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Moody’s: Namibia’s strong growth record and sound public finances support stable Baa3 rating

Namibia’s (Baa3 stable) small but diversified economy, strong growth record and responsible government budget management underpin its rating, Moody’s Investors Service says today in its annual Credit Analysis for the country. Namibia’s abundant natural resources, infrastructure investment and developments in the mining sector support its favourable near-term growth prospects, while government deficits have been moderate. “The government has a track record of prudent debt management and has adequate debt recording systems,” says Kristin Lindow, Senior…

Egypt’s current account hits deficit of $2.9 bln in Oct-Dec quarter

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s current account deficit widened to $2.9 billion in the three months to December from $1.4 billion in the same period the previous year, according to Reuters calculations. The deficit stood at $4.3 billion in the first half of the fiscal year which began on July 1, compared with a deficit of $866 million in the same period a year before, the central bank said on Thursday. The deficit was driven by…

What can $300 billion buy in Egypt? A new capital or a pipedream

Posted on by The Editorial Team

CAIRO (Reuters) – It is a project as ambitious as Egypt’s ancient pyramids. Built from scratch to escape Cairo’s choking pollution, a planned new capital will feature an airport larger than London’s Heathrow, a building taller than Paris’s Eiffel Tower and more than 10,000 km (6,200 miles) of boulevards, avenues and streets.The city, meant to be built within just seven years, was unveiled last week at the Sharm El-Sheikh economic summit, where President Abdel Fattah…

IMF puts Tanzania’s economic growth above 7 pct in 2014

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania’s gross domestic product expanded by more than 7 percent in 2014, with falling oil prices expected to further buoy the economy this year, the International Monetary Fund said on Thursday. The IMF despite a strong growth outlook for 2015, the east African nation must keep a tight rein on public spending due to revenue collection shortfalls and a reduction in financial aid. Donors have withheld more than three-quarters of…

Senegal to issue $500 mln to $1 bln in international bonds

Posted on by The Editorial Team

DAKAR, March 18 (Reuters) – Senegal plans to issue between $500 million and $1 billion in debt in international markets this year starting from June to cover its budget needs, an economic adviser to President Macky Sall said on Wednesday. Mamadou Fall Kane said the West African country’s government was concerned by the strength of the dollar and would use currency swaps to hedge its exposure on dollar-denominated debt. Senegal, a member of the eight-nation…

Tanzania to get $380 mln loans from India for water projects

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania will receive a total of $380 million in loans from India to finance two major water projects in the east African nation, the president’s office said on Tuesday. India’s government has offered $100 million to improve water supply in the commercial capital Dar es Salaam and $280 million to help supply water from Lake Victoria to Tabora, Nzega and Igunga towns, the presidency said in a statement. Earlier this…

Tunisia to start economic rescue plan, sees 7 pct growth in 5 years

Posted on by The Editorial Team

TUNIS (Reuters) – Tunisia’s new government will launch an emergency economic plan that includes reforms in subsidies and social funds to revive growth to a projected 7 per cent in five years, Tunisian Prime Minister Habib Essid said.Tunisia has been praised as an example of compromise politics and democratic transition since overthrowing autocrat Zine El-Abidine Ben AliÂ in a 2011 uprising, holding free elections and drafting a new constitution.But the North African country faces pressure from…

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