An International Monetary Fund (IMF) mission led by Martin Sommer visited Ashgabat on December 1-6, to assess macroeconomic and financial developments and discuss economic challenges and policy priorities with senior government officials and the diplomatic community. The expectations for persistently lower oil and natural gas prices imply the need for additional policy adjustment in Turkmenistan,…
In November Belarus’ gold and foreign exchange reserves rose by $21.2 million if calculated in accordance with methods of the International Monetary Fund. According to preliminary data, the reserves totaled $4,838.0 million as of December 1, the Information and PR Department of the National Bank of the Republic of Belarus reported. In national terms the…
In 2016 Azerbaijan’s exports will decline by 18% YoY, or by $2.8 billion, the CBA Chairman Elman Rustamov said. Earlier Rustamov noted that Azerbaijan’s exports would be about $12.8 billion by late 2016. “The export of non-oil products and services has declined by 20% since early 2016”, he said, adding that non-oil imports were currently…
The Asian Development Bank (ADB) approved a $500 million loan to help Azerbaijan maintain social spending, create jobs, and diversify its economy to mitigate the adverse impact of a crash in oil prices, ADB said in a message. Sean O’Sullivan, director general of ADB’s Central and West Asia Department, said ADB’s support was important for…
The European Court of Auditors (ECA) has expressed reservations about significant amounts of financial assistance rendered to Ukraine. The assistance program from 2007 to present has resulted in limited results, according to a statement of EU financial observers. Prior to 2014 the reason for the low effectiveness of assistance from the European Union (EU) was…
In the first three quarters of 2016, Latvian enterprises were provided with bank loans for a total amount of 1.4 billion euros, up by 40% YoY, according to the estimates of the Latvian Association of Commercial Banks and Finance and Capital Market Commission. The total loan portfolio of Latvian banks was EUR 15.11 billion at…
In Q3, the current account formed a surplus of 1.5% of the country’s GDP, according to the data from the Bank of Latvia. This year’s general surplus is 1.1% of GDP. It is expected that investment inflow will remain positive. It will be slower than last year, predicts Swedbank economist Agnese Buceniece. Contribution to the…