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Ethiopia secures $3 bln funding from World Bank

Ethiopia’s Prime Minister Abiy Ahmed on Friday announced the Horn of Africa nation had got $3 billion funding from the World Bank. The World Bank funding announcement comes two days after the International Monetary Fund said it had reached a preliminary agreement for a $2.9 billion financing package to back the country’s complex economic reforms […]

IMF resumes lending program with DR Congo

It’s official. The government of Democratic Republic of Congo can now borrow money from the International Monetary Fund. The two parties last weekend agreed to a financial assistance package that would allow the IMF to resume lending to Congo for the first time since 2012. The IMF suspended its last financial aid to Congo, a […]

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IMF unveils a new loan tranche of $34.6 million for Togo

The Executive Board of the International Monetary Fund (IMF) has approved a new three-year arrangement for Togo under the Extended Credit Facility (ECF). The $ 34.6 million loan will support the country’s economic and financial reforms. The disbursement of the US $34.6 million, brings the total disbursements under the arrangement to about US$207.8 million, according […]

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Burkina Faso: IMF approves $25 million credit facility

The Executive Board of the International Monetary Fund (IMF) last weekend completed the second review of Burkina Faso’s economic performance under a three-year program supported by the IMF’s Extended Credit Facility (ECF).   According to the board of the international lender, the West African nation will receive about US$25 million, bringing total disbursements under the […]

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IMF approves $76.3mln credit facility for Cameroon

The Executive Board of the International Monetary Fund (IMF) has completed the third review of the 3-year economic program (2017-19) under the Extended Credit Facility (ECF) for Cameroon and granted the country about $76.3 million. According to the Washington-based lender, it is crucial for Cameroon to address revenue shortfalls and contain investment spending in order […]

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Rwanda’s economy to grow by 7.2% in 2018 – IMF

Rwanda’s economy is expected to grow by 7.2 percent this year the International Monetary Fund (IMF) said. According to the Washington-based lender, growth averaged 8.6 percent in the first half of 2018 and, despite a temporary deceleration in the second quarter, it remains in line with projections for 7.2 percent for the year. The projected […]

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Ghana: Private sector jobs hit 208,620 in 2018 – Finance Minister

The private sector in Ghana has created more than 208,000 jobs in 2018, Finance Minister Ken Ofori-Atta, said on Thursday during his third major budget presentation before the Parliament. The Finance Minister said he culled the data from the Social Security and National Insurance Trust (SSNIT), which collects pension contributions for employees within the formal […]

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EU to provide €100 million to Somalia

The EU and Somalia signed Sunday (Oct. 14) an agreement to provide €100 million to the Somali budget over the next two and a half years. These funds will support the Federal Government’s reforms to build a unified, federal state. Somalia is on a positive track towards stability and growth. The EU’s move to budget […]

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IMF cuts Ghana’s 2018 GDP growth to 6.3%

The International Monetary Fund (IMF) has revised downwards its earlier 6.8 per cent Gross Domestic Product (GDP) projection for Ghana economy 2018 to 6.3 per cent. In its latest World Economic Outlook Report on World Economy and Financial Surveys, the Washington-based fund said the economic growth will, however, be higher at 7.6 per cent in […]

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Nigeria: Buhari asks lawmakers to approve $2.79 bln Eurobond

Nigerian President Muhammadu Buhari on Tuesday asked lawmakers to approve the issuance of a $2.79 billion Eurobond. According to Buhari, the Eurobond will help Africa’s most populous nation implement its new external borrowing that had already been approved in the 2018 budget to help cope with the budget deficit and fund infrastructure projects. In its […]

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