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Surprise Kenya Rate Cut Puts Lending Rate Cap In Focus

Surprise Kenya Rate Cut Puts Lending Rate Cap In Focus

Kenya’s central bank cut base interest rates for the first time since September 2016 on Monday, fuelling talk that a government cap on commercial lending rates introduced in the same month will be modified or removed soon. The 50 basis point cut in the benchmark lending rate to 9.5 percent took much of the market […]

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 […]

Ghana May Struggle to Repay Lenders’ $1.3 Billion Cocoa Loan

Ghana May Struggle to Repay Lenders’ $1.3 Billion Cocoa Loan

Ghana Cocoa Board may struggle to fully pay back loans of $1.3 billion as this season’s harvest will likely be smaller than first anticipated, according to the head of the industry regulator. The world’s second-biggest grower signed for the loans with lenders such as Credit Agricole SA and Natixis SA prior to the start of […]

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 […]

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 […]

Uganda Negotiating $2.3 Bln Loan With China To Fund Rail Line

Uganda Negotiating $2.3 Bln Loan With China To Fund Rail Line

Uganda is negotiating a $2.3 billion loan with China’s Exim Bank to fund an initial 273 km stretch of rail line the east African country is planning to build for faster and cheaper transportation, an official said on Thursday. Landlocked Uganda eventually wants to construct a 1,700 km standard gauge railway network to connect with […]

Uganda: Umeme Acquires Shs165b Loan For Expansion

Uganda: Umeme Acquires Shs165b Loan For Expansion

Power distributor Umeme has approved additional borrowing of $45m (Shs165b) to further expansion around the country. Daily Monitor understands that the loan was approved as part of an extension of the line of credit offered by International Finance Corporation (IFC), Stanbic Bank and Standard Chartered Bank. Umeme had by May 2016 utilised the entire $170m […]

Give Women Loans— Okonjo-Iweala

Give Women Loans— Okonjo-Iweala

Former Minister of Finance and co-chair, Women’s World Banking, Africa Advisory Council, Dr. Ngozi Okonjo-Iweala, has said that giving the 70 per cent of women, who are financially excluded in sub-Saharan Africa, access to financial services could spur the next phase of economic growth within the continent and hasten recovery in most parts of Africa. […]

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