The International Monetary Fund (IMF) announced on Tuesday that it has reached a “staff-level agreement” to unlock $574 million in financial assistance for Zambia, which has been severely impacted by a recent drought. This agreement, pending approval by the IMF’s executive board, follows a review of the $1.3 billion loan originally granted to Zambia in […]

Nigeria is gripped by a significant labor strike as the nation’s main labor unions, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), launch an indefinite strike in response to the government’s failure to reach an agreement on a new minimum wage. This marks the fourth major strike since President Bola Tinubu assumed […]

Egypt has announced a temporary suspension of its land allocation system, which prioritized applicants paying in dollars from abroad. Minister of Housing, Utilities, and Urban Communities, Assem El Gazzar, stated that the New Urban Communities Authority (NUCA) will review all allocations under this system to ensure they align with the Central Bank of Egypt’s foreign […]

In a pivotal step to reform Nigeria’s tax system, the Presidential Fiscal Policy and Tax Reforms Committee has recommended establishing the Nigerian Revenue Service (NRS). This centralized agency aims to replace over 100 federal, state, and municipal collection bodies, streamlining tax administration. President Bola Tinubu appointed Taiwo Oyedele, a partner at PwC Nigeria, to lead […]

 In a significant policy shift, Egypt’s Prime Minister Mostafa Madbouly has announced a 300% increase in the price of subsidized bread, effective in June. This will be the first increase in decades for a staple that two-thirds of the Egyptian population depends on daily. Adjusting to Economic Realities The price hike will see the cost […]

Canal Shipping Agencies (CSAG) has reported an impressive 163.2% increase in net profits for the first nine months of the fiscal year 2023/2024. The company’s profits reached EGP 570.868 million, compared to EGP 216.857 million during the same period last year, according to their latest audited financial statement. Revenues also saw a notable rise, increasing […]

Egypt’s engineering exports have seen a significant increase of 32.3% in the first four months of 2024, reaching $1.673 billion, compared to $1.264 billion during the same period in 2023. This impressive growth highlights the sector’s vital role in the country’s economic landscape. April 2024 was particularly noteworthy, with engineering exports jumping by 50.3% to […]

Egypt’s Minister of International Cooperation, Rania Al-Mashat, and Michele Quaroni, the Italian Ambassador to Cairo, met to review the progress of the Egyptian-Italian debt swap program. Held at the Ministry’s headquarters in the New Administrative Capital, the meeting focused on the program’s third phase, valued at $100 million, which supports a range of development initiatives. […]

Egypt’s Central Bank (CBE) recently concluded its Monetary Policy Committee (MPC) meeting, opting to keep interest rates steady. This decision reflects a measured approach towards stabilizing the nation’s economy amidst ongoing uncertainties. During the meeting held on May 23rd, the CBE announced that both the overnight deposit rate and the overnight lending rate would remain […]

TotalEnergies and its partners have reached a final investment decision (FID) on the $6 billion Kaminho deepwater project in Angola’s Kwanza Basin, marking a significant advancement in the region’s oil industry. The project, located approximately 100km off the coast in 1,700-meter deep waters, involves developing the Cameia and Golfinho fields. The Kaminho project is a […]