guyana. Si se excluye a Guyana, el crecimiento en la región se situaría alrededor del 3,8%. Mientras la República Dominicana crecería por encima del 4%, Haití se encuentra en una situación crítica sin mucha estabilidad. Centroamérica mira hacia un crecimiento del 3,5% en los próximos dos años, impulsada por el consumo interno, aunque cada país tiene su propia dinámica.

Las condiciones inflacionarias están variando, pero, en general, tienden a alinearse con las expectativas de los bancos centrales. Sin embargo, hay señales de alerta. Las condiciones financieras globales pueden endurecerse, incrementando los costos del servicio de deuda, lo que podría obligar a una consolidación fiscal más estricta. También existe la amenaza del cambio climático, que podría desestabilizar sectores vitales en el Cono Sur en caso de fenómenos extreme como sequías. Finalmente, a largo plazo, la región enfrenta un crecimiento potencial a la baja, marcado por problemas como la baja productividad y una fuerza laboral envejecida. A pesar de las señales de recuperación, el futuro de América Latina y el Caribe dependerá de factores internos y externos que, en conjunto, pueden determinar el camino hacia un crecimiento sostenible y sólido.

"This fund will enable Nigerians to access mortgages at single-digit and low double-digit interest rates, making homeownership more attainable," Nairametrics quotes Edun. The mortgages, expected to be available within weeks, will have repayment terms of approximately 25 years.

Mortgage lending is a relatively small segment of Nigeria’s property market, as it is in many parts of Africa. Loans typically require significant upfront deposits, with interest rates around 20% for a 10-year term, forcing most property transactions to be conducted in cash. This has led to a system where homeownership remains out of reach for many Nigerians, with research indicating that most citizens live in rented accommodations.

Nigeria is facing an acute housing shortage, with the Federal Mortgage Bank of Nigeria estimating that at least 28 million additional homes are needed to meet demand. The new fund is expected to provide much-needed financing for prospective homeowners while also giving property developers guaranteed off-takers, thereby accelerating construction activity in the country.

The Congolese government has implemented new measures to combat mining smuggling in the eastern region. Minister of Mines, Kizito Pakabomba, announced on February 18 that a memorandum of understanding has been signed with the European Union to ensure the traceability of minerals, Radio Kapi reports. The DRC aims to curb illicit mineral trade by leveraging economic and diplomatic strategies, including ICGLR measures to track mineral origins and prevent the sale of minerals from conflict zones.

U.S. sanctions M23 spokesperson

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned Lawrence Kanyuka, a key M23 figure, along with his two companies - Kingston Holding (France) and Kingston Fresh (UK) - on February 20. The sanctions follow M23’s violent occupation of Goma and Bukavu, resulting in civilian casualties. Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence, Bradley T. Smith said , “OFAC is also sanctioning Lawrence Kanyuka Kingston (Kanyuka), a prominent member and spokesperson for M23 and the Congo River Alliance, and two of Kanyuka’s companies registered in the United Kingdom and France. In late January, M23 and the Rwandan Defense Forces (RDF) captured Goma, the provincial capital of North Kivu in the DRC, in a battle that killed thousands of civilians. M23 and the RDF continued their advance, capturing Kavumu Airport, a key transportation hub in eastern DRC, and occupying the city of Bukavu, the provincial capital of South Kivu." The Congolese government welcomed the sanctions and urged other institutions to take similar action.

DRC condemns African Security Council members

At a UN Security Council session on February 19, the DRC criticised Algeria, Somalia, and Sierra Leone for refusing to condemn Rwanda’s support for M23 rebels. Foreign Minister Thérèse Kayikwamba Wagner accused the three nations of aligning with the African Union’s reluctance to denounce Rwanda, despite UN evidence of its involvement. "Mr President, three meetings in less than a month? Today, you all condemned Rwanda in your speeches. I apologize to all of you, except the A3, namely Algeria, Somalia and Sierra Leone," Wagner is quoted by Deskeco .

U.S. calls for urgent UN action on M23

The U.S. renewed calls for the UN Security Council to take immediate action against the M23 rebellion, accusing Rwanda of fueling the conflict. During a session on February 19, U.S. Deputy Representative Dorothy Camille Shea denounced M23’s repeated ceasefire violations and territorial expansion. The U.S. strongly condemned the capture of Kavumu Airport and Bukavu, calling for Kigali’s return to negotiations to prevent further violence. “How many times do we have to meet to discuss this predictable cycle of violence? For two months, we have consistently watched the M23 and Rwanda ignore the ceasefire, seize territory under false pretenses, and deny that they have no intention of going further, only to repeat this cycle, we have watched the M23 sow chaos, violence against civilians in the streets of Masisi, Goma, and now Bukavu. All under the guise of liberation and the restoration of order. The United States strongly condemns the capture of Kavumu airport and the city of Bukavu by the M23 and Rwandan forces,” Actualite CD quoted Shea.

World Bank pledges budgetary support

Facing economic strain from ongoing conflict, the DRC has received assurances of flexible financial support from the World Bank. Minister of State for Budget Aimé Boji met with World Bank Country Director Albert G. Zeufack, who expressed solidarity and commitment to aiding the DRC. La Prosperite Online reports that the institution acknowledged the war’s severe economic impact and pledged to assist in rationalising public spending while prioritising security and development efforts.

On December 17, 2024, Zambia made a significant move at the UN General Assembly by voting in favour of a temporary ban on the death penalty. This vote, which saw 130 in favour, 32 against, and 22 abstentions, marks Zambia's first support for the resolution since its inception in 2007. Justice Minister Princess Kasune represented the nation, emphasising the need to align international commitments with domestic laws while highlighting the improvements in Zambia's human rights record.  

Open-heart surgeries for children with congenital heart defects

The Israeli organisation Save a Child’s Heart conducted a mission in Zambia to provide treatment for children with congenital heart defects. An international team, including medical professionals from Israel, Tanzania, and Zambia, performed open-heart surgeries and catheterisation for 25 affected children, emphasising training for local medical staff. Since its beginning in 2017, the programme has treated over 100 children and fostered the development of local cardiac care expertise. Dr. Lior Sasson from Wolfson Medical Centre noted the mission's role in empowering local doctors, while Israeli Ambassador Ofra Farhi hailed the initiative as a mark of international cooperation.  

Visa waiver for nationals from 53 countries 

The Tourism Council of Zambia (TCZ) chairman, Yousuf Zumla, commended the government's recent decision to waive visa requirements for nationals from 53 countries, including Argentina, Turkey, and Ukraine. This policy shift is anticipated to enhance tourist inflows significantly, which could boost Zambia's economy and promote international exchange.  

$100 million World Bank financing package

The World Bank has approved a financing package of $100 million aimed at enhancing Zambia's climate and economic resilience. This includes $25 million allocated for regular Development Policy Financing (DPF) and $75 million designated as a Catastrophe Drawdown Option (Cat-DDO) for emergency funding in response to national disasters. This initiative intends to bolster Zambia's disaster management capacities, improve social protection systems, and promote strategies for climate adaptation, especially within the water sector.  

Witchcraft attempt against President Hakainde Hichilema  

Zambian authorities arrested two individuals, one from Mozambique and another Zambian chief, for allegedly attempting to use witchcraft against President Hakainde Hichilema. In possession of various charms, including a live chameleon, the suspects are accused of being witch doctors allegedly hired by a relative of an opposition MP facing severe criminal charges. They will be charged with animal cruelty and are set to appear in court shortly.

The report said Kenya has made progress in stabilizing its currency, boosting foreign reserves, and lowering inflation. However, the country is still struggling with high debt and low revenue collection.

In June, protests forced President William Ruto to abandon planned tax increases. The government had hoped to raise more money, but the protests scared investors and disrupted the economy.

The World Bank also warned that floods earlier this year caused major damage, while high interest rates are making it harder for businesses and people to repay loans.

Despite the challenges, the World Bank said Kenya’s economy could grow to 5.1% in the coming years if the government addresses its financial problems and creates better jobs for its people.

More than two-thirds of the population lives on less than $2.15 per person per day, underscoring the severity of the crisis. 

“Weak governance, multiple shocks, lack of economic opportunity, high food prices, and conflict have all contributed to increased poverty and vulnerability,” said Charles Undeland, World Bank country manager for South Sudan. “South Sudan’s challenges are many, but there are real opportunities to improve people’s livelihoods through better resource management and fostering a stable, secure environment where citizens can farm, work, and invest for a better future.” 

Since gaining independence in 2011, South Sudan, the world’s youngest nation, has faced significant humanitarian challenges. Earlier this year, it was reported that seven million of the country’s 12.4 million people were at risk of crisis-level hunger, with nine million in urgent need of humanitarian aid. 

Over 70% of the population lacks access to basic healthcare, and about one in ten people have no access to electricity. 

According to the report, even those not living in poverty are highly vulnerable to falling below the poverty line due to ongoing shocks such as conflict and economic instability. Nearly 99% of South Sudanese households face high vulnerability, largely driven by limited human and physical capital, which perpetuates chronic poverty.  

“Food insecurity is a widespread issue in South Sudan, exacerbated by rising inflation,” said Frank Adoho, World Bank Senior Economist for South Sudan. “High food prices restrict access, particularly in rural areas where over half of households rely on markets for their food. Insecurity, population displacements, and low agricultural investment have reduced food production, contributing to high rates of food insecurity. Investing in agriculture and infrastructure could help improve food delivery and reduce import dependency.”  

The World Bank also highlighted the need for increased investment in data and statistical capacity to bridge knowledge gaps, which currently hinder effective policymaking. 

Dr Augustino Ting Mayai, Director General of the National Bureau of Statistics, emphasised, “The challenge facing policymakers in South Sudan is to design sustainable, well-targeted policies to combat extreme poverty and food insecurity. Effective policymaking relies on credible data, and South Sudan’s weak statistical system complicates these efforts.”  

South Sudan’s protracted civil war from 2013 to 2020, sparked by political tensions between President Salva Kiir and former Vice President Riek Machar, resulted in tens of thousands of casualties and the displacement of over 1.6 million people. The conflict further deepened the country’s poverty crisis, leaving millions in urgent need of sustained relief and long-term development efforts.

Geographic and Economic Factors

Smaller nations and affluent territories often top the list when it comes to hospitals per capita. For instance, Monaco and Greenland, with their compact sizes and concentrated resources, can prioritize healthcare infrastructure, ensuring better access for residents. Wealth allows these countries to efficiently allocate resources to build and maintain medical facilities.

Healthcare Funding and Accessibility

Countries with robust healthcare funding—whether through universal systems or substantial public and private investment—typically boast a higher number of hospitals relative to their population. Regular funding ensures facilities can meet population demands, addressing both preventative care and emergency needs.

Specialised Healthcare Demands

In regions facing unique health challenges, such as endemic diseases or a high prevalence of chronic illnesses, the need for more hospitals and clinics becomes urgent. Countries in these circumstances invest in healthcare infrastructure to manage the specific needs of their populations, ensuring timely diagnosis and treatment.

These factors highlight how a nation’s approach to healthcare, paired with its economic and geographic realities, directly impacts its capacity to deliver accessible hospital services.

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 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.

Essentially, out of the one in eleven people hungry around the world, five of them are Africans.

Countries such as Sudan, Nigeria, and Ethiopia top the list for the highest levels of food insecurity with conflict remaining the principal driver.

In Sudan alone, the ongoing conflict has left around 25.6 million people experiencing acute food insecurity as per data collated in 2023, representing a 26 percent increase from the previous year.

“The conflict has also resulted in more than 2 million people fleeing to neighbouring countries, exacerbating regional food crises,” parts of the report read.

Countries like the Democratic Republic of Congo (DRC) also remain high on the charts , with over 15 million people facing high levels of food security.

Extreme weather events, like droughts caused by El Niño (variations in winds and sea surface temperatures in the Equatorial pacific), have significantly impacted local agriculture and food availability on the continent.

Countries with limited access to financing face higher rates of undernourishment and childhood stunting, the report added.

According to the report, 71.5 percent of the population in low-income countries struggle to afford nutritious food, compared with 52.6 percent in lower-middle-income countries and significantly lower percentages in higher-income nations.

Although progress in food security was observed in Latin America, the situation in Africa has worsened, and there was no significant change in Asia.

However, nations such as Kenya were highlighted as having achieved significant declines in food security, with more than 1 million fewer people facing acute food crises.

The high levels of food insecurity globally, according to the report, pose challenges to the achievement of the SDG 2 – Zero Hunger goal by 2030.

The report further suggested that by the end of the decade, 582 million people will be chronically undernourished—most of them in Africa.

The World Bank recommends increased investment in sustainable agriculture to strengthen food supply chains and improve agricultural resilience to climate shocks as key steps to reduce Africa’s dependence on external food imports.

Humanitarian aid, additional funding and international collaboration are also highlighted as solutions to support nations in combating hunger, particularly in Africa.  

“Domestic food price inflation remains high in many low- and middle-income countries. Inflation higher than 5% is experienced in 59.1% of low-income countries (no change since the last update on May 30, 2024), 63% of lower-middle-income countries (no change), 36% of upper-middle-income countries (5.0 percentage points higher), and 10.9% of high-income countries (3.6 percentage points lower). In real terms, food price inflation exceeded overall inflation in 46.7% of the 167 countries where data is available,” the World Bank states.

However, as of July 1, 2024, the same report highlights that several African countries have maintained impressively low food inflation rates, providing economic stability and relief to their populations.

Here are the top five countries leading the way:

1. Rwanda

Rwanda tops the list with a food inflation rate of -3.5%. This negative inflation indicates a decrease in food prices, which is a significant achievement for the country. Rwanda's effective agricultural policies and investments in food security have played a crucial role in achieving this milestone.

2. Uganda

Uganda follows with a food inflation rate of -1.4%. The country's focus on improving agricultural productivity and reducing post-harvest losses has contributed to this low inflation rate. Uganda's efforts to support smallholder farmers and enhance food distribution networks have also been pivotal.

3. Morocco

Morocco has managed to keep its food inflation rate at -1.2%. The government's initiatives to modernise agriculture, coupled with favourable weather conditions, have helped stabilise food prices. Morocco's strategic food reserves and efficient supply chain management have been instrumental.

4. Seychelles

With a food inflation rate of -0.4%, Seychelles stands out as an island nation that has effectively managed its food supply. The country's reliance on imports necessitates robust policies to control food prices, and Seychelles has successfully implemented measures to ensure affordability and accessibility.

5. Central African Republic

The Central African Republic (CAR) has achieved a food inflation rate of 0.0%, indicating stable food prices. Despite facing numerous challenges, including political instability, CAR has made strides in improving food security through international aid and local agricultural initiatives.

World Bank Country Manager Georgia Wallen highlighted that the agreements align with Liberia's ARREST agenda. Wallen assured the Liberian government of the World Bank's continued support, particularly in addressing challenges in the electricity sector. 

She described the projects as milestones since her tenure began and the start of President Joseph Boakai’s administration, emphasising their significance in advancing the ARREST agenda.

“These projects are turning on the light in different and complementary respects,” Wallen stated.

The first project focuses on governance, reform, and accountability transformation, aiming to enhance transparency and bring the government closer to the Liberian people. This initiative seeks to strengthen accountability institutions and support the government's domestic resource mobilisation efforts. "We are aiming to support your efforts to reach 2.15 million people with digitally-enabled services through this project by the end of six years," Wallen explained.

While the second project targets the expansion of Liberia's electricity supply, with the goal of providing power to 500,000 new customers. This initiative is expected to significantly improve access to electricity, contributing to the overall development and quality of life for many Liberians.

A World Bank report suggests that as of 2023, these figures shifted, with only 12% of countries in the low-income category and 40% in the high-income bracket.

In Asia, particularly South Asia, the shift has been notable. In 1987, 100% of South Asian countries were classified as low-income. By 2023, this number has dropped to just 13%, reflecting significant economic growth and development in the region.

Africa has also seen changes, though the trends are more varied. The Middle East and North Africa region, for example, had no low-income countries in 1987, but this has increased to 10% in 2023. This according to the report highlights persistent economic challenges in some parts of the continent despite overall growth.

Changes in these classifications can be attributed to various factors, including economic growth, inflation, exchange rates, and population growth, all of which influence Atlas Gross National Income (GNI) per capita. Additionally, the World Bank adjusts income classification thresholds annually for inflation using the SDR deflator. 

A case in point is Algeria, which saw its income classification upgraded in 2023 with a 4.1% economic growth. This reclassification was largely due to a comprehensive revision of national account statistics by the Algerian authorities to align with international standards. This revision resulted in an upward adjustment of the GDP estimates of the country. 

The World Bank categorizes global economies into four income groups: low, lower-middle, upper-middle, and high. These classifications are updated annually based on the previous year's GNI per capita, converted to US dollars using the Atlas method.

Tanzania is struggling with widespread theft within the government, with traffic police officers accused of using personal POS machines to divert funds meant for the government into their own pockets. The issue has gained attention from scholars and authorities, with President Samia Suluhu Hassan expressing concern. According to The Citizen , the theft, allegedly facilitated by security vulnerabilities in the payment system, has led to the dismissal and charges of several officers. Experts emphasize the need for strong system protection to prevent such embezzlement.

Hanging ferry services

Uncertainty looms over private sector involvement in Tanzania's Kigamboni ferry services as the government seeks collaboration with private entities. However, challenges such as unfavourable business conditions and differing perspectives on fare rates have hindered progress. The Citizen reports that discussions are ongoing to resolve obstacles and improve ferry transportation services in the region. The government and private sector stakeholders are being urged to engage in dialogue to overcome these issues and facilitate private-sector investment.

Tanzania is a trading partner with India

Tanzania has become India's second-largest trading partner in Africa, surpassing Nigeria. Trade between the two countries increased by over 20%, with Tanzania's exports to India growing by 25.9%. The trade gap between the two nations closed significantly. Major products traded include pigeon peas, avocados, and cashew nuts from Tanzania to India, and petroleum products, industrial machinery, and automobiles from India to Tanzania. According to Business Insider Africa , trade is expected to exceed $7 billion this fiscal year.

Accommodation investments

Tanzania's government announced 179 investment sites for accommodation facilities to meet the growing tourism sector. The country saw tourism receipts of USD 3,368.7 million in 2023 and aims to receive 5 million tourists annually by 2025. According to The Exchange , the World Bank suggests creating an enabling business environment for private sector investment to further boost the sector.

Booming horticulture industry

The UK has eliminated tariffs on cut flowers from East Africa, creating opportunities for Tanzania to become a major supplier. This move is part of a larger initiative to strengthen economic ties with Tanzania, with a focus on the growth of the horticulture sector. The UK's commitment to fair and free trade with Tanzania is evident in the removal of tariffs on flower imports. This is expected to have transformative impacts on the flower industry in Tanzania and enhance its competitive edge in the UK market. The Citizen reports that the UK's support, including through the BEST Dialogue and TradeMark Africa, has been instrumental in empowering Tanzania's horticultural industry. As a result, the value of Tanzania's horticultural exports has seen significant growth in the past five years.

Vietnam's Prime Minister has engaged in discussions with representatives from the World Bank regarding the bank's proposed $11 billion loan for Vietnam over the next five years. According to Viet Nam News , the loan is earmarked for infrastructure, energy, and agriculture projects aimed at fostering sustainable growth and tackling climate change issues. The World Bank has pledged to collaborate closely with Vietnam to ensure the effective functioning of its regional office and to assist Vietnam in achieving its development objectives for 2030 and 2050.

Coffee prices turnover

Coffee prices have settled higher due to concerns about the coffee crop in Brazil and Vietnam. This has led to an increase in options trading signals and unusual options activity. According to Barchart , a negative influence on the coffee market was the International Coffee Association's (ICO) report on Monday, revealing a 6.8% year-on-year increase in global coffee exports for February, reaching 11.33 million bags. Additionally, total global coffee exports for the period from October to February of the 2023/24 season surged by 11.1% year-on-year to reach 56.2 million bags.

Rice export gains

Vietnam's rice prices rose last week, putting the country at the top for export prices. The 5% broken rice is priced at $585 per ton, higher than Thailand and Pakistan. Vietnam earned $2.08 billion from exporting 3.23 million tons of rice in the first four months of the year. The country's rice output is expected to reach 43 million tons in 2024, reports the Sun .

Pepper price increment

Vietnamese pepper prices have been steadily increasing, reaching levels of $4.68-$4.71 per kilo. The Vietnam Pepper and Spice Association predicts that prices could hit new peaks of $13.75-$15.72 per kilo in the next decade. The market is not ready to cool down, with shortages and high demand pushing up prices. As reported by Viet Nam News , the International Pepper Community (IPC) also showed big fluctuations in trading sessions.

$136 million investment abroad

Vietnamese enterprises invested $136 million in new and existing projects abroad in the first five months of the year, with a focus on mining, manufacturing, and trading. The Netherlands and Laos were the top recipients of Vietnamese investment. As of May 20, Vietnam had 1,733 operational projects abroad, with the majority of investments in the mining and agro-forestry-fishery sectors. Laos, Cambodia, and Venezuela were the top recipients of Vietnamese investment, Viet Nam News reports.

NITA-U, the statutory body responsible for coordinating government IT services, is the implementing agency for the Uganda Digital Acceleration Project (UDAP). Launched in 2021, UDAP includes a $60 million grant and a $140 million loan.

In the latest development, reliable sources informed the Monitor that World Bank officials have repeatedly expressed concerns during project review meetings about NITA-U's prolonged delays in clearing key contracts for the project.

“When the ToRs for every component are generated, they go through the committees for review and then shared with the World Bank and then sent back to NITA-U to initiate procurement. It is now apparent they tend to sit on bid documents and contracts,” the Monitor's sources revealed, pointing to another procurement that has remained pending since last September.

The World Bank further reverted through an email that “As part of the routine Implementation Support Mission for Uganda Digital Acceleration Project (UDAP-GovNet), the Bank has been discussing the status of the implementation with project stakeholders and approaches to fast-track implementation of the UDAP-GovNet project.”

A request to NITA-U’s Communication Manager Florence Mukankusi to disprove or ascertain the World Bank's position has, however, gone unanswered.

The loan agreement signed in Riyadh, Saudi Arabia's capital, is an effort by Uganda to diversify its external funding following protracted discussions with the World Bank to resume lending.

The funding injection from IDB comes as a response to Uganda's persistent efforts to advance its infrastructure funding. The allocated funds are earmarked for the construction of a bridge over the River Nile in the northwest region of Uganda, along with the development of approximately 105 kilometers of roads, as disclosed by the Finance Ministry.

“This funding will go towards construction of Masindi-Port Bridge where the ferry crosses river nile & connects to Renkunye-Apac-Lira road. The other road project is Kyenjojo-Kihura-Bwizi-Rwamwanja-Kahunge(68km)/Mparo-Bwizi (37km) road which connects Kamwenge town to Kampala Fort Portal highway,” the Ugandan Ministry of Finance posted on X.

Adding that, “IDB is the 3rd largest multilateral donor to Uganda contributing over 20% support in areas of roads, energy and education (skills development)”

The World Bank, historically a key financier for Uganda, on August 8, 2023, the World Bank made public its decision to halt any further financial support to Uganda, citing reservations about the nation's anti-homosexuality legislation, deeming it in direct opposition to the core values upheld by the World Bank Group. 

“Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values. We believe our vision to eradicate poverty on a livable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality. This law undermines those efforts. Inclusion and non-discrimination sit at the heart of our work around the world. No new public financing to Uganda will be presented to our Board of Executive Directors until the efficacy of the additional measures has been tested.”

What they said

The World Bank, following Oakland’s report, expressed concerns about the allegations. “The World Bank is deeply concerned about the allegations of abuse and injustice related to the Resilient Natural Resources Management for Tourism and Growth (Regrow) project in Tanzania. “We have recently received information that suggests breaches of our policies in the implementation of the Regrow project. We have therefore decided to suspend further disbursement of funds with immediate effect,” a World Bank spokesperson was cited by The Guardian . Meanwhile, the Oakland Institute expressed satisfaction with the World Bank’s decision. “It sends a resounding message to the Tanzanian government that there are consequences for its rampant rights abuses taking place across the country to boost tourism. The days of impunity are finally coming to an end,” Anuradha Mittal, the think tank’s executive director, was quoted as saying.

Emmanuel Mungunasi, the World Bank's senior country economist, said during the report’s launch that while Tanzania has seen economic growth, it has mainly benefited modern sectors with limited employment opportunities for those in impoverished households.

"The pandemic has exacerbated poverty in Tanzania, pushing an additional 3 million people into hardship. This underscores the critical need for adequate healthcare and a robust social protection system," Mr Mungunasi was quoted by Tanzanian local media The Citizen .

According to the report , the situation only worsened over time, with an additional 300,000 individuals falling into poverty by December 2023, bringing the total to 17.3 million. Despite the presence of the pandemic and external tensions such as regional conflicts, Tanzania managed to sustain economic growth.

The report expands its analysis to include two critical indicators - safety from violence and access to childcare services - which can significantly impact women's options in the workforce. When these measures are considered, women, on average, have just 64% of the legal protections available to men, a significant drop from the previous estimate of 77%, the World Bank reports.

Further assessment of the gap between legal reforms and actual outcomes for women in 190 economies exposes an implementation gap, indicating that although laws suggest women have about two-thirds of the rights of men, countries have established less than 40% of the necessary systems for full implementation.

Among the key findings, only 35 out of 98 economies with legislation mandating equal pay for women have adopted measures or enforcement mechanisms addressing the gender pay gap. This discrepancy underscores the need for a supporting framework, including robust enforcement mechanisms, tracking systems for gender-related pay disparities, and access to healthcare services for women who survive violence.

Chief Economist of the World Bank Group and Senior Vice President for Development Economics, Indermit Gill said, "Women have the power to turbocharge the sputtering global economy. Closing this gap could raise global gross domestic product by more than 20% - essentially doubling the global growth rate over the next decade - but reforms have slowed to a crawl."

According to the report, even countries like Togo which stands out in sub-Saharan economies for enacting laws giving women approximately 77% of men's rights, face an implementation gap, establishing only 27% of the necessary systems for full implementation.

The report calls for governments to take action to accelerate progress toward gender equality in business and the law.

Malawi's President, Lazarus Chakwera, has expressed gratitude to the World Bank for restoring direct budgetary support, signifying renewed confidence in Malawi's economy. The US$137 million budgetary support agreement aims to bolster short-term macroeconomic stability and medium-term growth, local media Mana Online reports. “Thanks to the support of our partners like the World Bank, we have taken some bold steps to enact serious policy reforms for restoring the short-term macroeconomic stability and medium-term growth, thus bringing us to this windfall we are able to have today. I am grateful that the continuous engagements between the Malawi Government and the World Bank are finally yielding fruits, I am specifically thankful to the World Bank Vice President, country director, country managers and economists for working tirelessly to restore this facility,” said Chakwera.

Malawi, France diplomatic renewal

Malawi and France are renewing diplomatic ties, focusing on cooperation in agriculture and food security. The initiative is viewed as pivotal for revamping Malawi's agricultural sector, with France expressing readiness to assist in various areas, including tourism, mining, and education, Nyasa Times reported. France Minister of State for Development, Francophonie and International Partnership, Chrysoula Zacharopoulous expressed optimism that the strong diplomatic relationship of the two countries will continue to flourish.

Malawians to work in Israeli farms

Over 200 young Malawians are set to work in farms in Israel, replacing workers from Thailand. Malawians are expected to replace workers from Thailand who pulled out of Israel following the war in Gaza between Hamas and Israel. Reports indicated that at least 40 workers from Thailand were abducted when Hamas fighters stormed the northern part of Israel where they killed 1400 Israelis and abducted over 200 more. The Malawian workers, however, get US$1500 a month and free accommodation, among other incentives, Nyasa Times reports. The move, aimed at addressing the dire humanitarian crisis in Gaza, has raised questions about transparency in the recruitment process. The executive director of Youth And Society (YAS), Charles Kajoloweka has criticized the lack of transparency in the Malawian government's recruitment process for young individuals exported to work in Israeli farms. During a recent press conference, Kajoloweka highlighted concerns about the government's transparency in this matter. In response, Minister of Labour Agnes Nyalonje stated that neither her ministry nor the government is directly involved in the recruitment process, emphasizing that a private firm is responsible for these procedures.

AUSC chairmanship handover

Malawi officially hands over the chairmanship of the African Union Sports Council (AUSC) Region 5 Council of Ministers to Namibia. The ceremony, attended by Minister of Youths and Sports Uchizi Mkandawire, signifies Malawi's successful tenure in the role, Malawi 24 reports. Namibian Sports Minister Tjongarero reassured Malawi and the entire region that her country is committed to fulfilling the vision and agenda of the AUSC Region 5 Council of Ministers. Malawi assumed the chairmanship from Lesotho in 2021. The AUSC Region 5 Council of Ministers serves as a policy-making body comprising full Ministers responsible for sports in member countries. Their focus is on strategizing how to develop and promote sports activities in the region. The member countries include Malawi, Mozambique, Namibia, Botswana, Zambia, Eswatini, Lesotho, Angola, South Africa, and Zimbabwe.

Former Salima Sugar Company chairperson arrested

Former Chairperson of Salima Sugar Company Limited, Shirieesh Betgiri, has been arrested in Lilongwe. The arrest follows a forensic audit report revealing fraud by private investors, with warrants issued for three other suspects. National Police Publicist, Peter Kalaya, said police are working with various international agencies to arrest the other suspects involved in the matter. Let me assure Malawians that those who travelled outside the country will be cornered as we work with our international sister agencies like Interpol,” Kalaya is quoted by Nyasa Times.

“ Somalia’s external debt has fallen from 64 percent of GDP in 2018 to less than 6 percent of GDP by end 2023. This debt relief will facilitate access to critical additional financial resources that will help Somalia strengthen its economy, reduce poverty, and promote job creation,” the statement read.

" The World Bank and IMF will continue working together to provide the technical assistance and policy guidance the authorities need to achieve these goals,” it added.

The Global lenders including the IMF and the World Bank said this debt relief was due to Somalia’s satisfactory progress in meeting the requirements to reach the HIPC Completion Point.

“Somalia has implemented a poverty reduction strategy for at least one year and maintained a track record of sound macroeconomic management as evidenced by the satisfactory implementation of the  Extended Credit Facility (ECF)  supported program. This performance was achieved despite Somalia having to face the global Covid-19 pandemic, prolonged and severe drought, a desert locust infestation, the impact of external shocks on food supply and prices, and significant security risks,” the global lenders indicated.

The World Bank Vice President for Eastern and Southern Africa, Victoria Kwakwa who was quoted by the IMF said, “Reaching the HIPC Completion Point is a historic milestone for which the Somalia Government deserves full credit.” 

The debt relief granted to Somalia was given by bilateral and multilateral creditors including the IMF (US$343.2 million), International Development Association (IDA) (US$448.5 million), the African Development Fund (ADF) (US$131.0 million), multilateral creditors (US$573.1 million), and bilateral and commercial creditors (US$3.0 billion).

The Bilateral creditors include members of the Paris Club, creditors from the Arab Coordination Group, and other official bilateral creditors.  

Somalia’s President, Hassan Sheikh said, “Somalia's debt relief process has been nearly a decade of cross governmental efforts spanning three political administrations. This is a testament to our national commitment and prioritization of this crucial and enabling agenda. We had to reform our laws, systems, policies, and practices.” 

The World Bank also announced the approval of a fresh five-year Country Partnership Framework with Somalia, which centers on continuing assistance to Somalia’s development including infrastructure, jobs, and human capital. The current World Bank investment in Somalia amounts to US$2.3 billion, covering areas including human capital development, access to energy, and initiatives to address recurring climatic challenges like floods and droughts.

Among these were sixteen (16) African countries and one (1) South American country that have been taking massive loans from the Chinese government for several years after their respective programmes under the International Monetary Fund (IMF) and World Bank’s Highly Indebted Poor Countries initiative in 1996.

The HIPC initiative was a debt relief programme introduced to assist countries owing unmanageable debt burdens to clear their debts.

In 2005, to accelerate progress toward the  United Nations’ Sustainable Development Goals , the HIPC Initiative was supplemented by the Multilateral Debt Relief Initiative which gave countries completing the HIPC process 100 percent relief on eligible debts by the IMF, the  World Bank , and the  African Development Fund . 

In its latest annual report (2023), the U.S.-China Economic and Security Review Commission listed Ghana, Guinea, Ethiopia, Tanzania and the Democratic Republic of Congo as the top five (5) borrowers from China with $31.1 bn, $21.9 bn, $14.8 bn, $12.6 bn and $12.1 bn respectively.

The rest among the top seventeen (17) were the Republic of Congo, Mozambique, Sudan, Zambia, Bolivia, Chat, Senegal, Niger, Mali, Cameroon, Mauritania, and Sierra Leone.

The report noted that the Chinese government continues to free-ride on international efforts to alleviate distressed countries’ financial burdens by continuously lending to developing countries.

While the U.S. and other international donors including the IMF continue to assist highly indebted countries by exercising debt forgiveness, Chinese lenders continue to increase loans to the country with higher and adjustable interest rates on loans which intend to exceed rates provided by Western governments and multilateral institutions.

“China has an established pattern of lending to Heavily Indebted Poor Countries (HIPC) participants following their initial participation, with the majority of Chinese loans to Comoros, the Republic of the Congo, Côte d’Ivoire, Guinea, Liberia, and Togo occurring after these countries completed the program in the early 2010s. With the notable exception of Côte d’Ivoire, all of these countries have publicly supported China’s conduct in the South China Sea and most have supported China’s policies in Hong Kong and Xinjiang. In addition, China typically does not disclose the terms of its loans, which makes it difficult for developing borrowers to directly compare interest rates across lenders,” parts of the statement indicated.

The U.S.-China Economic and Security Review Commission was created by the United States Congress in October 2000 with the legislative mandate to monitor, investigate, and submit to Congress an annual report on the national security implications of the bilateral trade and economic relationship between the United States and the People’s Republic of China, and to provide recommendations, where appropriate, to Congress for legislative and administrative action.

The U.S.-China Economic and Security Review Commission released its 2023 Annual Report to Congress in November.

The East African country which was to end its programme under the International Monetary Fund (IMF) and the World Bank’s Highly Indebted Poor Countries programme on December 13, 2023 is expected to get debt relief from the international lenders.

This leaves Somalia’s external debt at six (6) percent of GDP from the sixty-four (64) percent in 2018.

The relief was made by commercial creditors ($3 billion), followed by multilateral creditors ($573.1 million), World Bank’s International Development Association ($448.5 million), IMF ($343.2 million) and African Development Fund ($131 million), according to The East African .

The announcement will be made in Washington DC on December 13 after the approval process is completed by the Bretton Woods institution.

This makes Somalia the 37 th country to reach the HIPC completion point.

The HIPC initiative was created by the IMF and World Bank in 1996 to assist poor countries owing unmanageable debt burdens to clear their debts and reduce economic constraints.

According to the report , businesses are suffering the brunt of climate change which has affected revenue, cost and investments.

Côte d’Ivoire risks seeing key economic sectors, cocoa and energy sectors underperform and real GDP reducing to about 13% by 2050.

The World Bank notes that urban expansion in the country is leading to increasing climate change impact and affecting economic productivity.

The report further estimated the cost of climate change action for the country at $22 billion or an annual average cost of about 2%.

The international financial institution has therefore called for scaled-up efforts to address the growing pace of climate change in the country by tackling deforestation and reforming the cocoa value chain.

There’s also the need to reform regulatory, institutional and climate-related foundations to address the issue while mobilising the private sector to play a more significant role in climate adaptation and mitigation.

Per the data collated between July and October 2023, four African countries Egypt, Sierra Leone, Ghana and Malawi are leading the list in terms of nominal food inflation.

Egypt, Rwanda, Ghana, Sierra Leone and Malawi recorded high figures in terms of Real food inflation.

A year-on-year change in the food component of the Consumer Price Index (CPI), remains alarmingly high.

Other countries including Lebanon, Venezuela, and Argentina also recorded high inflation figures.

The World Bank further pegs inflation at a 5% rate higher in 52.4% of low-income countries, 88.6% of lower-middle-income countries, and 61% of upper-middle-income countries with an increase in double-digit inflation.

In addition, 67.3% of high-income countries are experiencing high food price inflation. The most affected countries are in Africa, North America, Latin America, South Asia, Europe, and Central Asia. In real terms, food price inflation exceeded overall inflation by 76% in 166 countries.