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Zimbabwe lays off over 3,000 civil servants

zimbabThe government of Zimbabwe has laid off over 3000 workers, as President Emmerson Mnangagwa tries to make good on its promise to cut the bloated civil service. The move comes a month after the southern African nation’s Minister of Finance announced an intention to cut the salaries of cabinet ministers and senior civil servants by […]

IMF approves $76.3mln credit facility for Cameroon

The Executive Board of the International Monetary Fund (IMF) has completed the third review of the 3-year economic program (2017-19) under the Extended Credit Facility (ECF) for Cameroon and granted the country about $76.3 million. According to the Washington-based lender, it is crucial for Cameroon to address revenue shortfalls and contain investment spending in order […]

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Tunisia to receive $500 million Saudi loan

Saudi Arabia will give Tunisia a $500 million loan at a favorable interest rate, Reuters reported on Wednesday. According to Nourredine Ben Ticha, an advisor to the president, Tunisia will announce in a few days important deals with Saudi Arabia, including a loan with low interest rate, agreements on investment and other important details. Tunisia […]

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Kenya to raise $2.8 bln from Eurobond, loans

Kenya is looking forward to raise $2.8 billion from Eurobonds in the coming months. This will be Kenya’s third Eurobond quest since 2014. The country plans to raise $2.8 billion despite the International Monetary Fund’s concerns that the country is at risk of over-indebtedness. The Washington-based lender urged the state to refinance debt using concessional […]

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Ethiopia: France to back Prime Minister Abiy’s reforms

Ethiopia’s Prime Minister Abiy Ahmed met President Emmanuel Macron of France on Monday in Paris on his first official visit to Europe since taking office in April. President Macron praised the Ethiopian Prime Minister’s raft of reforms that have turned the region’s politics on its head. He vowed to back the reformist Prime Minister in […]

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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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Kenya’s external position is strong – IMF

The International Monetary Fund said Kenya’s external position is strong and it will continue to support its reform efforts through policy advice. Kenya secured a six-month extension for its stand-by credit arrangement of $989.8 million from the fund in March. The second review of the IMF-supported program has not been completed, and the program has […]

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