Inspiring Africa's Sustainable Business Growth
EGYPT – The International Monetary Fund (IMF) has upgraded Egypt’s real Gross Domestic Product (GDP) growth by 0.4 percent in 2022 to 5.6 percent, compared to the fund’s October 2021 projections. Egypt has managed to do well amid the Covid-19 pandemic compared to other oil-importer countries according to Petya Koeva Brooks, the IMF’s deputy director of the research department. She…
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RWANDA – The government of Rwanda has signed a Rwf3.6 billion (US$3.6 million) partnership with the European Union to help upgrade the country’s laboratory capacity to help it attract investors to manufacture Covid-19 vaccines. The funds will be used to strengthen the Foods and Drugs Authority’s quality control for medical products to enable the regulator to acquire the necessary certification from the World…
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KENYA – Kenya Airways (KQ), the flag carrier airline of Kenya has picked a British consultancy firm, Steer Group, to guide it on the most viable turnaround strategy options in the face of deepening financial losses and depressed passenger numbers. The airline’s chief executive officer Allan Kilavuka said the London-based consultancy firm took up the assignment in May 2021 and…
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KENYA – The government of Kenya has sought the Debt Service Suspension Initiative (DSSI) extension to June 2022, a one-year extension from the earlier granted June 30, 2021, debt service suspension secured in January. Besides the relief under the DSSI, the country is also pursuing new limits access to International Monetary Fund funds through the reallocation of existing special drawing rights…
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KENYA – The International Monetary Fund (IMF) has revised Kenya’s 2021 economic growth forecast upwards from 4.7% to 7.6% after reaching a financing agreement with Kenyan government. In February 16, 2021, IMF revealed that it had reached a US$2.4 billion financing agreement with Kenya to support the country’s Covid-19 response and to reduce the level of debt relative to the…
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MADAGASCAR – The government of Madagascar has reached a staff-level agreement with the International Monetary Fund (IMF) for the disbursement of US$320 million to support the country’s economic reforms. In an official statement, the Fund said the new deal is an Extended Credit Facility set up to assist the country in the implementation of its economic reforms whose goal is to…
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KENYA – The government of Kenya is set to receive a US$2.4 billion loan from the International Monetary Fund (IMF) for budget support to weather the Covid-19 pandemic economic hardships. International Monetary Fund (IMF) said this week that the two have inked the deal for the 38-month credit facility whose disbursement will start in the coming weeks. Kenya had sought…
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KENYA – Kenya is in a new quest in its debt service relief request to all its bilateral lenders, hoping to save US$626 million, the country’s National Treasury has said. The move comes days after a decision by the Paris Club of international decision to give Kenya a US$300 million loan repayment break to help ease the financial distresses linked…
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CENTRAL AFRICAN REPUBLIC – The Executive Board of the International Monetary Fund (IMF) has completed the first and second reviews of the Central African Republic’s (CAR) economic and financial program supported by an Extended Credit Facility (ECF) arrangement which now enables the disbursement of US$ 34.4 million, bringing total disbursements under the arrangement to US$ 51.6 million. In completing the two…
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ANGOLA – The International Monetary Fund (IMF) executive board has approved the disbursement of US$488 million to Angola, just four months after the lender increased the loan size by almost a quarter to US$4.5 billion, to help Angola survive the effects of the global COVID-19 pandemic. The three-year Extended Fund Facility (EFF), which began in 2018, aims to overhaul the country’s…
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