Core Viewpoint - The Central Bank of Kenya is initiating its first formal gold purchasing plan as a defensive strategy amid increasing global financial instability, joining other African nations in viewing gold as a strategic reserve asset rather than relying solely on major currencies [1][2]. Group 1: Central Bank's Strategy - The Central Bank of Kenya plans to buy gold to serve as an "additional buffer" for its foreign exchange reserves, aligning with countries like the Democratic Republic of Congo, Rwanda, and Namibia that have increased their gold reserves [1][2]. - The Governor of the Central Bank, Patrick Njoroge, emphasized that this initiative is a well-considered long-term strategy rather than a reaction to short-term market volatility [1]. Group 2: Economic Context - Kenya's foreign exchange reserves stood at $12.46 billion as of February 9, equivalent to 5.4 months of import cover, which is considered adequate by international standards [2]. - The move to increase gold reserves is seen as a way for African governments to reduce dependence on the Western-dominated financial system while leveraging their natural resources [2]. Group 3: Risks and Considerations - While gold is becoming an attractive anchor asset due to its inability to be printed, devalued, or frozen by foreign authorities, it comes with risks such as price volatility, high storage and security costs, and lower liquidity compared to major reserve currencies [2]. - The Central Bank has not provided a timeline or target amount for gold purchases, but preparations are underway, with initial acquisitions expected to be completed within the year [2].

本次"道路资产管理改善项目"将重点满足波黑联邦道路网络的关键需求。计划投资涵盖约150公里 主干道的修复与升级，并遵循最高安全与韧性标准。除实体工程外，项目将强化道路网络的规划与管理 能力，确保基础设施得到长期妥善维护，并提高公共资金使用效率。项目还设应急响应机制，可在重大 紧急情况下快速调整资金用途，支持道路部门恢复运行。 世界银行指出，待升级的优先道路多为日常交通要道，其改善将提升波黑联邦的日常通勤便利性， 拓展经济机遇。（驻波黑使馆经商处） （原标题：世界银行批准7000万欧元贷款助力波黑联邦交通升级） 波黑国家台2月12日报道。世行拟向波黑提供7000万欧元贷款，用于提升交通连接水平与道路基础 设施现代化，以推动就业增长和经济发展。欧盟通过西巴尔干投资框架（WBIF）同步提供850万欧元赠 款，彰显国际合作伙伴的紧密协作。 ...

Core Insights - Uruguay's e-commerce transaction value is projected to reach $2.552 billion (approximately 104.83 billion pesos) by 2025, representing a year-on-year growth of 34% [2] - The total number of transactions for the year is expected to be 81 million, reflecting an 18% increase [2] - The average transaction amount is estimated to be 1,296 pesos, which is a 14% rise compared to the previous year [2] - Credit cards remain the preferred payment method among Uruguayan consumers [2]

Core Insights - The average sovereign credit rating in Africa has reached its highest level since the end of 2020, indicating the best overall credit conditions for multiple governments in over five years [1] - Most rated African economies are experiencing an annual growth rate of approximately 4.5%, surpassing that of many developed countries, driven by rising commodity prices, easing core market inflation, and increased domestic fiscal revenues [1] - Significant external debt repayment pressures are anticipated in 2026, with over $90 billion in principal due, more than three times the repayment scale of a decade ago, posing challenges to fiscal resilience [1][2] Economic Growth and Fiscal Reforms - The fiscal situation in Africa is stabilizing due to reforms such as fuel subsidy cuts and tax base expansions, transitioning from a debt crisis to fiscal consolidation by 2025-2026 [1] - Countries like Egypt, Angola, Nigeria, and South Africa face substantial repayment plans, with Egypt alone needing to repay approximately $27 billion in hard currency debt by 2026 [1] Credit Rating Outlook - Standard & Poor's suggests that if Africa can maintain resilient economic growth, accelerate diversification, and adhere to fiscal discipline, there is potential for further credit rating upgrades [2] - However, geopolitical factors, trade dynamics, and climate disasters may pose obstacles to this progress [2] Debt Management Challenges - While some African nations are returning to the international bond market due to declining global interest rates, high borrowing costs remain a concern [1] - Other countries are utilizing private placements and multilateral financing to alleviate debt extension risks, but these measures do not fundamentally address the structural issues of reducing debt levels [1]

Core Viewpoint - The Namibian government has rejected the offshore license transaction between TotalEnergies and Petrobras, signaling a strong stance on regulatory sovereignty in the oil industry [2][3] Group 1: Regulatory Compliance - The core issue revolves around procedural compliance, as Namibian law requires prior approval from the Minister of Energy for any transfer of oil and gas license rights [2] - The transaction was publicly announced without the necessary approval, which the government views as a violation of legal procedures that could negatively impact future regulatory practices [2] Group 2: Government's Position - The Ministry of Mines and Energy emphasized that the transaction did not adhere to the statutory prior notification process, and the President's office stated that any unapproved transaction would not be recognized [2] - Both TotalEnergies and Petrobras have expressed their intention to comply with local laws, highlighting a significant difference in regulatory understanding between foreign companies and resource-rich governments [2] Group 3: Industry Context - This confrontation occurs during a critical period of transformation in Namibia's oil industry, as the government is pushing for reforms in the oil and gas regulatory framework [3] - The government plans to establish a new presidentially appointed regulatory body and adjust the existing management system, aiming to send a clear message to international investors that while Namibia welcomes foreign investment, it will strictly enforce its own industry rules [3] - As Namibia approaches its first oil production phase, balancing foreign investment needs with sovereign regulatory authority will be a central issue in resource governance [3]

据"全非洲"2月11日报道，南非约翰内斯堡近期接连曝出供水短缺、电力盗窃及公共企业履职失范等一 系列民生与治理问题，当地公共服务运营和管理秩序受到影响。 约翰内斯堡北部多个郊区正遭遇持续停水困境，受影响区域的供水系统难以满足日常用水需求，部分居 民停水时长已近一个月，当地民众发起抗议。水务公司将停水原因归结为管道泄漏、故障引发的水库水 位偏低。民众指责官员沟通不畅、履职缺位。 （原标题：南非约翰内斯堡曝出民生与治理多重问题） 电力安全管理方面，西兰德地区两名农场主因涉嫌偷电、私接电力线路被警方逮捕，南非国家电力公司 证实，此次逮捕是当地持续开展打击电力盗窃、维护电力网络安全行动的重要举措。另有一处农场也发 现电表篡改问题。 公共企业治理层面，约翰内斯堡社会住房公司曝出资金使用与履职失范问题，该公司负责人涉嫌违规批 准支付百万兰特工程款，涉事分包商还存在提交伪造施工照片的行为。事件曝光后，当地已启动公司内 部调查和市政司法审计，相关人员还被指存在未依法履职、违规干预款项追回等问题。 ...

在非洲地区，塞舌尔以68分位居榜首，佛得角以62分排名第二，卢旺达与博茨瓦纳并列第三，远超东非 的坦桑尼亚、肯尼亚、乌干达等国。 2025年全球清廉指数表明腐败问题在世界范围内愈发根深蒂固。全球平均评分降至42分，为十多年来的 最低水平，超三分之二的国家评分低于50分，这意味着数十亿民众仍身处腐败横行的体系中，公共服务 效率低下、民主制度遭削弱，发展进程受阻。 （原标题：卢旺达清廉指数评分达到历史最高） 据"全非洲"2月10日报道，卢旺达在2025年全球清廉指数（CPI）中取得58分的历史最高分，在全球182 个参评国家中排名第41位。而美国、加拿大、英国等传统表现优异的国家及部分欧洲国家则因为监督机 制弱化、政治干预增多等因素导致评分出现下滑。 ...

Core Perspective - Busan aims to attract 5 million foreign tourists by 2028 and is advancing the "8th Busan Circle Tourism Development Plan (2027-2031)" to achieve this goal [1] Group 1: Tourism Development Strategy - The plan addresses changes in domestic and international tourism environments and government policy adjustments, creating a strategic framework for tourism development over the next five years [1] - It will analyze tourist behavior and forecast tourism demand and supply, integrating marine, mountain, industrial, historical, cultural, and ecological resources [1] Group 2: Implementation and Coordination - The city will ensure the plan aligns with government policies and higher-level plans, focusing on tourism resource development projects that can receive national treasury support [1] - Mayor Park Hyung-jun emphasized the need to enhance local competitiveness against the concentrated tourism structure of the capital region, laying the groundwork for the "5 million foreign tourists era" through improved tourism development planning [1]

Core Insights - The Central Bank of Bosnia and Herzegovina (CBBH) reported that foreign exchange reserves reached 18.21 billion marks by the end of December 2025, an increase of 572.7 million marks, representing a growth of 3.2% [1] Group 1: Loans - Total loans across domestic sectors amounted to 28.69 billion marks, increasing by 386.5 million marks, with a growth rate of 1.4% [1] - Household loans increased by 111.2 million marks (+0.8%) [1] - Private sector loans rose by 51.4 million marks (+0.4%) [1] - Government agency loans surged by 175.6 million marks (+12.8%) [1] - Non-financial public enterprise loans grew by 34.8 million marks (+4.7%) [1] - Other domestic sector loans increased by 13.6 million marks (+3.5%) [1] - The annual growth rate of total loans was 11.1% [1] Group 2: Deposits - Total deposits in domestic sectors reached 37.32 billion marks, with an increase of 527.8 million marks (+1.4%) [1] - Household deposits rose by 473.3 million marks (+2.5%) [1] - Private sector deposits increased by 27.07 million marks (+3.2%) [1] - Non-financial public enterprise deposits decreased by 24.2 million marks (-1.2%) [1] - Government agency deposits fell by 139.5 million marks (-2.9%) [1] - Other domestic sector deposits declined by 52.5 million marks (-2.4%) [1] - The annual growth rate of total deposits was 10.2% [1]

Economic Outlook - The Central Bank of Bosnia and Herzegovina has revised down its GDP growth forecast for 2025, citing a more significant decline in retail trade and industrial output than previously expected in the second and third quarters [1] - The service export and tourism sectors, which previously contributed significantly to economic growth, have also stagnated [1] Inflation and Cost Pressures - Inflationary pressures have intensified compared to the March forecast, with net exports showing signs of weakness [1] - In the third quarter of 2025, inflation is expected to accelerate due to base effects, significant increases in food and electricity prices, and rapid growth in average real wages impacting service prices [1] - Industrial output has shown a year-on-year decline in the first nine months of 2025, indicating increased cost pressures and challenges to domestic industry competitiveness [1] Currency and Monetary Policy - Despite economic pressures, the Central Bank's foreign exchange reserves increased significantly in the third quarter of 2025 [1] - The Central Bank did not adjust any monetary policy measures during this quarter, with the reserve calculation basis (mainly short-term domestic currency) continuing to rise, although the growth rate of the money multiplier has slightly slowed [1] Trade and Fiscal Performance - In the second quarter of 2025, the current account deficit narrowed slightly year-on-year, with most of the goods account deficit covered by net inflows from the services account and remittances from abroad [2] - In the third quarter, the trade goods deficit increased year-on-year [2] - Fiscal revenues saw an increase in indirect tax income in the third quarter of 2025, but the budget expenditure structure remains poor, with funds primarily allocated to current expenditures and capital expenditures at a very low level [2]