September 1, 2022

*) IMF in preliminary agreement with Sri Lanka for $2.9 bln loan Crisis-hit Sri Lanka has reached a preliminary agreement with the International Monetary Fund for a loan of about $2.9 billion. "The objectives of Sri Lanka's new Fund-supported programme are to restore macroeconomic stability and debt sustainability," an IMF statement said. Sri Lanka is facing its worst economic crisis in recent memory with acute shortages of essentials like fuel, medicines and food because of serious foreign currency shortages. *) Food crisis looms as vegetable prices spike in flood-hit Pakistan Vegetable and fruit prices have soared in markets across Pakistan as devastating rains ruined crops and disrupted supplies. In the eastern city of Lahore, close to the border with India and far from the worst floods in Sindh province, prices of some vegetables have tripled. The Pakistani government sets prices for some fresh produce, although traders often ignore the guidelines. *) G7 to discuss Russian oil price cap as Ukraine fight grinds on Finance ministers from the Group of Seven club of wealthy nations will discuss the United States’ proposed price cap on Russian oil. The White House said putting a cap on Russian oil will result in not only a drop in the country’s oil revenue, but also global energy prices. Despite Russia's oil exports hitting their lowest levels since last August, its export revenue in June increased 40 percent above last year's average. *) Cholera outbreak kills dozens in Democratic Republic of Congo An outbreak of cholera has reportedly killed 48 people in the central province of Sankuru in the Democratic Republic of Congo. According to a report published on a privately run local news website, health officials detected 401 cases of cholera between August 15 and 21. The highest number of cases and fatalities were reported in the Lusambo health zone, with 308 cases and 24 deaths. And finally… *) 'White Noise' starring Adam Driver opens 79th Venice Film Festival The Venice Film Festival has open