Nigeria’s National Bureau of Statistics (NBS) reported that the country’s gross domestic product (GDP) had contracted up to 6.1% year-on-year (YoY) in the second quarter of 2020 (2Q 2020), due to the double blow of falling oil prices and the global COVID-19 pandemic.  Nigeria is the largest economy in the African continent as well as its leading oil producer. However, the month-long lockdowns of its main commercial centre Lagos and capital city Abuja, dealt considerable damage to its domestic and international economic activities, the NBS stated.  The drop i...

S&P Global Ratings (S&P) has affirmed Pakistan’s long-term sovereign credit rating at B- and short-term rating at B, with a Stable Outlook, according to local media reports. The US-based rating agency also affirmed Pakistan’s long-term issue rating on senior unsecured debt and Sukuk trust certificates at B-.  The ratings remained under pressure due to high domestic and external security risks, coupled with a narrow tax base, considerable external debt, and high fiscal deficit, among others. S&P noted that although the COVID-19 pandemic ha...

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) urged Qatar businesses to invest in Bangladesh and enhance the long-standing bilateral ties between the two countries.  President of FBCCI, Sheikh Fazle Fahim made the proposal during a recent webinar co-hosted by Bangladesh Forum Qatar and Doha Bank on the "Bilateral and Synergistic Opportunities between Qatar and Bangladesh".  Fahim hoped that potential investors from Qatar would take note of the investment potential of Bangladesh in energy, the Halal ecosy...

Despite the COVID-19 pandemic wreaking havoc on global economies with declines of up to 20%, Iran’s economy has only contracted by 3%, according to Iranian President Hassan Rouhani.  Speaking at a recent cabinet session, Rouhani emphasized the Iranian administration’s accomplishment of ensuring the country’s economy was able to withstand pressures by implementing policies under the ‘Resistance Economy’ concept, which enabled the country to handle external shocks such as rapidly declining oil prices and US sanctions.  Rouhani added...

The revival of the Malaysian economy from the present crisis will require the Government of Malaysia to widen its fiscal deficit and attract foreign investment from countries that recover fastest from the pandemic, said Adam Ho, Managing Director of Investment Banking at Asia Pacific Investment Bank.  Malaysia had already been struggling to expand its private consumption and export market due to the US-China trade war before the COVID-19 crisis. However, Ho believes that the country’s rich natural resources and strategic geographical location lend comparative advantages...

The Temporary Measures for Government Financing Coronavirus Disease 2019 (COVID-19) Bill 2020 (Bill), tabled by the Malaysian Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz, was passed at the policy level at the Dewan Rakyat on the 24th of August 2020.  The Bill, which enables Government financing for economic stimulus packages and COVID-19 recovery plans, has an overall amount of MYR 295 billion or 20% of gross domestic product (GDP), and includes a direct fiscal injection of MYR 45 billion from the...

Saudi Arabia’s Ministry of Finance (MoF) announced the closure of the August 2020 issuance worth SAR 500 million under the Saudi Arabian Government SAR-denominated Sukuk programme, in a statement released on the 22nd of August 2020.  The Sukuk issuances are divided into two tranches. According to the MoF, the first tranche of the Sukuk is SAR 100 million (USD 26.6 million) with a final profit rate of 2.29%, with a total tranche size at SAR 6.125 billion, set to mature in July 2028.  The second tranche has a size of SAR 400 m...

Malaysian Rating Corporation (MARC) has extended its MARCWatch negative placement on MEX II’s MYR 1.3 billion Sukuk Murabahah Programme (Sukuk Murabahah) and MYR 150 million Junior Bonds issuance.  MEX II is owned by Maju Holdings and provides infrastructure construction services in Malaysia. According to MARC, MEX II has a 33-year toll concession agreement with the Government of Malaysia to design, construct, operate and maintain a 16.8 km Lebuhraya Putrajaya-Kuala Lumpur International Airport (KLIA) highw...

The International Chamber of Commerce of Bangladesh (ICC-B) stated recently that the country’s targeted Gross Domestic Production (GDP) growth of 8.2% year-on-year (YoY) for the 2020-2021 fiscal year (FY 2021) will be difficult to achieve.  The Bangladeshi economy recorded an unexpected GDP high of 5.24% YoY in FY 2020, exceeding the World Bank's and International Monetary Fund's forecast of 2% YoY, with a record remittance inflow of USD 18.2 billion, according to local media reports.  ...

The United Arab Emirates’ (UAE) Ministry of Economy recently stated that the implementation of its "flexible package", a plan of 33 initiatives to bolster the economy and its business competitiveness, will continue to be its subject of focus.  Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi said the plan announced earlier in August 2020 aims to develop economic sectors, enhance partnerships with economic stakeholders, support the private sector as well as formulate solutions to current and future...