“Lebanon has not undertaken the urgently needed reforms, and this will weigh on the economy for years to come. The lack of political will to make difficult, yet critical, decisions to launch reforms leaves Lebanon with an impaired banking sector, inadequate public services, deteriorating infrastructure, worsening poverty and unemployment conditions, and a further widening of the income gap. Inflation remains in triple digits, further compressing real incomes, and foreign exchange (FX) reserves continued to decline in the first half of the year, including due to Banque du Liban's (BdL’s) financing of quasi-fiscal operations and the large current account deficit.”

The economy continued to expand after the removal of all COVID 19 restrictions in the second half of 2022. Due to supportive fiscal policies, the economy recovered strongly in 2021, with real GDP growing 7.9 percent from a contraction of 1.4 percent in 2020. However, a domestic outbreak of COVID 19 and the subsequent restrictions imposed during the first half of 2022 limited mobility and further delayed large infrastructure projects.

Nauru’s external position was moderately weaker than the level implied by fundamentals and desirable policies in FY2022. Rising imports, driven by the high transportation costs, led to a current account balance (CAB) of -0.5 percent of GDP in FY2022. The reserve coverage is equivalent to 3.5 months of imports in FY2022, above the reserve adequacy ratio of 2.8 months, but it is expected to decline over the medium term.

President Hoyer expressed his most sincere condolences and full solidarity with the people of Morocco following the devastating earthquake that struck the country in a letter to His Majesty the King of Morocco Mohammed VI.

 Matthew Antwi, lorry driver and coconut haulier, is wasting less time and feeling calmer thanks to the renovated road and its new lighting.

 Boost Africa will stimulate youth entrepreneurship and innovation across the continent, with a specific emphasis on empowering entrepreneurs and start-ups.

 Natalie Silantoi Anyango shaking hands with Akinwumi Adesina at the Africa Youth Climate Assembly 2023. Children must be given a front seat in climate solution discussions, Natalie says.
 

 Adesina at the Africa Youth Climate Assembly: “The biggest risk on the continent is not investing in the youth. The youth need investment, not empowerment.”

 African Development Bank president Akinwumi Adesina tours Misilam Dam and Adi Halo Water Project with Eritrean President Isaias Afwerki