Breaking news

Ukraine Secures Preliminary Agreement For $20 Billion Debt Restructuring

by THEFUTURE.TEAM

July 23, 2024

In a significant development, Ukraine has reached a preliminary agreement with creditors to restructure $20 billion of international bonds. Announced on Monday, this move aims to stabilise the war-torn nation’s economy amid ongoing conflict with Russia.

The agreement comes just a week before the expiration of a two-year debt payment suspension arranged in 2022. Ukraine’s Finance Minister Serhiy Marchenko highlighted the importance of this deal for maintaining fiscal stability and funding defence efforts.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The proposal involves a 37% nominal haircut on Ukraine’s outstanding international bonds, saving Kyiv $11.4 billion over the next three years, aligning with its IMF programme set to conclude in 2027. This agreement is a historic first, occurring during an active full-scale war.

Economic Impact and Strategic Significance

The restructuring plan is critical as Ukraine’s economy has been severely affected by the prolonged conflict with Russia, which began with the invasion in 2022. The war has decimated the country’s economic infrastructure, leading to heavy reliance on international financial and military assistance.

The deal is designed to preserve Ukraine’s budgetary stability and ensure the availability of cash reserves necessary to sustain its defence and other essential expenditures. The International Monetary Fund (IMF) and the Group of Creditors of Ukraine (GCU) have endorsed the agreement, confirming its compliance with the $122 billion support package framework.

Political and Economic Context

The timing of this agreement is particularly pertinent, given the upcoming U.S. presidential elections in November. A potential shift in U.S. policy, especially under a Trump administration, could affect the continuity of support for Ukraine. This has intensified the urgency for securing a stable financial future through debt restructuring.

Future Prospects

This preliminary agreement marks a pivotal step towards economic recovery and stability for Ukraine. It underscores the resilience of the nation’s financial strategies amid unprecedented challenges. The deal also sets a precedent for debt restructuring during wartime, reflecting Ukraine’s determination to navigate its fiscal crises effectively.

Abu Dhabi Unveils Dh13-Billion Plan To Lead as the World’s First Fully AI-native Government by 2027

by THEFUTURE.TEAM

January 21, 2025

Abu Dhabi is setting ambitious goals for the future, announcing a Dh13-billion strategy that aims to make its government operations entirely powered by artificial intelligence (AI) by 2027. With this move, the emirate aspires to become the world’s first fully “AI-native” government, with automated processes and complete adoption of cloud computing technologies.

The Abu Dhabi Government Digital Strategy 2025-2027, led by the Department of Government Enablement – Abu Dhabi (DGE), is a transformative initiative to enhance public service delivery, optimize government functions, and drive sustainable economic growth. Along with technological advances, the strategy will create over 5,000 jobs, boosting the local economy and contributing more than Dh24 billion to Abu Dhabi’s GDP.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The core objective of this initiative is to embed AI, cloud technologies, and data-driven insights into the very DNA of the government. “By incorporating these cutting-edge technologies, we will optimize our operations, improve public services, and ultimately support sustainable economic growth,” said Ahmed Hisham Al Kuttab, Chairman of DGE.

Key aspects of the strategy include the establishment of a unified digital enterprise resource planning (ERP) platform, which will improve government efficiency and streamline processes. As part of the “AI for All” program, the initiative will also focus on empowering citizens by training them in AI applications, ensuring a highly skilled workforce ready to meet the demands of a rapidly evolving technological landscape.

Moreover, the government is committed to implementing over 200 AI-driven solutions across various public services, ensuring that these innovations reach all facets of governmental operations. Alongside the technological advancements, comprehensive cybersecurity measures will be introduced, with new digital guidelines aimed at maintaining the highest standards of security.

This move is not only a strategic shift towards a fully digital government but also a bold step towards positioning Abu Dhabi as a global leader in the adoption of artificial intelligence and advanced technologies in the public sector.