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 publication of the data. The then-President John Magufuli’s administration played down the threat from the disease and little was known about the infection rate and deaths. New president Samia Hassan…

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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 aid in Covid-19 response. The IMF Executive Board has approved a three-year financing package of US$2.34 billion to support Kenya’s pandemic response and economic reform program. More here: #IMFAfrica…

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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. “The Egyptian authorities have managed well the Covid-19 pandemic and the related disruption to economic activity,” Antoinette Sayeh, the IMF deputy managing director, said. “There are still risks to the…

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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 is a continent of opportunities and what we are looking for is for this opportunity to be harnessed to the maximum. It is also a continent with many troubles; so,…

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Africa Business Ghana West Africa World 

IMF says Ghana’s GDP growth will hit 7% in 2019

The International Monetary Fund on Thursday said on Thursday that Ghana’s economic growth is expected to rise to around 7% this year. That increase from 6.3% in 2018 to 7% this year according to the IMF is boosted by the country’s extractive industries. In a statement IMF said Ghana’s exports oil, gold and cocoa, maintained macroeconomic stability since the conclusion of a three-year lending programme with the IMF in March. The conclusions drawn were made at the end of an IMF staff visit to Ghana recently. Meanwhile Economic growth forecast…

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Africa Business Nigeria West Africa World 

IMF calls for speedy resolution to Nigeria border closure

The International Monetary Fund is asking Nigeria to speed up resolution to the closure of its border with neighboring west African nations. Since August 20, 2019, Nigeria has closed its borders with some of its neighbouring West African countries. Borders in four geopolitical zones across the country, including South-South, South-West, North-Central and North-West have been closed. The government took the decision in an attempt to stop what it calls smuggling activities at it’s borders. Rice is one of the commodities mostly smuggled on a massive scale into Nigeria through borders linking with…

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Business Development 

World Bank and IMF, help #StopTheBleeding of Africa’s wealth!

As the World Bank and the International Monetary Fund (IMF) hold their Spring meetings in Washington, DC, billions of dollars due to African nations are illicitly leaving the continent. Africans Rising for Justice, Peace and Dignity, an emerging pan-African citizens’ movement, condemns the World Bank’s and IMF’s lack of action on and complicity in illicit financial flows from Africa and calls on them, as well as African governments and regional bodies, to act to #StopTheBleeding of African wealth now. According to the Economic Commission for Africa, illicit financial flows from…

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How To Talk To Rwandan Rulers: First Flatter Them, And Then Hit Hard With Truth

By: Dr. David Himbara Managing Directors of IMF are supposed to be dull and boring economists obsessed with balancing countries’ books. Not Christine Lagarde. A former finance minister in France, she is a clever political operator. She proved this in her visit to Rwanda, the high mark of which was her speech in Rwandan parliament on January 27, 2015. Her strategy was simple – first flatter the Rwandan rulers and then hit them hard with gospel truth. Take this early praise in her speech: “Today Rwanda can take pride in…

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Our Malawi our economy: The road to recovery, Stability and sustainable self-reliance[2014 and beyond]

Map of MalawiMalawi as a nation is wallowing in economic dire-straits and is in a crisis situation that needs ingenious and judicious policy reform to avail itself.

The IMF and the international community of western donors have injected their infamous so called recovery ‘bitter pills’ but the million dollar question that crops to mind when we reflect upon our situation remains whether such structural adjustment proposal bring us any glimmer of hope to economic recovery not only in the short term but even in the medium and long run.

When we project into the future do we see our nation prospering once more in economic terms or are we forever trapped in a vicious cycle of causation and poverty. Developmentally are we really forging ahead or rather backtracking and retrogressing? Where actually do we forecast our economic growth within the next 10 or 20 years? What policy direction in developmental terms do we really need to realize our breakthrough to sustainable growth and economic   self-reliance? When we sit back and reflect do we see the IMF structural programmes translating into sustainable economic development and tangible progress?


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Former Malawi Justice Minister, president’s finance chief arrested over massive government looting

Raphael KasambaraLilongwe 2014-01-27_ Former Malawi Justice Minister Raphael Kasambara and Principal Secretary in the Office of the President and Cabinet Joster Njanji have been arrested following on-going investigations into how millions of dollars were allegedly looted in government in dubious deals.

“We have today, the 27th of October 2014, arrested Mr. Raphael Kasambara on money laundering offences,” said police spokesperson Rhoda Manjolo.

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