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Egypt’s Cabinet Approves $2.48 Billion Social Aid Program

Egypt’s Cabinet Approves $2.48 Billion Social Aid Program

The Egyptian government approved a social spending plan to support lower and middle income families after inflation surged to the highest levels in decades following the flotation of the pound. The government plans to spend 45 billion Egyptian pounds ($2.48 billion) on income tax discounts, bonuses for public employees, and increased pension payments and cash […]

IMF Team In Cairo To Review Second Installment Of $12-billion Loan

IMF Team In Cairo To Review Second Installment Of $12-billion Loan

An International Monetary Fund (IMF) delegation will arrive in Cairo on Sunday to review Egypt’s progress on economic reforms before it disburses the second instalment of a $12-billion loan programme, the Finance Ministry said. The IMF delegation will stay until May 11 and meet with officials from the ministry and the central bank, the ministry […]

IMF to Return to Zambia in May to Continue Loan Talks

IMF to Return to Zambia in May to Continue Loan Talks

  The International Monetary Fund will send a mission to Zambia in May to continue talks over as much as $1.6 billion in aid the government is seeking after they failed to reach a deal in Washington this month. “Progress was made but program discussions have not yet been concluded,” Alfredo Baldini, the fund’s representative […]

Zambia Seeks IMF Deal of as Much as $1.6 Billion This Month

Zambia Seeks IMF Deal of as Much as $1.6 Billion This Month

Zambia, Africa’s second-largest copper producer, plans to reach an aid deal for as much as $1.6 billion with the International Monetary Fund by the end of April, Finance Minister Felix Mutati said. Bond yields fell. “At the moment we know that we can get up to $1.6 billion — if you ask me, I’d go […]

Ivory Coast Seeks More IMF Funding to Aid Budget as Cocoa Slumps

Ivory Coast Seeks More IMF Funding to Aid Budget as Cocoa Slumps

Ivory Coast’s government said it is seeking more assistance from the International Monetary Fund to support the nation’s 2017 budget after cocoa prices slumped, hurting the finances of the world’s biggest grower. “With cocoa prices falling, we have some new budget constraints,” government spokesman Bruno Kone said by phone from the commercial capital, Abidjan, on […]

IMF Holds Talks With Zambia Over Possible Aid Programme

IMF Holds Talks With Zambia Over Possible Aid Programme

  The International Monetary Fund (IMF) said on Friday it held talks with Zambian authorities over the possibility of an aid programme, and said there was a range of facilities available for the southern African country. Zambia began talks with the IMF in March 2016 about a potential aid package after agreeing the budget deficit […]

Ghana Says IMF Deal Needs ‘Tweaking’After Shortfall Discovery

Ghana Says IMF Deal Needs ‘Tweaking’After Shortfall Discovery

Ghana’s debt bailout program with the International Monetary Fund may require “tweaking” after the nation’s new administration revealed that 7 billion cedi ($1.6 billion) in expenses were not accounted for by the previous government, the finance minister said. The country is in talks with the IMF and will seek to finalize an audit of the […]

Meet The New Person Heading The Africa Department At The IMF

Meet The New Person Heading The Africa Department At The IMF

The International Monetary Fund (IMF) has appointed a new head for its African department. Ethiopian Abebe Aemro Selassie succeeds Liberian Antoinette Sayeh in the role and is expected to begin his work in this capacity coming Monday, September 19, 2016. His appointment was announced in a press release in which IMF boss Christine Lagarde, spoke […]

IMF Grants Two-Year $3.5 Billion Credit Line To Morocco

IMF Grants Two-Year $3.5 Billion Credit Line To Morocco

The International Monetary Fund (IMF) has granted Morocco a two-year $3.5 billion credit line for structural reforms to prompt more rapid and inclusive economic growth, Rabat’s finance ministry said on Saturday. The Precautionary Liquidity Line (PLL) is meant for countries with relatively good economic policies that face balance of payments needs because of issues beyond […]

IMF Predicts Nigeria’s Economy Will Contract By 1.8 pct In 2016

IMF Predicts Nigeria’s Economy Will Contract By 1.8 pct In 2016

Nigeria’s economy, the biggest in Africa, is likely to contract by 1.8 percent this year, the International Monetary Fund (IMF) said on Tuesday, as the country grapples with the impact of low oil prices. The sharp fall in global prices since 2014 has led to a prolonged economic crisis since the crude sales make up […]

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