The IMF’s annual meeting with the World Bank in Marrakech unveiled substantial financial commitments and discussed the ever-pressing issue of debt sustainability. At the heart of the announcement was the revelation by the director of the IMF’s Middle East and Central Asia Department, who highlighted the institution’s rapid response to the challenges faced by countries […]

In a bid to address mounting economic concerns and prevent a return to dollarization, Zimbabwe has unveiled a gold-backed digital currency, named Zimbabwe Gold (ZiG). This initiative comes amidst growing worries over the stability of the country’s economy under President Emmerson Mnangagwa’s administration. Zimbabwe’s central bank has launched ZiG, a digital token denominated in milligrams, […]

Niger, one of the world’s poorest nations, has been compelled to make substantial budget cuts following international sanctions imposed in the aftermath of a military coup that occurred in July. In a televised statement, the junta-led government announced that the initial budget of 3.29 trillion CFA francs ($5.3 billion) for 2023 has been significantly reduced […]

In a webinar held on Thursday, South Africa’s central bank Governor Lesetja Kganyago delivered a clear message – the South African Reserve Bank (SARB) will not intervene to bolster the ailing rand. Kganyago asserted that the rand’s recent decline is part of a broader global currency realignment, and defending it would be an exercise in […]

Ethiopia and the European Union have unveiled a significant cooperation agreement valued at 650 million euros ($680 million). This historic accord signifies a vital step in restoring diplomatic relations and supporting Ethiopia’s recovery from a destructive conflict. The announcement was made during a press conference held in the capital city, Addis Ababa, with Ethiopian Finance […]

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), recently addressed the 78th United Nations General Assembly with a compelling proposal. He called for the rechanneling of $25 billion in Special Drawing Rights (SDRs) from the International Monetary Fund (IMF) to support Africa’s development aspirations. This move, if realized, could potentially mobilize an additional […]

South Africa’s Department of Forestry, Fisheries, and the Environment has given its nod to TotalEnergies for offshore drilling operations targeting natural gas and oil reserves. This decision comes following the dismissal of an appeal by various individuals and interest groups who had raised concerns about the project. The rejected appeal aimed to stop TotalEnergies from […]

Egypt’s financial markets were sent into turmoil today as global financial giant Morgan Stanley downgraded the nation’s sovereign credit rating. This significant move stems from a combination of factors that have sparked concerns among international investors. One primary reason behind Morgan Stanley’s decision is the upcoming presidential election in Egypt, which has introduced a high […]

In a significant move towards bolstering regional financial stability, the Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of Egypt (CBE) have formally entered into a bilateral currency swap agreement worth more than $1 billion. This strategic collaboration announced on Thursday, stands as a testament to the strengthening economic ties between […]

United Bank for Africa (UBA), a leading pan-African financial institution, has unveiled a substantial $6 billion initiative aimed at bolstering the growth of Small and Medium Enterprises (SMEs) across the continent. UBA, known for its global presence with offices in the UAE, New York, London, and Paris, issued a statement on Monday outlining its plan […]