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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 […]

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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IMF disburses $245m loan tranche to Tunisia

The International Monetary Fund last weekend approved the payment of a $245 million loan tranche to Tunisia as the North African nation is making urgent economic reforms, Reuters reported. Under a deal reached in 2016, IMF was to assist Tunisia with a four-year loan program worth about $2.8 billion, tied to economic reforms aimed at […]

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Tunisia needs $2.53 bln in external financing next year

Tunisian government needs around $2.53 billion in external financing in 2019 and plans to issue $1 billion in bonds next month to help cover 2018’s deficit, a senior official told Ruters news agency on Thursday. According to Reuters, the sale will be early October. The North African country hopes to have secured by then approval […]

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Tunisia raises fuel prices, 4th hike this year

Tunisia has raised fuel prices over the weekend by 4 percent, the fourth hike this year, as the government seeks to cut budget deficit, a key requirement of international lenders. According to a statement issued by the Ministry of Industry Saturday, the price of one liter of fuel rose to 1.985 Tunisian dinars compared to […]

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Congo seeks Beijing’s help on IMF bailout accord

President of the Republic of Congo Denis Sassou Nguesso will seek Chinese support for its negotiations with the International Monetary Fund about a bailout, a government spokesman told Bloomberg. According to Thierry Moungala, Brazzaville will solicit China’s support during the China-Africa Cooperation Forum to be held in Beijing September 3 to 4. Congo is seeking […]

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Ethiopia inks $1 bln World Bank deal to support reforms

The new reformist Prime Minister of Ethiopia Ahmed Abiy has secured a $1 billion deal from the World Bank to continue the ongoing reforms in the Horn of Africa nation. The deal with the global financial institution had been reached because “of the reforms taking place in the country,” Abiy told the press in Addis […]

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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 […]

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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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