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IMF chief, Kristalina Georgieva, commends Zambia, ‘confident’ of debt restructuring deal

Published

2 years ago

January 25, 2023

International Monetary Fund (IMF) chief, Kristalina Georgieva has maintained that the body remains interested in seeing Zambia overcome its debt challenges as well as achieve growth.

Georgieva made the position at a town hall meeting on a current trip to the country where she took questions from people gathered at the University of Zambia about her organisation’s work with the country.

“One thing I don’t wake up to worry about is that the IMF is a villain going to countries to take away their sovereignty because this is your IMF and we belong to you”, said Kristalina Georgieva, IMF’s managing director.

Georgieva said on Tuesday she was “confident“ an agreement to restructure Zambia’s debt was within reach after engaging with the country’s creditors.

The IMF chief in a post on Tweeter noted that “Zambia is making tremendous progress on reforms to strengthen its resilience & to realize its enormous potential.”

To the wonderful people of #Zambia and @HHichilema, thank you for your gracious hospitality.

🇿🇲 is making tremendous progress on reforms to strengthen its resilience & to realize its enormous potential. pic.twitter.com/3UPX3JZ5ND

— Kristalina Georgieva (@KGeorgieva) January 24, 2023

Zambian President, Hakainde Hichilema hinted that his country risks being in a difficult situation if ongoing debt negotiations with creditors were not concluded by the end of the first quarter of this year.

The country has been on a quest to restructure its loans and rebuild an economy ravaged by mismanagement under previous administrations and COVID-19. It owes a significant amount of its $17 billion external debt to private lenders including bondholders, but also to China.

Related Topics:Featured IMF Kristalina Georgieva Zambia

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Moroccan annual inflation rises to 0.8% in November

Published

5 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

6 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”