Economy | - Part 64

Moody’s Sees One-Third Probability of South Africa Downgrade

JOHANNESBURG, Capital Markets in Africa: The probability that South Africa’s sovereign credit rating could be cut in November by Moody’s Investors Service is about a third, the company’s Vice President Zuzana Brixiova said. “We expect the probability of a downgrade at less than 50 percent, its closer to around one third,” Brixiova told reporters in Johannesburg on Tuesday. The country’s growth path will be “very important,” she said. South Africa is struggling to revitalize the economy…

Egypt trade deficit narrows by $7 bln since January: trade minister

Posted on by The Editorial Team

CAIRO, Capital Markets in Africa: Egypt’s trade deficit has narrowed by $7 billion since January, Trade and Industry Minister Tarek Kabil said on Tuesday, adding that exports could rise by 10 percent – helping close the trade gap even more – if authorities devalued the local currency. Pressure has been mounting on the central bank to devalue the currency as Egypt struggles to revive an economy hit by political unrest that has driven away tourists and…

Rwanda’s economic growth slows to 5.4 pct in Q2

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KIGALI, Capital Markets in Africa: Rwanda’s economy grew by 5.4 percent in the second quarter of the year, down from an expansion of 7.2 percent in the same period last year, the statistics office said on Tuesday. The country has had a stellar run in recent years, posting faster growth than other East African economies, but it has been curbed by a weakening of the currency this year, after imports surged. Yusuf Murangwa, the director…

IMF Sees Tanzanian Growth Being Spurred by Public Spending

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DAR ES SALAM, Capital Markets in Africa: Tanzania’s economy is expected to grow 7.2 percent this year, driven by public spending and President John Magufuli’s efforts to curb government waste, the International Monetary Fund’s resident representative said. Investment in roads and power plants, along with upgrades to ports and airports, a drive to boost government revenue and lower oil prices all support the expansion of the economy, Bhaswar Mukhopadhyay said in an interview Sept. 16 in the…

Angolan parliament approves smaller 2016 budget due to low oil price

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LUANDA, Capital Markets in Africa: Angola’s parliament on Monday approved a smaller 2016 budget than it had originally planned, after lower oil prices hammered state revenues in Africa’s largest crude exporter. The finance ministry said in July government that spending would be cut to $24 billion from $30 billion projected in the original 2016 budget after projected revenues were slashed to $18 billion from $24.4 billion. “The 2016 state budget revision that we just approved…

South Africa Treasury Doubt Risks Confidence, Moody’s Says

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Johannesburg, Capital Markets in Africa: Uncertainty about the leadership at South Africa’s National Treasury and political infighting are eating into investor confidence and present the greatest risks to the nation’s credit rating, Moody’s Investors Service said. “Rising political infighting and the uncertainty about continuity of leadership at the National Treasury have been creating policy uncertainty,” the company said in an e-mailed report Thursday. “We view the greatest risk to South Africa’s creditworthiness, moderate but rising, as…

S&P Downgrades Nigeria Further Into Junk as Oil Crisis Worsens

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LAGOS, Capital Markets in Africa: S&P Global Ratings downgraded Nigeria further into junk territory as Africa’s most populous nation struggles amid low oil prices and severe shortages of foreign-exchange. S&P lowered Nigeria’s rating one level to B, five levels below investment grade and in line with Kyrgyzstan and Angola. The outlook was changed from negative to stable. “Nigeria’s economy has weakened more than we expected owing to a marked contraction in oil production, a restrictive…

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