Africa Business Southern Africa World Zambia 

IMF approves a $1.3 billion loan program for Zambia

– – The International Monetary Fund has given approval for a $1.3 billion, 38-month loan program for Zambia. The approval given on Wednesday is a crucial step in helping the country to restructure its debts and rebuild an economy ravaged by mismanagement and COVID-19. The IMF said in a statement that the new Extended Credit Facility arrangement would provide total… Read More
Africa Business Ghana West Africa World 

Ghana goes back to the IMF for support amid economic distress

– – Ghana’s government has announced plans to seek support from the International Monetary Fund (IMF) as it continues to struggle with worsening economic conditions. The West African nation’s economy continues to plummet as it struggles to improve the living standards of citizens. The country’s public debt stock now stands at GH¢341.8 billion ($45.5 billion) with a corresponding debt to… Read More
Africa Business Featured Russia World 

Russia parries off Ukraine invasion blame for global economic crisis

– – The Russian government has rejected recent news reporting with the narrative that its invasion of Ukraine has led to a global economic crisis. Russia is currently engaged in a war with Ukraine, a move that has led to several sanctions being placed on the Eastern European super power. The International Monetary Fund has said that the economic damage… Read More
Africa Southern Africa World Zambia 

Zambians demand full disclosure of IMF deal conditions

– – Some Zambians are demanding that government discloses the conditions attached to a 1.4 billion United States Dollars’ IMF economic recovery deal, signed in December, last year, under the extended credit facility for 2022 to 2025. This follows a refusal to do so, by IMF Mission of chief to Zambia, Allison Holland, who said it was not her organisation’s… Read More
Africa World 

The challenges Africa faces amid the Ukraine war

– – The war in Ukraine is still raging and that brings a lot of implications for the world including Africa. Th continent’s economic outlook is said to be very vulnerable to higher food and fuel prices prompted and deep in tourism revenues. According to the International Monetary Fund (IMF), Africa also faces diminished access to financial services. Kristalina Ivanova… Read More
Africa Southern Africa World Zambia 

Zambians unhappy with removal of fuel, electricity subsidies

– – Zambians are concerned about the government’s decision to remove fuel and electricity subsidies, saying the price increments on commodities that would result from this move, would make life unbearable for many citizens. The Zambian government announced, recently, the removal of the said subsidies, effective January, 2022. Concerned citizens say if prices go up, due to the high cost… Read More
Africa Business East Africa World 

IMF says Tanzania must publish Covid-19 data to get $574 mln loan

– – The International Monetary Fund has asked Tanzania to publish data on the spread of Covid-19 before getting approval for a $574 million emergency loan. Since last year May, Tanzania has not published any data on the extend of spread of Covid-19. The country’s previous president, John Magufuli was a critic and doubter of the pandemic and stopped the… Read More
Africa Business East Africa World 

Kenyans petition IMF not to give the government loans

– – Kenyans are signing an online petition to ask the International Monetary Fund (IMF) not to give the government any more loans. Through the hashtag #StopLoaningKenya, Kenyans have circulated the online petition link which cites corruption and other reasons why no more lending should occur. The development follows the IMF’s approval of 257bn Kenyan shillings ($2.4bn) loan for Kenya to… Read More
Africa Business Egypt North Africa World 

Egypt secures $1.67 billion in aid from the IMF

– – The board of the International Monetary Fund on Friday approved the release of a second tranche of aid valued at $1.67 billion for Egypt, saying public debt and Covid-19 threatened its economic recovery. In June, the board approved a one-year, $5.2 billion financing package for Egypt. With the latest disbursement, more than $3.6 billion will have been released.… Read More
Africa Business World 

IMF says 40% of African countries are in debt crisis

The Managing Director of the International Monetary Fund, Kristalina Georgieva, says 40 per cent of African countries are in debt distress. She described Africa as a continent of opportunities and one with many troubles, noting that the focus was to help countries have sound macro-economic policies, improve the investment climate and show it to the rest of the world. “Africa… Read More