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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 […]

Uganda Joins Africa’s Big-Debt Club, Central Bank Warns On Default

Uganda Joins Africa’s Big-Debt Club, Central Bank Warns On Default

Uganda’s national debt has nearly trebled in the last three years to more than 50 percent of gross domestic product, creating a risk of default risk, since nearly two-thirds of that borrowing is external, the central bank said. In a report titled “State of the Economy” published late on Thursday, the Bank of Uganda said […]

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 […]

IMF Extends Kenya’s $1.5 Billion Standby Loan for Six Months

IMF Extends Kenya’s $1.5 Billion Standby Loan for Six Months

The International Monetary Fund approved Kenya’s request for a six-month extension to a $1.5-billion standby facility to allow the nation time to complete reviews of the lender-supported program. The government requested an extension to the facility in order to complete the delayed reviews, before embarking on talks about a new potential program. The current agreement […]

IMF Says Ghana Needs More Revenue, Fewer Spend Cuts for Goal

IMF Says Ghana Needs More Revenue, Fewer Spend Cuts for Goal

Ghana needs to improve revenue collection and can’t keep reducing spending on capital items to achieve its fiscal targets, the International Monetary Fund said. That’s one of the recommendations made by the Washington-based lender during a review of the nation’s $1 billion extended credit-facility program, country representative Natalia Koliadina said. Under the plan that started in […]

Malawi’s Economy To Grow As Much As 5 Percent in 2018: IMF

Malawi’s Economy To Grow As Much As 5 Percent in 2018: IMF

Malawi’s economy is expected to grow by 3 to 5 percent in 2018 and by as much as 7 percent in the medium term as the southern African nation recovers from drought-induced stagnation, the International Monetary Fund said on Wednesday. “Growth will be supported by enhanced infrastructure investment and social services as well as an […]

Emefiele Expects Rate to Be Held Next Week

Emefiele  Expects Rate to Be Held Next Week

Nigeria’s central bank governor expects the Monetary Policy Committee to hold its main interest rate at next week’s meeting. “I don’t think rates will change,” Godwin Emefiele said in an interview in Abuja, Nigeria’s capital, Wednesday. “Normally, when you begin the year, what you find is that you want to hold the policy rate steady.” […]

No Gender Discrimination At Work In Nigeria – Senator Chris Ngige

No Gender Discrimination At Work In Nigeria – Senator Chris Ngige

THE Federal Government through the Minister of Labour and Employment, Senator Chris Ngige, has dispelled the fear of gender-based discrimination in Nigerian workplaces as expressed by the International Monetary Fund, IMF, Article IV Consultation Team. The Minister spoke while receiving an IMF team led by its Economist, Western 1 Division, Africa Department, Mrs Monique Newiak, […]

Guinea Gets Staff-level Approval For 3-year IMF Deal

Guinea Gets Staff-level Approval For 3-year IMF Deal

The International Monetary Fund said on Tuesday it had reached a staff-level agreement with Guinea for a three-year programme of reforms with backing from the lender of last resort’s Extended Credit Facility (ECF). The agreement still requires approval from the IMF’s Executive Board, which is expected to consider it next month. An IMF statement said […]

IMF Sees No ‘Substantive’ Zambian Aid-Deal Talks This Month

IMF Sees No ‘Substantive’ Zambian Aid-Deal Talks This Month

The Zambian government and the International Monetary Fund won’t be holding meaningful discussions on a proposed $1.3-billion aid program at the Washington-based lender’s annual meetings this month after talks were put on hold in August. The nation’s Eurobond yields climbed. “IMF staff will be meeting the Zambian delegation at the IMF-World Bank annual meetings to […]

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