Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - South Sudan's development has regressed since independence, reflecting a significant imbalance between its rich oil resources and persistent institutional capacity and human capital gaps [27] - The economy has collapsed since 2011, with per capita GDP plummeting by 76%, highlighting severe mismanagement of oil wealth and ongoing internal conflicts [28] - The public finance review aims to address how South Sudan can utilize its public resources to reverse its current development trajectory and move towards sustainable development [29] Summary by Sections 1. Introduction - South Sudan remains trapped in a humanitarian and macroeconomic crisis, failing to leverage its natural resources for sustainable development, resulting in extreme poverty [54] - The country has a high dependency on oil, which constitutes 90% of government revenue, yet it has not supported development effectively [54] 2. Macroeconomic Framework - The economy is significantly smaller than at independence due to external shocks and structural deficiencies [70] - Weak governance has undermined fiscal policy, exacerbating macroeconomic instability, while monetary policy has been ineffective due to fiscal dominance [30] 3. Revenue - Oil revenue management is severely compromised by governance failures, with significant challenges in transparency and accountability [34] - Non-oil revenue is among the lowest globally, averaging less than 4% of GDP over the past decade, indicating structural barriers to revenue generation [39] 4. Expenditure - Public spending is high but poorly allocated, failing to improve human development outcomes, with significant funds directed towards administration and defense rather than essential services [41] - Capital expenditure is low and volatile, primarily driven by "oil-for-infrastructure" schemes, leading to inefficiencies and inadequate service delivery [44] 5. Policy Recommendations - The report emphasizes the need for urgent reforms in public financial management to ensure effective and transparent use of public resources [57] - Specific immediate actions are proposed to establish a commitment to reform and secure support from development partners [50]

Core Insights - The United Nations Economic and Social Commission for Western Asia (ESCWA) projects that economic growth in the Arab region is expected to accelerate in the next two years, with average GDP growth rates of 3.7% in 2026 and 3.3% in 2027 [1] - The report indicates that inflationary pressures in the region are expected to gradually ease, with projections showing a decrease from 8.2% in 2025 to 5.4% in 2027, influenced by falling oil prices and reduced supply chain disruptions [1] - The report highlights ongoing uncertainties affecting economic development, including geopolitical tensions, conflicts, and unclear global trade policies, which continue to exert pressure on growth prospects [1] Recommendations for Governments - The ESCWA calls for Arab governments to deepen economic diversification reforms, enhance public financial management, and increase investments in human capital and digital transformation [1] - It emphasizes the importance of aligning aid resources and investment projects with national development priorities, particularly for countries affected by conflict [1]

Investment Rating - The report indicates a positive outlook for Libya's economy, with a projected GDP growth of 13.3% in 2025, primarily driven by the oil sector's recovery and expansion [21]. Core Insights - Libya's economy is showing signs of recovery in 2025, with oil production averaging 1.3 million barrels per day, a 17% increase year-on-year, following a crisis in the Central Bank of Libya (CBL) in 2024 that had severely impacted economic growth [20][34]. - The fiscal situation is improving, with a projected fiscal surplus of 3.8% of GDP in 2025, driven by increased oil production and revenue despite a decline in oil prices [21][22]. - The report highlights ongoing challenges, including political fragmentation and a lack of a unified national budget, which complicates macroeconomic management and economic stability [27][29]. Summary by Sections Recent Economic Developments - The report notes a strong recovery in Libya's GDP in the first half of 2025, primarily due to the oil sector's resurgence, with non-oil GDP also showing robust growth supported by private and public consumption [20][21]. - The fiscal surplus for the GNU expanded to 3.6% of GDP in the first nine months of 2025, compared to 0.7% in the same period of 2024, despite rising public expenditures [22][44]. Political and Institutional Developments - The political landscape remains divided between the GNU and the GNS, hindering efforts to unify fiscal policies and implement a coherent national budget [26][27]. - The report emphasizes the need for political consensus and institutional cooperation to improve public financial management and transparency [23][29]. Public Financial Management - The report discusses the challenges in Libya's public financial management system, including institutional fragmentation and reliance on oil revenues, which complicate budget execution and reporting [23][24]. - It identifies successful reform strategies from other countries that could be adopted in Libya, such as improving cash management and revising budget classifications [23]. External Sector Performance - Libya's trade surplus has contracted by 16% year-on-year, primarily due to a decrease in oil export revenues and a 9% increase in imports driven by government spending on development and reconstruction projects [64][74]. - The report highlights the importance of accurate trade data for effective economic policy-making and the need for improvements in trade reporting and customs systems [77][79].

Core Viewpoint - The Mauritanian National Assembly approved a financing agreement with the International Development Association (IDA) for a total of €46.3 million aimed at enhancing public expenditure efficiency [1] Group 1: Financing Agreement Details - The financing agreement was signed on June 28, 2025, and is intended for the implementation of a public expenditure efficiency enhancement project [1] - The total loan amount of €46.3 million consists of two parts: €17.6 million with a 30-year repayment period, a 5-year grace period, an interest rate of 1.25%, and a service fee of 0.75%; and €28.7 million with a 12-year repayment period, a 6-year grace period, and a 0.50% commitment fee on undrawn amounts [1] Group 2: Project Objectives and Strategic Importance - The project aims to expand budgetary space, improve the effectiveness of social sector spending, and enhance the efficiency, transparency, and accountability of budget management [1] - This initiative is part of the "2025-2030 Public Financial Management Strategy" [1] Group 3: Legislative and Economic Considerations - Assembly members acknowledged the government's ability to secure external financing while also expressing concerns about the risks associated with increasing external debt [1] - There is a recommendation for regular updates to the National Assembly's Economic Committee regarding the progress of foreign loan projects [1]