IMF | - Part 4

Egypt making good progress in IMF programme, Lagarde says

CAIRO (Capital Markets in Africa) – Egypt is making good progress in its $12 billion loan programme with the International Monetary Fund and its currency may be stabilising after plunging to record lows, IMF Managing Director Christine Lagarde said on Monday. In November, Cairo agreed on the three-year loan deal with IMF, which involved tough economic reforms, such as cutting its budget deficit and floating the Egyptian pound. The currency plunged as low as around 19.50…

Somalia’s GDP growth seen slowing to 2.5 pct in 2017 – IMF

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KHARTOUM (Capital Markets in Africa) – Somalia’s economy is expected to slow sharply this year as a drought knocks production in farming, although the impact will be partially offset by a boost from construction and telecommunications, the International Monetary Fund said. In a statement late on Wednesday, the IMF projected the Horn of Africa nation’s gross domestic product would expand 2.5 percent this year down from estimated 3.4 percent in 2016. “The Somali economy is…

Kenya Election May Pose Risk to Economy, Raise Tension, IMF Says

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NAIROBI (Capital Markets in Africa) – Kenyan elections may hamper the government’s plans to reduce spending in line with requirements under an International Monetary Fund program, the Washington-based lender said. The vote in East Africa’s biggest economy that’s slated for Aug. 8 could “erode program ownership, delay fiscal consolidation plans, and potentially lead to heightened political instability,” the Washington-based lender said in a statement in its first review of the economy under a $1.5 billion precautionary loan arrangement….

Zambia IMF Talks Seen Shielding Country Amid Trump Risks

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LUSAKA (Capital Markets in Africa) – Zambia is asking the International Monetary Fund for March talks over a program that could help buffer it from uncertainties relating to U.S. President Donald Trump’s policies and rising rates in that country that will lift borrowing costs for frontier markets, NKC African Economics said. Formal agreement to a technical and financial support package would also help Zambia rein in a ballooning budget deficit that’s pushed up debt, said Irmgard…

Ghana Will Meet IMF Bailout Benchmarks, Says Finance Minister

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ACCRA (Capital Markets in Africa) – Ghana remains committed to its three-year bailout plan with the International Monetary Fund and will take steps to achieve the program’s benchmarks if it allows the country an opportunity to address economic “predicaments” by creating jobs. The IMF program remains necessary to achieve fiscal consolidation “though it is presently in a delicate state,” Finance Minister Ken Ofori-Atta said in an e-mailed statement on Monday. Ghana’s total public debt stood at 71.9 percent…

Lagarde Says Trump’s Fiscal Plans Likely to Boost U.S. Economy

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KAMPALA (Capital Markets in Africa) – President Donald Trump’s plans to overhaul the U.S. tax system and increase infrastructure spending should accelerate growth in the world’s biggest economy over the next two years, said International Monetary Fund Managing Director Christine Lagarde. “We think there is a high probability of that in the next couple of years,” Lagarde said Friday in an interview in Kampala, the capital of Uganda, where she met President Yoweri Museveni. In an economic update…

IMF Sees Bigger Ghana 2016 Deficit Target Slippage Than Forecast

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ACCRA (Capital Markets in Africa) – Ghana will miss its budget-deficit target for 2016 by a bigger margin than the government’s forecast due to weak revenue collection and higher-than-planned capital spending, according to the International Monetary Fund. West Africa’s second-biggest economy will probably miss the Washington-based lender’s budget-deficit forecast of 5.2 percent of gross domestic product by 2 to 3 percentage points, the IMF said in an e-mailed response to questions. Last month, former Finance Minister Seth Terkper said…

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