Australia confirms $1.3bn U.S. missile deal amid defence spending push
Australia has finalised a AU $2 billion ($1.3 billion) purchase of U.S. made supersonic missiles, reinforcing its commitment to defence investment whi...
The International Monetary Fund (IMF) Executive Board has completed the Seventh Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about $0.4 billion, which will be allocated for budget support.
This will bring the total disbursements under the IMF-supported program to $10.1 billion.
Ukraine’s IMF-supported program helps anchor policies that sustain fiscal, external, and macro-financial stability at a time of exceptionally high uncertainty. The EFF aims to support Ukraine’s economic recovery, enhance governance, and strengthen institutions with the aim of promoting long-term growth in the context of reconstruction and Ukraine’s path to EU accession, said IMF in statement.
“Russia’s war in Ukraine continues to take a devastating social and economic toll on Ukraine. In spite of this, macroeconomic stability is being preserved through skillful policymaking as well as substantial external support. The economy has remained resilient, but the recent growth slowdown is expected to persist in 2025 due to headwinds from energy needs and a tight labor market. Contingency planning is key to enable appropriate policy action should risks materialize," - Ms. Kristalina Georgieva, Managing Director of the IMF, following the Executive Board discussion on Ukraine.
The National Bank of Ukraine (NBU) has tightened monetary policy to respond to the rise in inflation, which remains mainly driven by food prices, while inflation expectations remain well anchored. Reserves remain adequate, sustained by continued sizeable external support. Overall, the outlook remains subject to exceptionally high uncertainty, the statement reads.
According to IMF statement, Ukraine’s performance under the program remains strong. The program remains fully funded, with a total external financing package of $148.8 billion under the baseline scenario and $162.9 billion in the downside scenario over the four-year period. This includes the full utilization of approximately $50 billion from the G7’s Extraordinary Revenue Acceleration (ERA) Loans for Ukraine initiative.
IMF Executive Board welcomed the enactment of the tobacco excise tax law as a positive step to reinforce the authorities' commitment to implementing the National Revenue Strategy. To meet high-priority spending needs, the strategy’s accelerated implementation is considered as essential, including modernizing tax and customs services, reducing tax evasion, and aligning legislation with EU standards. Additionally, strengthening public investment management, improving medium-term budget planning, and enhancing fiscal risk management will contribute to sustainable growth, investment, and fiscal stability.
"While the financial sector remains stable, continued vigilance is necessary due to heightened risks. Addressing institutional weaknesses in the securities market regulator is crucial. Looking ahead, strengthening Ukraine’s capital markets infrastructure will be a key step in attracting foreign investment for reconstruction," - IMF stated and recommended to continue anti-corruption and governance reforms, including appointing a new head for the Economic Security Bureau, completing the audit of the National Anti-Corruption Bureau and amending the criminal procedure code.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
A multimodal cargo airport in Azerbaijan’s Alat Free Economic Zone (FEZ) is scheduled for commissioning in Q1 2027, the deputy head of the FEZ governing body Ismail Manafov announced.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
Oil prices plunged more than 12% last week, ending a three-week rally, with experts expecting them to stabilize around $60 if the fragile ceasefire between Israel and Iran holds.
The Asian Infrastructure Investment Bank (AIIB) and the Arab Fund have signed a memorandum of understanding (MoU) to formalize a strategic partnership focused on advancing sustainable infrastructure in shared priority regions.
Tesla’s new car registrations plunged sharply in June, dropping 64.4% in Sweden and 61.6% in Denmark compared to last year, highlighting growing challenges for the U.S. electric vehicle maker in these Nordic markets.
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