The IMF stated that Asian central banks, benefiting from lower inflation, can focus on domestic factors rather than the actions of the US Federal Reserve when setting monetary policy. Despite a predicted slowdown in economic growth over the next two years, they expect a "soft landing" for the region as a result of rapid disinflation, allowing for monetary policy relaxation. Krishna Srinivasan, IMF Asia-Pacific Director, cautioned against close conformity with Fed measures, instead focusing on domestic inflation. Exchange rates serve as shock absorbers for Asian countries due to their st
Zesco, the state-owned energy provider in Zambia, is getting ready to import electricity to combat an increasing supply shortfall that could hinder operations in the crucial mining sector. Zambia is the second-largest producer of copper in the world. Zesco is getting ready to maintain economic stability and growth by directing the additional power imports towards vital industries like mining, agriculture, and manufacturing. The shortage is expected to reach an estimated 700 megawatts this year. Although the utility has not yet confirmed the precise amount of additional power that must be i
According to a recent report, strong demand helped India's business activity soar in April, marking its fastest growth in almost 14 years. India is the largest economy, increasing at the highest rate of the year, according to the HSBC Flash India PMI, which also showed good employment growth and a decline in input inflation. The S&P Global and HSBC composite PMI increased to 62.2 in April, extending a trend of growth that began in August 2021. Pranjul Bhandari, HSBC's chief India economist, attributed the strong performance to increased new orders, leading to the highest composite outp
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