CAPE TOWN (Reuters) -The African Development Bank has approved a $1.5 billion emergency food production facility for 20 million farmers on the continent to avert a looming food crisis brought on by Russia’s invasion of Ukraine, it said on Friday. The funding is meant to assist Africa overcome a shortage of at least 30 million …
African Development Bank approves $1.5 billion emergency food facility Read More »
TUNIS (Reuters) – Tunisia’s central bank had to raise its key interest rate this week to confront high inflation, and it would be disastrous if the inflation rate rose into double digits, the bank’s governor said on Friday. Tunisia’s central bank raised on Tuesday its key interest rate by 75 basis points to 7% to …
Tunisia central bank says a rise in inflation to double digits will be disastrous Read More »
DAKAR (Reuters) – The International Monetary Fund (IMF) and Senegal have reached a staff-level agreement on economic and financial policies under which the West African country will receive a $217 million loan if approved in late June, the IMF said. Once approved, the loans will help authorities cushion the impact of soaring fuel and food …
IMF, Senegal reach staff-level agreement on $217 million loan Read More »
By Tarek Amara TUNIS (Reuters) -Tunisia’s budget deficit will expand to 9.7% of GDP this year, compared to a previously expected 6.7%, due to the stronger dollar and sharp increase in grain and energy prices, the central bank governor said on Friday. Marouan Abassi added at an economic conference in Sfax that Tunisia needs additional …
Tunisia sees 2022 budget deficit expanding to 9.7% from 6.7% previously expected Read More »
By Amindeh Blaise Atabong YAOUNDE (Reuters) – Cameroon’s government has signed a 420 billion CFA franc ($675.96 million) high-grade iron ore mining deal with a subsidiary of Sinosteel Corporation Limited, as China seeks new sources of the steel-making ingredient. Sinosteel Cam S.A., the Cameroonian subsidiary of the state-owned Chinese miner, will develop the Lobe iron …
China’s Sinosteel signs $680 million iron ore mine deal with Cameroon Read More »
By Duncan Miriri NAIROBI (Reuters) – The International Monetary Fund has prolonged support for Somalia under its Extended Credit Facility to Aug. 17, giving itself time to consult with an incoming government, the lender said on Friday. The move follows election of a new president on Sunday and a request from the Somali government early …
IMF extends budget support for Somalia to August Read More »
JOHANNESBURG (Reuters) -The South African rand firmed further against the dollar on Thursday after the central bank hiked its prime lending rate by 50 basis points to 4.75%, its biggest hike in more than six years, in a move to rein in inflation. At 1530 GMT, the rand was trading at 15.8350 against the dollar, …
S.Africa’s rand firms after central bank raises lending rate by 50 bps Read More »
By Alexander Winning and Olivia Kumwenda-Mtambo JOHANNESBURG (Reuters) -South Africa’s central bank on Thursday increased its main lending rate by the largest margin in more than six years as it stepped up efforts to fight inflation, sending the rand higher. The decision was in line with a Reuters poll published last week. The South African …
South Africa hikes rates as it steps up inflation fight Read More »
JOHANNESBURG (Reuters) -South African lender and asset manager Investec’s full year profit soared by almost 91% thanks to strong loan growth, client acquisitions and increasing funds under management, it said on Thursday. The company, which services higher-income clients, reported an adjusted earnings per share – profits made in the course of ordinary operations – of …
S.African wealth manager Investec’s annual profit nearly doubles Read More »
By Emma Farge GENEVA (Reuters) – In a world beset by conflicts and natural disasters, the number of people who fled their homes and sought shelter within their own countries hit a record high of close to 60 million by the end of last year, according to new data. Disasters, including weather events such as …
Record numbers of people displaced in their own countries in a ‘world falling apart’ Read More »
