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Nigeria to raise $700 mln from international sources

The Debt Management Office (DMO) of Nigeria on Tuesday said it expects to raise $700 million from international sources as part of a $3.5 billion in borrowing for the 2017 budget. Late last year, Nigerian lawmakers approved the government’s $74 billion expenditure plan for the next three years. President Muhammadu Buhari’s administration has proposed a […]

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Chad cancels plans to cut civil servants’ salaries

The Chadian government has decided to suspend a controversial cut in the salaries of civil servants, Prime Minister Albert Pahimi Padacké said on Wednesday. The government U-turn comes after labor unions in the central African nation have reacted angrily to the government’s plan to slash civil servants’ salaries. According to a decree signed early January […]

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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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Sudan inks agreement with Saudi Arabia to restore banking ties

Sudan and Saudi Arabia will soon re-establish banking relations, to help restore confidence in Sudan’s economy after the lifting of U.S. economic sanctions, the state-run news Agency, SUNA, reported. According to SUNA, the two nations have signed an agreement in Riyadh to allow banking transactions between the two countries. United States has lifted decades-old sanctions […]

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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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South Sudan: UNHCR chief calls for action against drivers of the war

UN High Commissioner for Refugees Filippo Grandi on Wednesday urged the international community to act quickly against those who ignite the South Sudan conflict, as the world’s youngest nation needs $1.7 billion in aid next year to help 6 million people, i.e. half its population. According to Grandi, “Pressure must be brought to bear on […]

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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 chief Lagarde visits Benin, forecasts 6% growth in 2018

Managing Director of the International Monetary Fund, Christine Lagarde, has started an African tour in Benin on Monday. Lagarde who spoke in a joint press conference with the Beninese President Patrice Talon in the economic capital Cotonou, said the IMF expects a growth rate of 6% for Benin in 2018. Growth was about 4 percent, […]

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