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Tanzania revives plans to float its debut USD 700m Eurobond to fund key projects

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Tanzania revives plans to float its debut USD 700m Eurobond to fund key projects

Tanzania has revived its plan to float a debut TZS 1.1tn (USD 700m) Eurobond to fund infrastructure projects, especially in the gas sector. This is despite several failed attempts since 2008. The East African reports that the Ministry of Finance and Economic Affairs, during the financial year 2013/14, awarded ratings agency tenders to Fitch, Standard & Poors and Moodys. However, the companies declined the offer on the grounds that they were not ready to work…

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Nigerian central bank orders lenders to get tough with bad debtors

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Nigerian central bank orders lenders to get tough with bad debtors

LAGOS (Reuters) – Nigeria’s central bank ordered banks on Friday to crack down on borrowers with non-performing loans (NPLs) in a move aimed at avoiding a repeat of a 2009 industry bailout that cost the government $4 billion. A sharp drop in the global price of oil, Nigeria’s main export, has triggered a currency crisis in Africa’s largest economy and strained government’s finances, while also harming the cash flow of some companies with foreign currency…

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IMF sees Mali economic growth at 5 percent in 2015

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BAMAKO (Reuters) – Mali’s economy is expected to grow 5 percent in 2015, slowing from a 7 percent expansion in 2014, the International Monetary Fund said on Friday, following a meeting with leaders of the West African country. Inflation in Mali, one of the world’s poorest countries whose economy is largely dependent on agriculture and gold-producing, was expected to remain below the region’s 3 percent target, the fund said.”In 2014, Mali’s economy returned to strong…

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Zambia’s 2015 fiscal deficit to exceed 4.6 pct of GDP: official

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LUSAKA (Reuters) – Zambia’s fiscal deficit will exceed the targeted 4.6 percent of gross domestic product in 2015 due to weaker copper prices and changes to the mining tax regime, a senior Treasury official said on Friday. Mike Masiye, the director of budget in the ministry of finance, said copper prices had collapsed to around $6,000 per tonne from about $6,780 when the budget was formulated. Africa’s second-largest copper producer would also lose revenue after…

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Nigeria: 2015 Budget Snapshot

Posted on by The Editorial Team
Nigeria: 2015 Budget Snapshot

The Nigerian Federal House of Representative on Thursday passed the sum of N4.5tn budget for the 2015 fiscal year with an increase of N135.4bn over initial proposal submitted in November 2014. In addition, the House has adopted an oil benchmark of US$53.0, daily oil production of 2.3mbpd, exchange rate of N190.00/US$1.00 and fiscal deficit/GDP ratio of 1.1%. Surprisingly, no provision for fuel subsidy was made in the approved 2015 Appropriation Act. A further review of…

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Côte d’Ivoire and IDB arm signed deal to setup sukuk

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Côte d’Ivoire and IDB arm signed deal to setup sukuk

Nialé KABA, minister to the prime minister in charge of economy and finance of the Republic of Côte d’Ivoire, Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), private sector arm of the Islamic Development Bank Group (IDB), signed an agreement to setup a sukuk program in an aggregate principal amount of CFA 300.0 billion. This program will be implemented during 2015-2020 for financing developmental projects and will be executed…

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