IMF disburses $245m loan tranche to Tunisia
The International Monetary Fund last weekend approved the payment of a $245 million loan tranche to Tunisia as the North African nation is making urgent economic reforms, Reuters reported. Under a deal reached in 2016, IMF was to assist Tunisia with a four-year loan program worth about $2.8 billion, tied to economic reforms aimed at […]
Tunisia needs $2.53 bln in external financing next year
Tunisian government needs around $2.53 billion in external financing in 2019 and plans to issue $1 billion in bonds next month to help cover 2018’s deficit, a senior official told Ruters news agency on Thursday. According to Reuters, the sale will be early October. The North African country hopes to have secured by then approval […]
Kenya’s external position is strong – IMF
The International Monetary Fund said Kenya’s external position is strong and it will continue to support its reform efforts through policy advice. Kenya secured a six-month extension for its stand-by credit arrangement of $989.8 million from the fund in March. The second review of the IMF-supported program has not been completed, and the program has […]
Tunisia raises fuel prices, 4th hike this year
Tunisia has raised fuel prices over the weekend by 4 percent, the fourth hike this year, as the government seeks to cut budget deficit, a key requirement of international lenders. According to a statement issued by the Ministry of Industry Saturday, the price of one liter of fuel rose to 1.985 Tunisian dinars compared to […]
Congo seeks Beijing’s help on IMF bailout accord
President of the Republic of Congo Denis Sassou Nguesso will seek Chinese support for its negotiations with the International Monetary Fund about a bailout, a government spokesman told Bloomberg. According to Thierry Moungala, Brazzaville will solicit China’s support during the China-Africa Cooperation Forum to be held in Beijing September 3 to 4. Congo is seeking […]
Zimbabwe: Civil servants reject salary increase
Zimbabwe’s public sector staffs have rejected a salary increment of 15 percent proposed by the government. The main public sector union on Tuesday said it wants wages for the lowest paid employees to more than double. President Emmerson Mnangagwa’s government on Monday increased the pay offer to civil servants from 10 to 15 percent as […]
Nigeria oil reform bill to establish powerful industry regulator
Nigeria’s government under a legislation—known as the Petroleum Industry Bill (PIB)—will soon create a powerful energy regulator with broad oversight of the oil and gas sector, local media reported. The governance part of the bill was passed by both houses of parliament earlier this year. According to Reuters, the draft laws, posted on the Nigerian […]
African nations at risk of debt distress despite growth – IMF
The International Monetary Fund on Tuesday warned that Sub-Saharan African nations are at growing risk of debt distress. This came in the IMF regional economic report and the outlook for Sub-Saharan Africa released on Tuesday. According to the Washington-based Fund, Sub-Saharan Africa’s rate of economic expansion would rise to 3.4 per cent this year, up […]
Kenya’s economic growth to rebound in 2018
Kenya’s economy is expected to grow 5.8 percent this year compared with an estimated 4.8 percent in 2017, thanks to drought cut and less political risk after last year’s presidential election, Finance Minister Henry Rotich said on Wednesday. According to Rotich, the economy of the East African nation will benefit from increased investment in key […]
Congo has “met” criteria for an IMF deal
Congo Republic over the weekend said it fulfilled the criteria for a deal with the International Monetary Fund (IMF) to revamp its debt-crippled economy. The Washington-based fund last year proposed a program to restore the macroeconomic stability of Congo. The Central African nation’s debt, which stood at $9.14 billion or around 110 percent of GDP, […]
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