The IMF praised Sri Lanka for its significant progress in macroeconomic policy reforms ahead of the upcoming review of the lender’s $2.9 billion bailout programme for the crisis-hit country. According to the IMF, Sri Lanka is anticipated to shortly complete deals with external commercial borrowers. The head of the IMF's communication department, Julie Kozack, emphasised Sri Lanka's "sufficiently strong progress" towards debt restructuring. During a press conference, Kozack stated, "We do see macroeconomic policy reform beginning to bear fruit." Promising results include strong reserve
On Wednesday, the Australian government introduced legislation to regulate buy-now-pay-later (BNPL) firms, requiring them to run credit checks on borrowers. The purpose of this change is to bring the industry on par with other consumer credit products, as it is quite popular among young people. People who are struggling financially typically turn to BNPL firms for short-term loans that don't require any sort of credit check and don't have any interest. As a result of the new regulations, BNPL providers are now subject to regulation by the Australian Securities and Investments Commission, w
King Charles III-featured UK banknotes will join circulation on Wednesday; however, they will initially be uncommon in regular transactions. In order to satisfy rising demand or replace outdated notes featuring Queen Elizabeth II, the Bank of England (BOE) announced that new notes would be released. This move comes as cash use drops. Following King Charles's lead in advocating for the environment, this gradual rollout will attempt to lessen the financial and ecological footprint. The notes of Queen Elizabeth II will circulate alongside the new ones and continue to be prominent for a whi
The Reserve Bank of India (RBI) transferred 100 tonnes of gold from its UK vaults to India, the first repatriation since 1991. This measure is part of a larger campaign to safeguard domestic assets, motivated by strategic, geopolitical, and economic factors. By March 2024, the RBI's gold reserves were 822.1 tonnes, with 413.8 tonnes kept abroad, mostly with the Bank of England and the Bank for International Settlements. The transfer is meant to diversify reserve management, improve security, and reduce the risks connected with gold storage abroad as geopolitical tensions rise. Western coun
The European Commission has approved Italian state aid for STMicroelectronics to build a 5 billion euro ($5.4 billion) microchip facility in Catania, Sicily. This plan attempts to lessen Europe's reliance on Asian chip imports, especially because of supply chain problems and trade concerns. The plant, which has received a 2 billion euro subsidy from Rome, will specialise in energy-efficient microchips for electric vehicles, meeting essential needs as the automotive sector shifts to electrification. Growing concerns about Europe's reliance on Asian chip supplies inspired the EU's Chips Act,
On Tuesday, PM Anwar announced that Malaysia aims to attract $100 billion in semiconductor sector investments. This project aims to position the country as a worldwide manufacturing hub. Malaysia accounts for 13% of global semiconductor testing and packaging and has received major investments from industry players like Intel and Infineon. The intended investments would focus on integrated circuit design, sophisticated packaging, and semiconductor chip manufacturing equipment. Furthermore, Malaysia aims to support the growth of at least ten indigenous design and innovative packaging enterpr
According to preliminary government figures, the economy of the United Arab Emirates (UAE) increased 4.3% year over year in the fourth quarter of 2023, with non-oil economic development notably surpassing overall GDP. The banking and insurance sectors, as well as the transportation, storage, real estate, and construction industries, all saw increases in their non-oil GDP of 6.7% during this time. The UAE has been stepping up its investments in cutting-edge technology and renewable energy as part of its efforts to diversify its economy away from petroleum. Currently, the GDP that is not
Japan is prepared to build a comprehensive strategy aimed at decarbonisation and industrial policy, which will determine the country's course until 2040, as part of a concerted effort to lead sustainable growth. On Monday, the ministry representatives disclosed that the goal of the Japanese government is to present this comprehensive strategy by the end of March next year. The carefully crafted plan, which seeks to combine industrial development with decarbonisation objectives, is intended to stimulate investments that would accelerate the country's shift to a greener economy and increa
On May 10, President Kassym-Jomart Tokayev of Kazakhstan signed economic changes with the aim of increasing investment opportunities, competition, and entrepreneurship, especially for Indian investors eyeing the region. A National Privatisation Office, improved corporate governance for the Samruk Kazyna Sovereign Wealth Fund, and increased competition in product marketplaces are some of the measures. To facilitate digitization and optimise company processes, regulatory policies will be streamlined. Decriminalisation of some offences is one of the measures put in place to safeguard the righ
South Korea is preparing a $7.3 billion support package for its chip industry to boost investments and research. Finance Minister Choi Sang-mok revealed the strategy, which targets fabless businesses, equipment manufacturers, and chip materials. Policy loans and a new fund supported by public and private organisations might be included in the package. President Yoon Suk Yeol has promised tax breaks for investments, highlighting the semiconductor industry's strategic significance. In Yongin, South Korea is constructing the largest high-tech complex in the world, a megachip cluster. This