Introducing the 50th edition of The PEP Weekly Digest, where we present to you the most recent updates and news on the global political stage.

Recent and upcoming elections influence the worldwide political landscape in eight nations, slated between May 05, 2024 and June 06, 2024. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

One noteworthy event has occurred in Malta, Deputy Prime Minister Chris Fearne submitted his resignation on Friday in a formal letter addressed to Prime Minister Robert Abela amidst Fearne’s involvement in a fraud scandal. He also requested the retraction of his nomination for European commissioner. Fearne indicated in the letter that he was certain that the court, upon investigation, will find his innocence. He considered the accusations against him unfair and stated that the step he was taking by submitting his resignation was not because he had any doubt regarding his innocence but because it was the right thing to do. He also stated he is willing to come back to a position to continue serving Malta if the country decides it is right. Abela responded to the letter by reiterating that he had previously expressed his thoughts on the matter and continued to praise Fearne’s integrity and ability. He suggested Fearne consider his decision, highlighting that he has not only been a support for him personally but that he has also benefited the country. Abela concluded by affirming his unwavering confidence in Fearne.

Shifting our focus to Nepal, Deputy Prime Minister and Minister for Health and Population Upendra Yadav has tendered his resignation on Monday. Yadav, who also holds the position of Chairperson of the Janata Samajwadi Party (JSP) Nepal, submitted his resignation to Prime Minister Pushpa Kamal Dahal ‘Prachanda’ this morning. In his resignation letter, Yadav cited the inability to continue the cooperation within the current political landscape as the reason for his decision to step down from the government.

In Russia, Vladimir Putin kicked off the beginning of his fifth term at the helm of the Russian Federation with a renewed Russian offensive in northern Ukraine and a reshuffle of his inner circle, including the defence ministry, where Soviet-educated economist Andrei Belousov has been installed at the top. Belousov graduated with honours from Lomonosov Moscow State University, holds a doctorate and comes from an academic background – but has no military experience or history in the Russian security services. “Putin needs a minister of defence who monitors efficient use of defence budget. Putin is commander in chief himself. He also has head of general staff Valery Gerasimov, so he doesn’t need too many generals,” Sergei Guriev, a Russian professor of economics at Sciences Po in Paris, told Euronews. With Russia’s military spending close to Cold War levels at 6.7% of GDP, a profile that can make better use of this budget is exactly what the Kremlin was seeking, analysts say. “Putin cares about economic efficiency, because he understands he doesn’t have unlimited resources anymore,” Guriev added. Military activities and strategies will remain under Gerasimov’s purview, so the decision to appoint Belousov effectively distances the ministry from the battlefield and responds to the need for a shift in approach to the war in Ukraine. “Today on the battlefield, the winner is the one who is more open to innovation,” Kremlin spokesman Dmitry Peskov told reporters. “Therefore, it is natural that at the current stage, the president decided that the Russian Ministry of Defence should be headed by a civilian.”

In the realm of regulatory affairs, the US Treasury Department and the Securities and Exchange Commission proposed new rules that aim to keep investment funds from being used to launder money or fund terrorist activity. US authorities said on Monday that they’re concerned investment advisers could be used by people outside the country to funnel money into the American financial system. The joint proposal would apply to hedge funds, private equity, venture capital firms and other money managers. Under the plan, firms would be required to collect information on the identities of their investors, including their names, dates of birth or date of formation of an entity, as well as addresses, among other information. Regulators will take public comments on their new joint rule for at least 60 days and it’ll be months before the agencies could move to finalize the measure.

Shifting our attention to legal advancements, a former economy minister of Kazakhstan was sentenced to 24 years in prison on Monday for murdering his wife following a widely watched trial that some saw as a litmus test of the president’s promise to strengthen women’s rights. Kuandyk Bishimbayev, 44, was found guilty of torture and murder by the court. His trial, which has been broadcast live over the past seven weeks, has been widely regarded as an attempt by the authorities to send a message that members of the elite are no longer above the law.