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IMF chief, Kristalina Georgieva, presses for Egypt, Tunisia debt restructuring

Published

2 years ago

October 15, 2022

As the financial mess in many African countries persists, International Monetary Fund chief, Kristalina Georgieva will once again push for debt restructuring for North African neighbors, Tunisia and Egypt.

Georgieva would meet on Saturday with delegations from the country on Saturday amidst the confidence that the global lender would be “backing them up.”

She had earlier in the week pushed for a timely debt restructuring for Zambia and Chad.

Egypt’s finance minister, Mohamed Maiit on Friday hinted on Friday that the country with sign the IMF deal “very soon” to help stem a currency crisis that has restricted imports and sparked market unease over foreign debt repayments.

Georgieva told a banking seminar during the annual meetings of the IMF and World Bank, “I’m actually today going to be meeting with delegations of Egypt and Tunisia, countries where I am confident that you will see us backing them up in this difficult time.”

Georgieva told reporters on Friday that the IMF and Egypt had resolved all “big policy issues” in their discussions on a new lending program, but were still working on smaller technical details.

On its part, Egypt’s North African neighbour also in financial crisis, Tunisia, last month said it hoped to seal a deal with the International Monetary Fund in the coming weeks on a loan of between $2 billion and $4 billion over three years.

The Tunisian government in a bid to secure the deal had announced plans to remove subsidies on fuel products.

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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.”