Stablecoins and DeFi drive crypto market’s renewed growth: report
The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a...Economy
Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...Economy
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Over 1,500 new companies join RAKEZ in Q2, 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies...This robust growth represents a remarkable 132 percent increase compared to the same period in 2022.
The majority of these investors are from countries such as India, Pakistan, the UK, Egypt and Russia.
IMF and Pakistan reach $3 billion stand-by deal
Pakistan's negotiations with the IMF for the last tranche of a $6.5 billion bailout package agreed in 2019 stalled in...The economy has been stricken by a balance-of-payments crisis, while months of political chaos have scared off potential foreign investment
Inflation has rocketed, the rupee has reached a record low against the dollar, and the country can no longer afford imports
Lack of Lebanon reforms threatens stability, says IMF
The International Monetary Fund warned in a report that Lebanon's failure to implement reforms could have "irreversible" consequences for the...In April 2022, Lebanon and the IMF reached a conditional agreement on a $3-billion-dollar loan needed to save the economy.
Lebanese officials have still yet to enact the substantial changes required to kickstart the 46-month financing program.
US first quarter economic growth 2 percent after strong consumer spending
Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department...The growth of 2 percent for US economy is markedly higher than the annual rate of 1.1 percent originally estimated.
However, GDP growth in the world's biggest economy has still cooled from 2.6 percent in the final three months of 2022.
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following...Federal Reserve called for greater banking oversight while admitting its own supervisors had failed to take forceful enough action.
When SVB failed, it was clear that a number of standard assumptions from a regulatory standpoint "were wrong," the Fed chairman said.
EU presses Tunisia in bid to stem Med migrant flow
In early June, European Union countries reached agreement on a long-stalled revision of the bloc's asylum rules. It aims to...The discussion will come two weeks after a boat believed to have been carrying hundreds of migrants capsized off Greece in one of the worst such tragedies in years
Amnesty International and other rights groups say the tragedy resulted from Brussels' "Fortress Europe" policy implemented over the past seven years
ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...The report reveals that ADB and its partners enabled the countries to face current and emerging shocks.
ABD and its partners financed projects that helped developing members strengthen trade and small businesses.
Gulf oil states on a charm offensive across South Pacific
The Pacific bloc represents 12 of 55 votes in the United Nations' Asia-Pacific region, which also includes Saudi Arabia and...Saudi Arabia and the United Arab Emirates - two of the world's biggest crude oil producers - have been ramping up efforts to shed their reputations as global climate laggards
Both have been lavishing money and attention on small, isolated and often indebted Pacific nations, where rising sea levels are already creeping up on low-lying coastal communities
Price monetary policy tools strong in managing public funds: Iraq official
Baghdad, Iraq-- An advisor to Iraq's Prime Minister said the country has effective price monetary policy tools to manage public...The advisor to the Iraqi PM said that the budget's financing methods primarily involve Iraqi dinars in exchange for foreign currency
He further noted that the strength of monetary policy and foreign reserves stand at their highest level in the country's financial history
