IMF | - Part 3

IMF says Nigeria economy needs urgent reform, no FX curbs

LAGOS (Capital Markets in Africa) – The International Monetary Fund (IMF) warned Nigeria its economy needs urgent reform in a report published on Wednesday that highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. The document, a report from IMF staff which Reuters saw an earlier version of last month, outlines a raft of failings in Nigeria’s handling of Africa’s largest economy and could affect talks over…

IMF Urges Nigeria to Start Belt Tightening, Cut Naira Curbs

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LAGOA (Capital Markets in Africa) – Nigeria should remove currency-trading restrictions and reduce its budget deficit and debt-service costs to “sustainable” levels, the International Monetary Fund said. “Stronger macroeconomic policies are urgently needed to rebuild confidence and foster an economic recovery,” the Washington-based lender said in a report Thursday after a team visited Nigeria. There’s a “need for a front-loaded, revenue-based fiscal consolidation starting in 2017, to reduce the federal government interest-payments-to-revenue ratio to sustainable levels.” The…

Moody’s: Egypt’s IMF program to support fiscal and external position, reform pace may slip

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CAIRO (Capital Markets in Africa) – While Egypt’s IMF program will support gradual improvements to the country’s fiscal and external position, its social and economic costs risk slowing the pace of fiscal reform momentum, Moody’s Investors Service said in a report today. The report, “Government of Egypt – IMF Program Supports Gradual Fiscal, External Improvements”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of this press…

Cameroon considers two-year IMF aid programme to drive growth

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YAOUNDE (Capital Markets in Africa) – Cameroon and the International Monetary Fund are considering a two-year aid programme for the Central African country to deliver sustained and inclusive economic growth. Leaders of the Central African bloc (CEMAC) agreed in December to engage with the IMF to find ways to overcome macroeconomic instability caused in part by lower global commodity prices, the IMF said in a statement. Cameroon, which produces oil, cocoa, and coffee and is the…

Nigeria says sees no need to go to IMF, plans its own reforms

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LAGOS (Capital Markets in Africa) – Nigeria sees no need to apply for an International Monetary Fund programme as it is pursuing its own economic reform plan, Finance Minister Kemi Adeosun said on Tuesday. Sharp falls in the price of crude oil, its main export, have tipped Africa’s biggest economy into its first recession for 25 years and hammered the naira currency, prompting speculation it might need IMF funding to cover a growing budget deficit….

West African CFA franc zone to see strong growth, increased risks, Says IMF

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ABIDJAN (Capital Markets in Africa) – Countries in the West African Economic and Monetary Union (WAEMU) are on track to see medium-term economic growth of about 6 percent after recording 6.5 percent growth last year, the International Monetary Fund (IMF) said on Thursday. However, the eight-nation currency zone is “subject to significant downside risks”, including global uncertainties, sluggish structural reforms and falling cocoa prices, it said in a statement. Member countries using the West African…

IMF may consider extending Ghana aid deal, says its Ghana country head

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ACCRA (Capital Markets in Africa) – The International Monetary Fund (IMF) may consider extending its three-year aid deal with Ghana if the new government requests an extension, the Washington-based lender said on Wednesday. The West African country is more than halfway through a $918 million programme signed in April 2015 to restore fiscal balance to an economy dogged by deficits, high public debt and inflation. The government of Nana Akufo-Addo, which took office in January…

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