Indonesia achieved its biggest-ever trade surplus in the first half of 2022, but experts warn the domestic economy’s heavy reliance on raw materials like crude palm oil (CPO) and coal makes the strong export-performance unsustainable.

Suryopratomo, the Indonesian Ambassador to Singapore, said on Thursday  that he has talked to some producers in Indonesia who are looking into setting up the farm.

Fears have risen about Pakistan's stuttering economy as its currency fell nearly 8 percent against the US dollar in the last trading week, while the country's forex reserves stand below $10 billion with inflation at the highest in more than a decade. 

Baldwin was speaking in Nigeria where he held meetings with officials from Africa's largest oil producer this week.

The Asian Development Bank (ADB) has raised its growth forecast for Indonesia to 5.2 percent this year while lowering its projection for most of Asia.

Deliveries via Nord Stream 1, which accounts for more than a third of Russian gas exports to the EU, are due to resume on Thursday after a 10-day halt for annual maintenance.

While the impact of COVID-19 had eased, the region was now grappling with the fallout from Russia's invasion of Ukraine, lockdowns in China and aggressive interest rate hikes, the Philippines-based bank said.

Realized investment rose 32 percent yoy to Rp 584.6 trillion in the first half of the year, meeting 60 percent of the 2022 target stated in the national medium-term development plan.

The rupee fell 2 percent on Monday, and 3 percent on Tuesday, despite last week's staff level agreement reached with the International Monetary Fund (IMF) that would pave the way for a disbursement of $1.17 billion under resumed payments of a bailout package. 

Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totalled 7.29 million tonnes, up nearly 10 percent from a year ago, according to data from the Chinese General Administration of Customs.

"We confirm that we have received a letter from Gazprom Export claiming force majeure retroactively for past and current gas supply shortfalls," said Uniper, one of Germany's biggest importers of Russian gas.

The domestic poverty rate has dropped to 9.54 percent of the population, or 26.16 million people, Statistics Indonesia (BPS) has reported, but income inequality remains high.

"The 9th #EUChina High-Level Economic & Trade Dialogue takes place tomorrow 19/07," Executive Vice President of the EU Commission, Valdis Dombrovskis, said on his Twitter account on Monday. 

IMF projects ‘healthy’ growth, as country fares better than others in withstanding the shocks of the pandemic and Russia’s war in Ukraine. But there are risks of falling into debt crisis.   

The ECB has for months been preparing the end of the era of cheap money that supported the economy through a series of crises in recent years. 

The main drivers were rising fuel, food and housing costs, said Stats NZ, putting inflation at a level last seen in 1990.

Georgieva, speaking at a G20 finance officials meeting in Bali, said Russia's intensifying war in Ukraine had increased pressure on commodity and energy prices, and global financial conditions were tightening more than expected.

The third G20 meeting of finance chiefs, while it did not produce a communiqué, has made some headway in agreeing to tackle the growing food and energy crises.

With questions growing about the effectiveness of the G20 in tackling the world's major problems, US Treasury Secretary Janet Yellen said the differences had prevented the finance ministers and central bankers from issuing a formal communique but that the group had "strong consensus" on the need to address a worsening food security crisis.

Finance Minister Sri Mulyani Indrawati reminded member countries that expectations for the meetings were high and that a failure to reach their objectives would result in dire consequences, especially for low-income countries.

In order to better withstand the drastic fall in Russian gas supplies, which could be cut off altogether, the commission is expected to urge governments across the 27-nation bloc to set limits on the amount of energy used by public buildings, offices, commercial properties and outdoor terraces.

Food stall owners in Greater Jakarta have had to increase their prices to keep up with steep rises in wheat, soybean, chili and onion prices.

In her opening remarks to the meeting, Sri Mulyani said Indonesia would be an honest broker and find creative solutions to overcome the "triple threat" of surging commodity prices, global inflation and war.

The two-day meeting Bali started under the shadow of a war that has roiled markets, spiked food prices and stoked breakneck inflation, a week after Moscow's top diplomat walked out of talks with the forum's foreign ministers.

The move follows similar increases around the world as war in Ukraine and supply disruptions fan inflation and increase the financial strain on households and businesses.

With inflation rising globally amid the Russia-Ukraine conflict, some countries, including in Europe, have reverted to coal and other fossil fuel-based power or delayed their energy transition out of concerns over affordability and supplies. 

In a blog published ahead of this week's meeting of finance officials from the Group of 20 major economies, IMF Managing Director Kristalina Georgieva said Russia's war in Ukraine had darkened the economic outlook significantly, and the IMF was poised to downgrade its outlook for 2022 and 2023. 

Russia's invasion of Ukraine overshadowed a meeting of foreign ministers from the Group of 20 major economies last week, as Russia's top diplomat walked out of a meeting and accused the West of "frenzied criticism". 

India's Directorate Of Revenue Intelligence (DRI) found evidence that Oppo wrongfully used duty exemptions for items imported for use in mobile phone production, a government statement said.

"Gazprom announced that today it will supply to Eni volumes of gas for approximately 21 million cubic meters/day, while the average for the last few days was of about 32 million cubic meters/day," Eni said.