Kampala, Uganda | THE INDEPENDENT | The government programs continue to be impacted by financial pressures this year, amidst dwindling low-cost financial sources and plans to reduce commercial borrowing. This is a spillover from the large (5.5 percent of GDP) fiscal deficit in 2022/2023 was larger than planned, due to a …
Read More »How Africa is cleaning up its debt mess
IMF tracking shows that no African state has sought comprehensive debt relief in over a year indicating a trend of growing fiscal hygiene across the region. SPECIAL REPORT | BIRD AGENCY | Countries in Africa are showing signs of improving fiscal management, as they navigate through a cascading set of global …
Read More »Rwanda gets 268 mln U.S. dollars in IMF funding to respond to climate shocks
KIGALI, RWANDA | Xinhua | Rwanda has secured 268 million U.S. dollars from the International Monetary Fund (IMF) to confront climate shocks, the Ministry of Finance said on Friday. The funding, approved on Thursday under the new Standby Credit Facility, will also be used to boost balance of payments, the …
Read More »Report on African roads
Why Uganda was not on the list for worst roads COVER STORY | THE INDEPENDENT | A new report on the state of roads attributed to the International Monetary Fund (IMF) has recently left Ugandans agitated for a surprising reason; that their country was not named among the top 10 with …
Read More »World Bank/IMF return to Africa
Given cautious welcome as questions linger remain over unfulfilled promises ANALYSIS | CARLOS LOPES | The annual meetings of the World Bank and International Monetary Fund (IMF) are due to take place in Marrakech, Morocco, in mid-October. The city and country are still reeling from a devastating earthquake in early September. …
Read More »Africa eyes greater say, more agency with added IMF, World Bank board seats
Africa is to gain additional seats on the influential boards of the International Monetary Fund (IMF) and World Bank, elevating the region’s clout in global finance governance. This comes as African nations look to carve out space to act with greater agency and self-determination, both in continental and world affairs. …
Read More »Annual meetings of World Bank Group, IMF open in Morocco
Marrakech, Morocco | Xinhua | The World Bank Group and International Monetary Fund (IMF) annual meetings opened Monday in the southern Moroccan city of Marrakech. The meetings will run from Monday through Sunday and are expected to gather more than 12,000 participants, including 190 delegations led by finance ministers and …
Read More »World Bank and IMF return to Africa, but questions remain
Imposing a uniform policy approach on African countries has only worsened crises, limiting their policy space ANALYSIS | CARLOS LOPES | The annual meetings of the World Bank and International Monetary Fund (IMF) are due to take place in Marrakech, Morocco, in mid-this month. The city and country are still reeling …
Read More »Interest rates pushing Africa further into climate chaos
Nairobi, Kenya | THE INDEPENDENT | Interest rates on external debt are hampering efforts by African governments to harness their resources for the green energy transition. President William Ruto of Kenya said that while Africa is endowed with vast renewable energy resources, it is being limited by high-interest rates on …
Read More »UN chief says IMF, World Bank need urgent reforms
Nairobi, Kenya | THE INDEPENDENT | The UN Secretary-General, António Guterres has called for urgent reforms at the World Bank and the International Monetary Fund saying their policies are unfair to Africa which is faced with a debt crisis. The UN Chief who was in Nairobi at the high-level Africa Climate Summit said …
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