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 caused by Russia’s invasion of Ukraine will lead to a significant slowdown in global growth in 2022. The IMF said in its latest update of the World Economic Outlook report released on…

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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 policy to disclose such, ahead of a board discussion, in a letter, responding to a former Minister in the previous government, Bowman Lusambo’s written demand for full disclosure of the…

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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 Georgieva-Kinova, the IMF managing director told African finance ministers and central bank governors at a meeting on Thursday that her outfit is willing to help Africa in these difficult moments.…

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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 of doing business, families would cut down certain necessities and food, and consequently lose some nutrients. The residents say this move, which is linked to IMF conditions, following the reaching…

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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: https://t.co/zsMzCe2szY #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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