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Zambia Secures Debt Agreement with International Creditors

Zambia has reached a pivotal milestone by successfully negotiating a debt agreement with its foreign creditors. The official announcement was made during the IMF-World Bank annual meeting in Marrakesh, Morocco, signifying a major step toward the country’s financial recovery. Zambia faced a challenging financial journey, being the first African nation to default on its debt […]

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Tunisia’s IMF Loan Approval Pending Amidst Calls for Subsidy Reform

Tunis, Tunisia – Tunisia’s efforts to secure a long-awaited $1.9 billion International Monetary Fund (IMF) loan are currently on hold, as the nation is yet to submit new proposals for the loan’s terms. Speaking at a recent news briefing during the IMF-World Bank annual meetings in Morocco, Jihad Azour, the IMF’s Middle East and Central […]

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IMF’s Fiscal Support and Debt Sustainability in Focus at Marrakech Summit in Morocco

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 […]

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Zimbabwe Introduces Gold-Backed Digital Currency to Tackle Economic Challenges

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, […]

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Niger Trims 2023 Budget by 40% Amid Post-Coup Sanctions

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 […]

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South African Central Bank Takes Pragmatic Approach Amid Depreciating Rand

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 […]

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Ethiopia and EU Forge €650 Million Cooperation Agreement to Rebuild Relations

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 […]

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African Development Bank President Proposes Utilizing $25 Billion SDRs for African Development

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 […]

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South Africa Approves TotalEnergies Offshore Drilling Despite Opposition

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 […]

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Egypt’s Credit Rating Downgraded by Morgan Stanley Amidst Growing Concerns

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 […]

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