Economy | - Part 35

IMF Urges Egypt to Watch Inflation After New Subsidy Cuts

CAIRO (Capital Markets in Africa) – The International Monetary Fund urged Egypt to maintain a tight monetary policy as a new round of subsidy cuts rekindled inflation worries. The Washington-based lender praised Egypt’s implementation of economic reforms as “instrumental in achieving macroeconomic stabilization, with external and fiscal deficits narrowing, inflation and unemployment declining, and growth accelerating.” At the same time, the central bank “should retain its restrictive stance to counter second-round effects of fuel and electricity price increases,”…

IMF Says Senegal’s Economic Risks Increased, Remain Manageable

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DAKAR (Capital Markets in Africa) – While risks to Senegal’s economy have increased, they remain manageable, the Washington-based International Monetary Fund said. “Lack of progress on structural fiscal issues such as revenue mobilization, energy subsidies, and reforms to further reduce the treasury’s additional financing needs could undermine fiscal sustainability,” the lender said Monday in an emailed statement. “On the external side, security risks in the region could adversely affect investment and growth.” The West African nation’s economy…

World Bank, IMF Raise Rwanda’s 2018 Growth Estimate to 7.2%

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KIGALI (Capital Markets in Africa) – The World Bank and International Monetary Fund revised their projection for Rwanda’s economic growth this year to 7.2 percent as rains improved food supply. The revision comes after Rwanda’s government posted 10.6 percent growth in gross domestic product in the first quarter of 2018 after services, which make up almost half of national output, accelerated. Rwanda is one of Africa’s top performers and has expanded an average of more than…

Ivory Coast outlooks is robust amid strong growth and low inflation

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ABIDJAN (Capital Markets in Africa) – The International Monetary Fund indicated that Côte d’Ivoire’s medium-term outlook is robust amid strong economic activity and low inflation. As such, it projected real GDP growth at 7.4% in 2018 and 7% in 2019 compared to 7.8% in 2017. Also, it forecast the average inflation rate at 1.7% this year and 2% next year relative to 0.8% last year. Further, it welcomed the authorities’ sound macroeconomic policy management despite the domestic shocks and unfavourable…

South Africa Inflation Eases; Food Costs Up Least Since 2013

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s inflation rate fell in May as food prices rose at the slowest pace since 2013, reducing chances that the central bank will increase interest rates later this year. Consumer prices climbed 4.4 percent from a year earlier compared with 4.5 percent in April, Pretoria-based Statistics South Africa said Wednesday in a report on its website. The median estimate in a Bloomberg survey was 4.6 percent. Prices of food and…

Nigeria and Angola’s dependence on oil and gas creates challenges

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LAGOS (Capital Markets in Africa) – Although Nigeria (B2 stable) and Angola’s (B3 stable) economies, external positions and public finances are expected to stabilise, their continued dependence on oil and gas means they will both face a range of challenges in the coming years, Moody’s Investors Service said in a report today. For Angola, the key issue will be managing its liquidity pressures and higher debt burden alongside further currency devaluation. For Nigeria, it will…

Sub-Saharan Africa growth outlook subject to external and domestic risks

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LAGOS (Capital Markets in Africa) – The World Bank projected economic growth in Sub-Saharan Africa (SSA) to accelerate from 2.6% in 2017 to 3.1% in 2018, relative to a previous forecast of 3.2% for 2018, supported by higher oil and metals production and prices, improved agricultural activity, increasing domestic demand, supportive external financial market conditions, as well as a pick-up in investment. It expected growth in the SSA region to average 3.6% annually during the 2019-20 period on the…

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