会议还对波黑联邦财政部推动通过新版《交易征税法》的努力表示欢迎，并就国际货币基金组织向该部 提供技术援助一事交换了意见。(驻波黑使馆经商处) 波黑《新闻报》12月10日报道。波黑联邦副总理兼财政部长托尼.克拉列维奇与国际货币基金组织代表 团举行会谈。代表团由国际货币基金组织波黑项目负责人阿马格洛贝利率领，国际货币基金组织驻波黑 常驻代表图迪克等陪同出席。双方就波黑联邦经济前景、2026年波黑联邦预算制定及财政政策交换了意 见，国际货币基金组织代表团强调了维护波黑联邦长期财政稳定的重要性。 ...

Core Points - The Cambodian government announced a significant fiscal plan to issue government bonds totaling 21 trillion riels (approximately $5.2 billion) by 2026 to fund investment expenditures and maintain budget stability [1] - The Deputy Prime Minister and Minister of Finance, Aun Pornmoniroth, emphasized the need for domestic and international borrowing plans to sustain economic growth amid changing global conditions [1] - The government also plans to borrow 2.25 billion Special Drawing Rights (approximately $3.1 billion) from international financial institutions and development partners, an increase of 230 million Special Drawing Rights compared to 2025 [1] - The increase in borrowing is driven by the rising demand for public investment to stimulate economic growth and the necessity for favorable loan terms [1] - Despite the new borrowing plans, the current and medium-term public debt situation is expected to remain "sustainable" and "low-risk" [1] - The government is committed to enhancing project management and implementation efficiency while maintaining fiscal stability [1][2] Summary by Categories Fiscal Strategy - The Cambodian government aims to issue 21 trillion riels (approximately $5.2 billion) in government bonds to finance investment expenditures and ensure budget balance [1] - The fiscal management law draft reflects the government's commitment to prudent debt management and strategic investments in productive sectors to support sustainable growth [2] Borrowing Plans - The government plans to borrow 2.25 billion Special Drawing Rights (approximately $3.1 billion) from international financial institutions, marking an increase from the previous year [1] - The increase in borrowing is based on the need for public investment to stimulate economic growth and the importance of obtaining favorable loan conditions [1] Debt Management - The Cambodian government assures that the public debt situation will remain sustainable and low-risk despite the new borrowing initiatives [1] - There is a commitment to improve project management and maintain fiscal stability [1][2]

Group 1 - The latest political turmoil in the UK is negatively impacting asset performance, with increasing market volatility as a controversial budget proposal approaches [1][2] - Speculation regarding Health Secretary Wes Streeting challenging Prime Minister Keir Starmer has raised concerns among Wall Street strategists, indicating that such rumors could harm UK assets in the long term [2][4] - The British pound has depreciated by 0.4%, trading at 1.3105 USD, while the yield on 10-year UK government bonds has increased by 3 basis points [2][4] Group 2 - The upcoming budget announcement on November 26 is expected to include tax rate increases to balance the budget, which could further dampen market sentiment [2][4] - Political uncertainty is seen as detrimental to both the pound and UK government bonds, with past political missteps leading to significant market reactions [4] - The trade-weighted strength of the pound has fallen to its lowest level since January, reflecting ongoing concerns about fiscal deficits [4] Group 3 - A record demand for inflation-linked bonds has been observed ahead of the budget, alleviating some concerns about debt sustainability [6][7] - The recent issuance of inflation-linked bonds totaled £4.25 billion, with investors submitting over £69 billion (approximately $91 billion) in bids, indicating strong market interest [6][7] - The UK government bond market has shown strong performance in October, attracting major investment firms, which may provide some relief to the Chancellor [6][7]

Core Insights - The tariffs imposed by President Trump have generated approximately $350 billion in annualized revenue for the U.S. government, becoming a significant source of federal revenue [1][2][3] Revenue Generation - Tariffs now account for about 18% of annual household income tax payments, indicating their substantial impact on the U.S. economy and trade policy [2] - The current annualized tariff collection is among the largest in recent history, highlighting the importance of this revenue stream [3] Economic Implications - The tariffs are seen as a potential tool to help manage the national debt, which stands at $37 trillion, as noted by the Committee for a Responsible Federal Budget [4] - The Congressional Budget Office estimates that tariffs could reduce the deficit by up to $4 trillion over the next decade, although economists believe this will primarily slow debt growth rather than eliminate it [5] Market Stability - Initially viewed as a concern, tariffs have become crucial for U.S. financial stability, helping to shield the country from global bond market turmoil [6] - The tariffs have created a policy dilemma for the Federal Reserve, as they may contribute to economic slowdown and rising unemployment [7] International Impact - While tariffs have benefited U.S. revenue, countries like China are withdrawing from the U.S. market, as evidenced by a net purchase of only $2 billion in U.S. securities by foreign investors in July 2025 [8] Business Concerns - Over 100 leading business figures, including Fortune 500 CEOs, have expressed concerns regarding the economic effects of Trump's policies, acknowledging both short-term benefits and long-term risks [9] Market Performance - Amid the tariffs, the SPDR S&P 500 ETF Trust and Invesco QQQ Trust have seen year-to-date increases of 14.06% and 18.03%, respectively [10]