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Congo: Prime Minister, Cabinet Resign amid Economic Turmoil

Congo’s Prime Minister Clement Mouamba on Thursday resigned along with the rest of his cabinet, days after veteran President Denis Sassou Nguesso called for new leadership. The Central African nation has been struggling with economic woes since the 2014 drop in oil prices as the drop reduced export revenues and increased public debt. In his […]

Tanzania’s first quarter growth slows to 5.7 %

Tanzania’s economic growth slowed to 5.7 percent in the first quarter of this year from 6.8 percent previously, the statistics office of the East African nation said on Thursday. Tanzania’s annual GDP growth rate averaged 7% over the past 5 years, making it one of the 20 fastest growing economies in the world and beating […]

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Mali: economy to post 5.3% growth in 2017

Malian economy is expected to grow by 5.3% this year and 5% the following year, the International Monetary Fund reported. These performances will be driven by the results recorded by the agricultural sector and by public expenditure in the West African nation, the Washington-based lender said. The inflation rate, meanwhile, is expected to reach 1% […]

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IMF approves $666 mln loan for Cameroon

The International Monetary Fund executive board on Monday approved a $666 million, three-year extended credit facility for Cameroon to support economic and financial reforms in the Central African nation. “Having initially shown resilience owing to its greater diversification, the Cameroonian economy is now facing decelerating growth, declining fiscal and external buffers, and rapidly-rising public debt,” […]

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France’s Macron meets with Alassane Ouattara, promises to boost ties

French President Emmanuel Macron on Sunday vowed to strengthen military partnership with Côte d’Ivoire, as he met with the west-African nation’s leader Alassane Ouattara at the Elysée Palace in France. While Côte d’Ivoire will join the UN Security Council in 2018, security and anti-terrorist issues have topped the agenda of the discussions between the two […]

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Cape Verde boosts economic ties with China

Chinese Foreign Minister Wang Yi this weekend announced major development projects in Cape Verde as the two nations are looking to further deepen bilateral ties. Visiting the West-African Archipelago, Wang Yi told reporters that the two countries agreed to work towards developing the Island’s marine economy. China welcomes Cape Verde to participate in the “Belt […]

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IMF team to visit DR Congo as economic crisis deepens

International Monetary Fund Managing Director, Christine Lagarde on Thursday proposed a visit of IMF officials in Democratic Republic of Congo to check the state of the central African nation’s economic crisis, the finance minister told Reuters. According to Finance minister Henri Yav, the head of the international lender addressed a letter to the Head of […]

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Ivory Coast to reduce 2017 Budget on low cocoa prices

Ivorian President Alassane Ouattara on Wednesday announced plans to cut the 2017 budget of the west-African nation by 10 percent due to a sharp drop in world prices of cocoa. According to Ouattara the decision to cut spending was taken during a visit this month by an International Monetary Fund delegation. “Excluding salaries, we were […]

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Algeria’s Foreign Exchange Reserves fall to $109 bln in February 2017

Algeria is on course of depleting its coffers as its foreign exchange reserves continue to dwindle to stand at $109 billion dollars at the end of last February, said governor of Algeria’s central bank, Mohamed Loukal. Battered by the slump in oil prices, Algeria’s reserves followed a decreasing trend from $194 billion in 2013, $178 […]

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Egypt: WB disburses $1 billion in financial assistance

The World Bank has allocated $1 billion in financial assistance to Egypt as the North African seeks to revive its ailing economy hit by the 2011 political upheaval. According to  Dr. Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti,  “The government [Egypt] has taken important steps in implementing key policy and institutional […]

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