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IMF cuts South Africa’s growth as Lagarde meets Ramaphosa

IMF chief Christine Lagarde has met South African Deputy President Cyril Ramaphosa in Davos on Wednesday on the sidelines of the World Economic Forum. The meeting comes a day after the Washington-based lender revised downwards South Africa’s economic growth because of rising political uncertainty. The IMF projects the country’s economy to grow by 0.9% over […]

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Côte d’Ivoire: Gunfire at military camps in Bouake

Heavy gunfire erupted at two military barracks in Côte d’Ivoire’s second largest city, Bouake, local media reported late on Tuesday. Early last year, Côte d’Ivoire was shaken by successive uprisings by low-ranking troops. Bouake was the epicenter of the army mutinies. The mutineers are understood to mainly be former rebels who were integrated into the […]

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Oil-dependent Gabon economy grew 0.8% in 2017 – IMF

The International Monetary Fund on Thursday downgraded Gabon’s economy growth forecast of 2017 form 1 percent to 0.8 percent. The international lender expects growth to rebound to 2.7 percent next year due to recovering oil prices. The central African oil-rich nation has been hard hit by a more than 50-percent drop in oil prices since […]

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IMF says more work needed before Congo’s debt-plagued economy bailout

The International Monetary Fund (IMF) has concluded its negotiation mission in Congo without reaching an agreement on an assistance package, the Washington-based international lender said in a statement. The IMF said it was encouraged by Congo’s draft 2018 budget and the progress made in formulating medium-term macroeconomic and structural policies it could support, but more […]

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Senegal: IMF forecasts stronger growth for third year in a row

Senegal’s GDP growth is expected to exceed 6 percent in 2017, mainly driven by services, tourism and agriculture, the International Monetary Fund said in a statement on Monday. The country is among the fastest growing economies in Africa. In 2016, Sub-Saharan economy grew by 6.6%. According to the IMF’s estimates, real GDP is expected to […]

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Tanzania: Lack of public spending curtailing economic growth – IMF

The International Monetary Fund (IMF) on Wednesday called on Tanzanian authorities to speed up reforms to prevent a slowdown of the economy of the East African nation. The Tanzanian economy slowed down to 6.8 per cent between January and June, compared with 7.7 per cent over the same period last year. Tanzania is Africa’s fourth-largest […]

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IMF Greenlights Disbursment of $2 Bln to Egypt

After a review of Egypt’s economic reforms, the IMF said it has agreed to the disbursement of a $2bn loan –part of the $12bn extended facility negotiated last year with Cairo. “The staff-level agreement is subject to approval by the IMF’s Executive Board Completion, upon which Egypt will receive the third tranche of $2 billion […]

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Ethiopia devalues Birr to cope with foreign currency crunch

The National Bank of Ethiopia (NBE) on Tuesday announced a devaluation of the country’s currency, the birr by 15% in a bid to cope with the serious foreign currency crunch it has faced. According to the reserve bank, along with the devaluation, interest rates on deposits have been increased by 2% to stand at 7%. […]

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Ghana extends IMF credit Facility program to 2019

The Government of Ghana, on Wednesday, extended the credit facility program with the International Monetary Fund (IMF) by a year following a conclusion of an assessment of the fourth review of the Extended Credit Facility by the Washington-based international lender. The IMF board has also approved a $94 million disbursement following the program extension. Ghana’s […]

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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 […]

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