IMF - The African Mirror

Sep

2020

Banks agree $545 million for Congo Republic economy

A group of banks has agreed more than $545 million worth of funding to boost Congo Republic's long-suffering economy, officials have said. The oil-producer was hit by a sharp drop in crude prices in 2014, leaving it with debt of nearly $9.5 billion, much of it owed to China and Western oil traders and amounting to 85.5% of the Central African country's gross domestic product (GDP). The IMF agreed a three-year $449 million bailout last year, but the coronavirus pandemic is expected to cause an economic contraction of 9% in 2020, the government has said. A group of banks including…

Aug

2020

By The African Mirror

The IMF’s $4bn loan for South Africa: the pros, cons and potential pitfalls

BUSINESS

DANNY BRADLOW, SARCHI Professor of International Development Law and African Economic Relations, University of Pretoria THE International Monetary Fund (IMF) has approved a R70 billion (US$4.3 billion) loan for South Africa to help the country manage the immediate consequences of the fallout from COVID-19. The Conversation Africa’s editor, Caroline Southey, asked Danny Bradlow to shed some light on what South Africans should expect. What conditions has the IMF attached to the disbursement? The IMF has provided the funding through its Rapid Financing Instrument. This is designed to support countries facing an urgent need for financing due to a crisis such…

Jul

2020

By The African Mirror

IMF approves $171.9 mln to Madagascar to address COVID-19 pandemic

COVID-19

THE International Monetary Fund (IMF) has approved $171.9 million of funding to Madagascar, bringing the total COVID-19 emergency support to the country to $337.9 million. "This is the second emergency disbursement since the onset of the pandemic and will help finance the country's urgent balance of payments and fiscal needs," the IMF said in a statement. - Thomson Reuters Foundation ADVERTISEMENT

Jul

2020

By The African Mirror

IMF grants South Africa $4.3-billion COVID-19 loan

BUSINESS

AFRICAN MIRROR REPORTER THE South African government’s battle to save an economy and livelihoods battered by COVID-19 has received a major boost. The International Monetary Fund (IMF) has approved a $4.3-billion emergency loan to assist the country to mitigate the social and economic impact of the pandemic. The IMF loan has however generated debate in South African where some, including trade unions aligned to the ruling ANC, have expressed reservations. The South African government said the IMF low-interest loan would contribute to the government’s fiscal relief package while respecting the country’s decisions on how to best provide relief to the…