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Kenya Seeks U.S.$740 Million From World Bank

Kenya Seeks U.S.$740 Million From World Bank

For the first time in more than a decade, Kenya has reached out to the World Bank for an urgent loan in the form of budget support. This signals the gravity of the country’s rapidly deteriorating cash-flow situation that is characterised by falling revenues and worsening debt service obligations. PUBLIC PURSE The Nation has learnt […]

IMF Warns Of Rising African Debt Despite Faster Economic Growth

IMF Warns Of Rising African Debt Despite Faster Economic Growth

Sub-Saharan African nations are at growing risk of debt distress because of heavy borrowing and gaping deficits, despite an overall uptick in economic growth, the International Monetary Fund warned on Tuesday. The sober assessment comes as African countries continue to tap international debt markets and issue record levels of debt in foreign currencies, spurred on […]

Zimbabwe Committed To Clearing Debt Obligations

Zimbabwe Committed To Clearing Debt Obligations

Zimbabwe is committed to clearing its debt obligations with the World Bank, African Development Bank and other financial institutions, Foreign Minister Sibusiso Moyo said on Monday. The country needs to clear about $1.8 billion in arrears with the World Bank and the African Development Bank before it can tap other sources of development financing. “We […]

Shareholder Group VEB Plans Lawsuit Against Three Banks Over Steinhoff – FT

Shareholder Group VEB Plans Lawsuit Against Three Banks Over Steinhoff – FT

A Dutch shareholder group has given notice that it plans to file a class action lawsuit against Barclays Plc, Commerzbank AG and Absa Bank Ltd over their roles in a 2015 share sale by South African retailer Steinhoff International, the Financial Times reported on Wednesday.   As required by Dutch law, shareholder group VEB gave […]

Egypt’s Debt Loses the Edge That Attracted $20 Billion

Egypt’s Debt Loses the Edge That Attracted $20 Billion

Egypt, prime territory for risk-hungry debt traders for the past 15 months, could be upstaged by other emerging markets as it begins to cut rates to spur the economy.  Turkey, Argentina and Nigeria could capture investors’ attention, and their money, if yields on Egypt’s Treasury bills fall sharply this year, especially as the prospect of […]

N2.1bn Debt: Skye Bank Takes Over Obat Oil Depot

N2.1bn Debt: Skye Bank Takes Over Obat Oil Depot

Justice Jude Dagat of the Federal High Court sitting in Lagos has granted Skye Bank Plc leave to take over Obat Oil and Petroleum Limited’s depot over an alleged N2.1billion debt Justice Dagat also directed the Inspector-General of Police, the Assistant Inspector-General of Police, the Lagos Commissioner of Police as well as the court’s deputy […]

Cash Strapped: Sudan Cancels Independence Celebrations

Cash Strapped: Sudan Cancels Independence Celebrations

SOUTH Sudan has cancelled its Independence Day celebrations as it struggles to end a civil war that has left thousands dead and ravaged the economy. “We decided not to celebrate the July 9 Independence Day, because we don’t want to spend that much,” Michael Makuei, the minister of information, told reporters on Tuesday. “We need […]

N93bn debt: DISCOs Embark On Mass Disconnection

N93bn debt: DISCOs Embark On Mass Disconnection

The nation’s power sector crisis deepened, weekend, following the mass disconnection of historic debtors by all the electricity distribution companies, DISCOs, to protest the huge unpaid electricity bills by this class of consumers. For now, all historic debtors, including residential, commercial, industrial and govern-ment establishments across the three tiers of government, would have to find […]

Passengers Stranded as Arik Suspends Operation over Picketing by Union

Passengers Stranded as Arik Suspends Operation over Picketing by Union

Passengers were stranded wednesday when Nigeria’s largest airline, Arik Air, suspended flights owing to the picketing of its operations by the aviation workers’ union. The union early yesterday morning stopped the take off of the airline’s flights from its operational hub, the General Aviation Terminal (GAT) at the Murtala Muhammed International Airport, Lagos, over its […]