First Independent Mena Newspaper
Ghana’s cedi slumped over the last three days to become the world’s worst-performing currency this year as investors continued to squeeze foreign capital into the West African country. The currency of the world’s second-biggest cocoa producer depreciated as much as 3.3%, which took its losses this year to more than 45%, the most among 148 […]
The effects from the COVID-19 pandemic aftershocks and the Ukrainian crisis have led to rising commodity prices, surging inflation, and shifts in the global financial situation that have transformed African trade and production capabilities, according to the latest figures published by the International Monetary Fund (IMF). After over-performing in its post-pandemic recovery in 2021, Africa’s […]
Sub-Saharan Africa’s economic activity is expected to slow significantly in 2022 and remain relatively modest in 2023 and looking ahead, the outlook remains highly uncertain, the International Monetary Fund (IMF) said in its latest Regional Economic Outlook for Sub-Saharan Africa. A downturn in advanced economies and emerging markets, tighter financial conditions, and volatile commodity prices, […]
Egypt has announced a deal with the International Monetary Fund (IMF) on policies and economic and structural reforms for the country’s new economic reform program, amid talks for a new loan program. Egyptian authorities announced the success of technical meetings held between an Egyptian delegation and the director and experts of the IMF, saying the […]
Debt restructuring efforts for Chad and Zambia could be completed by the end of the year, which would pave the way for more countries to seek help, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said. Speaking with civil society groups at the start of the annual IMF and World Bank meetings, Georgieva said a […]
Morocco’s economic growth is expected to slow down to 0.8% in 2022 due to adverse international juncture and rebound to 3.1% the following year, says the International Monetary Fund (IMF) in its latest World economic outlook. Inflation is expected to reach in the country 6.2% this year before decreasing to 4.1% in 2023, adds the […]
Ghana is a classic case of emerging economies in Africa and other parts of the world who have been caught in a perfect storm and are struggling to service their foreign currency denominated loans owing to a strengthening US dollar, rising global interest rates and that is made worse by their excessive borrowing. Ghana is […]
Zambia had launched talks with Saudi Arabia to secure “cheap oil” supplies, while also seeking support from the International Monetary Fund (IMF). Zambian Minister of Energy Peter Kapala noted an attempt at a deal with Saudi Arabia by the previous government, but said there was a change of approach. Rather than buying the petroleum goods […]
Several African leaders have slammed wealthy countries responsible for most CO2 emissions for their absence at the Africa Adaptation Summit that was held in Rotterdam (5 September). Speaking at the Africa Adaptation Summit in the Dutch port city, which comes two months before the crucial COP27 climate conference in Egypt in November, Senegalese President and […]
Zambia, the first African country to default on its debt in the COVID-19 era, has won International Monetary Fund board approval for a $1.3bn support package, an important step towards the nation restructuring its debt and a boost for the global effort to help indebted developing nations. The lending plan — an Extended Credit Facility […]