VenturesNow

Zambia wants IMF loan increased to $1.7 billion

Published

7 months ago

June 4, 2024

The government of Zambia has requested an increase in its $1.3 billion loan programme to $1.7 billion to help it deal with a severe drought, according to a statement released by the International Monetary Fund (IMF) on Tuesday.

In a statement, the IMF added that a staff-level consensus had been reached regarding the third evaluation of the country in southern Africa’s Extended Credit Facility.

Following the approval of the most recent review by the IMF executive board at a meeting scheduled for the end of June, Zambia will receive around $573 million, which is the fourth payment under the facility.

A few African nations, like Zambia, are struggling with a drought brought on by the El Niño weather phenomena, which has left areas of the region without food.

After more than three and a half years of protracted debt restructuring, the copper-rich nation is almost ready to move on.

Over 90% of the holders of Zambia’s $3 billion in outstanding international bonds have approved a restructuring proposal, the country’s finance minister announced last week.

Situmbeko Musokotwane, the minister of finance, stated that the staff-level agreement unveiled on Tuesday was a “testament to Zambia’s determination to rebuild macroeconomic and debt sustainability” and its efforts to finalise restructuring talks within the parameters of its IMF programme.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 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

3 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.”