Electron Native

The International Monetary Fund (IMF) has approved a loan of around $226 million for Cameroon. The money will help the central African nation meet urgent balance of payments needs emanating due to the COVID-19 pandemic.   Source : The Guardian Nigeria According to a statement from the lender, the pandemic and terms of trade shocks from the sharp fall in oil prices are having a significant impact on Cameroon’s economy, leading to a historic fall of real GDP growth. “Cameroon is facing serious challenges from the twin COVID-19 pandemic and terms of trade shocks,” the statement further said, adding that “the shocks have given rise to substantial fiscal pressures and an urgent balance of payments need.”

The International Monetary Fund or IMF says that Zimbabwe needs to intensify reform and meaningfully improve transparency. These will boost the country’s integrity as the government faces growing criticism about its dedication to delivering economic and political change.   President Emmerson Mnangagwa of Zimbabwe Source: enca.com President Emmerson Mnangagwa and senior officials say they are doing their best to lay the foundations for future growth and blame Western sanctions for hampering recovery and deterring investment.     But the opponents say of the government are saying he is reverting to the authoritarian tendencies seen under former leader Robert Mugabe, who died early this month. They also criticise Mnangagwa for presiding over soaring prices and shortages of foreign currency and fuel price hike that have sparked anger among a restive population.   The IMF said in a statement, after visiting Harare th...

Sudan is starting a nine-month economic rescue plan from October. The transitional government says this will curbing rampant inflation while ensuring supplies of basic goods.  Sudan is asking the World Bank for 2 billion US dollar. Shortages of bread, fuel and medicine coupled with hefty price rises sparked protests that led to the toppling of former president Omar al-Bashir in April. The economy has remained in turmoil as politicians negotiated a power-sharing deal between the military and civilians. The government was appointed this month. Finance Minister Ibrahim Elbadawi told reporters the new plan would restructure the budget and tackle inflation but leave bread and petrol subsidies in place until at least June 2020. The transitional government, led by Prime Minister Abdalla Hamdok, is Sudan’s first since Bashir’s overthrow. The government needs billions of dollars to import basic goods such as fuel and flour. Fuel sub...

Trading on Egypt’s stock exchange halted on Sunday after the EGX 100 dropped by 5 percent. The fall according to analysts is linked to protests which broke out in Cairo and other cities over the weekend.   Stock Exchange of Egypt Source : Reuters It is the first suspension since 2016, when Egypt embarked on a three-year economic reform programme that obtained the backing of the International Monetary Fund. It led to the devalution of the Egyptian Pound and undertaking austerity measures. When trading was suspended shortly after 1030 GMT, stocks such as Orascom Investment had fallen by 9.89 percent, Ezz Steel sank by 9.91 percent and Pioneers had dropped 9.65 percent. Orascom Construction fell by 8.04 percent and Palm Hills lost 9.63 percent. Before the latest selloff, Egyptian stocks had rallied this year on the back of economic growth and a recent interest rate cut. The benchmark index is up 8 percent so far this year. O...

The International Monetary Fund (IMF) on Wednesday has welcomed Nigeria’s exit from economic recession and praises its strong recovery as its foreign exchange reserves improves. IMF said this in a report released on Wednesday in Washington DC by its Executive Board after the conclusion of Article IV Consultation with Nigeria. According to the report, the Executive Directors of IMF welcomed Nigeria’s exit from recession and the strong recovery in foreign exchange reserves, helped by rising oil prices and new foreign exchange measures. They commended the progress in implementing the Economic Recovery and Growth Plan, including the convergence in foreign exchange windows, tight monetary policy and improvements in tax administration. IMF, however, said that though, the Nigerian economy has exited recession, it still remained fragile and susceptible to shocks. “The directors noted, however, that important challenges remain as growth in the non-oil, non-agricultural sector ha...