Connect with us

VenturesNow

Senegal has made ‘significant progress’ with structural reforms – IMF official, Edward Gemayel

Published

on

The International Monetary Fund’s staff said on Wednesday, has revealed that the West African country, Senegal has made “significant progress” in implementing structural reforms.

Although the progress comes at a slower pace than anticipated, The leader of the IMF mission to Senegal, Edward Gemayel, said in a statement that the performance of the reform program was “broadly satisfactory”.

Gemayel also hinted that “the economy should rebound in 2023 with a strong pickup in growth to 8.3% on the back of a temporary boost from oil and gas production and the absent further escalation of the war in Ukraine.”

He added that delays in payments of a cash transfer scheme for the poorest households should be addressed urgently and that it is important for authorities to “convincingly commit” to start phasing out energy subsidies in 2023 and unwind them by 2025.

Gemayel and a team of IMF staff are in Senegal to conduct the sixth and final review under the Policy Coordination Instrument (PCI) and the third and final reviews under the Stand-By Credit Facility (SCF) and Stand-By-Arrangement (SBA).

VenturesNow

Egypt to issues panda bond at the ‘right moment’ – Deputy Finance Minister Ahmed Kouchock

Published

on

Egypt’s Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk has revealed that the North African country plans to issue its first panda bonds by the end of this fiscal year.

Kouchock made the revelation on Sunday at an event at the American University in Cairo, adding that the country is  ” just waiting for the right moment,” Kouchouk told

Egypt hinted in August that it has completed all necessary procedures to issue panda bonds in the Chinese market at an expected value of $500 million.

Panda bonds are bonds denominated in Chinese yuan but issued by foreign borrowers.

Earlier, local media quoted Finance Minister Mohamed Maait as saying the issuance was expected to be at $500 million.

The country is open to flexible terms of setting the value of the external financing within the framework of extending the debt tenor and the current average term of external debt of 12 years, Kouchouk pointed out.

Continue Reading

VenturesNow

Nigerien President, Mohamed Bazoum wants employment quotas for African immigrants

Published

on

Niger’s President Mohamed Bazoum wants employment quotas for African immigrants tailored to job needs from European countries.

President Bazoum made the position in an interview with an Italian newspaper, La Repubblica. on Friday.

The president’s argument is that the quota will address European countries’ needs for its labour market and could help resolve the problem of illegal migration and human trafficking.

“In France, Spain, and Italy you have many jobs in sectors of employment where Africans can work,” Bazoum said.

“These numbers need to be established, country by country, and then the consulates entrusted with the responsibility of enforcing them.”

Surveys of African migrants in or heading toward Europe reveal that the majority were either employed or in school at the time of their departure. Yet, they felt despair over their economic prospects.

Continue Reading

EDITOR’S PICK

VenturesNow5 hours ago

Egypt to issues panda bond at the ‘right moment’ – Deputy Finance Minister Ahmed Kouchock

Egypt’s Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk has revealed that the North African country...

Politics7 hours ago

Sudanese politician, Wagdi Salih released from jail as talk for civilian coalition grows

Sudanese politician, Wagdi Salih has been released from prison, a day before the civilian coalition he belonged to was due...

Politics9 hours ago

Farmgate: Embattled South African president, Cyril Ramaphosa says party executive will determine fate

Embattled South African president, Cyril Ramaphosa has said that his party’s executive will decide his fate amidst the recent “Farmgate”...

Metro9 hours ago

Again, thousands of Sudanese Islamists protest against UN mission

For the second time in two weeks, thousands of Islamists in Sudan took to the streets in Khartoum and other...

Tech9 hours ago

Cameroonian crypto startup, Ejara, raises $8 million in funding to grow platform

Cameroonian crypto-fintech startup, Ejara, an investment app that lets users buy crypto and save money in decentralized wallets, has successfully...

Metro10 hours ago

Ugandan President Yoweri Museveni, son Muhoozi, on war path over party’s leadership style

Gen. Muhoozi Kainerugaba, the son of Ugandan President Yoweri Museveni, is on a war path with his father over the...

Culture11 hours ago

Former Miss Malawi barred from hand over ceremony over improper dressing

Former Miss Malawi, Tionge Munthali, was on Saturday, barred from a ceremony where she was supposed to hand over her...

Musings From Abroad18 hours ago

CLIMATE CHANGE: Germany to sign climate protection contracts with industries

As the cry towards a green environment intensifies amidst the increasing effects of climate change, Germany is taking a lead...

Metro1 day ago

South African serial rapist gets four life imprisonment terms

A South African serial rapist and killer, Philani Justice Nkosi, has been sentenced to four life imprisonment terms by a...

Politics1 day ago

Like Mali, Burkina Faso junta suspends France’s RFI radio over broadcast of militant speech

West African country, Burkina Faso, has gone the way of its neighbour, Mali, as its ruling junta has suspended the...

Trending