VenturesNow

Burundi: IMF predicts 4.3% economic growth against 2023’s 2.7%

Published

11 months ago

January 23, 2024

Burundi’s GDP is expected to grow by 4.3% this year from 2.7% in 2023, according to the International Monetary Fund (IMF). This growth is largely due to increased performance in the agriculture sector.

Burundi’s economy, which has a population of 12 million, is primarily dependent on agricultural income, particularly from tea and coffee.

“Growth is projected to accelerate… supported by strong agricultural production, productive investment, and the ongoing reforms,” the fund said in a statement late on Tuesday.

According to the fund, Burundi’s 2023 economic activity was hindered by fuel shortages. After years of violence and political unrest under former leader Pierre Nkurunziza, which left important sectors abandoned, Burundi’s economy is only now beginning to revive.

It has a hard cash shortage following political turmoil in 2015 that forced donors to halt help. The United States promised assistance, while the European Union agreed to resume financial help in 2022.

Burundi’s foreign exchange reserves at the end of the previous year were $96.4 million, or 0.8 months’ worth of import cover, according to the IMF.

Remittance inflows, gold exports, and IMF funding disbursements provided some respite, the fund reported.

VenturesNow

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.

VenturesNow

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.”