By Andrea Shalal WASHINGTON (Reuters) -The International Monetary Fund on Thursday said it would combine the fifth and sixth reviews of Egypt’s $8 billion support program this fall to give authorities more time to meet critical objectives of its economic reform program. IMF spokeswoman Julie Kozack told a regular briefing that IMF staff were working …
IMF to combine reviews of Egypt’s $8 billion loan program Read More »
By Reade Levinson, David Lewis and Sonia Rolley , REUTERS -Rwandan company Boss Mining Solution bought minerals smuggled from rebel-held areas of neighboring Congo, helping fund an insurgency in that vast African country, according to a confidential report by a group of United Nations experts that was reviewed by Reuters. The U.N. report marks the …
Major Rwandan coltan exporter bought smuggled Congolese minerals, UN report says Read More »
JOHANNESBURG (Reuters) -The South African rand gained on Thursday on optimism among global investors about trade negotiations with the U.S. after the country signed a trade deal with Vietnam, fuelling hopes of more such deals ahead of a July 9 deadline set by Washington. At 1556 GMT the rand traded at 17.4950 against the U.S. …
South African rand gains on investor optimism over US trade negotiations Read More »
By Marcela Ayres and Bernardo Caram BRASILIA (Reuters) -The BRICS group of developing nations is set to announce a new guarantee fund backed by the New Development Bank (NDB) to lower financing costs and boost investment, two people familiar with the matter told Reuters. The initiative, modeled on the World Bank’s Multilateral Investment Guarantee Agency …
KAMPALA (Reuters) -The Nigerian and Ugandan currencies are seen advancing in the next week to Thursday, while Kenya’s, Ghana’s and Zambia’s are expected to be broadly stable, traders said. UGANDA Uganda’s shilling is expected to strengthen thanks to limited importer appetite for hard currency and healthy inflows from remittances and commodity exports. Commercial banks quoted …
AFRICA-FX-Nigerian and Ugandan currencies could gain Read More »
NAIROBI (Reuters) -Kenya’s economy grew 4.9% year-on-year in the first quarter of 2025, a similar pace to the same period a year ago, driven by growth in sectors such as agriculture and manufacturing, the statistics office said on Thursday. East Africa’s largest economy remains on a trajectory of sustained economic growth but faces risks from …
Kenya’s economy grows 4.9% in first quarter of 2025 Read More »
DAR ES SALAAM (Reuters) -Tanzania’s central bank lowered its benchmark interest rate by 25 basis points to 5.75% on Thursday, saying it expected inflation to remain stable below its medium-term target. The Bank of Tanzania targets inflation of 5%, and consumer inflation has hovered around 3% since it launched its policy rate in January 2024. …
Tanzania central bank cuts policy rate as it sees stable inflation Read More »
(Reuters) -South Africa’s proposed chrome ore export tax will hurt miners’ profitability and lead to job losses across the sector, the country’s Minerals Council has said. Africa’s most advanced economy is the world’s biggest exporter of chrome, which is mostly used in the manufacture of stainless steel. South Africa also used to be the biggest …
South African miners say proposed chrome export tax threatens jobs Read More »
NAIROBI (Reuters) -Kenya’s private sector activity slowed in June with its biggest contraction in close to a year, driven by slower consumer spending and the impact of protests during the month, a business survey showed on Thursday. The Stanbic Bank Kenya Purchasing Managers’ Index fell to 48.6 from 49.6 in May. Readings above the 50.0 …
Kenya private sector activity slows in June, slowest level in a year Read More »
JOHANNESBURG (Reuters) -South African private sector activity held steady in June, while business confidence slipped to its lowest level in nearly four years, a survey showed on Thursday. The S&P Global South Africa Purchasing Managers’ Index (PMI) fell to 50.1, eking out only a sliver of growth, compared with May’s 50.8. Readings above 50 indicate …
South African private sector treads water in June, confidence slips, PMI shows Read More »
