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IMF chief, Kristalina Georgieva, to visit Rwanda after trip to Zambia

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Sources close to the International Monetary Fund (IMF) have revealed that its chief, Kristalina Georgieva will visit Rwanda later this month after traveling to Zambia.

Three sources familiar with the plans revealed on Friday that Georgieva would visit Zambia the week after next.

The IMF chief’s visit to Rwanda has not been previously reported. Georgieva will travel to Africa after speaking at the World Economic Forum in Davos, Switzerland next week.

Zambia like other African country is going through Zambia opted to bow out of a $42.5 million Eurobond repayment in 2020 and is seeking $8.4 billion of debt relief from 2022 to 2025. The country has been on a quest to restructure its loans and rebuild an economy ravaged by mismanagement under previous administrations and COVID-19.

The Rwandan government in October reached a state-level agreement with the IMF to access $310 million in funding to “support the country’s economic reforms and help it build resilience against climate change.”

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Progress as Kenya’s January 2023 inflation rate slows to 9.0%

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The Kenyan statistics office has revealed that the country’s inflation rate slowed to 9.0% year-on-year in January from 9.1% a month earlier.

The latest inflation figure makes it the third straight month that inflation has fallen in the East African country. The figure hit 9.6% in October, its highest level since May 2017. January’s inflation is still above the government’s preferred band of 2.5%-7.5%.

The statement by the Kenya National Bureau of Statistics shows that on a monthly basis, inflation was 0.2% compared with 0.5% in December.

Inflation inched down to 9.1% in December, the second straight month of decrease, but still above the government’s preferred band of 2.5-7.5%.

Kenya’s central bank on Monday announced a new monetary policy holding its benchmark lending rate steady at 8.75%.

According to African Development Bank, Kenyan economic growth is projected to decelerate to 5.9% in 2022 and 5.7% in 2023, driven on the demand side by a decline in domestic and external demand caused by lower income and by an increase in food and fuel import costs and on the supply side by tepid economic activity across sectors due to cost-push factors.

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Nigeria’s legislature approves extra $2.2 bln central bank loans to government

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Nigeria’s debt crisis isn’t going away anytime soon as the country’s lower house of parliament has approved President Muhammadu Buhari’s request to borrow an extra $2.2 billion.

According to the lawmakers, the approval is in temporary advance from the country’s central bank.

Nigeria’s minister of Finance in December made the revelation that the country will henceforth focus on concessionary loans from the World Bank, Islamic Development Bank, African Development Bank, and others for external loans, Ahmed told Reuters in Abuja after a cabinet meeting.

The legislators plan to discuss with officials in order to turn central bank loans to the government worth 23.7 trillion naira ($52 billion) into long-term debt.

President Buhari asked parliament in December for approval to convert central bank’s temporary advance to government into 40-year bonds at 9% interest to cut interest payments but lawmakers questioned the plan.

Government debt in Nigeria averaged 73641.06 USD Million from 2012 until 2022, reaching an all-time high of 103312.80 USD Million in the second quarter of 2022 and a record low of 48361.37 USD Million in the first quarter of 2013.

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