The International Monetary Fund (IMF) and World Bank have approved $4.5 billion in debt forgiveness for Somalia.

The financial system shouold be developing a balance way through banks and non-banks. There are four key dimensions of financial developent.

Leaders of the world's economy began their regular meeting on Thursday discussing necessary steps to boost growth and consumption. While G20 also held a meeting with similar agenda.

Last week, the Bank of Egypt has increased its benchmark rates following a devaluation of local currency by 10%. The moves are believed to be parts of measures taken by the government to address the shortage in foreign currency reserves. Now, the Egyptian government has announced on Sunday a new special program to secure foreign aid and investments.

Latin America experienced a phenomenal growth in the last decade. However, according to World Bank, the economic growth has not reached some people.Meanwhile the region's economy is slowing down in the last three years.

Guinness Nigeria, the country's second-biggest brewer is seeing a prolonged decline in sales and shares. The failing of the beer industry is part of a bigger national economic slowdown, whereas Nigeria, Africa's largest economy, seek out for loan to cover budget deficits.

Speculation over production cut and held the oil price to around $30 a barrel, but uncertainty still lingers. Meanwhile, U.S inventories are reported to reach its highest level of crude stockpile.

Argentina is struggling from soaring inflation, which is hovering at 21 percent. The inflation rate is expected to reach 25 percent in 2016. The government is targeting to bring it down to five percent by 2019. The soaring prices are forcing consumers to pay everything in installments.

The commodities-fuelled boom has transformed many millions of Brazilian poor people into 'the new middle class' and the ongoing recession is again eroding their spending and earning capacity. Middle-class people in Brazil find it difficult to sustain their living standards amid intensifying economy recession and soaring inflation rate. Many owners of small shops, coffee stalls and other small vendors see their dwindling earnings by more than half during the past three years. As a result, many middle-class people are slashing their spending levels, which result in a cascading impact on other segments.

The percentage of poor people in the global population is expected to fall below 10 percent in 2015 for the first time, according to the forecast made by World Bank.