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World Bank downgrades Kenya growth forecast

The World Bank on Wednesday said it has slashed 2017 growth forecast for Kenya’s economy to 4.9 percent due to drought, sluggish credit growth and post-election saga. The country’s economic outlook was earlier in the year adjusted downwards to 5.5 percent from 6 percent growth owing to unfavorable weather conditions that drove up the rate […]

Mozambique to save $120m from gov’t officials in 2018

Mozambican government will slash benefits for some top officials of the government to save a total of $120m next year, Finance Minister Adriano Malaeiana said. According to Malaeiana, official vehicles and free housing will be the main target areas. The government was opting to rent accommodation for officials and also give them allowances to spend […]

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Ghana’s 2018 Budget, Economic Policy to focus on Macroeconomic

Ghana’s 2018 Budget and Economic Policy is expected to focus on ensuring macroeconomic stability, transforming agriculture and industry, the west African nation’s Finance Minister Ken Ofori-Atta said on Monday. President Akuffo-Addo’s government seeks the approval of the parliament for a GHC61 billion needed to anchor the agenda of moving the economy beyond the reliance on […]

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Kenya: gov’t, banks agree to convert Kenya Airways’ debt to equity

The Kenyan government has agreed with local lenders to convert more than $400 million of Kenya Airways’ debt into equity, increasing the government stake to 48.9 percent from 29.8 percent. KQ Lenders Company, which comprises 11 banks that converted their loans into equity, will control 35.69 per cent shareholding of the national carrier, Nairobi-based Standard […]

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IMF Greenlights Disbursment of $2 Bln to Egypt

After a review of Egypt’s economic reforms, the IMF said it has agreed to the disbursement of a $2bn loan –part of the $12bn extended facility negotiated last year with Cairo. “The staff-level agreement is subject to approval by the IMF’s Executive Board Completion, upon which Egypt will receive the third tranche of $2 billion […]

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Burkina Faso gets $70 million loan from BOAD

The West African Development Bank (BOAD) has granted a $70 million loan to Burkina Faso to support three priority projects of the West African nation’s National Economic and Social Development Plan (PNDES). The loan will allow the country to develop its infrastructure. It will fund the feasibility study of three dams; the development of 600 […]

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Buhari presents record $28 billion budget for 2018

Nigerian ailing President Muhammadu Buhari on Tuesday presented a record $28.16 billion budget for 2018 to the National Assembly. Africa’s leading oil producer has been hard hit by falling prices of the commodity, which accounts for the majority of its export revenue. According to the presidential office, the 2018 budget sets a record to revamp […]

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Uganda inks $287 million power deal with China Exim Bank

The Ugandan government has announced that it will borrow $287 million from Exim Bank of China, as part of its electrification process. According to the country’s finance minister David Bahati, the funds will enable electricity supply to 287 settlements in the landlocked regions of the East African nation, as well as the counties of Karamoja […]

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Senegal adopts $6.7 billion finance bill for 2018

The Senegalese government has adopted the Finance Bill for 2018 with a budget of 3,709.10 billion CFA francs ($6.7 billion), about 10.4% increase compared to 2017. According to the Council of Ministers, the 2018 budget is oriented towards the main social priorities and privileges expenditures that have direct and immediate impact on the daily life […]

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Sub-Saharan Africa to record slow growth – WB’s Africa Pulse report

Sub-Saharan Africa’s economy is growing more slowly this year than expected, the World Bank said on Wednesday. According to the Bretton Wood institution’s Africa Pulse report, the slow growth of the region is largely due to weak investment and productivity. The Bank said the downgrade to 2017 projections was due to various conditions, including the […]

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