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COUNTRY INSIGHTS

S&P downgrades Kuwait and Oman, affirms rest of GCC
GULF COUNTRIES · In Brief · 26 Mar 2020

In the first coordinated set of rating actions since the onset of the twin crises of coronavirus and the oil crash, Standard & Poor’s downgraded Kuwait to AA- and Oman to BB- (Negative outlook) and also lowered Bahrain’s outlook to Stable (from positive) but affirmed its B+ rating, the lowest in ...

Bolsonaro “embraces” the defense of the economy, and Congress articulates its agenda
BRAZIL POLITICS · Report · 26 Mar 2020

President Jair Bolsonaro continues to send signals to his electoral base. Today, March 26, he signed a decree that makes religious activities of any nature part of the list of essential activities amid the coronavirus crisis. The presidential decree also includes lottery houses, which also perfor...

Russo-Belarusian diplomatic relations
RUSSIA / FSU POLITICS · Report · 26 Mar 2020

In this piece we give a detailed discussion of the current state of Russo-Belarusian diplomatic relations, touching on speculation surrounding the formation of the Union State, the oil dispute relating to the “tax maneuver”, and Minsk’s current position in relation to Russia and the EAEU in light...

South African government’s efforts to cushion the economy from the effects of Covid-19
SOUTH AFRICA · Report · 26 Mar 2020 · 1 response

The South African government has been announcing numerous measures aimed at mitigating the profound effects of Covid-19 the country is already experiencing. The South African Reserve Bank has become a major role player in these efforts. The bank began with a 100 basis point cut in interest rates ...

Government statements on Covid-19, unemployment, GDP growth and fiscal plan
HUNGARY · In Brief · 26 Mar 2020

In recent days, the MNB appeared as the dominant player in public appearances, but it seems now that the government is taking back the initiative. In fresh news, cabinet minister Gulyás estimated the number of those who had already lost their jobs at 30-40 thousands, which is 0.7-0.9% of total em...

GlobalSource Partners' Analyst Webinar Series: Ecuador update amid the coronavirus
ECUADOR · Report · 26 Mar 2020

Live from Quito, Magdalena Barreiro gives an update on Ecuador's response to the coronavirus pandemic and also provides an in-depth look at the country's financing needs and liquidity situation.

Bold health, social and job protection measures in response to the COVID-19 impacts
DOMINICAN REPUBLIC · In Brief · 26 Mar 2020

Last night President Medina addressed the Nation again. He delivered a very heartfelt, humble speech that called for solidarity and responsibility. His words were very well received by the majority, including critics of the government. In the speech, the president announced new health actions and...

Russia: Trying to contain the spread of the virus
RUSSIA ECONOMICS · Report · 25 Mar 2020

President Putin announced that next week will be a week off and encouraged Russians to stay at home to limit the spread of the virus. As the total number of registered cases rose to 658 (up 163 in one day) this step looks reasonable as at this stage Russia still has the chance to avoid scenarios ...

First MNB collateralised loan tender was held today
HUNGARY · In Brief · 25 Mar 2020

The MNB accepted bids for HUF 43.1bn of 5-year collateralised loans, offered by the Bank at a fix 0.9% interest rate, the same as the base rate, today. This was the first such tender, following the announcement of the new facility yesterday.The MNB has not disclosed if there were any bids for sho...

Putin announces economic rescue package
RUSSIA / FSU POLITICS · In Brief · 25 Mar 2020 · 1 response

On March 25 Putin addressed the Russian public in an unscheduled TV communique. The week beginning Monday March 30 will be a public holiday - though stock markets will remain open for trading. The reason for this unseasonal week off work is to contain the spread of coronavirus. The country has co...

The MNB offers collateralised loans to provide banks with liquidity
HUNGARY · In Brief · 24 Mar 2020

Following today's Monetary Council meeting, the MNB announced a new facility to offer banks collateralised loans for 3, 6 and 12-month and 3 and 5-year maturities, with fixed interest rates. The loans will be distributed through tenders, the first of which will be held tomorrow. The Bank will set...

Datafolha shows pessimism about the economy
BRAZIL POLITICS · Report · 24 Mar 2020

The coronavirus pandemic has led to pessimism in the population in relation to the economy. According to a Datafolha poll released today, March 24, 79% of respondents estimate that the Brazilian economy “will be greatly affected by the crisis." Fifty percent believe that the pandemic will damage ...

Russia amid global havoc: Regulators remain calm, so far…
RUSSIA ECONOMICS · Report · 24 Mar 2020

Last week, Russian financial markets were strongly hit by the further global selloff and rising fears about the government’s financial position as the oil price fell dramatically. As a reminder, on Wednesday, March 18, Brent tested $25/bbl (the lowest level since 2003), two times lower than early...

China virus check – week of March 23
CHINA ADVISORY · Report · 24 Mar 2020

Our latest data for economic activity in China shows: Modest improvement in coal use in the power industry. Very mixed signals from traffic congestion, with some areas showing rapid growth in congestion and others declining sharply. Metro rail traffic is growing but is also mixed...

Economy will be relatively stable amid global turmoil
CHINA · Report · 24 Mar 2020

The coronavirus outbreak in China has had major short-term negative effects on production activities. However, as of March 18th, within China it is largely contained, with zero new cases. The total number of global infection cases outside China has now surpassed the total number of cases in China...

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