央行2月24日公告，为保持银行体系流动性充裕，2月25日将以固定数量、利率招标、多重价位中标方式 开展6000亿元MLF（中期借贷便利）操作，期限为1年期。 今年以来，央行显著加大了包括MLF、买断式逆回购在内的流动性工具净投放规模。王青认为，这主 要是为了保障重点领域重大项目资金需求，稳定宏观经济运行。同时，有效应对潜在的流动性收紧态 势，引导资金面处于较为稳定的充裕状态，更好助力政府债券发行，引导银行稳固信贷支持力度等。 "在春节跨节流动性回笼阶段，央行在长端流动性上释放充足增量，体现出呵护流动性充裕的宽松取 向。"中信证券首席经济学家明明表示，春节资金压力缓释后，政府债券供给节奏将成为影响流动性状 况的主要因素。预计央行将维持MLF、买断式逆回购等常规工具的净投放，同时不排除降准落地的可 能性。 （文章来源：上海证券报） 本次操作为加量续作，实现净投放3000亿元。东方金诚首席宏观分析师王青表示，这是MLF连续第12 个月加量续作。此外，本月两个期限的买断式逆回购已经实现净投放6000亿元，中期流动性净投放总额 达9000亿元，净投放规模继续处于偏高水平。 招联首席经济学家、上海金融与发展实验室副主任董 ...

惠誉：孟加拉国近期政治和政策不确定性降低，可能有助于宏观经济稳定改善。孟加拉国改革的落实是 关键。 ...

Core Insights - The economic growth in Sub-Saharan Africa is projected to remain moderate and above the global average, with various international economic organizations forecasting a growth rate of 4.6% in 2026, up from 4.4% in 2025 [3][4] - Major economies in the region, such as Nigeria and South Africa, are expected to show varying growth rates, with Nigeria at 4.4% and 4.1% for 2026 and 2027 respectively, while South Africa is projected at 1.4% and 1.5% for the same years [3] - The region's economic performance is supported by improved macroeconomic stability, increased investment, and a recovery in agriculture, despite facing challenges such as domestic security issues and geopolitical conflicts [5][7] Economic Forecasts - The International Monetary Fund (IMF) predicts that Sub-Saharan Africa's economic growth will accelerate to 4.6% in 2026, maintaining this rate into 2027, driven by macroeconomic stability and reforms [3] - The World Bank has adjusted its forecasts, expecting the region's growth to reach 4.3% in 2026 and 4.7% in 2027, bolstered by stronger investment and export performance [4] - The United Nations Conference on Trade and Development (UNCTAD) anticipates a slight increase in Africa's economic growth from 3.9% in 2025 to 4.0% in 2026, supported by improved macroeconomic stability and consumer demand [6] Positive Economic Indicators - Key economies like Nigeria and South Africa are experiencing positive trends such as reduced inflation and increased fiscal revenues, contributing to overall economic growth [5] - The region benefits from factors like stable electricity supply, recovery in agriculture, and expansion in the service sector, particularly in finance and information technology [5] - Improved financial conditions have allowed several economies, including Angola and Kenya, to regain access to international capital markets [5] Challenges and Risks - Economic growth in the region is still vulnerable to domestic security and geopolitical conflicts, which may hinder progress [7] - The anticipated growth rates are insufficient to make significant strides in reducing extreme poverty, particularly in conflict-affected areas [7] - A significant reduction in official development assistance (ODA) since 2024 has limited fiscal space for many countries, weakening their ability to withstand adverse shocks [7] - The region's economies remain heavily reliant on a limited number of export markets, particularly the United States, which poses risks to economic stability [7] - Employment generation remains a challenge, with growth not keeping pace with labor force increases, leading to limited job opportunities [7]

Group 1 - The Russian government, represented by spokesperson Peskov, is planning to engage in discussions with U.S. representatives at the Davos meeting, although there is no confirmation of a potential meeting with Trump [1] - Peskov emphasized the importance of understanding the negotiations between the U.S., EU, and Kyiv regarding solutions to the Ukraine issue [1] - Russia is monitoring the rising prices domestically and is taking measures to maintain macroeconomic stability, with no current concerns about inflation exceeding the predicted range of 4% to 5% [3] Group 2 - Peskov stated that Russia advocates for the restoration of trade and economic cooperation with the United States [2] - Russia has not yet received an invitation to participate in the G7 summit in Paris [3] - Regarding Moldova's announcement to withdraw from the CIS, Peskov indicated that this development was not surprising [2]

（原标题：加纳完成IMF贷款计划后仍将获得持续支持与监督） 据"乐在网"1月16日报道，加纳即将完成国际货币基金组织（IMF）支持的"扩展信贷安排"计划。 IMF近日明确表示，计划期满不意味着合作终止，双方将继续保持伙伴关系，其中经济监督与技术援助 将成为未来互动的核心内容。 国际货币基金组织驻加纳代表阿德里安·阿尔特博士指出，IMF将持续监测加纳在计划结束后的经 济发展与改革实施情况，其监督职能不取决于贷款计划是否存续。此外，承诺将继续通过技术援助等方 式支持加纳应对可能出现的政策挑战。 加纳当前推进的改革旨在实现宏观经济稳定与财政纪律强化。分析认为，IMF此番表态既是对该国 改革进展的认可，也体现了国际社会对加纳长期经济治理保持持续关注的立场。如何在政策自主与国际 协作间取得平衡，将成为观察该国经济转型成效的重要维度。 ...

Economic Growth - Vietnam's GDP is projected to grow by 8.02% in 2025, reaching approximately 12.847 trillion VND (about 514 billion USD), which is an increase of 38 billion USD year-on-year [1] - The per capita GDP is expected to be around 1.255 million VND (approximately 5,026 USD), reflecting a year-on-year increase of 326 USD [1] Sector Contributions - Agriculture, forestry, and fishery sectors are expected to grow by 3.78%, contributing 5.3% to GDP [1] - The industrial and construction sectors are projected to grow by 8.95%, contributing 43.62% to GDP, achieving the highest growth rate since 2019 [1] - The services sector is anticipated to grow by 8.62%, contributing 51.08% to GDP [1] Trade and Consumption - Final consumption is expected to grow by 7.95%, while asset accumulation is projected to increase by 8.68% [1] - Exports of goods and services are expected to grow by 16.27%, with imports increasing by 17.12% [1] Labor Productivity - Labor productivity is estimated at 2.45 million VND per person (approximately 9,809 USD per person), with a year-on-year increase of 626 USD [2] - When calculated at constant prices, labor productivity is expected to grow by 6.83%, primarily due to improvements in worker skill levels [2] Future Economic Goals - For 2026, the government aims for a double-digit GDP growth while maintaining macroeconomic stability and controlling inflation, which presents a significant challenge requiring collective efforts from the government, businesses, and the public [2]

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]

Core Viewpoint - The Cuban government is planning its 2026 economic strategy focused on crisis management, mitigating the impact of economic warfare, and achieving gradual recovery, with an expected GDP growth of approximately 1% at constant prices [1] Group 1: Economic Strategy - The 2026 economic plan will prioritize macroeconomic stability, increasing foreign exchange income, and enhancing domestic food production and import substitution [1] - The plan includes deepening state enterprise reforms and restoring the national power system [1] - Promoting technological innovation is also a key objective of the economic strategy [1]

Group 1 - The International Monetary Fund (IMF) approved Ghana's fifth review, confirming the country has largely met its planned targets, which will trigger the sixth disbursement of $385 million, bringing the total loans from the IMF to approximately $2.8 billion [1] - Ghana's economic situation is stabilizing and cautiously recovering, supported by a $3 billion aid program, with all performance criteria and indicative targets for June 2025 being met [1] - The IMF has raised Ghana's GDP growth forecast for 2025 to 4.8%, with expectations of growth returning to around 5% in the medium term [1] Group 2 - The Ghanaian Parliament approved the mid-year budget review for 2025, fully aligning with IMF targets and committing to a primary surplus target of 1.5% of GDP [2] - Non-oil revenues and increased fuel taxes have supported the budget adjustments, with audits enhancing government credibility by disqualifying a portion of outstanding commitments due to procedural violations [2] Group 3 - The fifth review indicates mixed progress in structural reforms, with some previously delayed indicators now implemented, including a strategy for state-owned banks and the completion of taxpayer registration cleanup [3] - Debt restructuring has seen some progress, but remains incomplete, with the IMF warning that any delays could reverse recent gains in debt sustainability [3] Group 4 - The IMF's fifth review suggests that Ghana has temporarily avoided a crisis but must adhere to established policies to convert macroeconomic stability into long-term benefits [4] - The IMF recommends that the central bank rely more on open market operations to absorb liquidity and enhance policy effectiveness as the program approaches its conclusion in 2026 [4]

Core Viewpoint - The Ghanaian Parliament has passed amendments to the Bank of Ghana Act, significantly limiting the central bank's ability to finance government spending, aimed at restoring institutional independence and stabilizing the economy [1][2] Group 1: Legislative Changes - The amended law prohibits the Bank of Ghana from directly purchasing government bonds in the primary market [1] - Emergency loans from the Bank of Ghana are now restricted to force majeure events, including natural disasters and public health emergencies, effectively ending routine support during fiscal pressures [1] - Any temporary advances to cover short-term fiscal revenue gaps must be strictly controlled, have a clear repayment timeline, and require parliamentary approval [1] Group 2: Governance and Accountability - The revised law imposes stricter qualification standards for members of the Bank of Ghana's board and enhances auditing and reporting requirements to improve transparency and accountability [2] - It establishes a framework for closer coordination between the government and the central bank regarding medium-term inflation targets, aiming to anchor price expectations while maintaining operational autonomy [2] Group 3: IMF Support and Economic Reforms - These changes are part of Ghana's commitments under an International Monetary Fund support program, which requires strengthening fiscal discipline and limiting central bank financing [2] - The amendments also allow for capital restructuring of the Bank of Ghana with presidential approval, enabling compliance with statutory capital requirements without compromising its independence [2]