A court in Mozambique on Wednesday (November 30) started delivering its judgement in a case involving 19 people accused of various crimes for their alleged roles in the disappearance of hundreds of millions of dollars in government-backed loans.

Data from Nigeria's Debt Management Office shows that the country's debt stock grew to 44 trillion naira as of September this year.

Ghana has reached a "staff-level" agreement with the IMF for a three-year, $3 bln loan program and, according to its finance minister, expects IMF board approval "early next year".

Russia's war in Ukraine has caused global shortages of many products, especially wheat. But those shortages have also pushed some countries, including Zimbabwe, to plan for wheat self-sufficiency. Zimbabwe is expecting a record harvest for 2022, thanks to mechanization and new governmental measures.

Kristalina Georgieva, the managing director of the International Monetary Fund, is warning that this year will be tougher than the last and that the war in Ukraine, rising inflation and higher interest rates will weigh heavily on the global economy. She expects the EU to be particularly hard hit, with half of its members seeing declines in growth.

The World Bank says a sharp, long-lasting slowdown is expected to hit developing countries hard this year as the global economy weakens. The bank said this in its latest 'global economics prospects' report, released on Tuesday.

Treasury Secretary Janet Yellen wrote to Congress saying that the US Treasury had started its "debt issuance suspension period" amid a standoff in Congress over increasing the country's debt ceiling.

Gloomy economic forecasts have cast a long shadow over this year's event in the Swiss Alps. But Georgieva said that although the IMF projects 2023 to be "a difficult year" and for growth to fall further, "we don't expect a global recession". She cited resilient labour markets and consumer spending, the post-Covid reopening of China and signs of inflation trending downwards.

The International Monetary Fund has given a brighter outlook in its latest report than in October, predicting that inflation will slow. It said that European economies had shown more resilience than expected.

The International Monetary Fund has raised its forecasts for the global economy for 2023, stating that growth has been “surprisingly resilient". However, it also said the UK is likely to be the only leading economy to head into recession in 2023.

President Joe Biden and Republican House Speaker Kevin McCarthy held their first talks as the White House seeks authorization to raise borrowing limits. The opposition is believed to be seeking promises to cut spending.

The International Olympic Committee are making plans to reintegrate Russia and Belarussian athletes. Polish sports minister Kamil Bortniczuk has claimed that up to 40 countries could boycott the 2024 Olympics in protest.