Policy rate cuts by the central banks of Hungary, Philippines and Mexico took EM policy rates to a new all-time low. Colombian President Ivan Duque said rating agencies should consider the current coronavirus emergency before adjusting sovereign ratings. Trade surplus improved in Argentina, but its fiscal deficit deteriorated. Chinese industrial profits rose to positive levels for the first time in 2020. Brazil approved a sanitation reform to attract private sector investments. South African fiscal deficit widened significantly in the 2020 budget, as the Finance Minister proposed a zero-based budget framework to balance the debt in the future. In Ecuador, the PSC leader Jaime Nebot said he will not run for president in 2021. Angola revised the budget to reflect a USD 33 per barrel oil break-even after China agreed on a short term debt moratorium. Malawi elected a new president after the re-run of the fraudulent 2019 election.