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Jun
09
2021
By The African Mirror
IMF approves $650 million in aid for Senegal’s COVID-19 recovery

IMF approves $650 million in aid for Senegal’s COVID-19 recovery

BUSINESS
THE International Monetary Fund (IMF) has approved $650 million in aid to Senegal to support the West African country's COVID-19 recovery, it said in a statement late on Monday. The announcement follows an earlier payment of $442 million to Senegal in April 2020, also to mitigate the economic effects of the coronavirus pandemic, the IMF said. The pandemic has hit the Senegalese economy hard and caused growth to contract to an estimated 1.5% in 2020 from 5.3% in 2019, the IMF said. The Fund expects a modest recovery in 2021 with growth reaching 3.7% and forecast to reach 5.5% in…
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Mar
21
2021
By The African Mirror
Invest in low-carbon cities to protect climate and boost jobs, governments urged

Invest in low-carbon cities to protect climate and boost jobs, governments urged

NEWS
ANASTASIA MOLONEY  MORE COVID-19 recovery spending and public investment is needed for green transport and clean energy in cities, to create jobs, cut planet-heating emissions and limit the damage from climate change, according to U.N. officials and researchers. A report by the Coalition for Urban Transitions, a group of research organisations pushing for more sustainable cities, assessed climate-friendly measures governments and city leaders should prioritise in six emerging economies. The report found that China, India, Indonesia, Brazil, Mexico and South Africa - which account for a third of global GDP and about 40% of the world's urban population - could…
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Oct
15
2020
By The African Mirror
South Africa puts public works, jobs at heart of COVID-19 recovery plan

South Africa puts public works, jobs at heart of COVID-19 recovery plan

NEWS
WENDELL ROELF and ALEXANDER WINNING SOUTH Africa will embark on a massive public works and job-creation drive in response to the coronavirus crisis, President Cyril Ramaphosa has said, unveiling a plan to return Africa's most industrialised economy to growth. Under pressure after data showed the largest-ever GDP contraction in the second quarter, Ramaphosa said his plan could unlock more than R1- trillion ($60 billion) in investment over the next four years and create more than 800,000 jobs. He said modelling by the National Treasury showed it could raise annual economic growth to an average of around 3% over the next…
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