Mogadishu, Somalia — The Paris Club of Creditors has reached an agreement with the government of Somalia that will result in the cancellation of up to $2 billion of the country’s debt- approximately 99% of the debt owed by the country to the group. This was disclosed in a statement from the group yesterday where […]
Tag: Debt
The Government of Liberia through the Ministry of Finance,Development Planning and the African Development Bank have signed a US$$40 million loan agreement for the Mano River Road Development Transport Facilitation Phase 1 project. The agreement aims to enhance road infrastructure and boost intra-community trade in the Mano River Union area. According to a release, the […]
A huge chunk of the country’s external debt has been worsened by exorbitant Principal Arrears (PRA) and Interest Rates (IRA) which in turn subdues the country’s repayment efforts, Zimbabwe Coalition on Debt and Development (ZIMCODD) has bemoaned. The 2023 analysis of the Public Debt Report published by the ZIMCODD this week says the granular analysis […]
“The money being owed members, puts over 1000 direct and indirect jobs on the line should they close shops due to lack of funds to continue operations.” The Association of Waste Managers of Nigeria (AWAMN), Ogun State chapter, on Wednesday, warned that its members may not be able to render their services of keeping the […]
Nairobi — The Pending Bills Verification Committee will today release its status report before the National Treasury. The special committee tasked with scrutinizing and analyzing the existing national government unsettled bills is expected to give recommendations that will help the government settle its arrears. As of January 31, 2024, a total of 1,537 companies had […]
Government has noted Fitch’s decision to affirm South Africa’s longterm foreign and local currency debt ratings at ‘BB-‘ and maintain the stable outlook. According to Fitch, South Africa’s credit rating is constrained by low real Gross Domestic Product (GDP) growth, high level of inequality, a high and rising government debt-to-GDP ratio, and a modest path […]
Nairobi (AFP) – – The International Monetary Fund said it has granted Kenya a new loan of more than $941 million to help buttress the finances of the cash-strapped East African nation. Kenya is grappling with a host of economic challenges including a vast debt mountain, cost of living crisis and tumbling currency. The IMF […]
Cadbury Nigeria has offered to swap its $7.7 million (N7.03 billion) debt owed to Cadbury Schweppes Overseas Limited for more equity. Cadbury Schweppes Overseas Limited, controlled by Mondel-z International Inc, is a major investor in Cadbury Nigeria with 74.97 percent stake. In a statement on Tuesday sent to the Nigerian Exchange Limited, NGX Cadbury Nigeria […]
The figure shows a 0.61 percent increase from the June 2023 figure of N87.38 trillion Nigeria’s total public debt reached N87.91 trillion by the end of the third quarter of 2023, details from the Debt Management Office (DMO) have shown. According to the statistics published on Wednesday, this marks a 0.61 per cent increase from […]
The International Monetary Fund and the World Bank approved $4.5 billion in debt forgiveness for Somalia Wednesday after the Horn of Africa nation completed years of financial reforms under the Heavily Indebted Poor Countries Initiative, or HIPC. The initiative was launched in 1996 by the IMF and the World Bank to help the world’s poorest […]
Nairobi — In a surprising twist within Kenya’s banking sector, a notable shift is underway as financial institutions increasingly target guarantors rather than primary borrowers when loans face default. This departure from conventional practices has ignited concerns, sparking fears about its potential repercussions for borrowers and those who stand as guarantors. Financial Expert Nazir Jinnah […]
Nairobi — The government intends to pay $300 million of the $2 billion Eurobond in December that is due for payment in June 2024. It comes at a time when local currencies have been facing immense pressure from major global currencies like the American dollar as well as mounting debt repayments. “Next month in December […]
Nairobi — President William Ruto has revealed that the country has made positive steps to deal with debt distress saying they will make a US$300 million payment in December 2023 towards the US$2.0 billion Eurobond maturing in June 2024. President Ruto noted that his administration will pay the debt that has become a source of […]
Cape Town — The World Bank Board has announced in a press release that a U.S.$1 billion Development Policy Loan (DPL) has been offered to support the government’s efforts to promote long-term energy security and a low carbon transition. The World Bank intends for the loan to tackle two aspect’s of the nation’s energy crisis: […]
Harare — Transnet, a pipeline, rail, and port enterprise owned by the South African government, is asking Treasury for more than U.S.$5,2 million (R100 billion) over the course of the next two years, according to Engineering News. The U.S.$5,2 million comprises a proposal that the Treasury assume responsibility for at least U.S.$3 billion (R61 billion) of […]
A group, Africa Network for Environment and Economic Justice (ANEEJ), has said that despite a report that Nigeria and 10 other Economic Community of West African States (ECOWAS) countries are currently in debt distress, Nigeria still has a pivotal role to play in the international politics of climate and debt crisis in ECOWAS region. It […]
The International Monetary Fund (IMF) and the World Bank began their annual meetings in the Moroccan city of Marrakesh on October 9. Finance ministers and central bank governors from 190 countries are in attendance, with the meetings likely to address the prevailing economic crisis. The meetings will wrap up on October 15. Since 2020, successive […]
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Ghana IMF Debt Review Looks Promising
Harare — The Ghanaian government and the International Monetary Fund agreed at the staff level to the first review of a U.S.$3 billion loan program, clearing the way for a transfer of U.S.$600 million once it has received the IMF executive board’s approval. “IMF staff and the Ghanaian authorities have reached staff-level agreement on economic […]