Tag: IMF
🇸🇳 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.…
🇪🇬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…
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…
🇲🇬Madagascar Faces Mobile Money Crisis Amid Tax Controversy
The mobile money sector in Madagascar is at a critical juncture following debates over a new proposed tax bill that many experts, businesses, and stakeholders are labeling as inefficient and dangerous for the country’s growing digital economy. Mobile money services are a lifeline for millions of Malagasy citizens, providing financial inclusion in a country where…
🇨🇮 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…
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…
Three-quarters of African Governments are Tightening their Belts
Africa has been through painful bouts of austerity before, with damaging effects on health and education. The IMF examined 82 instances of African governments reducing deficits between 1980 and 2021. About a quarter of the adjustments came from tax rises, and three-quarters from spending cuts. But this time governments plan to have an even split.…
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