Policy & Government
Costa Rica, Dominican Republic Given Emergency Lifeline by the IMF
The IMF has accelerated coronavirus-related disbursements of emergency funding to Latin America, with both Costa Rica and the Dominican Republic securing crucial financial assistance from the Fund.
30 Apr 2020
Coronavirus Prompts UK Market Watchdog to Extend LIBOR Replacement Deadline
The UK Financial Conduct Authority (FCA) has extended the deadline for ending the use of the London Interbank Offered Rate (LIBOR) for new loans until the end of March next year in a bid to give borrowers and banks more breathing room as the market migrates to the Sterling Overnight Index Average (SONIA).
30 Apr 2020
COVID-19 Poses Severe Threat to South Africa’s Banking Sector - Fitch
The pandemic poses ‘significant downside risks’ to South African banks, according to Fitch Ratings, as asset quality and earnings face downward pressure.
30 Apr 2020
India Gets USD1.5bn From ADB to Finance COVID-19 Response as Domestic Borrowing Picks Up
The government of India has secured a USD1.5bn loan from the Asian Development Bank (ADB) to help fund its response to the COVID-19 pandemic, which has weighed heavily on the country’s growth prospects.
29 Apr 2020
Nigeria Pledges Switch to Domestic Market Funding as IMF Approves USD3.4bn in Support
Nigeria’s government plans to hold off borrowing internationally and instead tap the domestic market to finance the 2020 budget, the country’s president said this week. The move is seen as an important shift in government policy amidst tumbling oil prices and rising bond yields.
29 Apr 2020
Global QE Asset Purchases to Reach USD6tn in 2020 - Fitch
As economies across the globe are rattled by the economic chaos caused by the coronavirus pandemic, governments and central banks have been pulling out all the stops to buoy their economies. Quantitative easing (QE) is increasingly being deployed worldwide, with total purchases set to top USD6tn this year according to Fitch Ratings.
29 Apr 2020
Mozambique Secures USD309mn IMF Loan for Balance of Payments Support
The International Monetary Fund (IMF) approved a SDR227.2mn (approx. USD309mn) emergency loan for Mozambique late last week in a bid to help the country meet urgent balance of payment and fiscal needs stemming from the COVID-19 pandemic.
27 Apr 2020
Dubai, Saudi Arabia Start Easing Lockdown Measures
Authorities in Dubai and Saudi Arabia are to begin easing lockdown measures, although most restrictions on group gatherings remain in place.
27 Apr 2020
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM came under greater pressure last week as market sentiment soured. Some countries underperformed due to their own idiosyncratic risks, such as Brazil and Mexico. Markets will get their first glimpse of the mainland Chinese economy with official PMI readings, but we doubt continued improvement there will be enough to boost sentiment significantly. Neither will dovish outcomes from BOJ, Fed,…
27 Apr 2020
ADB approves USD1.5bn financing to support Philippines
The Asian Development Bank has announced a USD1.5bn financing package to support the Philippines’ response to COVID-19. The budget support will help protect the Philippines’ population and the healthcare system.
27 Apr 2020