Largest Africa Economies Need More Growth to Cut Joblessness

Largest Africa Economies Need More Growth to Cut Joblessness

LAGOS (Capital Markets in Africa) – A surge in agriculture has helped lift Africa’s biggest economies out of their slumps, but the recovery may be weak. Gross domestic product in Nigeria, the continent’s largest crude producer, advanced for the first time in six quarters in the three months ended June from a year earlier, growing 0.55 percent, the statistics agency said. In South Africa, GDP expanded 2.5 percent from the previous quarter, ending the second recession in almost…

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Moody’s affirms Egypt’s B3 rating; maintains stable outlook

Moody’s affirms Egypt’s B3 rating; maintains stable outlook

CAIRO (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the Government of Egypt’s long-term issuer and senior unsecured bond ratings at B3. The outlook remains stable. The rating affirmation is based on Moody’s view that the B3 rating appropriately captures Egypt’s credit risk profile. Very weak government finances will continue to constrain the rating pending further clarity on the sustainability and impact of the reform programme. While Egypt’s external liquidity position has…

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Egypt Weighs $4 Billion Eurobond Sale in January, Official Says

Egypt Weighs $4 Billion Eurobond Sale in January, Official Says

CAIRO (Capital Markets in Africa) – Egypt plans to return to the international debt markets in January to raise as much as $4 billion to fund the budget deficit, a Finance Ministry official said. The ministry may approach investment banks to select advisers for the possible sale within three months, the official told Bloomberg on condition of anonymity because the plans have yet to be finalized. The amount and the timing would depend on market…

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Egypt’s Quarterly Tourism Revenue Triples as FX Crisis Eases

Egypt’s Quarterly Tourism Revenue Triples as FX Crisis Eases

CAIRO (Capital Markets in Africa) – Egypt’s tourism receipts almost tripled and worker remittances rose in the last three months of its fiscal year, marking another step in the country’s economic recovery from a crippling dollar shortage. Tourism revenue rose to $1.5 billion in the fourth quarter that ended June 30, from $510 million in the same period a year ago, according to initial central bank data that it shared with Bloomberg. Full-year receipts rose 16…

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Egypt Got $40 Billion in Investments, Transfers Since Float

Egypt Got $40 Billion in Investments, Transfers Since Float

CAIRO (Capital Markets in Africa) – Egypt has received $40 billion in investments and transfers from abroad since floating its currency in November and securing the largest International Monetary Fund loan to a Middle East nation. The funds include receipts from exports, investors selling dollars to buy Egyptian assets, and the exchange of dollars for Egyptian pounds, either on the local market or through remittances, central bank sub-governor Rami Aboul Naga said on Thursday. The figure does not include financing Egypt…

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Egypt Inflation Rate Surges to Record After Subsidy Cuts

Egypt Inflation Rate Surges to Record After Subsidy Cuts

CAIRO (Capital Markets in Africa) – Egypt’s urban annual inflation rate accelerated in July to its highest level in decades, fuelled by a new round of subsidy cuts ordered under the government’s economic reform program. Annual consumer prices in urban areas climbed 33 percent, up from 29.8 percent in June, according to the state-run CAPMAS statistics agency. The month-on-month rate accelerated to 3.2 percent from 0.8 percent in June. Fuel and electricity price increases went into effect at…

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Egypt Moves to End State Monopoly of Natural Gas Market

Egypt Moves to End State Monopoly of Natural Gas Market

CAIRO (Capital Markets in Africa) – Egypt is opening the door to private participation in its natural gas sector, moving to end the state’s monopoly as it pushes ahead with reforms meant to encourage investment and revive the economy. The new law signed by President Abdel-Fattah El-Sisi sets up a natural gas regulatory authority charged with licensing and devising a plan to open the gas market to competition. It also allows for the eventual import of natural…

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