The Editorial Team |

Paris Club Debt Delays Reach $1.3 Billion For 18 Countries

LAGOS (Capital Markets in Africa) — The Paris Club has waived $1.3 billion in debt payments for 18 of the world’s poorest countries to help them free up resources to battle the coronavirus pandemic. So far, 32 of the 73 countries eligible for relief have requested a suspension of payments until the end of the year, the club, an informal grouping of 22 country lenders, said Tuesday in a statement. The suspension is part of…

Saudi Prince Calls OPEC Laggard Nigeria Amid Push for Oil Cuts

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LAGOS (Capital Markets in Africa) — Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member Nigeria as the organization strives to deliver production cuts aimed at bolstering global crude markets. Saudi Crown Prince Mohammed bin Salman and Nigerian President Muhammadu Buhari discussed “ways of cooperation to enhance the stability” of the market during a phone call on Monday, the state-run Saudi Press Agency reported. It’s unusual for the prince, who is effectively the…

Angola Prosecutor Seeks Seven-Year Jail Term for Ex-Leader’s Son

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ANGOLA (Capital Markets in Africa) — Prosecutors are demanding a jail term of at least seven years for Jose Filomeno dos Santos, the son of Angola’s former president, who is accused of taking part in an illegal $500 million transfer before his father stepped down in 2017, state-owned news agency Angop said. Jose Filomeno, also known as Zenu, is the most high-profile figure linked to the previous regime to stand trial for corruption. The 42-year-old…

Zimbabwe Security Forces Sideline State With Economy Action

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HARARE (Capital Markets in Africa) — Zimbabwe’s security force leaders sidelined the nation’s economic chiefs and forced the government to close the stock exchange and halt most mobile-money transactions, people familiar with the situation said. The June 26 order that sought to stabilize the nation’s currency came after pressure from the Joint Operations Command and was made without notifying the central bank, which regulates the mobile-money industry through which almost all of Zimbabwe’s commerce takes…

Eskom Looks to $58 Million Sukuk as It Widens Funding Search

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JOHANNESBURG (Capital Markets in Africa) — South Africa’s indebted power utility Eskom Holdings SOC Ltd.plans to issue a 1 billion rand ($58 million) Sukuk bond as it tries to diversify funding sources to reduce borrowing costs. Eskom has appointed a lead arranger “to work towards establishing timelines for the issue,” spokesman Sikonathi Mantshantsha said in an emailed response to questions on Monday. The utility has about 450 billion rand in debt and no current plans…

South Africa Outlook Hinges on Virus and Restrictions, SARB Says

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JOHANNESBURG (Capital Markets in Africa) — South Africa’s near-term economic outlook is highly dependent on the development of the coronavirus pandemic and the extent of restrictions on business activity to limit the spread, the Reserve Bank said. The government implemented a strict lockdown to curb the virus on March 27. For five weeks, almost all activity, except essential services, were shuttered and most citizens were only allowed to leave their homes only to buy food,…

Africa Still Needs $44 Billion in Virus Funds to Be Financed

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LAGOS (Capital Markets in Africa) — Of the more than $110 billion in additional funding that sub-Saharan Africa will need this year to fight the coronavirus pandemic, $44 billion has not been financed yet even after several countries have taken up emergency loans and debt-service relief initiatives, according to the International Monetary Fund. The funding needs persist despite the IMF approving debt-service relief for 21 sub-Saharan African countries for an initial six-month phase ending mid-October…

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