According to a report, Saudi Arabia intends to reshape its economic environment as part of its ambitious transition to become a worldwide tourism powerhouse. With the help of Crown Prince Mohammed bin Salman's Vision 2030 plan, the kingdom hopes to become a popular tourism destination, lowering its dependency on oil earnings and drawing a wide range of visitors, including those interested in luxury and culture. Significant investments are being used to build new attractions like Neom and the Red Sea Project, as well as to develop places like AlUla and heritage sites. In addition to these i
Mongolia sealed a groundbreaking climate finance pact to safeguard its grasslands. The agreement, named "Eternal Mongolia," calls for a $71 million commitment from a coalition, supported over 15 years by Mongolia's guarantee of $127 million. This deal is expected to be among Asia's biggest climate finance projects and would extend Mongolia's network of National Protected Areas and provide a template for international conservation initiatives. With temperatures rising by 2.25 degrees Celsius in 80 years due to climate change, Mongolia is experiencing extreme environmental problems such as s
The introduction of Zimbabwe Gold (ZiG), a new currency, intends to stabilise the country's economy and reduce inflation. As far as the economy is concerned, Zimbabwe is navigating a challenging environment. Before interacting with foreign financial institutions, the new currency must become fully functional. This explains the delay in concluding the staff-monitored programme with the IMF. However, numerous challenges endured, including the currency's acceptance by unofficial marketplaces and the frequency of illicit commerce. The remark made by Finance Minister Mthuli Ncube regarding t
On Saturday, the Central Bank of Turkey and its Brazilian counterpart announced the signing of an important memorandum of understanding (MoU) to strengthen cooperation between the two organisations. This development also featured the mutual agreement signed by the governors of national banks in Washington. This cooperative endeavour emphasises dedication to developing stronger relationships and participating in technical tasks related to central banking. Additionally, the Central Bank of Turkey announced another important Memorandum of Understanding, this time with the Central Bank of Kaza
On Friday, India's Union Minister, Hardeep Singh Puri, engaged in discussions regarding oil market volatility with the Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC). Middle East tensions were the backdrop for the discussion. India depends substantially on oil imports; in the fiscal year 2022–2023, over 85% of India's oil supply comes from OPEC countries, totaling almost $120 billion in petroleum products. During a 30-minute phone call with Haitham Al-Ghais, Puri emphasised the need to find a balance between affordability, pragmatism, and market stabili
On Wednesday, UAE President Sheikh Mohamed bin Zayed Al Nahyan and Costa Rican President Rodrigo Chaves Robles signed the UAE-Costa Rica Comprehensive Economic Partnership Agreement (CEPA) in a virtual ceremony. It is a significant step towards boosting cooperation, fostering private-sector collaboration, and opening up investment prospects, particularly in key sectors like logistics, energy, aviation, tourism, and infrastructure. This agreement falls within the UAE's broader foreign trade agenda, aiming to expand its global trade network, explore new export markets, and solidify its ro
On Tuesday, the International Monetary Fund (IMF) upgraded its forecast for India's GDP growth in the fiscal year 2024–25 to 6.8%, up from its earlier projection of 6.5%. This upward revision is attributed to robust domestic demand and a growing working-age population. India's central bank, the Reserve Bank of India (RBI), is also optimistic, estimating a 7% growth rate for the ongoing financial year, which began on April 1st. Looking ahead, the IMF anticipates India's GDP to expand by 6.5% in the subsequent financial year. Additionally, the IMF has revised its growth forecast for Ind
Japan's March exports rose by 7.3% year-on-year, marking the fourth consecutive monthly increase, primarily fueled by car shipments to the U.S. Major companies' business confidence did, however, decline as a result of worries about the yen's depreciation and a slow pace of economic recovery. Although real export volume decreased by 2.1% in March, it nevertheless exceeded economists' predictions of 7.0% growth, casting doubt on the export sector's viability as a major economic engine. Policymakers expect that strong export growth will counterbalance weak domestic demand and allow the
On Tuesday, Canadian Finance Minister Chrystia Freeland faces pressure to balance spending and fiscal targets as she unveils the budget. Several recent proposals raise concerns about fiscal sustainability, including heavy spending on housing, defense, and healthcare. With the deficit already on track to exceed targets, economists urge clarity on funding sources. Freeland emphasizes the need for government investment to address housing affordability and other pressing issues. However, critics, including the Conservative Party, question the effectiveness of the government's approach, which c
The EU has passed a landmark law aimed at cutting methane emissions from fossil fuel imports, set to commence in 2030. Methane is a powerful greenhouse gas that poses an imminent threat to climate change, ranking second only to carbon dioxide in its contribution to global warming. Major suppliers including the US, Algeria, and Russia will be impacted by the legislation, which is supported by Green Party MP Jutta Paulus and places methane intensity limitations on fossil fuel exporters shipping to the EU. Surprisingly, because of its comparatively low methane emissions, Norway has become the