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Ethiopia has become the 40th member-state of the Africa Finance Corporation (AFC) which in turn envisions a $300 million energy and infra pipeline in the east African state. The AFC cited the government's private-sector-focused economic reform agenda - started in 2019 - as a strong reason to expect an "economic environment supportive of private investment" in Ethiopia. [Extracted from the article]

The article focuses on the reform of banking and finance sector in Turkey. Such reform is the result of the rising economic stabilization in the country which aimed to better alleviate growth of the private sector that has been affected by macroeconomic instability and fiscal deficits. Such move is believed to improve the allocation of capital, which will lead to the growth of total factor productivity (TFP), despite facilitating capital accumulation.

The article presents an overview of the political and economic climate and in Egypt as of January 2006. Despite an unexpected setback in parliamentary elections in late 2005, the ruling National Democratic Party is forging ahead with the very free market reforms many Egyptians now blame for their economic woes. In health, Prime Minister Ahmed Nazif plans to redefine the government's role in providing care and insurance, and has appointed Harem El-Gabaly, formerly managing director of Dar Al Fouad, one of the most advanced private hospitals in the country, to do the job. Nazif also said that his government will focus on encouraging business.

The past couple of years have proved unstable for Latin America. Two thousand and two was a disastrous year, in which economic output declined by between 9% and 11% in Argentina, Venezuela and Uruguay. Beyond its fiscal impact, the reform of the Brazilian pension system is also designed to reduce inequity: while former civil servants enjoy an early and generous retirement, private-sector workers tend to get very small pensions. The reform of the pension system is not only an economic necessity, but also a political test for the government. The protests against the pension reform were heard internationally, reviving investors' concerns about the sustainability of Brazil's debt.

The article reports on how investors in Moscow, Russia view prospects in the local and hard-currency debt markets. According to data released in May 2000 by the Emerging Markets Traders Association, trade in Russian debt instruments was up by 131% in the first quarter of 2000, compared to the previous three months, representing the biggest increase in trading of any emerging market debt over the period. The author cites that growing confidence in the country's credit worthiness is drawing back fixed-income investors who are gambling on Russian president Vladimir Putin's ability to implement economic reform.

This section features several successful bank executives, entrepreneurs, government officials and other influential people in Central Europe. Among them are: Dean Cendak, president of the Publikum company. Eight years ago Cendak was working in a Ljubljana law firm, when he realized that the privatization process presented an excellent opportunity to become involved in stockbroking. Together with fellow lawyer Zvone Taljak, who owns a 50% stake in the firm, he set up a network of offices around the country in towns such as Celje and Maribor. These allowed him to amass large amounts of the privatization vouchers distributed to individuals which could be used to acquire shares in privatized companies. Next is Igor Chalupec, managing director at Bank Polska Kasa Opieki. Chalupec modestly attributes much of his success to being in the right place at the right time. Others disagree, arguing that Chalupec is more exceptional than his comment implies. He began his career as a business consultant and one of his first clients was Pekao. Eventually, his fame rose for his impressive service given to Pekao. Cendak and Chalupec are just two of several influential people featured in this issue.

The article discusses how Minister of Finance of Indonesia Mulyani Indrawati is pushing through a wholesale reform of Indonesia's tax system. Topics discussed include awareness from tax amnesty campaign, global commodity prices, her efforts in economic reforms such as cleaning up of Indonesia's corrupt customs which was a big concern for business and investment.

The article discusses Paraguay's economy expected to reportedly expand by 4 percent in 2017. It discusses the country's 36-year-old finance minister, Lea Gimenez who discusses the economy, and reforms including the fiscal responsibility law, the central bank credibility in the macroeconomic stability, introducing the inflation-targeting mandate in 2011, the introduction of the Maquila law, to create incentives for foreign businesses to set up assembly plants, and its interest in bond markets.

The article discusses developments in the financial services market in Myanmar as of November 2015. It claims that opportunities were seen in the country when leader, former General Thein Sein, introduced reforms to modernize the economy. Also cited are the approval secured by nine foreign banks like Yoma Bank to operate a branch in the country, and the introduction of the Banks and Financial Institutions of Myanmar Law to strengthen the country's banking industry.

The article reports that sinking financial markets have put China's Reform Plan under the spotlight. Topics include sharp falls on China's stock market and a slowing economy stated to have once again highlighted the risks of investing in emerging markets, and view of some bankers believe that the crisis will accelerate long overdue reform and further open up China's financial markets to foreign investors.

The article analyzes the response by the regime of President Xi Jinping to the slowdown of the Chinese economy in 2015. It reviews the attitude of Chinese leaders towards introducing risky financial and economic reforms. The government had already devaluated its currency and reduced its interest rates in response to the slowdown. The role of investors, regulators and political leaders in the recovery of the economy is discussed.

The article focuses on the economic growth produced by the economic reforms which were introduced by the government of Philippines' president Benigno Aquino. Topics discussed include reforms include increment in public infrastructure spending, anti-corruption drive and falling oil prices, improvement in the fiscal position of Philippines, long-term growth in SM Investments Corp. and growth in its capital Manila, Philippines.

The article reports on the impact of the decline in prices of commodities such as soybeans, copper, and oil on economies of Latin America. It informs that the International Monetary Fund has reduced its forecast for regional growth in 2015, highlights the failure of economic reforms taken by Mexican President Enrique Peña Nieto, and presents views of Christopher Garman of risk consulting firm Eurasia Group on the issue.

The article discusses challenges faced by China concerning its planned economic reforms in 2015. Topics covered include anti-corruption and internationalization efforts of China, the slow economic progress in the nation, and the effort to enhance private sector banking. Also mentioned is the sale of fuel supply of energy company Sinopec.

The article discusses the move by government leaders to achieve reform in the German economy under the leadership of Chancellor Angela Merkel and new finance minister Wolfgang Schäble. It mentions the commitment of former finance minister Peer Steinbrück to long term conservatism and the creator of Schuldenbremse which aimed to cap the country's structural deficit at 0.35% of gross domestic product (GDP). It notes the 24 billion euro tax cut package which Merkel and her coalition plan to achieve by 2013.

The article discusses the conditions of bank regulation in Japan after its emergence from the "lost decade" or the economic collapse in early 1990s. It mentions various reforms introduced by the Japanese government including the Financial Big Bang plan and the Bold Policy, to overcome the economic collapse. It discusses that prior to 1998 the Ministry of Finance was the sole bank regulator in Japan and mentions the transfer of bank supervision to the Financial Supervisory Agency (FSA) after 1998. It also mentions various divisions and functions of the FSA. It discusses the changes in various banking laws including the laws related to the banking business license, foreign banks, and Capital adequacy. Also mentioned are provisions of the Financial Instruments and Exchange Law.

The article reports on the potential effects of the reform of Japan's state policy lenders on the international debt markets. The government financial policy institution reform plan of Prime Minister Junichiro Koizumi calls for the privatisation of the Development Bank of Japan (DBJ) and Shoko Chukin Bank. The government also plans to establish one private financial entity that will act all policy lending functions to reduce the number of government institutions and employees. The privatisation of DBJ and Shoko Chukin calls for the government to fully sell its ownership. INSET: Wanted: New era of fiscal rectitude.

The article offers information on the economic reforms implemented by Pakistan since 2000 amid constant threats to security, drought, tensions with India and high oil prices. These turnarounds offers all the ingredients that foreign investors and businesses seek. Pakistan offers macroeconomic stability, structural reforms, high standards of economic governance, a liberalized trade and investment regime, access to policy makers, low production costs and a sophisticated financial sector.

The article focuses on public liability in Australia. In 2002, Australia was in the middle of a public liability crisis caused by escalating claims and the collapse of imperial highness. The situation touched most parts of Australian society in some way. Public organisations were forced to reduce their services and some organisations and businesses were closed. The result was that the unavailability of liability insurance in the country became a political and economic problem. So in mid-2002, the government commissioned a committee, known as the Ipp committee, to look into the problem and come up with potential solutions. In September 2002, the Ipp committee presented its conclusions. It recommended that each state in the country introduce a tort reform programme.

The success of Australia's corporate law reforms depends on the regulators taking a tougher, but still realistic and understanding, stance to ensure listed entities meet their continuous disclosures obligations. At the start of last month, Australia put in place the latest plank in its newly upgraded system of corporate governance, the Corporate Law Economic Reform Program Act 2004 (Clerp 9). The aim is to restore public confidence in corporate Australia, following a series of high-profile failures and instances of misconduct. The main focus of the Clerp 9 changes is two-fold: accounting and audit reform, in particular aimed at improving the independence of auditors; and better corporate disclosure, in both the more formal annual and half-yearly financial statements and reports that companies issue, and in the continuous disclosure regime applicable to Australian listed corporate entities.

The Japanese government has been improving both the information flow and accessibility for investors in its public and private capital markets, in line with global best practices. Recent disclosure reforms in Japan consist of two trends--increasing informative disclosure in public capital markets and enlarging private capital markets that do not require a disclosure obligation. It is necessary to require disclosure contents to be more substantive and credible for the general investors in the public capital markets, to facilitate participation. In the private capital markets where participants are limited to mainly professional investors, an issuers disclosure obligation is not necessarily required because professional investors are usually able to obtain useful investment information and make decisions at their own risk regardless.

Macron can govern with a diminished majority but the pace of economic reforms will slow [ABSTRACT FROM AUTHOR]

The article presents the insights of finance minister Amr El-Garhy of Egypt about the effort of the country, looking to stabilize its economy through reform. Topics discussed include the challenges face by the country, the negative implications of arbitrage and black market trading on country's economy, and the dysfunctional civil service that contributes to the low tax collection, and the measures taken to control inflation.

This article discusses the progress of economic reform in Ukraine as of April 1999. From its peak of 9 billion dollars in September 1997, the Ukrainian equity market has lost almost 85 percent of its dollar value. Market capitalization has dropped to 1 billion. Michael Karpilovsky of Alfa Capital said, there are many attractive companies in the country at very low valuations, with a population of 51 million people, Ukraine is a vast market and the scope for growth is substantial. But judging by the poor track record of Ukraine in attracting foreign direct investment, enticing investors will not be easy.

The article discusses investment risks in Myanmar. The country, formerly known as Burma, has been ruled by a secretive junta of generals for almost five decades. The rulers implemented economic and political reforms that opened the country to international bankers and other businesses. Investors are warned that while the country is making inroads to economic development, it is being negatively marked for its infrastructure, bureaucracy, and banking system.

This month IFLR is collaborating with Practice Insight to gauge the market sentiment on the secured overnight financing rate's progress as the NY Fed looks to replace USD Libor [ABSTRACT FROM AUTHOR]

After decades of domestic growth, the PRC is gradually letting the international community in – but contradictory policies make it a difficult market to tackle [ABSTRACT FROM AUTHOR]

Libor transition and progress on market infrastructure is increasing in speed, but more changes are required to make the transition easier [ABSTRACT FROM AUTHOR]

The article looks at the economic recovery of China and the need for reforms to sustain the economy. A discussion on China's stimulus packages and their success resulting to an economic growth rate of over 9 percent in 2009 and 10 percent in 2010 is provided. Many analysts are confident that China would be able to improve its economy to avoid a downturn and maintain growth at a sustainable rate.

The article ponders the impact of the failure of the Pakistani government to pursue economic reforms. Among the economic problems facing Pakistan are high unemployment rate and a decline in investment. The International Monetary Fund (IMF) expects the economic growth of the country to average under 3% from 2008 to 2011. Also presented is an interview with former army general Pervez Musharraf about terrorism in Pakistan and its economic condition.

The article reports on the plan of Portugal to solve its financial crisis through the implementation of important reforms. It says that the negative events of the past has given the opportunity to reform the country's education system with the economy. The author adds that the two major parties of Portugal, namely the Social Democrats (PSD) and the Socialists, have pledged to cooperate with one another in the quest to achieve economic growth. An interview with Millennium BCP executive board member António Ramalho is also presented.

The article discusses the risk faced by the financial rehabilitation efforts in Europe as the sovereign debt crisis dislocated the funding markets. It says that the financial aid package signed by the European Union worth 750 billion euros was aimed at restoring confidence, which eventually failed to materialize in the following weeks after it was launched. According to the author, the huge drop in the global default rate for non-investment-grade borrowers has been pleasing for bond investors. The falling default rates is also discussed.

The article offers a look at the U.S. tax system under the administration of President Barack Obama. A series of international tax reform proposals were released by the Obama administration in early 2009. The proposals are estimated to raise 210 billion U.S. dollars in revenue over 10 years. A business entity can choose whether to be treated as a corporation or as fiscally transparent for U.S. federal tax purposes under U.S. tax rules. Information is also presented on the leading tax advisors in the country.

The article reports on the measures undertaken by the Taiwanese government to help the economy. In June 2008, the government has formed a tax reform committee to identify effective tax reforms. Seventeen proposals were finalised by the committee, including the simplification of the administrative process of levying corporate income tax, individual income tax, and business tax. The substance-over-formality principle was also adopted which directs the tax authorities to rely on the economic facts rather than the legal formality of a transaction.

This article explains that the impact of global recession on Switzerland's merger and acquisition (M&A) market can be seen in less international transactions. However, there is still a small amount of private equity transactions in the country and there is also appetite for strategic transactions. It notes that a number of companies will need to be refinanced and/or recapitalized as a result of global recession. The already agreed tax reform II which will end stamp taxes on the issuance of equity and on certain debt funding is expected to further improve the country's tax environment for M&A transactions.

This article focuses on the proposed tax reform for 2009 in Japan that is designed to help revive domestic investment amid the worsening recession. The tax reform proposal would impact foreign investors with onshore investments as well as domestic corporate taxpayers with subsidiaries operating abroad. It is expected that the proposed tax reform will not be approved by the Japanese parliament until March 2009. The two main provisions in the proposed tax reform are the offer of a new safe harbour rule for foreign investors and the extension of a capital gains exemption to the same qualified investors and certain non-qualified investors.

An interview with Philippine President Gloria Macapagal Arroyo is presented. When asked what the country has done under her presidency to promote growth, she states that reform has been the central pillar of their administration. She mentions that they have been working on balancing the budget and developing new industries such as business-process outsourcing. She adds that they are also increasing infrastructure expenditures and plan to spend on human and physical infrastructure.

The article discusses the need for Prime Minister Donald Tusk to get serious about economic reform if he wants to keep Poland's growth alive. The country's economy, which grew at an average annual rate of 6 percent over the past three years, has slowed sharply in the past six months but at least continues to expand. Tusk has committed the government to adopting the euro by 2012, touting it as a source of stability in difficult times. However, the global downturn will make it difficult for Tusk's government to meet the economic criteria for entry. INSET: Conservatism Pays Off at Pekao.

The article reports on the effort of China to pursue stock market reforms despite suffering some of the worst declines of any emerging market during the global economic crisis. It cites the effect of the fallout from the global credit crisis on China's stock prices and Beijing's determination to develop its capital markets. Also mentioned are the plans of Chinese authorities to introduce margin trading and stock index futures as early as 2008.

This article offers an outlook for trends in sub-custody markets in the Middle East and Africa in 2009. It covers several countries including Egypt, Ghana, Israel, Jordan, Nigeria and South Africa. It notes that the interest and commitment of some of the markets' biggest names in the region signifies its long term growth potential. But, it observes that progress remains uneven, dependent on investors' confidence and market reforms.

The article discusses how French President Nicolas Sarkozy aims to restore his country's economy with Finance Minister Christine Lagarde spearheading his economic reform agenda. She has shepherded a €13 billion tax reform package that capped the top personal tax rate at 50 percent. According to Lagarde, President Sarkozy is creating the momentum for significant reforms that are about increasing the competitiveness of France. INSET: Lagarde Takes Aim at the City and Wall Street.

The article focuses on Portugal's leadership role in the European Union (EU) and its domestic economic woes. One of the priorities that will be addressed during Portugal's EU presidency is a strategy for modernizing Europe's economies and societies based on a new cycle of the Lisbon Agenda. Prime Minister Jose Socrates also re-affirmed Portugal's commitment to supporting continued talks on global trade. Since 2002 the country has only experienced a 1.5% growth in cumulative output, while in 2006 the unemployment rate rose once again to 7.6%. In 2007, the economic reform programme has been extended to address public spending at a broader level. Alongside reform, rising exports are also supporting the economic recovery.

This article discusses the main features of the Venezuelan tax system. The Venezuelan government is evaluating the introduction of a series of economic measures that may include a comprehensive tax reform. The tax reform may mean changes in the income tax, the value added tax and the Master Tax Code, as well as the approval of other new tax laws, such as an equity tax to be applied to resident and non-resident individual and a selective consumption tax. Income tax must be calculated and paid annually. The annual tax return must be filed and paid during the three-month period after the end of the fiscal year. However, the tax authorities may determine another date to file the tax return.

This article focuses on the measures taken by the British government to address the country's lack of fiscal competitiveness. Over the past 12 months, the British government and HM Revenue & Customs (HMRC) have finally taken note of the country's lack of fiscal competitiveness. Examples of proposed changes to address the issue include a proposed reduction in the corporation tax rate, the abolition of certain tax depreciation allowances, the introduction of additional binding clearance procedures, and, the reform of the taxation of foreign profits, with a European-style dividend participation exemption expected from 2009.

The article deals with the tax system in Mexico. The country's tax reform for the fiscal year 2007 included some amendments aimed at improving the collection of taxes, such as limitation to use net operating losses attributable to prior changes in ownership, stricter provisions on back-to-back loans, and no deduction of debts from the asset tax (AT) basis. According to the National Development Plan 2007-2012, tax reforms should be focused on establishing a sustainable development for the country. The Executive Branch submitted on June 20 2007, the 2008 Tax Bill to Congress, which contains among other reforms the new CETU flat tax. The flat tax rate would be 19% and it would be applied on a cash basis.

The article focuses on taxation in Germany. The highlight of this tax year in Germany is the 2008 Corporate Tax Reform Act, which will introduce groundbreaking changes to the tax environment and will give an additional push to the German economy. The German legislature has also presented the first draft of the 2008 Tax Act. As a result of changes enacted in 2006, the taxpayer now has to consider the German Reorganisation Tax Act, which provides a new set of rules for national and cross-border structuring. The German treaty shopping rules have also been tightened and some authoritative guidelines have been issued in this respect.

The article offers a look at the economic reforms, privatizations and growing stock markets in Southeast Europe. The entry of Romania and Bulgaria into the European Union in 2007 has strengthened the market in Southeast Europe. The banking sector in the region has been transformed with the arrival of foreign investors. Meanwhile, the stock market in the region is also reported to post positive growth.

The article discusses the reforms planned by Abdulrahman al-Tuwaijri, chairman of Saudi Arabia's Capital Markets Authority. He has prodded the country's stock market, the Tadawul All-Shares Exchange, to overhaul its outdated infrastructure, promised to expand the country's mutual fund industry and speeded up approvals of new equity offerings.

This article states that in Romania bank privatization and foreign involvement go hand in hand. Société Générale's purchase of 51% of Romanian Development Bank in 1999 was the first milestone. After Austria's Erste Bank bought Banca Comerciala Romania, the country's largest bank, at 5.8 times book value, 90% of Romanian banks were in foreign hands. Only savings bank Casa de Economii si Consemnatiuni was left on the shelf. The lure of the Romanian banking sector is easily explained. Domestic demand has been booming as a result of rising incomes. As GDP per capita has grown from $1,821 to $5,231 between 2001 and 2005, retail lending has proved to be the area of most dynamic growth. Economic growth and the resulting rise in consumption, up 9% last year, have increased the demand for credit. INSETS: CEC faces downsizing dilemma;An anxious wait for the capital market.