The International Monetary Fund (IMF) and Ethiopian authorities have reached a staff-level agreement to conclude the second review of the four-year, USD 3.4 billion Extended Credit Facility (ECF) arrangement. Formal approval by the IMF Executive Board would release approximately USD 251 million to Ethiopia, marking significant progress in the nation’s economic reform agenda. Ethiopia’s ambitious […]
Egypt and Liberia have signed a memorandum of understanding (MOU) to collaborate on aquaculture development, officials announced. The agreement, signed Monday by the Egyptian Lake Protection and Fish Resources Development Authority (LPRDA) and Liberia’s National Fisheries and Aquaculture Authority (NFAA), aims to boost sustainable development and economic integration in the fisheries sector. Strengthening African Partnerships […]
The Bank of Tanzania (BoT) is intensifying its efforts to regulate digital lending in the country, targeting unlicensed operators in an industry that has rapidly gained traction. The move seeks to protect consumers, maintain market stability, and uphold ethical practices within the digital microfinance sector. BoT’s Crackdown and Licensing Requirements As of November 14, the […]
The South African housing market has received a significant boost following a reduction in the repo rate, signaling optimism for both first-time buyers and established homeowners. This move comes amidst a favorable economic environment, characterized by declining inflation and positive fiscal developments. The Monetary Policy Committee’s (MPC) decision to cut the repo rate by 25 […]
South Africa’s annual consumer price inflation (CPI) eased to 2.8% in October 2024, surpassing market expectations of 3.0% and marking a significant decline from the 3.8% recorded in September. The latest figure is the lowest since June 2020, when inflation was 2.2% during the COVID-19 pandemic. This milestone offers relief to South African households and […]
The International Monetary Fund (IMF) announced on Wednesday that its mission had concluded a visit to Egypt, making substantial progress on policy discussions for the fourth review of its ongoing loan programme. The review is a critical milestone for Egypt, as it could unlock over $1.2 billion in financing, providing much-needed support amid persistent economic […]
Nigeria and India have taken a significant step toward strengthening bilateral ties with the signing of a Customs Mutual Administrative Agreement (CMAA). The agreement, which reflects growing economic and diplomatic relations between the two nations, aims to facilitate trade, enhance customs enforcement, and promote economic development. A Landmark Partnership The signing ceremony, held at the […]
The International Monetary Fund (IMF) has entered a significant financing agreement with the Democratic Republic of Congo (DRC) worth $2.87 billion over three years. The deal includes $1.77 billion from the IMF’s Extended Credit Facility (ECF) and $1.1 billion from its climate-focused Resilience and Sustainability Facility (RSF), marking the first time the latter has been […]
Namibia, a nation historically reliant on diamond mining, stands on the precipice of an economic transformation. With significant offshore oil and gas finds luring global energy giants like TotalEnergies, Shell, Chevron, ExxonMobil, and Galp, Namibia is poised to double its GDP growth to 8% within a decade. According to Tom Alweendo, the country’s mining and […]
The National Bank of Ethiopia (NBE) has announced a significant policy shift that will grant exporters greater flexibility in managing their foreign currency earnings. Starting November 14, 2024, exporters will be permitted to retain 50% of their foreign currency earnings indefinitely while selling the other 50% immediately. This marks a departure from the previous requirement, […]
In a decisive step aimed at boosting fiscal discipline and stimulating economic activity, Kenya’s Pending Bills Verification Committee has approved...
In a dramatic turn that has stirred debates among economists and policymakers alike, President Donald Trump has floated a provocative...
South Africa’s official unemployment rate edged down slightly in the fourth quarter of 2024, falling to 31.9% from 32.1% in...
In a landmark operation that has captured the attention of investors and market watchers alike, the Central Bank of Kenya...