VenturesNow

IMF, Ivory Coast reach staff-level deal for $574 million disbursement

Published

9 months ago

April 10, 2024

Officials from Ivory Coast and the International Monetary Fund (IMF) have agreed to review two loan programs that will allow $574 million to be sent to Ivory Coast, subject to the approval of the IMF’s executive board.

There was good work by Ivory Coast with the $3.5 billion Extended Fund Facility (EFF) and Extended Credit Facility (ECF) program and the $1.3 billion Resilience and Sustainability Facility (RSF) program, according to the IMF.

It said that all policies and changes that were in line with the goals of the programs had been agreed upon at the staff level. These included more revenue-based fiscal consolidation to bring the deficit down to 3% of GDP by 2025 and more structural reforms.

Once accepted by the IMF executive board, the agreement will let a total of $574 million be sent out.

Statista’s study from 2023 predicted that the Ivory Coast’s national debt would keep going up by 18.1 billion U.S. dollars (+41.13%) from 2023 to 2028. The national debt is expected to hit a new high point of 62.06 billion U.S. dollars in 2028, after going up for ten years. Notably, the national debt has steadily risen over the past few years.

According to the IMF, the general government’s gross debt is made up of all its debts that need to be paid back with interest and/or capital at some point in the future.

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.”