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Zambia: President Hichilema wants speedy debt restructuring deal, warns against misconception on IMF

Published

2 years ago

January 23, 2023

Zambian President, Hakainde Hichilema hinted that his risks being 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.

President Hichilema made the remark while speaking at State House in Lusaka on Monday as he receives the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva.

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.

He also warned against the conception by the public that the IMF is an instrument of the Western strategic plot to third world economies low, adding that the IMF was on the contrary, a global institution owned by member countries including Zambia.

With annual inflation contained to single digits at 9.9% in December 2022 from 16.4% in December 2021, the Southern African country is on a path of recovery plus recent announcement that the country’s economy grew 3.1% last year.

Finance Minister of Zambia, Situmbeko Musokotwane has revealed that reducing inflation to 6%-8% in the medium term remains the target as the country pushes towards economic recovery.

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Moroccan annual inflation rises to 0.8% in November

Published

1 day 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

2 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.”