Economy | - Part 65

Congo Slashes Growth Forecast After Drop in Copper Production

DR CONGO, Capital Markets in Africa: The Democratic Republic of Congo cut its growth forecast for 2016 for the third time this year because of lower commodity prices and warned the economy could slow further if other industries don’t perform. The government “has duly noted the slowdown in economic growth in the DRC” in the first half, Prime Minister Augustin Matata Ponyo’s office said in a statement e-mailed from the capital, Kinshasa, on Thursday. It lowered the estimate…

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

Posted on by The Editorial Team

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…

IMF Steps Deeper Into Middle East Cauldron With Loan to Egypt

Posted on by The Editorial Team

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…

Egypt on Cusp of $12 Billion IMF Aid Seen Prelude to Devaluation

Posted on by The Editorial Team

CAIRO, Capital Markets in Africa: Egypt moved closer to securing $12 billion of International Monetary Fund support designed to restore the confidence of foreign investors and ease a crippling dollar shortage hampering economic growth. Authorities reached an initial accord with an IMF delegation after more than a week of talks in Cairo. If approved by the fund’s executive board and Egyptian lawmakers, the agreement will be the IMF’s second-biggest active traditional loan program after Ukraine. The…

South Africa’s Economy Regains Rank as Africa’s Biggest on Rand

Posted on by The Editorial Team

Johannesburg, South Africa, Capital; Markets in Africa: South Africa’s economy regained the position of Africa’s largest in dollar terms more than two years after losing it to Nigeria as the value of the nations’ currencies moved in opposite directions. Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion. That’s…

IMF Sees Funding for Somalia If Government Sticks to Reforms

Posted on by The Editorial Team

Khartoum, Somalia, Capital Markets in Africa: Somalia may be eligible to tap financing from the International Monetary Fund and other multilateral lenders if it maintains a reform program intended to help rebuild the country’s war-shattered economy, the IMF country head said. Prospects for peace after more than two decades of conflict have been boosted after Somalis agreed to elect a new president on Oct. 30, Samba Thiam said in an e-mailed response to questions Aug. 9. The…

Egypt Reaches Initial IMF Accord on $12 Billion Program

Posted on by The Editorial Team

CAIRO. Egypt, Capital Markets in Africa: Egypt reached an initial agreement with the International Monetary Fund over a $12 billion package designed to restore the confidence of foreign investors and ease a crippling dollar shortage hampering economic growth. The three-year agreement aims to “improve the functioning of the foreign exchange markets, bring down the budget deficit and government debt, and to raise growth and create jobs,” said Chris Jarvis, the IMF Egypt delegation head. He said the…

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