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Zambia admits serious financial difficulties due to Covid 19 pandemic

Having failed to meet a $42.5 million payment due to its Western creditors in October, Zambia acknowledges that it has serious cash flow problems, but says it is not in default. Lusaka explains that it “All creditors must be treated fairly,” according to Zambian Central Bank Governor Christopher Mvunga. Zambia had only $36 million available […]

DRC: Mining contracts have been published as requested by the International Monetary Fund

The various memorandum of understanding and mining contracts required by the International Monetary Fund have been published. They both concern Sokimo and Miba. These contracts were signed under the chairmanship of Felix Tshisekedi. Their publication was a prerequisite for the opening of negotiations to sign a three-year plan with the IMF. What do these contracts […]

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Coronavirus: South African economy highly affected

It is a figure that confirms South Africa’s difficulties. In the second quarter of this year, gross domestic product collapsed by 51%. This is unprecedented in the history of the continent’s most developed economy. Although activity has been picking up since June, it remains an unprecedented crisis with a recession for the whole year estimated […]

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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: Tunisia tourism could lose $1.4bln

In Tunisia, the tourism sector could lose $1.4 billion and 400,000 jobs this year due to the new coronavirus pandemic, local media reported. In a letter sent to the International Monetary Fund (IMF), Tunisia’s central bank governor and finance minister said the country’s economy would shrink by up to 4.3%. “We are working with partner […]

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Ghana asks China to step up on Africa debt relief

China must do more to help ease the debt burden of African countries facing economic calamity as a result of the coronavirus pandemic, Ghana’s finance minister, Ken Ofori-Atta said on Monday. According to Ken Ofori-Atta, Europe may also need to offer special drawing rights – a form of foreign exchange reserves managed by the International […]

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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 […]

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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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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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