Frontier Markets News, December 18th 2022
Dan Keeler
Founder of Frontier Markets News, former frontier markets editor at The Wall Street Journal. Follow me on Twitter @dankeeler
US President?Joe Biden?commits to investing $55 billion in?Africa?over the next three years, including a $75 million pledge to support political governance in an attempt to counter what he described as “democratic backsliding.”?Mo Ibrahim?is unimpressed: “Seventy-five million is not enough. There are 54 countries and they have $50 billion to give—there must be scope for more than that for governance,” he told me in an interview.
Fitch cuts?Kenya’s?credit rating, and new(ish) president William Ruto’s daughter Charlene sails into choppy water after creating the “Office of the First Daughter.”?
Ghana?makes progress on its mission to get an?IMF?bailout. And then?suspends payments?on most of its external debt.?
After faking out everyone with its post-COP27 threat to?increase?coal use over the next decade?Vietnam?now looks set to cut its emissions even more than previously promised. The country becomes only the third to sign up for a so-called?Just Energy Transition Partnership?to help fund its journey to a more eco-friendly future.?
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Fiji’s?election result raised more than a few eyebrows. A key potential rival of?Turkey’s?president?Recep Tayyip?Erdogan?saw his political ambitions effectively snuffed?out by a court ruling. Erdogan denies any involvement.?
Iran’s?protests present a lasting threat to the government,?Hungary?makes a few concessions to access EU funding, the demise of?Peru’s?former president divides?Latin American?leaders and?Chile’s?main political parties move to restart their effort to revise the country’s constitution.?
India?makes a move to encourage?frontier and growth markets?to denominate trade in rupees, and a falling?dollar?offers hope and potential peril to?emerging markets?worldwide.?
Still hungry for more? FMN’s Kern Stibler and?Middle East?analyst Chris Muth explore why?Gulf nations?are making more effort to build trade and political bridges to?Emerging Asia.
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