Despite the new round of anti-Russian sanctions and the increase of global turbulence in the first half of August, the OFZ market remains calm. We believe that it still contains fundamental value as inflation continues to slow down in Russia, which creates ground for further rate cuts and this fact attracts a wide range of investors.… Read the rest
The government is struggling to contain the Covid-19 outbreak in the local epicenter of Guayas province, whose capital – Guayaquil – is the country’s economic hub. As of this morning (local time) on 1 April, there were 2,748 confirmed Covid-19 cases across the country, and 93 deaths.… Read the rest
The government has fended off pressure to declare a debt moratorium and is instead set to secure additional external funding that will help in the struggle to contain the COVID-19 outbreak and keep the acutely fragile economy afloat.… Read the rest
In a late-night session on 31 March, the National Assembly approved President Filipe Nyusi’s state of emergency declaration, which applies from 1 to 30 April, in response to the Covid-19 pandemic.… Read the rest
The International Monetary Fund (IMF) has postponed its planned negotiating mission to Maputo on account of the COVID-19 pandemic. While this injects uncertainty into the question of timing, both the IMF and government seem intent on concluding a new financing deal eventually.… Read the rest
● Zambia’s payment position has steadily deteriorated, but the pandemic-related shock may well prove to be the tipping point, as suggested by recent news that the government will seek to restructure USD 11.2bn worth of external debt.… Read the rest
