Author: Steven Sahiounie

The RSF arrangement will help Morocco address climate vulnerabilities The Executive Board of the International Monetary Fund (IMF) has approved an 18-month arrangement for Morocco under the Resilience and Sustainability Facility (RSF) in an amount equivalent to SDR 1 billion (about $1.32 billion, equivalent to 112% of quota). The RSF arrangement will help Morocco address climate vulnerabilities, bolster its resilience against climate change, and seize the opportunities from decarbonisation. It would also help the Moroccan authorities strengthen preparedness for natural catastrophes and stimulate financing for sustainable development. The arrangement would coincide with the remaining 18 months under the FCL arrangement…

In July, the deficit narrowed by $805mln CAIRO – Egypt’s net foreign assets deficit narrowed by 11.1 billion Egyptian pounds ($360 million) in August to a negative 801.3 billion pounds, its second improvement in two months, according to central bank data. In July, the deficit narrowed by 24.9 billion Egyptian pounds. Almost all of the improvement in both July and August was caused by an increase in net foreign assets (NFAs) with commercial banks. A drawdown on NFAs, which represent both central bank and commercial bank assets owed by non-residents minus their liabilities, has helped the central bank support Egypt’s…

Analysts link the latest surge with dwindling crude inventories at a key storage hub in the US Global oil prices edged closer to $100 a barrel on Thursday amid a drop in stocks at a key storage facility in the US, amplifying concerns of tightening global supplies. Brent futures climbed 1% to $97.25 a barrel at 11:00 GMT, while US West Texas Intermediate crude (WTI) futures briefly touched $95 per barrel, the highest since August 2022. Analysts link the latest surge in oil prices with the news from the strategic storage hub in Cushing, Oklahoma, where stocks fell by 943,000…

Scheduled maintenance on the Power of Siberia pipeline has been completed, Gazprom has announced Russian energy giant Gazprom announced on Thursday the restart of natural gas deliveries to China following the completion of regular maintenance on the Power of Siberia pipeline. “Scheduled maintenance work on the Power of Siberia gas pipeline has been finished,” the company said in a statement released via its Telegram channel. “Gas transportation, as planned, has been resumed today.” Gas shipments through the pipeline were temporarily halted on September 21. Under the terms of the contract, the route is closed for inspection twice a year, in the spring…

Chancellor Karl Nehammer mistakenly used a picture featuring the Russian currency in his party’s PR campaign Austrian Chancellor Karl Nehammer became the target of online jokes this week following an X (formerly Twitter) post promoting his party’s ‘Believe in Austria’ PR campaign that featured an image of Russian rubles instead of euros. According to local media reports, Nehammer published a post on his social media account on Tuesday that enumerated Austria’s many achievements as a leading European economy. One of the banners was dedicated to Austria’s fight against inflation and proudly declared that the country holds “second place in terms of anti-inflation…

Regional authorities should support businesses willing to fill the void left by Western firms, the president has urged Western pressure on Russia intended to strangle the country’s economy has in reality turned out to be a powerful incentive for the development of domestic industries, President Vladimir Putin said on Thursday. He stressed that authorities at all levels should support businesses willing to fill the void left by departing Western firms. “External pressure has ultimately become a powerful incentive for the growth of our own production, unlocking our own potential in a variety of areas. And, of course, we need to…

The US currency was used in nearly half of cross-border transactions last month, data shows The share of the US dollar in international payments via the SWIFT financial messaging system reached 48% in August, the highest level since such data began being collected, RIA Novosti has reported after analyzing SWIFT data.     The greenback’s share in global transactions rose by 1.57% compared to July, strengthening the position of the American currency in international settlements, the outlet reported on Thursday. Meanwhile, the share of the euro slumped to an historic low of 23.2% last month, down from 36.44% in August…

Employment has dropped for the first time in three years, a survey shows Hiring in Germany has stalled amid a worsening economic environment as the country continues to struggle with an energy crisis and soaring borrowing costs, Bloomberg reported on Wednesday, citing the German Ifo Institute for Economic Research. A measure reflecting hiring activity dropped to its lowest level since February 2021 this month, as employers in manufacturing and construction are thinking twice before taking on new staff, the study revealed. “The robust expansion of employment seen over the past few months has come to a standstill,” said Klaus Wohlrabe,…

The pivot to Asia has made recovery more sustainable, Maksim Oreshkin says Western sanctions have forced Russia to restructure its economy and reorient towards rapidly developing markets in Asia, Kremlin adviser Maksim Oreshkin said at the Moscow Financial Forum on Thursday. According to the official, the shift towards the “healthy part of the global economy” has allowed Russia’s recovery to become more sustainable. The country can also meet its objectives in a variety of areas, from defense and security to technological advancement and educational development, he added. “In fact, what we’ve done over the past year and a half is a very…

The death toll from an explosion and fire at a fuel depot in Nagorno-Karabakh has risen to 170, Armenpress news agency reported on Friday citing local officials in the breakaway region.The blast occurred as thousands of ethnic Armenians fled the breakaway enclave after their fighters were defeated by Azerbaijan in a lightning military operation.The authorities have not given any explanation of the cause of the blast.The number of victims rose sharply from an earlier announcement by Karabakh authorities reporting 68 dead on Tuesday evening.Rescue work at the blast site continues.As of Friday morning, more than 84,700 of the 120,000 ethnic…