The Suez Canal Authority has announced plans to adjust transit fees for different vessel categories, with an upcoming 15% increase for petroleum and natural gas carriers and a 5% rise for dry bulk vessels. These changes are scheduled to take effect in mid-January 2024. In a bid to maintain the Suez Canal’s economic viability, the […]

Nigeria’s annual inflation surged to 26.72% in September, up from 25.8% the previous month, as reported by the country’s Bureau of Statistics today. The primary drivers of this spike were identified as food and non-alcoholic beverages, causing significant financial strain on consumers. The catalyst for this latest inflationary surge can be traced back to President […]

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 […]

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 […]

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 […]