The €200 million loan has no interest and will be used by Ukraine to pay teacher wages, the Ukrainian Finance Ministry announced on its website on Wednesday. "The Italian Republic granted Ukraine a €200 million concessional loan on August 15, 2022. The loan agreement stipulates that the money will be made available at no interest for a period of 15 years (taking into account the favorable period...

Fitch Ratings and S&P Global Ratings, two influential international rating organizations, have reduced Ukraine's foreign currency ratings to "RD" (restricted default) and "SD," respectively. Fitch Ratings claims that the country could complete a distressed debt exchange and delay making payments on its external public debt until 2024. In turn, S&P lowered Ukraine's foreign currency rating...

Kim Jong-un, the leader of North Korea, declared that the DPRK has defeated COVID-19. Since July 29, there have been no more coronavirus cases in North Korea. At a meeting on anti-epidemic measures, he "solemnly hailed victory in an extraordinarily emergency anti-epidemic battle to exterminate the novel coronavirus," reports Yonhap News of South Korea. In late April, DPRK authorities announced...

The resignation of the whole Japanese cabinet was reported by Kyodo. The entire Japanese government has resigned, according to Kyodo News Agency. The new reshuffle of the administration under Prime Minister Fumio Kishida is anticipated to be made public soon, the agency says. The reorganization was originally scheduled for early September, but Prime Minister Kishida chose to carry it now in...

ECB: Residents of the biggest eurozone nations anticipate more unemployment and inflation in 2022. Residents of numerous eurozone nations, including Germany, France, Italy, and Spain, anticipate higher inflation and unemployment during the coming year. This is indicated in the European Central Bank’s report (ECB). Consumers now anticipate more inflation over the next 12 months compared to...

Majid Takht-Ravanchi, Iran's permanent representative to the UN, indicated during the NPT Review Conference that Iran will resume full compliance with its JCPOA obligations once it obtains assurances from the United States of the financial rewards of doing so. "Iran has been in good faith talks with the other parties for restarting full implementation of the agreement since April 2021. Because...

The second quarter saw Saudi Arabia's economy expand by 11.8 percent, the quickest rate in 11 years. The war in Ukraine and higher oil prices were the main drivers of growth. According to the Saudi General Statistics Office, the country's economy expanded by 11.8 percent in the second quarter, which is a record rate since 2011. Preliminary estimates from analysts show that the oil industry...

One trillion yuan ($148 billion) will be set aside by China's central bank to refinance distressed real estate in an effort to address the industry's protracted turmoil, reports The FT. There are two stages to the sector's rescue strategy. The People's Bank of China would first lend money to domestic commercial banks at a reduced rate of 1.75 percent annually. These loans will reach roughly $30...

The UN anticipates that the shipment of grain from Russia and Ukraine will aid those in need. Martin Griffiths, the UN's Under-Secretary-General for Humanitarian Affairs, expressed optimism that prompt action by Russia, Turkey, and Ukraine under the grain deal would quickly aid the world's poor. Griffiths remarked at the Joint Coordination Center's opening in Istanbul, "I hope that their speedy...