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Egypt increases gas prices by 75%, part of austerity measures

The Egyptian government on Saturday raised gas prices for households and businesses by between 33.3 and 75 percent, the latest move in an IMF-backed austerity program signed in 2016 to revamp the North African nation’s ailing economy. The tough austerity measures have won praise from economists and business leaders but have come as a heavy […]

Ghana is open for business – President Akufo-Addo tells South Africans

Ghanaian President Nana Addo Dankwa Akufo-Addo on Thursday spoke at the Ghana-South Africa Business Forum, held in Pretoria, as part of his State Visit in South Africa. In his address at the forum, President Akufo-Addo said a strategic partnership between Ghana and South Africa is of the utmost importance, as it will empower the business […]

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IMF to consider bailout for debt-crippled Congo Republic

The Executive Board of the International Monetary Fund will examine Congo Republic’s request for a bailout on July 6, the international lender said on Wednesday. Oil-producing Congo owes creditors at least $9.14 billion, equivalent to about 110 percent of gross domestic product, according to the IMF, which is considering a bailout. The IMF said it […]

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Millions of Ghanaians not benefiting from booming economy—UN

The UN Special Rapporteur on extreme poverty and human rights said millions of people in Ghana are not benefiting from the country’s booming economy, but remain mired in poverty. This came in a report compiled after a 10-day fact-finding mission to Ghana in April by UN Investigator Philip Alston. The report was submitted to the […]

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South African firms urged to invest in public projects in Zambia

Zambia’s finance minister has urged South African firms to invest in roads and power plants in the Southern African nation after it suspended borrowing indefinitely. Zambia was expecting to secure a $1.3-billion loan from the International Monetary Fund this year, but the Washington-based lender is unhappy with the country’s borrowing plans. The IMF has rejected […]

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Ethiopia appoints new central bank governor

Ethiopia has appointed a new central bank governor on Monday amid major economic reforms spearheaded by the country’s new Prime Minister Abiye Ahmed. Yinager Dessie who has been serving as head of the National Planning Commission with the rank of a minister, will take over Teklewold Atnafu, according to Fana Broadcasting Corporation. Abiy Ahmed, 41, […]

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African nations at risk of debt distress despite growth – IMF

The International Monetary Fund on Tuesday warned that Sub-Saharan African nations are at growing risk of debt distress. This came in the IMF regional economic report and the outlook for Sub-Saharan Africa released on Tuesday. According to the Washington-based Fund, Sub-Saharan Africa’s rate of economic expansion would rise to 3.4 per cent this year, up […]

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Congo has “met” criteria for an IMF deal

Congo Republic over the weekend said it fulfilled the criteria for a deal with the International Monetary Fund (IMF) to revamp its debt-crippled economy. The Washington-based fund last year proposed a program to restore the macroeconomic stability of Congo. The Central African nation’s debt, which stood at $9.14 billion or around 110 percent of GDP, […]

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Algerian economy to improve in 2018—PM

Algeria’s economy will improve this year as revenue from the oil sector and natural gas picks up, Prime Minister Ahmed Ouyahia said on Saturday. Oil and natural gas exports of the OPEC member increased 25 percent to $7.1 billion in the first two months of 2018, up from $5.67 billion in the same period a […]

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Mauritania inks nearly $17 million loan agreement with IMF

The International Monetary Fund (IMF) has concluded an agreement of $16.56 million with Mauritania as the West African nation’s economic recovery has been confirmed with growth estimated at 3.5% in 2017 and 2018. According to the international lender, the Sahel nation’s international reserves reached $849 million at the end of 2017 and the budget achieved […]

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