VenturesNow

Succor as South Sudan reaches agreement $112.7 million emergency fund from IMF

Published

2 years ago

November 22, 2022

It appears South Sudan might be having some financial succor shortly as the troubled East African country has reached a staff-level agreement for the release of about $112.7 million in emergency financing with the International Monetary Fund.

The IMF said in a statement on Tuesday said: “the emergency financing under the new Food Shock Window will help South Sudan address food insecurity, support social spending, and boost international reserves.”

South Sudan is in a dire situation with approximately two-thirds of the population, are in danger of famine as they face acute food insecurity during the next lean season as climate shocks and conflict deepen the already vulnerable situation for many.

The IMF on Tuesday puts the number of people experiencing severe food insecurity at an estimated 8.3 million.

“The combination of continued localized conflict, four consecutive years of severe flooding, and the rising price of staple commodities from Russia’s war in Ukraine has increased the number of people experiencing severe food insecurity,” it said.

Amid a dwindling economy and the threat of skyrocketing inflation, the country in September put up 14 of its oil blocs for sale in a bid to increase production to pre-war levels of 350,000 barrels a day.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

4 hours 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

1 day 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.”