First Independent Mena Newspaper
There will be “a very strong focus on the African continent” during the annual meeting of the World Bank Group (WB) and the International Monetary Fund (IMF) in Morocco, in October, IMF’s chief said in a recent interview with CNN, adding that the timing is ripe as countries on the continent grapple with sluggish growth, […]
Tunisia is now the African country facing the highest default risk as the government remains reluctant to implement reforms to be eligible for an IMF package of $2 billion. With one of the world’s highest wage bills in terms of percentage to GDP, Tunisia under autocratic president Kais Saied, is unwilling to implement painful reforms […]
The China Development Bank (CDB) and the African Export-Import Bank (Afreximbank) inked Monday August 28 a $400-mllion loan to be used to support the financing of small and medium-sized enterprises (SMEs) across Africa. President of CDB, Mr. Tan Jiong, and President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, signed the […]
Morocco will start offering direct financial aid to poor families before the end of the year as part of a program to foster social safety nets, head of the Moroccan government Aziz Akhannouch said. Speaking at the first cabinet meeting after the summer break, Akhannouch said the government would distribute the aid on the basis […]
The European Bank for Reconstruction and Development (EBRD) announced on Wednesday it has launched the second phase of its “Star Venture” program to support the growth of 8 Moroccan startups. The program, financially supported by Korea, aims to identify high-potential startups and mobilize global expertise to help them develop rapidly, the EBRD said in a […]
African nations must flee from the subtle recolonization tactics being pursued through the “honeyed policy shackles” of the International Monetary Fund, World Bank and the United Nations dogma, according to Nigeria’s former president, Olusegun Obasanjo. Yet, he has also attributed the continent’s rising poverty and underdevelopment to poor leadership, bad governance, and massive corruption by […]
Tunisia’s Agriculture ministry announced Wednesday August 16 several financing plans for small farmers to the tune of $9 million in view of supporting the sector. The financing will come from State-run Banque Tunisienne de Solidarité (BTS), as result of the agreement with the agriculture department, “Tunisie Numerique” reports. The bank per the deal will provide […]
Gabon has converted $163 million, a third of its debt, into funds to protect its oceans, US-based NGO The Nature Conservancy (TNC) and the Government of the central African country said Tuesday August 15. The swap operation marks “the start of a 15-year conservation project… to help Gabon finance ocean protection and management for 30 […]
Mastercard has acquired a minority stake in the fintech subsidiary of South African telecommunications giant MTN in a deal valued at a whopping $5.2 billion, whereby the partnership will see Africa’s biggest mobile company to strategically leverage the US giant’s technology for its payments and remittance expansion in the continent. By snapping up the minority […]
The International Monetary Fund (IMF) has slammed African central banks for their misguided currency regulation, especially with regard to the ineffective disposal of their foreign exchange reserves. In particular, the IMF has scrutinized the African central banks’ rigid exchange rate regulations, criticizing them for disposing of their foreign exchange reserves in an ineffective attempt to […]