The economic fallout from the Covid-19 shock is ongoing and increasingly difficult to predict but there are clear indications that things will get much worse for developing economies before they get better, a new report has said.
Royal Dutch Shell pulled out of a major US liquefied natural gas (LNG) export plant under development following the recent crash in energy prices, quickly followed by its partner, Energy Transfer,
Thailand’s new stimulus package to alleviate the impact of the coronavirus crisis will be worth more than 500 billion baht ($15.30 billion), its finance minister (FM) said.
China’s central bank on Monday cut an interest rate on loans to banks by the largest margin in five years and injected 50 billion yuan ($7 billion) into the financial system to help the world’s second-largest economy weather the coronavirus impact.
Brent slumped to $22.5 a barrel leaving it down 65% for the year and hammering petro currencies such as Russia's rouble, Mexico's peso and the Indonesian rupiah by as much as 2%.
Australia will spend A$130 billion ($79.85 billion) to subsidise the wages of an estimated 6 million people, marking a third tranche of stimulus designed to limit the fallout of the coronavirus pandemic on the country’s economy.
Egyptian banks have been instructed to apply temporary limits on daily withdrawals and deposits in a move seemingly designed to control inflation and hoarding as concern grows over the spread of the coronavirus.
Finance Minister Nirmala Sitharaman asked public and private sector banks to ensure uninterrupted banking operations and flow of liquidity. In a series of tweets, the office of Sitharaman said that she spoke to chiefs of public sector banks and representatives of private banks.