The Editorial Team |

IMF Sees Somalia’s GDP Growth Accelerating to 3.5% in 2019

SOMALI (Capital Markets in Africa) – The International Monetary Fund projects Somalia’s economy will expand by 3.5 percent this year and next year, compared with a forecast of 3.1 percent in 2018, as the Horn of Africa nation implements an economic program monitored by the lender. “Somalia’s economy is recovering, but further efforts are needed to secure economic resilience and reduce poverty,” the Washington-based lender said Wednesday in an emailed statement. “Since 2017, growth has rebounded, inflation has…

A Term Too Many: Protesters Tell Algerian Leader It’s Time to Go

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ALGIER (Capital Markets in Africa) – Imams across Algeria were instructed to warn worshippers against taking to the streets. Tell the faithful to beware of provoking the kind of conflict that’s ravaged Syria and Iraq, the government cautioned. It didn’t work. Since Friday, unprecedented protests calling on 81-year-old President Abdelaziz Bouteflika to rule himself out of elections set for April have erupted across the country. The demonstrators have been overwhelmingly peaceful — when police fired tear gas…

South Africa Roads Agency Plans Return to Bond Market, CEO Says

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JOHANNESBURG (Capital Markets in Africa) – The South African National Roads Agency Ltd. will lift a self-imposed moratorium on accessing the bond market but will first approach private investors for funds, its chief executive officer said. The state-owned company known as Sanral hasn’t issued any public debt since 2016, after revenue collapsed amid a boycott of electronic tolls, colloquially referred to as e-tolls. The company said it’s reluctant to tap the market until a government…

Kenya Says National Airline Ownership Could Revert to State

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NAIROBI (Capital Markets in Africa) – Kenya may consider taking full ownership of its national carrier to effectively ward off competition from other state-owned airlines on the continent and from the Gulf, according to Transport Principal Secretary Esther Koimett. The East African state owns 48.9 percent of Kenya Airways Plc after it converted debt into equity in 2017. The agreement diluted major shareholder Air France-KLM’s stake to 7.8 percent, and brought in a consortium of banks under the…

Libyans Remain Divided on When to Restart Biggest Oil Field

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LAGOS (Capital Markets in Africa) – A meeting between Libya’s top oil executive and prime minister in Abu Dhabi ended without a clear agreement on when to restart the country’s biggest oil field. Tripoli-based Prime Minister Fayez al-Serraj’s office said in a statement that an agreement was reached that could end the halt. Mustafa Sanalla, chairman of Libya’s National Oil Corp., reiterated his position that “force majeure” can’t be lifted until all militants leave the deposit….

May Offers Parliament Vote to Delay Brexit If No Deal Agreed

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LONDON (Capital Markets in Africa) – Theresa May promised members of Parliament a vote to delay Brexit and block the potential economic disaster of a no-deal split with the European Union if they reject her divorce agreement next month. May said she will carry on trying to reach a deal in Brussels so the U.K. can leave as planned on March 29. But if that isn’t possible, Britain will not lurch out of the club of…

BOE Steps Up Brexit Buffers as Carney Presses No-Deal Warning

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LONDON (Capital Markets in Africa) – The Bank of England stepped up its defenses against a disruptive Brexit and Governor Mark Carney offered more warnings about the damage that a no-deal withdrawal from the European Union could do to the economy. The central bank will offer lenders extra liquidity provisions around the March 29 exit date, a measure designed to smooth the plumbing of the market operating in times of potential stress. It mirrors its actions around…

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