Category: Worldbank
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🇹🇬 WORLD BANK APPROVES $300 MILLION TO BOOST TOGO’S AGRICULTURAL TRANSFORMATION
The World Bank Group (WBG) has approved $300 million to help Togo become a center for agribusiness and animal nutrition in the region. The fund will help Togo scale up its Agricultural Modernization Program (ProMAT) and transform its agricultural sector through productive and climate-smart investment. This Sustainable Agricultural Transformation Program-for-Results (PforR) will last for 10…
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🇸🇳 Senegal Faces Potential Delay in IMF Support Due to Debt Data Concerns
Senegal’s efforts to restore financial support from the International Monetary Fund (IMF) may face delays as the global lender seeks clarification on how the country’s debt data was misreported for years. This development comes at a crucial time for the West African nation, which is navigating economic challenges while preparing for a contentious presidential election.…
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🇪🇬IMF approves $1.2 billion more for Egypt’s economic recovery
The International Monetary Fund said Tuesday it completed its fourth review of Egypt’s economic reform program approving a $1.2 billion disbursement for the North African country. The IMF said in a statement it completed its fourth review on Monday and Egyptian authorities can immediately draw the funds. The IMF executive board also granted Egypt’s request…
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Ghana ranks second most indebted African nation to IMF
Ghana has been identified as the second most indebted African nation to the International Monetary Fund (IMF) in terms of concessional lending. According to the IMF’s Quarterly Finances, the country’s outstanding loans to the institution reached $2.914 billion as of October 31, 2024, representing 17% of total African borrowings from the IMF. Only the Democratic…
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🇬🇭 Ghana’s President-elect Mahama to review IMF bailout
Ghana’s newly elected President, John Dramani Mahama, has affirmed his commitment to the country’s $3 billion IMF bailout program while advocating for necessary adjustments, clarifying his previous statements regarding renegotiation. 🗣 “When I talk about renegotiation, I don’t mean we’re jettisoning the programme,” Mahama, who secured a decisive victory in the recent elections, told Western…
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🌍 African leaders see extra IMF seat as starting block for bigger voice
From Nairobi to Accra, leaders of countries facing debt strains and public wrath over rising food and fuel prices have turned to the International Monetary Fund (IMF) as a last-ditch lender, but say they have little input in the policymaking that determines their fate. This week, a year after announcing the move in Marrakesh, Morocco,…
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🇨🇮 Ivory Coast’s Ouattara takes up third Sub-Saharan Africa seat on IMF executive board
Ivory Coast’s Wautabouna Ouattara has become the third director for Sub-Saharan Africa on the International Monetary Fund’s executive board as the lender of last resort boosts the region’s voice in its policy making processes. The new position on the executive board, which oversees the day-to-day business of the fund, brings the total number of executive…
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🇪🇬 Egypt’s IMF Deal May be Reviewed Due to Economic Pressure, Sisi Says
Egypt’s president suggested its International Monetary Fund program might need to be reviewed if economic pressures place an intolerable burden on the country’s more than 106 million people. The $8 billion IMF deal reached earlier this year is being implemented under “extremely difficult regional, international and global circumstances,” President Abdel-Fattah El-Sisi said Sunday in comments…
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IMF and Ghana reach staff-level deal on $3 bln loan-programme review
International Monetary Fund staff and officials in Ghana have reached an agreement on their third review of the West African country’s $3 billion IMF loan programme, the fund said on Friday. The West African gold and cocoa producer is nearing completion of a debt-restructuring process under the G20’s Common Framework initiative, after it defaulted on…
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IMF predicts Uganda’s economic growth will reach double digits next year due to crude oil production
According to an International Monetary Fund (IMF) report released late Wednesday, Uganda’s economy is anticipated to grow by 10.8% in the 2025/2026 fiscal year, starting in July, a significant increase from the previously expected growth rate of 6.2%. After nearly two decades of delays, Uganda is on the verge of beginning the production and export…
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