Category: Worldbank
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…
🇬🇭 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…
🌍 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,…
🇨🇮 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…
🇪🇬 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…
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…
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…
IMF taps Jamaica finance minister for deputy role
The International Monetary Fund on Monday named Jamaican Finance Minister Nigel Clarke to a top post at the agency, after the official spearheaded fiscal reforms in the Caribbean nation. Clarke, nominated by IMF Managing Director Kristalina Georgieva, is set to replace Antoinette Sayeh as one of the IMF’s three deputy managing directors at the end…
IMF sets strict conditions for Ethiopia’s economic rescue package
The International Monetary Fund has outlined a series of demanding conditions for the Ethiopian government to access funds under its Extended Credit Facility (ECF) program. According to the organization, these conditions are intended to guide Ethiopia towards economic stability but come with critical deadlines and potential consequences for non-compliance. Here are some of the key…
Burkina Faso, President Traoré rejects IMF Loans
The President of Burkina Faso has rejected IMF loans saying “Africa doesn’t need the World Bank, IMF, Europe, or America. We have what it takes to grow our economy without loans and refuse to be financial slaves.” One of the key reasons cited for rejecting the IMF’s assistance is the belief that such aid could…
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