Connect with us

VenturesNow

Malawi reels from acute shortages of foreign exchange currency

Published

on

The Malawian Reserve Bank has revealed that the country is facing acute shortages of foreign exchange currency, forcing two international airlines to suspend some of their services in the country.

The situation, according to the Eastern African apex bank, has negatively affected the operations of many more local and international cross-border businesses.

A latest monetary policy report released by the Reserve Bank on Monday, indicates that the county’s official gross foreign exchange reserves in the first quarter of 2022 stood at $374.48 million, which was a drop from the $429.17 million in the fourth quarter of last year.

The report also stated that private sector foreign exchange reserves also declined from $425.52 million last year to $391.49 million this year.

“The situation has led to an acute shortage of foreign currency on the market, forcing foreign traders to halt or suspend some of their operations in Malawi,” the report said.

The government has however, says it hopes the foreign exchange reserve will start to increase once the International Monetary Fund resumes providing Malawi with an Extended Credit Facility (ECF), an instrument that provides financial assistance to countries with protracted payment problems.

VenturesNow

World Bank predicts Mozambique economy growing at 5.7% on average

Published

on

The World Bank has predicted that the economic growth in Mozambique is expected to accelerate in the medium term averaging 5.7% between 2022 and 2024, as a result of demand recovery and economy benefits from the start of liquefied natural gas production this year.

In a report released Thursday, the World Bank said the start of LNG production at the offshore Coral Project and the expected resumption of other LNG projects would help spur the southeast African nation’s growth in the intervening year.

The World Bank said a three-year extended credit facility arrangement agreed by Mozambique with the International Monetary Fund (IMF) and budget support from other partners would further help to strengthen its economic recovery.

The IMF’s executive board had, in May, approved a $456 million program for the country, the first since the global lender suspended support to Mozambique six years ago.

However, the World Bank warned that risks remained for Mozambique’s growth, especially from rising import prices due to the conflict in Ukraine, a possible surge in COVID infection waves, and insurgency in the north.

Continue Reading

VenturesNow

Nigeria, Algeria, Niger to revive Saharan gas pipeline talks

Published

on

The governments of Nigeria, Algeria and Niger Republic have held talks to revive a gas pipeline project across the Sahara which had been put on hold for over 40 years, with the potential opportunity for Europe to diversify its gas sources as the world faces a short fall as a result of the Russian-Ukraine war.

The three countries, represented by their various Petroleum Ministers, met in Abuja, Nigeria’s capital on Wednesday and resolved to set up a task force to revive the project and designated an entity to update the feasibility study.

A statement by Niger’s Oil Ministry after the two-day meeting stated that the Trans-Saharan gas pipeline project estimated at $13 billion, could send up to 30 billion cubic metres a year of supplies to Europe.

The statement added that the energy ministers of the three countries will meet again in Algiers at the end of July to “validate the proposals of the newly installed task force.”

“The pipeline should allow Europe to diversify its sources of natural gas supply but also allow several African states to access this high value energy source,” the statement said.

“With a length of 4,128 kilometres (2,565 miles), the pipeline would start in Warri, Nigeria, and end in Hassi R’Mel, Algeria, where it would connect to existing pipelines that run to Europe,” it said.

The gas pipeline idea was first proposed more than 40 years ago with an agreement signed between the three countries in 2009, but progress stalled stalled following a lack of follow through by the countries.

Earlier this month, Nigeria also took steps to revive another gas pipeline project that would pass through West Africa, Morocco to Europe.

Continue Reading

EDITOR’S PICK

Politics7 hours ago

What next as Nigeria’s Supreme Court knocks out President Buhari’s suit challenging electoral act?

Nigeria’s highest court, the Supreme Court on Friday knocked out a suit filed by President Muhammad Buhari and his attorney-General, Abubakar Malami, to...

Culture7 hours ago

Senegal: Thousands explorers visit as African arts dazzle at Dakar Biennale 2022

The 2022 edition of the Dakar Biennale, an art festival in Senegal has come to an end after a month...

Politics7 hours ago

Ex-Tunisian PM Jebali arrested on allegations of money laundering

Former Tunisian Prime Minister Hamadi Jebali, who is also senior member of the opposition Ennahdha Party, was on Friday, arrested...

Metro7 hours ago

South Sudan activists fight child marriage where girls are sold for cows

A group of South Sudanese activists have come together to fight against an obnoxious practice where young girls are auctioned...

Politics7 hours ago

Final report on corruption probe on ex-South Africa President Jacob Zuma released

The final report on a corruption probe of the nine year rule of former South Africa President Jacob Zuma has...

VenturesNow7 hours ago

World Bank predicts Mozambique economy growing at 5.7% on average

The World Bank has predicted that the economic growth in Mozambique is expected to accelerate in the medium term averaging...

Musings From Abroad8 hours ago

US Supreme Court abolishes abortion right after almost 50-year precedence

The US Supreme Court on Friday reversed a nearly half century old constitutional right to abortion. Justice Samuel Alito who wrote for the Majority argued that the 1973 Roe...

Politics10 hours ago

CHOGM: Commonwealth members should decide their structures of government – Prince Charles

As the 2022 edition of the Commonwealth Heads of Government Meeting (CHOGM) continues in Rwanda, heir to the British throne,...

Politics10 hours ago

Congo DR politician, Vital Kamerhe freed of corruption charges after prolonged trial

The former Chief of Staff to Democratic Republic of Congo’s president, Vital Kamerhe, has been freed from corruption charges after...

Politics1 day ago

Tunisia’s new constitution fails to identify Islam as state religion, President Saied says

The new Tunisian Constitution which was commissioned by President Kais Saied to replace the 2014 Constitution does not list Islam...

Trending