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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 […]

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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Ghana to adopt new tax collection system as it exits IMF

The Ghanaian Revenue Authority (GRA) has been asked to put in place an effective tax collection system to make it easier for those in the informal sector to pay their taxes as the gold-rich nation plans to exit from the International Monetary Fund. According to Bloomberg, the West African nation needs to increase revenue as […]

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São Tomé and Príncipe gets $10 million boost from the World Bank

The World Bank will provide about $10 million to finance social projects in São Tomé and Príncipe. The projects will help the West African archipelago reduce social inequalities and fight poverty in the next 5 years, Éric Sapatéro, a World Bank official said. Half the amount will finance social housing projects, while the other five […]

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Sierra Leone: 16 candidates eyeing country’s top job

Voters in Sierra Leone will head to the polls on Wednesday to choose a replacement for President Ernest Bai Koroma, who is stepping down after 10 years as president, and to elect a new parliament. Sixteen candidates are contesting the presidential elections while 789 candidates are competing for the 144 seats of the parliament. Voters […]

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South Africa’s new president vows to fight corruption

South Africa’s vice-President Cyril Ramaphosa was sworn in as head of state on Thursday, a day after corruption-plagued Jacob Zuma resigned as President of the African most industrialized nation. Immediately after the swearing-in ceremony, the former union leader, vowed to fight corruption in a direct reference to accusations levelled against his predecessor, Jacob Zuma. He […]

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Ghana has ‘no reason’ to return to IMF – President Nana Akufo-Addo

Ghana’s President Nana Akufo-Addo said in his annual state of the nation speech on Thursday that his government had buckled down on mismanagement and will not return to the International Monetary Fund for help. According to Akufo-Addo, the macroeconomic fundamentals are solid and all the critical indices are pointing the West African nation’s economy in […]

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Nigeria to raise $2.5 billion through Eurobonds

Nigeria will raise $2.5 billion through Eurobonds in the first quarter, the Debt Management Office (DMO) said on Thursday. According to the head of the DMO, Patience Oniha, the country will also try to get back into the JP Morgan Government Bond Index (GBI-EM), with improving liquidity in the local currency market. The African most […]

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