The IMF announced this week that it approved $4.7 billion (€3.7 billion) in emergency assistance in response to Covid-19 to South Africa. The country had been refusing IMF assistance for more than 25 years. But South Africa is the worst affected country in Africa with nearly 450,000 cases and 6,700 deaths, according to a latest […]
In Gabon, because of the Covid-19 pandemic, the government has decided to revise its 2020 budget downwards. As Gabon’s finance law is based on the price of raw materials, especially oil and manganese, Libreville has reduced its forecast of oil prices from $57 a barrel to $30. The ton of manganese would lose 28% of […]
“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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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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