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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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Chad: Idriss Deby sacks finance minister amid oil-for-cash loans saga

Chad: Idriss Deby sacks finance minister amid oil-for-cash loans saga

Chad’s President Idriss Deby, on Thursday, sacked Finance Minister Christian Georges Diguimbaye and his deputy, Banata Tchalet Sow. Diguimbaye was replaced by Abdoulaye Sabre Fadoul, the minister-secretary general of the government in charge of institutional reform, who will serve as interim finance minister. The move of President Idriss Deby comes at a time the central […]

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Nigerian economy grows 1.4% in Q3 2017

Africa’s largest economy grew 1.4 percent year-on-year in the third quarter, the statistics office said on Monday.Data published by Nigeria’s National Bureau of Statistics (NBS) on Monday shows that the economy grew 1.4 in the third quarter of 2017. The new growth signals the start of a permanent turnaround in the country’s economic fortunes after […]

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Cameroon to issue 10 billion CFA francs in treasury bills

The Cameroonian government on Wednesday, returned to the regional market of the Bank of Central African States (BEAC) to raise a 10 billion CFA francs loan. The treasury bills will have maturity of 13 weeks, officials said. Since the beginning of this year, this is the first issue of T-Bills, over 7 billion CFA francs. […]

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Malawi’s economic growth to exceed 5.5 % in 2017 – President

Malawi’s 2017 economic growth will exceed 5.5 percent, President Peter Mutharika said on Friday. The expansion of the southern African nation’s economy would beat the forecast of 5 percent GDP growth of the International Monetary Fund. According to the Finance Minister, the economy was driven by continued favorable weather conditions and a bumper crop of […]

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Africa’s intra-trade reaches 13% – UNECA

Trade among African countries accounts for only 13% of the continent’s overall trade, the United Nations Economic Commission for Africa said on Wednesday. The commission made the statement during a business Forum in Malabo, Equatorial Guinea, where economists have gathered to explore ways that can contribute to the continent’s industrialization. Increasing inequality and youth unemployment […]

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