Ukraine's external financing needs will be around $3 billion a month through 2023 in a best-case scenario, but could rise as high as $5 billion if Russian bombing becomes "even more dramatic," IMF Managing Director Kristalina Georgieva said, Reuters reported. The International Monetary Fund is working with Ukrainian authorities to help define and implement the country's macroeconomic policies and what will be required to become a member of the European Union, as well as produce reliable financial projections, Georgieva told a conference in Berlin on Tuesday.

Italy is considering adjusting the way it evaluates the primary dealers responsible for trading its debt in order to incentivise them to trade at tighter bid-ask spreads, its debt management cheif said on Tuesday, Reuters reported. Davide Iacovoni, director general of public debt at the economy and finance ministry, said that there were a number of things Italy was doing to improve liquidity in its debt markets, including repo market action and liability management.

Former Chancellor Rishi Sunak, who warned that Liz Truss’ economic plans for Britain were a “fairy tale,” won the contest to succeed her as prime minister on Monday, taking over the world’s sixth-biggest economy at a time of deep financial and political turbulence, the Wall Street Journal reported. Mr. Sunak will formally enter Downing Street after his only remaining rival for the job, former defense minister Penny Mordaunt, said on Twitter she would drop out of the contest. “Rishi has my full support,” she wrote. Mr.

Fresh economic data points to a slowdown in global growth, as higher prices and interest rates weigh on consumer demand, Europe enters a critical phase of its economic conflict with Russia, and China faces headwinds, the Wall Street Journal reported. With German factories making the biggest output cuts since the early part of the pandemic due to soaring costs, European business activity fell again in October, according to new surveys. Europe is grappling with the fallout from Russia’s decision to throttle energy supplies in response to sanctions over the war in Ukraine.

Ukraine's economy is expected to shrink by 30% this year, First Deputy Prime Minister Yulia Svyrydenko said on Monday, as Russia's invasion enters its ninth month, Reuters reported. Earlier this month, the economy ministry said the economy had shrunk by an estimated 30% in the first three quarters of this year compared to the same period in 2021. Svyrydenko also told a Ukraine-Germany business conference that inflation and unemployment were both seen at 30% this year. Read more.

The German parliament on Friday cleared the way for the government to provide up to 200 billion euros ($195 billion) in subsidies to households and businesses to ease the strain of high energy prices, a plan that has been greeted with suspicion elsewhere in Europe, the Associated Press reported. Lawmakers agreed to let a government economic stabilization fund borrow the money and approved an exemption from a rule that imposes severe limits on running up new debt.

British government debt rose to the highest level in almost 60 years last month and retail sales slumped, underscoring the scale of the economic challenges facing whoever replaces Prime Minister Liz Truss after her administration imploded under the weight of its failed financial plan, the Associated Press reported. Public borrowing rose to 98% of economic output in September as rampant inflation increased interest payments on what the government owed, the Office for National Statistics said Friday.

Hungary will include variable-rate loans to small- and medium-sized businesses in a scheme designed to cap loan rates and avoid a recession, Minister for Economic Development Marton Nagy said, adding banks could "easily" bear the cost of the measure, Reuters reported. With inflation above 20% and still rising, and the economy slowing, Prime Minister Viktor Orban's government faces the challenge of curbing price growth while trying to stave off a recession. It has already capped the price of fuel and basic foodstuffs as well as mortgage rates. Energy bills are also capped for most households.

Liz Truss said on Thursday she would resign as prime minister, brought down by her economic programme that sent shockwaves through the markets and divided her Conservative Party just six weeks after she was appointed, Reuters reported. A leadership election will be completed within the next week to replace Truss, who is the shortest serving prime minister in Britain's history. George Canning previously held the record, serving 119 days in 1827, when he died.

Customers of German cryptocurrency bank Nuri (formerly known as Bitwala) are being urged to withdraw their money before December 18 in order for the “company to be terminated and liquidated,” BollyInside.com reported. Due to the lengthy crypto bear market and macroeconomic factors, Nuri filed for insolvency in August. Trading will be available through November’s end. “Over the past three months, we have worked closely with our insolvency administrators on a restructuring plan during the preliminary insolvency proceedings and have looked for a possible acquisition to carry on our story.