Compilation of Frontier Market related articles across the web from 20th July 2020 to 26th July 2020. Last week’s edition can be found here.
Articles of the Week:
Siemens Gamesa Renewable Energy SA announced that it has secured a contract for the construction of a 78-megawatt nearshore wind farm off the coast of Vietnam’s Tra Vinh province. Commissioning of the wind farm is expected in the third quarter of 2021.
Hyperinflation, the coronavirus pandemic and the current economic crisis are currently crippling the Lebanese economy. Michael Karam looks at whether or not Lebanon can recover from its current slump and flourish once more.
Despite an increase in debt affecting its credit profile, the ability to take on more credit risk due to strong operating performance serves well for Kazakh oil producer Tengizchevroil (TCO), leading to affirmation of its Baa2-rated Eurobonds by rating agencies.
Turkey’s bond markets have witnesses investors retreat from their markets with $7 billion been drawndown from the local currency bond market in the first six months of the year. A potential removal from the MSCI Emerging Markets Index will prompt further flows from the market.
The resignation of Tunisia’s Prime Minister, Elyes Fakhfakh, on 15th July has increased the risk of a renewed political deadlock that will further delay reforms and impede efforts to agree a new programme with the International Monetary Fund (IMF), says Fitch Ratings.
Statistics of the Week:
- Kazakhstan cut Interest Rates by 50bps from 9.5% to 9%.
- Lebanon Inflation Rate hits 89.74%, up from 56.53%.
- Sri Lanka’s Unemployment Rate for Q1 hits 5.7% (vs 4.5% in Q4 2019).
- Moroccan deflation continues in June at -0.7% (vs -0.2% previously)