Core Viewpoint - Pakistan's service trade exports are projected to reach $4.76 billion in the second half of 2025, reflecting a year-on-year growth of 16.5% driven by increases in telecommunications, computer, and information services exports [1] Group 1: Service Trade Exports - In July, service trade exports grew by 18.3% year-on-year [1] - August saw a growth of 8.4% in service trade exports [1] - September recorded a 14.9% increase in service trade exports [1] - October experienced a growth of 17.6% in service trade exports [1] - November's service trade exports surged by 22.3% year-on-year [1] - December's service trade exports increased by 15.9% year-on-year [1] - The total export value of telecommunications, computer, and information services reached $2.24 billion, marking a year-on-year growth of 19.8% [1] Group 2: Service Trade Imports - Pakistan's service trade imports amounted to $6.5 billion, reflecting a year-on-year increase of 15.7% [1]

Core Insights - The Cambodian banking sector demonstrated resilience and a strong capital base despite challenges such as external uncertainties, slowing credit growth, and border tensions [1] - The overall capital adequacy ratio and liquidity of the banking sector remain significantly above regulatory requirements, with profitability showing signs of recovery [1] Group 1: Banking Sector Performance - The non-performing loan (NPL) rate increased from 7.4% in 2024 to 8.9% in 2025, influenced by a decline in asset quality due to a weak real estate and construction sector [1] - The net NPL rate, after accounting for provisions, stands at 2.9%, indicating that risks are generally manageable [2] - The allowance coverage ratio reached 67.5%, reflecting strong risk resilience among financial institutions [2] Group 2: Capital and Liquidity - Capital adequacy ratios (CAR) for deposit-taking banks and financial institutions are at 21.9%, while non-deposit institutions have a CAR of 31.4%, both exceeding the statutory minimum of 15% [2] - The liquidity coverage ratio (LCR) is maintained at a high level of 177.3%, well above the 100% regulatory standard, ensuring sufficient short-term liquidity [2] Group 3: Credit Growth and Economic Context - Customer loans in the banking sector increased by 4.1% year-on-year, totaling $63 billion, while customer deposits rose by 14.7%, amounting to $65.7 billion [3] - The credit growth rate has significantly slowed, with a mere 3% increase in 2023, marking the lowest growth rate in the past 20 years [3] - The loan-to-GDP ratio has surpassed 170%, making Cambodia the country with the highest private debt ratio in the region [3]

会议审议了有关中立区陆上和海上石油作业的报告，包括战略计划、当前和未来项目、实施过程中 可能面临的挑战、石油作业中先进技术的使用、环境和安全举措、发展计划以及国家劳动力培训。 （原标题：沙特与科威特讨论中立区的项目和统一税收框架） 《中东报》1月26日报道，沙特阿拉伯和科威特在沙特阿拉伯哈夫吉举行沙特-科威特常设联合委员 会，讨论重大项目以及在中立区（Divided Zone）建立统一的税务程序机制。 此次会议由科威特石油部次大臣谢赫·尼梅尔·法赫德·马利克·萨巴赫和沙特阿拉伯能源部助理大臣穆 罕默德·易卜拉欣共同主持。 同时，会议还审查了雪佛龙沙特阿拉伯公司从祖尔地区已完成的设施撤离的程序。科威特政府已于 1月20日正式接管了这些设施。 会议讨论了在努瓦伊塞布和哈夫吉边境口岸为联合行动人员分配专用路线，包括开通一条新通道和提供 技术基础设施。 ...

该计划由HD现代重工与韩亚银行共同出资，贸易保险公社提供担保支持。双方合计出资280亿韩 元，在此基础上，贸易保险公社将提供总额达4000亿韩元的优惠担保。资金支持对象为HD现代重工推 荐的合作中小企业，企业可享受利率最高下调2.4个百分点、最长3年的贷款条件。 （原标题：韩国启动4000亿韩元造船出口供应链担保计划） 据韩国《国际新闻》1月23日报道, 为提升韩国造船产业的出口竞争力并促进大企业与中小企业共生 发展，韩国政府启动规模达4000亿韩元的造船出口供应链担保支持计划。产业通商部23日在蔚山市政府 举行《造船出口供应链担保支持业务协议》签约仪式，产业通商部部长金正官、蔚山市市长金斗谦，以 及HD现代重工、韩亚银行、韩国贸易保险公社（K-SURE）等机构负责人出席。 金正官表示，该项目是企业主导、金融机构与公共机构共同参与的"一体化（One-Team）合作典范"。 政府将推动这一共生金融模式向整个造船业及东南部造船产业集聚区扩散，并计划近期发布"K-造船生 态体系竞争力强化战略"，进一步提升中小造船企业和船舶配套企业的整体竞争力。 ...

Core Viewpoint - The Mauritanian National Assembly has approved six financing agreements for projects related to water, electricity, and road infrastructure, indicating a significant investment in the country's development and infrastructure improvement [1] Group 1: Financing Agreements - The first agreement involves a loan of approximately 1.55 billion Ouguiya from the Arab Economic and Social Development Fund for enhancing drinking water storage and transmission capacity in Nouakchott, with a repayment period of 30 years and a grace period of 4 years, at an interest rate of 3.75% [1] - The second agreement is for a loan of about 2.58 billion Ouguiya for the repair of a 120-kilometer asphalt road from Tintane to Touil and the construction of a road from R'Kiz to El Bezoul, also with a 30-year repayment period and a 4-year grace period at an interest rate of 3.75% [1] - The third agreement is a loan of approximately 2.26 billion Ouguiya from the Saudi Development Fund for the interconnection of the Mauritanian and Malian electricity grids and the development of a photovoltaic power station, with a repayment period of 20 years and a grace period of 5 years at an interest rate of 2.5% [1] - The fourth agreement involves a loan of about 1.19 billion Ouguiya from the International Development Association for inclusive and sustainable growth policy support reforms, with a repayment period of 25 years and a grace period of 5 years at an interest rate of 1.5% [1] - The fifth agreement is for a loan of approximately 1.19 billion Ouguiya from the OPEC International Development Fund for an inclusive and sustainable growth reform program, with a repayment period of 20 years and a grace period of 5 years at an interest rate of 1.75% [1] - The sixth agreement is a loan of 43 million euros from the French Development Agency for the Tamourt Najy development project, which includes a grant of 3 million euros, with a repayment period of 20 years and a grace period of 5 years at an interest rate of 1.82% [1]

Group 1: Non-Oil Exports and Trade Performance - Saudi Arabia's non-oil exports, including re-exports, increased by 20.7% year-on-year in November 2025, while non-oil exports excluding re-exports grew by 4.7% [1] - The total value of re-exported goods surged by 53.1%, with machinery, electrical equipment, and parts seeing an impressive increase of 81.9%, accounting for 51.5% of total re-exports [1] - The ratio of non-oil exports, including re-exports, to imports rose to 42.2% in November 2025, up from 34.9% in November 2024 [1] Group 2: Export and Import Composition - In November 2025, Saudi Arabia's total goods exports increased by 10.0%, with oil exports rising by 5.4%, leading to a decrease in the oil export share of total exports from 70.1% to 67.2% year-on-year [1] - The main non-oil export products included machinery and electrical equipment, which constituted 24.2% of non-oil exports and grew by 81.5%, followed by chemical products at 20.3%, with a modest growth of 0.5% [1] - On the import side, machinery and electrical equipment accounted for 30.7% of total imports, increasing by 8.6%, while transport equipment made up 14.4% of imports, growing by 2.2% [1] Group 3: Trade Partners - China emerged as the largest export destination for Saudi Arabia, representing 13.5% of total exports in November 2025, followed by the UAE at 11.7% and Japan at 9.9% [2] - In terms of imports, China was the leading source of goods for Saudi Arabia, making up 26.7% of total imports, with the USA and UAE following at 10.2% and 6.2%, respectively [2] - The top ten export destinations accounted for 71.4% of Saudi Arabia's total exports, while the top ten import sources represented 68.6% of total imports [2]

Economic Growth Forecast - Thailand's economy is projected to grow by 2.0% this year, consistent with previous expectations [1] - The growth rate is expected to slow to 2.2% in 2025, down from 2.5% in 2024 [1] Export Performance - Exports are anticipated to increase by 1.0% this year, a revision from an earlier forecast of a 1.5% decline [1] Currency and Inflation - The Thai Baht has appreciated approximately 1.4% against the US dollar this year, with a projected increase of 9% by 2025, impacting export and tourism competitiveness [1] - Overall inflation rate for this year is forecasted at 0.3%, revised down from 0.5% [1] Tourism Outlook - The number of foreign tourists visiting Thailand is expected to reach 35.5 million this year, consistent with prior estimates, compared to 32.9 million last year [1] Trade Tariffs - The US imposes a 19% tariff on goods imported from Thailand, aligning with practices in other regional countries, but uncertainties remain regarding tariffs on goods transiting through Thailand from third countries [2]

自2024年4月推出以来，ZiG作为以黄金和外汇储备支持的结构性货币，在2025年取得显著成效， 有效抑制通胀并稳定汇率，年通胀率从7月的95.8%大幅降至12月的15%，月通胀率维持在低位。进入 2026年后，ZiG对美元小幅升值。央行表示，将在2026年一季度末至二季度初推出更安全耐用的新纸 币，以支持货币转型。同时，津巴布韦已立法允许多币制持续至2030年底，在推动本币主导地位的同 时，继续合法使用美元，为经济稳定和长期发展留出缓冲空间。 （原标题：津巴布韦储备银行将在实行单一货币制之前巩固货币稳定性） 《先驱报》1月23日报道，津巴布韦央行表示，将继续坚定推进向单一货币制度过渡，但强调这是 一个分阶段、循序渐进的过程，而非一蹴而就。津央行行长穆沙亚万胡指出，只有在关键经济基本面满 足条件情况下，才会启动单一货币转型，包括持续的个位数通胀、足以覆盖3至6个月进口的外汇储备、 高效统一的外汇市场、围绕津格（ZiG）的稳定汇率，以及更强的ZiG使用需求、稳健的金融体系和严 格的财政与货币政策协调。 ...

阿尔-霍盖尔指出，未来3年利雅得计划新建超过30万套住房，并补充说，到2025年底，已有超过30 万套住房在16个城市交付使用，住房支持计划惠及超过100万人。 他同时说，在完善的监管框架内实施非沙特籍人士拥有房产的制度，能够提升房地产市场的吸引 力，并确保其长期可持续发展。 （原标题：2025年沙特家庭住房拥有率超过66%） 沙通社1月26日报道，沙特市政和住房大臣兼房地产总局董事会主席马吉德·阿尔-霍盖尔在第五届 房地产未来论坛（RFF 2026）开幕式上强调，沙特已成功构建了一套智能且平衡的房地产体系，助力 沙特家庭住房拥有率从2016年的47%提升至2025年底的66%以上。 ...

Core Insights - Saudi Arabia is considering a complete restructuring of its mega project Neom to enhance project execution efficiency and alleviate asset pressure on the Public Investment Fund (PIF) [2] Group 1: Restructuring Plans - One proposed restructuring plan involves transferring control of Neom's main assets to other state-owned entities [2] - The restructuring aims to change contractors and suppliers' timelines and budgets [2] Group 2: Management Changes - If approved, Saudi Aramco will take over the oversight of Neom's port and industrial zone Oxagon [2] - The mountain skiing resort Trojena will be jointly managed by the Saudi Ministry of Sports and Qiddiya Investment Company [2] - The island resort and yacht center Sindalah will be managed by Red Sea Global, which is also developing the luxury Red Sea and Amaala projects [2]