Economy | - Part 73

Nigeria edging closer to China — Bank of America Merrill Lynch

Lagos, Nigeria, Capital Markets in Africa — Buhari’s recent trip to China generated impressive headlines on funding. If the whole $6bn infrastructure loan is disbursed, it could give a significant boost to Nigeria’s productivity. However, in the short term, the focus is on some important details of the currency swap arrangement and to what extent it can alleviate the pressure on Nigeria’s FX reserves. CBN lauds currency swap with China, but important details are missing The…

IMF Says Sub-Saharan Africa Nations Must Contain Budget Gaps

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Sub-Saharan African nations need to contain their fiscal deficits to avoid becoming more vulnerable to external events, the International Monetary Fund said. “If deficits are not curbed, these countries will be left without buffers and, worse still, remain vulnerable to a financing crisis should external financing conditions get even more difficult,” the Washington-based lender said in its Regional Economic Outlook on Tuesday. African countries from Ghana to Mozambique have approached the…

Nigeria | More details emerge on Nigeria’s fiscal plans — BoAML

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s Senators have urged Buhari to sign the budget into law after he requested it be sent to him to check for any unapproved adjustments. The local press has reported that this should happen within weeks but the whole budgeting process has been fraught with delays since it was first started in December 2015. The current delays relate to the allocation of the US$30bn headline expenditure, but the…

Nigeria | Moody’s downgrades Nigeria’s sovereign issuer rating with a stable outlook

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has today downgraded Nigeria’s long-term issuer ratings to B1 from Ba3 and has assigned a stable outlook, concluding the review for downgrade initiated on March 4th 2016. The key drivers of today’s rating action are as follows: 1) Increased external vulnerability brought about by the prospect of lower-for-longer oil prices; 2) Execution risk in the transition to a less oil-dependent federal budget, and the implications…

Angola | Moody’s downgrades Angola’s rating to B1 with negative outlook

Posted on by The Editorial Team

Luanda, Angola, Capital Market in Africa — Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured debt ratings of the Government of Angola to B1 from Ba2 and assigned a negative outlook. The short-term issuer ratings have been affirmed at Not-Prime (NP). The key drivers of the downgrade are: The government’s financial position and the country’s external position have deteriorated sharply due to the shock stemming from the structural downward shift in…

Botswana | Moody’s affirms Botswana’s A2 government bond rating; outlook stable

Posted on by The Editorial Team

Gaborone, Botswana, Capital Markets in Africa — Moody’s Investors Service (“Moody’s”) has today affirmed Botswana’s A2 long-term issuer and senior unsecured debt ratings. The outlook remains stable. Moody’s analyzed Botswana’s credit profile in the context of the commodity price shock and its impact on the country’s economic and fiscal strength. The affirmation reflects Moody’s view that despite pressure on some of the country’s credit metrics, the challenges that the current external environment poses for the…

IMF Suspends Standby Credit Facility for Mozambique

Posted on by The Editorial Team

MAPUTO, Mozambique, Capital Markets in Africa — The International Monetary Fund (IMF) has confirmed the suspension of the second tranche of a loan to Mozambique of US$283 million from the Fund’s Standby Credit Facility (SCF). The suspension had been widely expected after the IMF announced last Friday that it was cancelling the mission which had been due to visit Mozambique this week because of the country’s “undisclosed loans”, which the IMF put at more than…

« 1 … 71 72 73 74 75 … 89 »