GlobalSource Partners | Country Insights

Favorable financial indicators—the reduction of the gap between the official exchange rate and the pseudo-free exchange rates (the CCL and the "blue"), the accumulation of reserves and the decrease in country risk—are encouraging, but they should not be taken as indicators that the convergence of...

Kazakhstan macro: a new economic agenda for a new government

KAZAKHSTAN · Report · 10 Apr 2024

In early February, Kazakhstan’s President Tokayev accepted the resignation of the government headed by Mr. Smailov, who had been in charge of the cabinet of ministers since January 2022. The position was handed over to Mr. Bektenov, who had served as the head of the presidential administration si...

US says it is giving captured Iranian arms to Ukraine

CIS POLITICS · In Brief · 10 Apr 2024

On April 9 the US military made the announcement. The shipments include ammunition and small arms. These Iranian-manufactured weapons were used by Houthi rebels in Yemen. The Yemeni Army captured the weapons in battles against the Houthis. Ukraine is grateful for shipments but small arms inflict ...

Peru: pension funds withdrawal to be approved on Thursday

PERU · In Brief · 09 Apr 2024 · 1 response

As expected, today Congress scheduled the vote on the pension funds withdrawal bill at its Thursday congressional plenary. The bill calls for pension funds’ contributors to be able to withdraw up to four Unidades Impositivas Tributarias (UITs, or tax-inflation-indexed units). This would allow eac...

Flooding in Russia and Kazakhstan

CIS POLITICS · In Brief · 09 Apr 2024

On April 3 serious flooding impacted southern Russia and northern Kazakhstan. The abrupt thaw has caused snow to melt faster than usual. Tens of thousands of people have been evacuated in Russia and 86,000 in Kazakhstan. Over 10,000 houses have been flooded. Some regions have declared a state of ...

President Lula participates in the signing of the MP on Renewable Energy and Tariff Reduction, the Joint Committee on the payroll tax exemption was postponed until Thursday, and Pacheco committed to the zero-deficit target

BRAZIL POLITICS · Report · 09 Apr 2024

Today President Lula participates in the signing of the Provisional Measure (MP) on Renewable Energy and Tariff Reduction. It sets aside resources from the privatization of Eletrobras to reduce electricity bills by 3.5% in 2024. The installation of the Joint Committee to analyze the payroll tax r...

Smooth federal budget performance in 1Q24

RUSSIA ECONOMICS · In Brief · 09 Apr 2024

Minfin reported that the 1Q24 federal budget revenues accounted for about R8.7 trln (24.9% of the annual plan set at nearly R35.1 trln). The figure looks decent, as in 2024, the revenue target exceeds last year’s actual revenue figure by 20.4%. In 1Q24, the government collected R2.9 trln of the o...

Poor budget, strengthening forint

HUNGARY · In Brief · 09 Apr 2024

The central government's cash budget did not do particularly well in March and Q1, according to fresh data from the Finance MInistry. In annualised ratio-to-GDP terms, the March deficit was recorded at 9.7%, marginally down from 9.9% one year earlier, and the Q1 total reached 12.2%, exactly the s...

Rates on hold, fiscal deficit pushes higher despite strong revenues

ISRAEL · In Brief · 08 Apr 2024

The Bank of Israel maintained present policy rates on hold at 4.5% on April 8 (market expectations were divided). In the press conference the Governor was clear that elevated geopolitical risks and FX stability were key to the decision: “In view of recent developments, which indicate a substantia...

President Lula may make a decision regarding the president of Petrobras this week, the Joint Committee on the payroll tax exemption should be installed, and government rushes to finalize the Tax Reform regulations

BRAZIL POLITICS · Report · 08 Apr 2024

We are expecting some developments regarding Petrobras this week. President Lula may decide whether or not Jean Paul Prates will remain in office. The president of BNDES, Aloizio Mercadante, is currently the main option to replace Prates. On Tuesday, April 9, the Joint Committee is scheduled to b...

Economics: Public finances got off to a dismal start as the 2025 Pre-Criteria are a cause of alarm

MEXICO · Report · 08 Apr 2024 · 1 response

The week before last, the Ministry of Finance released its reports on both public finances for January-February 2024 and Economic Policy Pre-Criteria for 2025 (PCGPE). The public finance report shows a deterioration that the economic package approved for 2024 had anticipated, but it has unfolded ...

A storm of uncertainties

VENEZUELA · Report · 08 Apr 2024

The government did not allow Machado's candidacy or Corina Yoris, her designated substitute. After the deadline for nominations had expired, the National Electoral Council (CNE) admitted the "symbolic" candidacy of Dr. Edmundo Gonzalez Urrutia, a retired diplomat with no party ties, under the car...

Elevated uncertainty will postpone loosening

ISRAEL · Report · 08 Apr 2024

1. We expect a rate hold decision today on elevated conflict escalation risk and concern regarding expansionary fiscal policy. 2. Economic indicators point to a steady recovery, with construction and incoming tourism still below pre-war levels. 3. Exports of both high-tech services and indu...

Webinar Replay - Central America Outlook: Costa Rica, El Salvador, Guatemala

CENTRAL AMERICA · Report · 05 Apr 2024

Visit our calendar page to watch the replay of our webinar on the economic outlook for Costa Rica, El Salvador, and Guatemala. What will fiscal consolidation mean for Costa Rica after its IMF program ends? Will El Salvador agree to a new IMF financing program? Will Guatemala find stability after ...

There are reports that Jean Paul Prates will likely be replaced as president of Petrobras, the MGI will meet with environmental career representatives, and the Joint Committee on the payroll tax exemption should be installed next week

BRAZIL POLITICS · Report · 05 Apr 2024

The relationship between Jean Paul Prates and the government has reportedly deteriorated significantly. In other news, today, the Ministry of Management and Innovation (MGI) will hold a meeting with environmental career representatives to discuss the group’s demands. Currently, employees from Iba...