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DRC to review its 2020 budget because of the coronavirus

“We’re an extroverted economy. This means that our exports and imports are more difficult to do today than they were yesterday. So that means, as a result, our revenues are also declining very rapidly,” This declaration is from the Prime Minister of the Democratic Republic of Congo. Sylvestre Ilunga Ilunkamba made this declaration when he […]

IMF helps Ghana face economic fallout

As growth falters and the government’s financing needs expand, Ghana received an aid from the International Monetary Fund. The West African country which was promoting a big project called Ghana Beyond Aids could not face along the impact of the new pandemic on its economy. The IMF has approved a $1 billion (910-million-euro) aid package […]

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COVID-19: Africa records 59,393 cases, curfews extended, funds set up to fight the outbreak

Africa has now more than over 59,390 confirmed cases of coronavirus across the continent, according to the latest data by the John Hopkins University and Africa Center for Disease Control. The continent has rising cases with only three countries holding out as of April 6. Nigeria, Africa’s biggest nation, has 209 confirmed cases of coronavirus […]

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Humanitarian Crisis: Zimbabwe needs aid urgently—IMF

The International Monetary Fund has warned that Zimbabwe needs urgent aid as the coronavirus exacerbates the impact a food shortage following the worst drought in nearly four decades. In a statement released on Friday, IMF executives said with another poor harvest in 2020, Zimbabwe’s projected economic growth would likely drop to 0%. The Washington-based institution […]

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Ethiopia secures $3 bln funding from World Bank

Ethiopia’s Prime Minister Abiy Ahmed on Friday announced the Horn of Africa nation had got $3 billion funding from the World Bank. The World Bank funding announcement comes two days after the International Monetary Fund said it had reached a preliminary agreement for a $2.9 billion financing package to back the country’s complex economic reforms […]

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IMF resumes lending program with DR Congo

It’s official. The government of Democratic Republic of Congo can now borrow money from the International Monetary Fund. The two parties last weekend agreed to a financial assistance package that would allow the IMF to resume lending to Congo for the first time since 2012. The IMF suspended its last financial aid to Congo, a […]

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IMF unveils a new loan tranche of $34.6 million for Togo

The Executive Board of the International Monetary Fund (IMF) has approved a new three-year arrangement for Togo under the Extended Credit Facility (ECF). The $ 34.6 million loan will support the country’s economic and financial reforms. The disbursement of the US $34.6 million, brings the total disbursements under the arrangement to about US$207.8 million, according […]

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Burkina Faso: IMF approves $25 million credit facility

The Executive Board of the International Monetary Fund (IMF) last weekend completed the second review of Burkina Faso’s economic performance under a three-year program supported by the IMF’s Extended Credit Facility (ECF).   According to the board of the international lender, the West African nation will receive about US$25 million, bringing total disbursements under the […]

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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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Rwanda’s economy to grow by 7.2% in 2018 – IMF

Rwanda’s economy is expected to grow by 7.2 percent this year the International Monetary Fund (IMF) said. According to the Washington-based lender, growth averaged 8.6 percent in the first half of 2018 and, despite a temporary deceleration in the second quarter, it remains in line with projections for 7.2 percent for the year. The projected […]

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