Core Viewpoint - The Japanese government plans to issue at least 11.5 trillion yen (approximately 735 billion USD) in new bonds to fund a new economic stimulus package, which is expected to be approved in an upcoming cabinet meeting [1][5]. Group 1: Economic Stimulus and Budget - The supplementary budget for this fiscal year is projected to be 17.7 trillion yen, aimed at funding a total economic stimulus package of 21.3 trillion yen, marking the largest fiscal stimulus since the easing of pandemic restrictions [5]. - Japan's tax revenue is expected to reach a record 80.7 trillion yen by the end of the fiscal year 2026, driven by rising wages and inflation, which has increased personal income and consumption tax revenues [5]. - Despite record tax revenues, the government still needs to significantly increase borrowing to cover high stimulus expenditures, indicating a challenging balance between fulfilling stimulus commitments and maintaining fiscal responsibility [5]. Group 2: Market Reactions and Fiscal Concerns - Investors are concerned about Japan's long-term fiscal health, as the country's debt exceeds twice its GDP, leading to a sell-off of the yen and Japanese government bonds [2][6]. - Long-term government bond yields have reached their highest levels in over two decades, reflecting market pricing of future supply increases and fiscal risks [6]. - The Prime Minister has indicated that the total bond issuance for this fiscal year will be lower than the previous year's 42.1 trillion yen, attempting to reassure market sentiments while emphasizing the importance of "responsible and proactive public finance" [6].

Core Insights - The article discusses the dramatic phenomenon of national bankruptcy, emphasizing that it is not an isolated event but rather a result of cumulative factors over a period of 10 to 20 years [2][27]. Group 1: Reasons for National Bankruptcy - The first reason is the long-term accumulation of debt exceeding economic growth capacity, often occurring during prosperous times when confidence leads to increased borrowing [3][5]. - The second reason is the private sector experiencing defaults first, forcing the government to step in and ultimately dragging the nation down [12][15]. - The third reason is the loss of confidence in the debt market, leading to a sudden spike in interest rates that makes borrowing unaffordable [16][18]. - The fourth reason is the depletion of foreign reserves combined with a currency crisis, which can rapidly escalate from financial to economic crises [19][22]. - The fifth reason is the central bank being forced to print money excessively, leading to a collapse in currency credibility [23][26]. Group 2: Key Factors in Avoiding Bankruptcy - The first key factor is maintaining fiscal discipline to ensure that debt growth is lower than economic growth, exemplified by Singapore's approach of consistently running budget surpluses [34][37]. - The second key factor is maintaining sufficient foreign exchange reserves to ensure that short-term debt never exceeds reserves, as demonstrated by South Korea's post-crisis strategy [38][40]. - The third key factor is ensuring the independence of the central bank to prevent short-term political pressures from influencing monetary policy, as illustrated by the U.S. experience in the 1980s [41]. Group 3: Conclusion - Understanding the cyclical nature of national bankruptcy is crucial for grasping the essence of economic operations, with successful nations often maintaining vigilance and structural safety principles during prosperous times [42].

Core Viewpoint - The Ghanaian government aims to maintain fiscal discipline and structural reforms in its 2026 budget to ensure macroeconomic stability achieved in 2025, focusing on economic transformation and job creation [1] Fiscal Strategy - The budget emphasizes a comprehensive fiscal strategy based on prudent spending, improved tax compliance, and a fair tax system [3] - The government targets a primary surplus of 1.5% of GDP and aims to maintain single-digit inflation and stable exchange rates [1][2] Revenue Generation - The finance minister attributes economic improvement to stricter spending controls and effective tax collection, with non-oil tax revenue as a percentage of GDP rising from 7.8% to 8.7% [2] - The government plans to increase non-oil revenue from an estimated 15.1% of GDP in 2025 to 15.7% in 2026 through tax reforms [3] Tax Reforms - Key tax reforms include modernizing the VAT system, reducing the VAT rate from 21.9% to 20%, and raising the VAT registration threshold from 200,000 to 750,000 cedis [3] - The government expects these reforms to save businesses and households approximately 57 billion cedis in 2026 [3] Digital Tax Management - The Ghana Revenue Authority (GRA) plans to introduce new digital tools for tax management, including electronic devices for monitoring taxable transactions and a digital platform for VAT collection on cross-border e-commerce [4] - Comprehensive reviews of the Income Tax Act, Customs Act, and Excise Tax Act will align Ghana's tax system with global best practices [4] Customs and Trade Efficiency - To address tax losses at ports, the government will deploy an AI-driven pre-arrival inspection system to detect undervalued and misclassified goods, enhancing customs revenue [5] - The government aims to streamline spending by eliminating low-value projects and reallocating funds to infrastructure, energy, agriculture, and education [5] Social Programs and Public Spending - The budget reinforces commitments to social programs such as the Livelihood Empowerment Against Poverty (LEAP) and the National Health Insurance Scheme [6] - The government will integrate the Ghana Electronic Procurement System with the Ghana Integrated Financial Management Information System to improve public spending efficiency and transparency [6]

Core Insights - The International Monetary Fund (IMF) expresses serious concerns regarding Ghana's fiscal governance, highlighting issues of budget credibility and increasing expenditure arrears that undermine fiscal discipline and foster corruption [1][2] Group 1: Fiscal Management Issues - Ghana's weak public financial management system continues to damage the credibility, transparency, and accountability of public spending [1] - Despite reforms like the Public Financial Management Act and the Government Integrated Financial Management Information System (GIFMIS), budget credibility remains low, leading to inefficiencies and governance risks [1] - As of 2023, expenditure arrears have accumulated to 6.3% of GDP, with ministries and agencies frequently issuing bad checks, resulting in project delays and unpaid contractors [1] Group 2: Corruption and Governance Failures - The report links the accumulation of arrears to corruption vulnerabilities within Ghana's fiscal system, where limited cash resources lead officials to prioritize certain invoices, a process susceptible to bribery [2] - The IMF describes this discretionary power as a governance failure that undermines transparency and distorts budget execution, eroding public confidence in fiscal management [2] - Although the government is attempting to address these issues through a debt clearance and prevention strategy launched in mid-2023, the implementation has been slow and fraught with gaps [2] Group 3: Recommendations and Urgency - The IMF urges the Ghanaian government to promptly clarify and implement the debt clearance strategy, take urgent actions to eliminate existing arrears, and prevent further accumulation [2] - The report calls for broader institutional reforms to restore the government's fiscal credibility [2]

Group 1: Gold Market - The gold market is experiencing a super bull market, with the London gold price rising from $2,624 per ounce at the beginning of 2025 to a peak of $4,381 per ounce, representing a maximum increase of approximately 67% [1][12][16] - Key drivers of the gold bull market in 2025 include the ongoing interest rate cut cycle by the Federal Reserve, a weakening US dollar that fell below the critical support level of 100, and geopolitical uncertainties that have heightened market risk aversion [1][20][24] - For 2026, the outlook for gold remains positive due to expected continued central bank purchases, ongoing liquidity support from the end of the balance sheet reduction cycle, and high fiscal deficits under the "beautiful big plan" which may weaken fiscal discipline [1][34][41] Group 2: Copper Market - The copper market has shown strong performance, with LME copper prices increasing by 24% as of November 12, 2025, driven by macroeconomic factors such as US interest rate cuts and fiscal expansion, alongside supply disruptions [2][15] - The outlook for 2026 remains solid, with expectations of significant supply constraints from copper mines and robust demand from sectors like renewable energy and AI-related electricity needs [2][21][22] - The anticipated continuation of tariffs and the concentration of copper inventories in the US are expected to maintain price premiums for COMEX copper over LME copper [2][41] Group 3: Aluminum Market - The aluminum market is expected to see price increases and valuation adjustments due to rigid supply constraints and steady demand growth, with domestic electrolytic aluminum capacity nearing its limit [3][44] - The aluminum sector has begun to catch up with the overall non-ferrous metal sector after a period of relative stagnation, with aluminum prices breaking previous highs [3][42] - Strong cash flow and dividend capabilities among listed companies in the aluminum sector highlight the attractiveness of this market, with potential for further valuation increases [3][44]

Core Insights - Mauritania's government has reached a staff-level agreement with the International Monetary Fund (IMF) regarding the fifth economic program review under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), as well as the fourth review under the Resilience and Sustainability Fund (RSF) [1] Group 1: Reform Achievements - Mauritania has made significant progress in fiscal discipline, governance capacity, and climate resilience, with all fiscal discipline targets achieved and improvements in monetary and exchange rate policy frameworks [2] - Following the IMF Executive Board's approval, Mauritania will receive 6.44 million Special Drawing Rights (approximately $8.7 million) and an additional 59.44 million Special Drawing Rights (approximately $80.6 million) under the RSF framework [2] Group 2: Economic Performance - Mauritania's economy remains strong, with a projected GDP growth rate of 6.3% in 2024 and stabilization at 4.2% in 2025, driven by the recovery in mining sectors such as gold and iron ore, as well as growth in agriculture and fisheries [3] - Inflation is expected to remain below 2% in 2025 due to prudent monetary policy, and international foreign exchange reserves have surpassed $1.46 billion, providing a substantial buffer against external risks [3] - The medium-term outlook indicates an average annual growth rate of around 5% for Mauritania's economy from 2026 to 2029 [3] Group 3: Structural Reforms - Structural reforms are a key focus of the discussions, with an emphasis on accelerating reforms in anti-corruption and governance, including the establishment of a national anti-corruption agency and the implementation of the Asset and Interest Declaration Law to enhance government transparency and rule of law [4] - Climate resilience initiatives will be introduced under the RSF framework, including an automatic fuel pricing mechanism and a "climate contribution" system to address climate change and free up fiscal space [4] - The central bank has implemented a national financial inclusion strategy to promote electronic payments and system interoperability, facilitating financing opportunities for small and medium-sized enterprises and vulnerable groups [4] - The IMF representative praised Mauritania's progress in public finance, exchange rate flexibility, and governance systems, reaffirming the IMF's continued support for consolidating economic reform achievements [4]

Core Points - Greece plans to raise up to €8 billion from the bond market in 2026, prioritizing debt repayment while maintaining limited issuance [1][2] - The planned fundraising amount is slightly higher than the €7.5 billion raised in 2025, consistent with previous years, and aims to reduce the absolute value of borrowing [1][2] - Greece has successfully reversed its public finance situation, recovering from a debt crisis that nearly forced it out of the Eurozone a decade ago [1][2] - The country is now one of the few in Europe with a balanced budget, supported by fiscal discipline, high tax collection, and moderate growth [1][2] - The government continues to achieve sufficient primary surpluses to cover service costs and repay debt while maintaining healthy cash reserves [1][2]

Core Viewpoint - The Sudanese government has approved the guidelines and overall objectives for the emergency budget for the fiscal year 2026, focusing on war needs, infrastructure repair, and creating a conducive environment for rebuilding homes [1] Group 1: Budget Objectives - The budget aims to prioritize meeting the needs arising from the war [1] - It includes goals for economic recovery and stability, fiscal discipline, and improved public financial management [1] - The budget emphasizes digital transformation and maximizing fiscal revenue while reducing the budget deficit [1] Group 2: Social and Economic Initiatives - Strengthening the social security system is a key focus of the budget [1] - The budget aims to create job opportunities for graduates and integrate the informal economy into the formal economic system [1] - It also includes provisions for financing small and medium-sized enterprises [1]

Group 1 - The core viewpoint of the article highlights that well-governed small to medium economies like Seychelles, Mauritius, and Côte d'Ivoire are becoming the most attractive investment destinations in Africa, surpassing traditional economic powerhouses [1][2] - Seychelles and Mauritius lead the investment rankings due to strong fiscal management, low corruption rates, and stable post-pandemic recovery, with Mauritius expanding its financial services to East and Southern Africa [1] - Côte d'Ivoire's investment ranking has improved significantly due to economic diversification, improved governance, and a maturing capital market, with the government enhancing industrial value-added through domestic processing and export of cocoa and cashew [1] Group 2 - In North Africa, Morocco benefits from World Cup preparations and investments in transportation, desalination, and renewable energy, with a projected growth of 3.5% by 2026; Egypt is expected to grow by 4.5% in the 2025/26 fiscal year due to reforms and Gulf investment recovery [2] - South Africa faces structural issues such as power shortages and policy uncertainty, leading to a projected growth of only 1.8% by 2026; Kenya remains a pillar economy in East Africa, with expected growth of 5.1% driven by fiscal tightening and green infrastructure [2] - Investors are increasingly prioritizing transparency, governance, and fiscal discipline over market size, indicating a shift in Africa's investment landscape from aid-driven growth to investment-driven growth [2]

Core Viewpoint - Japan's Economic and Fiscal Policy Minister Shunichi Suzuki emphasizes the need for urgent measures to address inflation, aiming to improve the living conditions of households while maintaining fiscal discipline [1] Group 1 - The government plans to engage in cross-party discussions regarding economic proposals [1] - The objective is to increase tax revenue without raising taxes [1] - All fiscal tools will be considered to fund a comprehensive economic plan as long as fiscal trust remains intact [1]