Economy

IMF Sees Funding for Somalia If Government Sticks to Reforms

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

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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…

Kenya Must Curb Borrowing to Keep Debt Affordable, IMF Says

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NAIROBI, Kenya, Capital Markets in Africa: At the rate Kenya is borrowing to fund its spending, the East African nation could accumulate more debt than it can afford to repay comfortably, according to the International Monetary Fund. While the nation’s current debt stock is sustainable at 49.8 percent of gross domestic product, the Treasury has at times struggled with cash management because of maturities coming in very close together, Armando Morales, the IMF’s resident representative in…

Egypt Has Proposed 18-month Reform Program to IMF

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CAIRO, Capital Markets in Africa: Three Egyptian dailies said Monday that Cairo was proposing to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed. The reports by the privately-owned Al-Shorouk, Al-Masry Al-Youm and Al-Watan said the two sides were at odds over the size of a proposed devaluation of the Egyptian…

Moody’s assigns B2 first-time issuer rating to the Republic of Cameroon with stable outlook

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Yaoundé, Cameroon, Capital Markets in Africa: Moody’s Investors Service (“Moody’s”) has today assigned first-time local and foreign-currency issuer ratings of B2 to the Government of Cameroon. The ratings carry a stable outlook. The rating assignment is based on the following key drivers: (1) Low (+) economic strength balancing the country’s exposure to the oil shock—albeit more contained than for regional peers—and our expectation of a stronger potential growth outlook supported by the infrastructure investment strategy…

Ghana Scraps Eurobond Sale as Costs Soar on Fiscal Concerns

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ACCRA, Ghana, Capital Markets in Africa: Ghana scrapped plans to sell its fourth Eurobond in as many years, balking at the price investors demanded amid concern that the West African nation may relax its commitment to fiscal targets ahead of parliamentary and presidential elections. The government will monitor markets and revive the sale “at the optimal time and the right conditions,” the Finance Ministry said in a statement on Thursday after concluding investor meetings in the…

South Africa Local-Currency Debt Rating Downgraded by Fitch

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South Africa, Capital Markets in Africa: Fitch Ratings downgraded South Africa’s local-currency debt one level to move it into line with the foreign-currency rating, bringing the nation’s 1.7 trillion rand ($118 billion) of domestic debt a step closer to junk level. The one-step cut to BBB-, the lowest investment grade, was part of a review of Fitch’s local-currency assessments, applying new criteria that resulted in downgrades for 23 issuers, the company said in a report that was…

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