The Editorial Team |

South Africa’s ANC Leans to ‘Fiscal Populism’ After Vote Setback

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s ruling African National Congress is leaning toward more populist economic policies to win back support after its worst performance in an election since Nelson Mandela led the party to victory in a vote that ended apartheid in 1994. The ANC will press the government to prioritize creating jobs and alleviating poverty in the national budget at the four-day cabinet meeting that started Tuesday, Secretary General Gwede Mantashe said after the party’s top…

IMF Should Know Egypt’s Poor Economy Is Sisi’s Fault

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Cairo, Egypt, Capital Markets in Africa: The International Monetary Fund is riding to Egypt’s rescue. On Thursday it announced that its staff had recommended a three-year loan package of $12 billion, which is expected to be boosted with many more billions from the Arab Gulf states. Egypt, mired in an economic slump with high unemployment and rising inflation, certainly needs the help. But if recent history is any guide, it’s likely to be good money thrown…

Mugabe’s Purged Ally Appears With Tsvangirai in Opposition Boost

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HARARE, Capital Markets in Africa: Zimbabwe’s former Vice President Joice Mujuru appeared at rallies with his political foe Morgan Tsvangirai in the central city of Gweru, boosting opposition against President Robert Mugabe. Mujuru, who served in Mugabe’s first cabinet in 1980 and rose to become the 92-year-old leader’s deputy, formed Zimbabwe People First after being expelled from the ruling Zimbabwe African National Union – Patriotic Front in 2014 after she was accused of plotting Mugabe’s…

Lungu Wins Zambia Presidential Vote Rival Says Was Rigged

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LUSAKA, Zambia, Capital Markets in Africa: Zambian President Edgar Lungu was declared the winner of an Aug. 11 election that the main opposition said was stolen by the electoral commission and ruling party officials who colluded to rig the outcome — an allegation the authorities deny. Lungu, 59, secured a five-year term with 1.86 million of the about 3.7 million valid votes cast, surpassing the 50 percent mark needed to avoid a runoff, Esau Chulu, chairman of…

Al-Qaeda Affiliate Seen Posing Increasing Risk in East Africa

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NAIROBI, Kenya, Capital Markets in Africa: East Africa faces a rising threat from al-Qaeda’s Somalia-based affiliate after it established a presence in five other countries in the region, according to a report from a multi-national bloc. Al-Shabaab, which is being targeted both by U.S. drones and an African military force, has expanded to Djibouti, Ethiopia, Kenya, Tanzania and Uganda since 2010, the Intergovernmental Authority on Development said Monday. The militants have staged fatal attacks in Kenya, killing dozens of…

IMF Steps Deeper Into Middle East Cauldron With Loan to Egypt

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CAIRO, Egypt, Capital Markets in Africa: The International Monetary Fund is stepping up lending in a region where economic reformers haven’t exactly had the most success. Hoping to restore the confidence of foreign investors, Egypt announced an initial agreement Thursday to borrow $12 billion over three years from the IMF, joining Iraq, Tunisia and Jordan in taking money from the Washington-based fund. Egypt’s program is likely to see the government of President Abdel-Fattah El-Sisi move toward a…

IMF Plans to Help Egypt Secure Remaining Money for Loan Deal

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CAIRO, Egypt, Capital Markets in Africa: The International Monetary Fund said it will help Egypt plug the remaining financing gap for its economic program before the fund’s executive board approves a $12 billion loan deal with the Arab country. The government is targeting $21 billion over three years to revive growth and ease a crippling foreign-exchange shortage. In addition to the IMF loan, funds will come from the World Bank, the bond market, and bilateral accords. “All…

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