No Result
View All Result
Monday, June 5, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Citi Business Festival enters week one; focuses on Digital Economy

    Re-establishing national airline critical to reducing forex loss – Former Civil Aviation Boss

    Ghana’s unsustainable debt largely attributed to Energy Sector – World Bank Rep

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    We’ll be swift with Ghana’s economic recovery – Ofori-Atta

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

    Ghana’s energy sector needs audit to ascertain debt levels – COPEC

    Sole implementation of cylinder recirculation model threatens our investment – LPG Operators

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

    COVID -19 levy must be abolished – Importers & Exporters insist

    Halt implementation of utility tariffs increment- FABAG tells govt

    Govt maintains COVID-19 levy despite calls for removal

  • TECHNOLOGY

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Citi Business Festival enters week one; focuses on Digital Economy

    Re-establishing national airline critical to reducing forex loss – Former Civil Aviation Boss

    Ghana’s unsustainable debt largely attributed to Energy Sector – World Bank Rep

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    We’ll be swift with Ghana’s economic recovery – Ofori-Atta

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

    Ghana’s energy sector needs audit to ascertain debt levels – COPEC

    Sole implementation of cylinder recirculation model threatens our investment – LPG Operators

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

    COVID -19 levy must be abolished – Importers & Exporters insist

    Halt implementation of utility tariffs increment- FABAG tells govt

    Govt maintains COVID-19 levy despite calls for removal

  • TECHNOLOGY

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Zambia’s planned IMF package dulls impact of Moody’s downgrade

bycitibusinessnews
April 21, 2016
in Africa, Southern Africa
Share on FacebookShare on TwitterShare on Whatsapp

A ratings downgrade by Moody’s would have little impact on Zambia as it was already negotiating a programme with the International Monetary Fund (IMF), officials and analysts said.

Moody’s downgraded the southern African nation’s long-term issuer rating to B3 from B2 late on Tuesday and changed the outlook to negative from stable, due to anticipated fiscal slippages in 2016 and prospects of further debt deterioration.

Presidential spokesman Amos Chanda said Zambia’s budget deficit would not worsen because of austerity measures.

ADVERTISEMENT

“There will be progressive removal of subsidies and the government is drawing up plans to significantly reduce subsidies on electricity, fuel and fertiliser,” Chanda told Reuters.

The kwacha weakened 1.5 percent to 9.3900 per dollar, as sentiment for commodity-linked currencies waned with copper prices backtracking after a 3-week rally as well as a dent to broader investor confidence after Moody’s downgrade.

“In essence, it means that there are few alternatives open to the sovereign other than to adopt the policy prescriptions of the Fund,” Standard Chartered Bank Africa chief economist Razia Khan said in response to an email from Reuters.

“The downgrade nonetheless serves as a reminder of the many challenges that Zambia faces.”

Zambia and the IMF began talks in March on an aid programme after agreeing that the country’s budget deficit was not sustainable.

Moody’s said Zambia was likely to face liquidity pressures and find it difficult to finance the budget deficit.

In February, Finance Minister Alexander Chikwanda had told parliament the 2016 budget deficit would be contained at around 3.9 percent of GDP.

Zambia’s economy is expected to grow at 3.7 percent in 2016, up from 3.6 percent last year, due to shrinking demand of its main export copper, the central bank said in February. [J8N14Z02J]

Moody’s said Zambia’s debt could exceed 60 percent of GDP by 2018.

University of Zambia analyst Chrispin Mphuka said the debt issue would be addressed by the IMF programme which is expected to kick in after general elections in August.

“Once the IMF programme is in place, there will be measures to control the debt and it is unlikely to get to the levels that Moody’s is projecting now,” Mphuka told Reuters.

–
Credit: CNBC Africa

Related Posts

Africa

BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

bycitibusinessnews

The Bank of Ghana is advocating an upgrade in the lending framework of the International Monetary Fund. This, according to...

Read more

Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

Medical devices market projected to expand by $ 7.1 billion by close of year

African Union adopts Africa Prosperity Dialogues AfCFTA action plan

Third World Network Africa urges Africans to be strategic about AfCFTA

$130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

Next Post

South Africa-MTN lags rivals in customer satisfaction

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.