Core Viewpoint - The International Monetary Fund (IMF) has proposed a three-month extension of Ghana's Extended Credit Facility (ECF) program to allow for the implementation of reforms necessary for the sixth and final review of the program [1][2] Group 1: ECF Program Extension - The proposed extension would move the end date of the ECF program from May 2026 to August 2026 [1] - The extension aims to facilitate consensus on policies needed to complete the sixth review and to provide adequate time for the preparation and distribution of board documents [1] Group 2: Program Modifications - The IMF has suggested modifications to Ghana's program, including changes to indicative targets (IT) and monetary policy consultation clauses (MPCC) [1] - Adjustments to the basic balance and non-oil revenue investment targets are expected by the end of March 2026 to align with macroeconomic developments [1] Group 3: Economic Performance and Risks - Ghana's ECF arrangement, approved in May 2023, allows access to funds equivalent to 303.8% of its quota, approximately $3 billion [2] - Despite satisfactory execution of the program, the IMF expressed concerns about Ghana's economic outlook, citing risks from external factors such as commodity price volatility and potential policy missteps [2] - Delays in comprehensive debt restructuring pose additional risks, alongside vulnerabilities related to regional conflicts and energy sector recovery plans [2]

（原标题：加纳特马炼油厂恢复炼油业务） 据"乐在线"12月27日报道，特马炼油厂（TOR）在停产数年后正式恢复原油炼制，此前该炼油厂原 油蒸馏装置在进行为期3个月的重大检修维护。 TOR公司表示炼油作业将分阶段进行，之后才会正式重启炼油厂。升级后的炼油厂安装了新型F-61 反应炉，预计将使炼油厂恢复到原有的设计产能4.5万桶/日，显著高于目前2.8万桶/日。未来，在安装 新型空气冷却器后，中期产能将扩展至6万桶/日。 ...

（原标题：大众汽车近90年来首度关闭德国工厂） 智利比奥比奥电台（biobiochile）12月19日报道，大众汽车本周关闭了Gl?serne Manufaktur工厂，这是近88年来其首次在德 国关停生产设施。该工厂自2001年运营至今，24年间累计生产了165508辆汽车。此次关停是大众集团为应对严峻财务危 机、实施产能重组计划的一部分。根据规划，公司将在2028年前将德国本土产能削减超过73万辆/年，并在2030年前通过自 然减员、内部转岗、提前退休或协议解约等方式减少3.5万个工作岗位，但承诺不进行强制裁员。原工厂将被改造为专注于 人工智能、机器人、微电子和芯片设计等领域的创新中心，明年起将有约230名员工在此工作，未来人数将随年长员工逐步 退出而减少。此次关停也折射出德国汽车行业的整体困境，大众、奥迪和奔驰总部所在城市因企业利润下滑导致税收锐 减，正面临预算缺口扩大、被迫举债或削减支出的财政压力。行业危机被归因于国际竞争加剧、外部需求下降以及国内成 本高企等多重挑战。 ...

Core Insights - The meeting between President Kast and Central Bank Governor Costa focused on macroeconomic conditions and government coordination mechanisms, with potential new Finance Minister Giros in attendance [1] Group 1: Economic Outlook - The mining and energy sectors are expected to have an optimistic outlook due to factors such as global geopolitical dynamics, energy transition, and advancements in artificial intelligence [1] - Economic growth expectations have been revised upward to a range of 2% to 3% [1] - The inflation rate is projected to approach the annual target of 3% by the first quarter of 2026 [1]

Core Insights - The German energy developer wpd's Chilean subsidiary has submitted a $700 million proposal for the Trumao wind farm project to the Chilean environmental assessment system [1] - The project is planned to be located in the Los Lagos Region, specifically in the cities of Frutillar and Llanquihue, covering approximately 87.74 hectares [1] - The wind farm will consist of 40 wind turbines, each with a capacity of 8 megawatts and a height of up to 260 meters, connecting to the national grid via transmission lines [1] - Construction is expected to begin in the second half of 2030, with a duration of two and a half years and an operational lifespan of 30 years [1] - During the construction phase, the project will employ an average of 150 workers, while the operational phase will require up to 30 employees [1] - This project will be the second largest wind power investment in Chile's environmental assessment system for 2025, following the $1 billion Alto Los Muermos wind project by Spain's Factor Energy [1]

Core Viewpoint - Chile's newly elected president, Kast, will face significant economic challenges including weak growth, deteriorating public finances, and a sluggish labor market upon taking office in March 2026 [1] Economic Growth - Chile's economic growth is currently weak, with GDP growth expected to be around 2.5% in 2025, potentially slowing further in 2026, aligning with the central bank's long-term growth forecast of 2% [1] - Long-term economic recovery is viewed as crucial for addressing employment and fiscal issues [1] Labor Market - The labor market remains weak, with an unemployment rate of 8.4% from August to October, marking 34 consecutive months above 8% [1] - Approximately 850,000 individuals are unemployed, with the female unemployment rate nearing 9% [1] Public Finances - Structural deficits persist, with the debt-to-GDP ratio projected to exceed 42% in 2025, potentially breaching the prudent limit of 45% if not addressed [1] Positive Factors - Inflation has decreased from a peak of 14% in 2022 to 3.4% in November 2023, with expectations to converge to the central bank's 3% target in the first half of 2026 [1] - Copper prices remain strong, exceeding $5 per pound, with future bullish outlooks, potentially leading to record export values surpassing $100 billion in 2025 [1] - The stock market has performed well, with the IPSA index rising 50% this year, surpassing the 10,000-point mark [1] Recommendations for New Government - Analysts suggest that the new government must quickly address the three macroeconomic challenges: slowing growth, structural and cyclical issues in the labor market, and deteriorating public finances [1] - Promoting investment and potential growth is essential to establish a sustainable fiscal foundation [1]

Core Viewpoint - The Chilean National Audit Office (CGR) has initiated a special audit of the lithium cooperation agreement between Codelco and SQM in response to legal concerns raised by several lawmakers [1] Group 1: Audit Initiation - The CGR's audit will focus on the compliance of the administrative procedures related to the agreement, although it does not have the authority to unilaterally terminate the contract or make substantive rulings on the agreement [1] - The decision to audit reflects significant controversy surrounding the cooperation agreement within the Chilean Congress, as evidenced by a resolution passed by a special investigative committee [1] Group 2: Legislative Context - The special investigative committee of the House of Representatives has called for President Boric to instruct Codelco to terminate the agreement, indicating the level of political scrutiny and opposition faced by the partnership [1]

Core Viewpoint - The United Nations and the United States have signed a $2 billion humanitarian aid agreement aimed at addressing the escalating global humanitarian needs, marking a significant commitment to save lives [1] Group 1: Aid Allocation - The aid will focus on 17 countries and regions severely affected by crises, including Guatemala, Honduras, El Salvador, Ukraine, Haiti, Nigeria, Ethiopia, South Sudan, Mozambique, Myanmar, the Democratic Republic of the Congo, Sudan, Bangladesh, Syria, Uganda, Kenya, and Chad [1] - The United Nations Central Emergency Fund will also be included in the funding support [1] Group 2: Humanitarian Impact - This funding is intended to specifically support the United Nations' highest priority humanitarian action plan for 2026 [1] - The collaboration is expected to directly assist millions facing urgent humanitarian needs and potentially save tens of millions of lives [1]

（原标题：英美资源与泰克矿业合并案进入智利经济检察院审查阶段） 智利《三点钟报》12月22日报道，矿业巨头英美资源集团与泰克资源拟议的合并案"英 美泰克"已获得加拿大监管批准，现正式进入智利审查程序。合并后，双方在智利运营 的Collahuasi与Quebrada Blanca铜矿预计通过协同效应实现年产铜量增加17.5万吨，并提 升息税折旧摊销前利润约14亿美元。加拿大批准附带了多项条件，包括合并后实体总 部位于加拿大、多数董事在加任职、在多伦多证券交易所上市，并承诺五年内在加投 资至少32.5亿美元。目前该合并案已提交至智利国家经济检察院进行反垄断审查。根据 智利相关法律，审查程序分为两个阶段：第一阶段为期30个工作日，多数并购案在此 阶段获得附条件批准；若监管机构认为交易存在潜在市场竞争风险，则将启动为期90 个工作日的第二阶段深入调查。行业专家指出，此次合并涉及的两大铜矿去年产量分 别为55.8万吨和20.7万吨，其整合对全球铜矿市场格局具有重要影响。 ...

智利《信使报》（电子版）12月23日报道，2025年以来铜价屡创新高，目前已达到 创纪录的每吨1.2万美元，铜价有望创下自2009年以来最大的年度涨幅。一些分析师认 为未来铜价还会继续上涨，原因是全球范围内多个重要铜矿供应发生中断，如印度尼 西亚的格拉斯伯格铜矿和智利的埃尔特尼恩特铜矿。 （原标题：铜价再创新高） ...