➦ Cameroon: Eurobond issuance improves near-term fiscal and external debt outlook
On 23 July, Cameroon issued a seven-year USD 550 million Eurobond with a 10.75% yield.

➦ Venezuela: Maduro seems ready to embark on his third presidential term
In the end of July, President Maduro won a third presidential term.

➦ Steel sector: Global steel prices under pressure amid China’s real estate downturn
The decline in global steel prices is driven by the ongoing real estate crisis in China and, to a lesser extent, by the weak manufacturing activity worldwide.

➦ Thailand: Constitutional Court’s rulings shake Thai politics, prolonging political instability risks
In the first half of August, Thailand’s Constitutional Court took two major rulings in a few days.

➦ Caribbean islands, Belize, Mexico, Honduras, Nicaragua: Hurricane season expected to be fierce, potentially impacting business environment and short-term political risk ratings
In the end of June, Hurricane Beryl made history as the earliest category five hurricane (the most intense classification) ever recorded in the Atlantic Ocean.

➦ Ethiopia: The floating of the birr unlocks badly needed IMF support
On 29 July, the Ethiopian central bank introduced a floating exchange rate regime, which led to a sharp depreciation of the birr.

➦ Bangladesh: Mass student unrest raises instability and could be a threat to the government
Early July, widespread student-led protests broke out in reaction to the reinstatement of the “government job quota system”, a system that was in place between 1972 and 2018.

➦ Georgia: Sound macroeconomic policies, but a nation deeply affected by its geopolitical situation
Upcoming parliamentary elections in a tense domestic political environment.

➦ Kenya: Large-scale protests complicate badly needed fiscal consolidation
Widespread protests against a series of planned tax increases took place in Kenya in late June. The protests culminated in the storming of Kenya’s parliament on 25 June. A heavy-handed response by the authorities has left at least 39 people dead, according to Kenya’s national rights watchdog.

➦ China: Unbalanced economic resilience at home, rising trade tensions and conflict risks abroad
China’s economic activity continues to show signs of resilience but with discrepancies among growth drivers. Besides, China is facing rising external risks, from trade to conflicts in Asia.

➦ Ready to do business in Norway, after successful Belgian Economic Mission
Between 16 and 19 June, Riet Vanderbruggen, Senior Account Manager at Credendo – Short-Term Non-EU Risks, and Erik Vandebroek, Business Development Specialist at Credendo – Export Credit Agency, represented Credendo during the Belgian Economic Mission to Oslo, led by HRH Princess Astrid.

➦ South Africa: Government of national unity faces great challenges
During the general election of 29 May, the ANC (African National Congress) lost its parliamentary majority for the first time since the end of apartheid as voters vented their anger over power cuts, corruption and the collapse of (social) services.