INTERNATIONAL Monetary Fund (IMF) Managing Director, Kristalina Georgieva, has expressed concerns over new U.S. tariffs, calling them a major risk to the global economy amid ongoing economic sluggishness. She expressed the concerns in a statement, following Tuesday’s announcement of the tariff measures. “We are still assessing the macroeconomic implications of the announced tariff measures,” Georgieva … Read more
AS many African countries grapple with heavy debt burdens and financial pressure, a few have quietly demonstrated notable fiscal discipline. According to the latest data from the International Monetary Fund (IMF), some nations are maintaining exceptionally low levels of debt to the institution—an achievement that reflects economic resilience and sound financial management. IMF figures for … Read more
THE IMF and Ghana have reached an agreement on the third review of the country’s $3bn loan programme, the Fund announced on Friday. This marks a key milestone in Ghana’s ongoing efforts to stabilise its economy amidst significant financial challenges. Ghana, a leading producer of gold and cocoa in West Africa, is nearing the end … Read more
Ethiopia is undergoing a significant economic transformation following Prime Minister Abiy Ahmed’s announcement of a comprehensive macroeconomic overhaul on July 28th. This ambitious decision shifts Ethiopia to an interest rate-based monetary policy and a market-based foreign exchange rate, aimed at reducing inflation and enhancing banking efficiency. The move has led to a substantial depreciation of … Read more
THE IMF announced on Monday that it has revised its growth projection for Ghana’s economy in 2024 to 3.1 percent, up from the previous estimate of 2.8 percent. This announcement was made by Stephane Roudet, the IMF mission chief for Ghana, during a joint press briefing with Ghana’s Ministry of Finance and the Bank of … Read more
THE IMF has approved the second review of Ghana’s $3bn loan programme, enabling the immediate release of nearly $360 million. This decision follows Ghana’s successful negotiation with its official creditor committee, a crucial step to unlocking the second tranche of funds. This new disbursement brings the total IMF assistance to Ghana under the three-year bailout … Read more
THE IMF announced on Wednesday the completion of the third review of Zambia’s Extended Credit Facility, approving an immediate disbursement of $569.6 million. Additionally, the IMF has increased its total financial assistance to Zambia from $1.3bn to $1.7bn to help the country address severe drought conditions and ongoing economic challenges. The increased financial support aims … Read more
THE IMF has issued a cautionary statement regarding sub-Saharan Africa’s debt situation, underscoring ongoing challenges despite a decline in debt levels following a series of sovereign defaults. While debt-to-GDP ratios are projected to decrease, the region continues to face hurdles in accessing affordable financing, prompting spending cuts and jeopardising growth prospects. According to the IMF’s … Read more
The IMF greenlights a $941 million lending boost for Kenya, providing immediate relief with a $624.5 million disbursement under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programmes. THE IMF on Wednesday approved a $941 million lending boost to Kenya, with an immediate disbursement of $624.5 million, offering some relief to the East … Read more