insert_link Africa Ethiopia Secures $3.4 Billion IMF Agreement Amid Currency Reforms Ethiopia has reached an agreement with the International Monetary Fund for a new $3.4 billion financing program, as announced by the IMF on Monday says Reuters. This agreement follows Ethiopia's decision to float its birr currency, a significant move aimed at securing IMF support and advancing a long-overdue debt restructuring process. The country, grappling with high inflation and persistent foreign currency shortages, became the third African economy to default on […] today30 July, 2024
insert_link Business / Economics IMF projects Namibia’s GDP growth to slow to 3.6% in 2024 The International Monetary Fund forecasts that real GDP growth in Namibia will slow to 3.6% in 2024, owing to global macroeconomic headwinds and tight monetary conditions. The fund released its World Economic Outlook Update on 16 July 2024. Similarly, the African Development Bank forecasts a decline in GDP to 3.3% for both 2024 and 2025, driven by weak global demand and a contraction in agriculture. today17 July, 2024
insert_link Africa Kenya protests show citizens don’t trust government with their tax money: can Ruto make a meaningful new deal? By Eric Magale, University of Pretoria and Mario Schmidt, Max Planck Institute for Social Anthropology Each year, the Kenyan government tables a finance bill outlining measures for funding the national budget. In the past, these bills have scarcely attracted public attention. This changed dramatically in 2023, with President William Ruto’s first budget following his election victory the year before. Ruto inherited an economy battling […] today17 July, 2024
insert_link Business / Economics Namibia Ranks 9th in Africa for AI Readiness, IMF Report Reveals According to the 2024 report by the International Monetary Fund, Namibia ranks 9th on the African continent in terms of preparedness for the adoption of Artificial Intelligence.Local Digital Expert Nrupesh Soni weighs in. today17 July, 2024
insert_link Africa Tunisia sets date for Presidential election Tunisia is set to hold presidential elections on Oct. 6, a vote that may prove a litmus test for democracy in the North African country whose populist leader has seized sweeping powers and cracked down on dissent. The state-run TAP news agency reports that President Kais Saied issued an order Tuesday setting the date, with the election commission due to convene later this week to approve a calendar and rules for candidates. […] today3 July, 2024
insert_link Africa Zambia gets funds from IMF as drought takes toll The International Monetary Fund has agreed to immediately disburse $569.6 million to Zambia, boosting the country’s foreign exchange reserves as it deals with its worst drought in almost 60 years. Bloomberg reports that the money includes an augmentation of $385.7 million. The funds will assist Zambia’s drought relief measures. today27 June, 2024
insert_link Africa Zambia begins debt restructuring process Zambia’s international bondholders should quickly complete the restructuring of the notes after the government announced the start of the process, says International Monetary Fund Managing Director Kristalina Georgieva. Bloomberg Africa reports that the government of Africa’s first pandemic-era sovereign defaulter will meet eurobond investors on June 4th to ask them to approve exchanging what’s grown to almost $3.9 billion of debt for new instruments. today14 May, 2024
insert_link Business / Economics 22 April 2024 Morning Biz News: MortgageMarket Expands Horizons: Launches Operations in Namibia, Spearheading Accessible Home Loans Beyond South Africa MortgageMarket, a pioneering online home-loan marketplace platform based in South Africa, has embarked on an ambitious expansion strategy by launching operations in Namibia. Founded in 2019 by Tim Akinnusi, a seasoned banking executive, the platform has revolutionized the process of securing financing for property acquisitions, catering to the needs of customers, property developers, and estate agents alike. The move into Namibia marks a significant milestone for MortgageMarket, as it extends […] today22 April, 2024
insert_link Africa Kenya’s shilling is gaining value, but don’t expect it to last – expert By Odongo Kodongo, University of the Witwatersrand Shortly after Kenya’s 2022 elections, the shilling depreciated rapidly against the US dollar – the country’s main currency for international transactions – fuelling a wave of political discontent. More than a year later, the Central Bank of Kenya, taking its cue from the International Monetary Fund, said that the run on the shilling was a market correction for a […] today17 April, 2024
