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    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Malawi:IMF extends loan programme, adds $80 mln for drought measures

bycitibusinessnews
June 21, 2016
in Africa, Southern Africa, Top Stories
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The International Monetary Fund (IMF) will increase loans to Malawi by $76.8 million, the global lender said on Monday following an economic review of the drought-hit country.

The IMF said it was also augmenting Malawi’s Extended Credit Facility (ECF) arrangement, signed in 2012, by another six months with funding equivalent to $49.2 million.

“Malawi’s macroeconomic situation remains difficult, reflecting weather-related shocks and past policy slippages, which contributed to persistently high inflation,” said IMF Deputy Managing Director Min Zhu in a statement issued in Washington after a meeting of the fund’s executive board.

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More than half of Malawi’s population is in need of food aid, the country’s minister of agriculture said last month. An El Nino-induced drought has ravaged crops, triggering a sharp rise in food prices as reliance on imports increased.

Economic growth in Malawi slowed to 3 percent in 2015 from 6.2 percent the previous year as the drought, the worst in decades, swept through the region and hurt the country’s agricultural sector in particular.

The IMF said the additional funds were granted based on Malawi’s commitment to step up structural reforms and continued spending restraint by the government.

“Accelerating the implementation of public financial management reforms is indispensable to building trust and confidence in the budget process and ensuring control over fiscal operations,” Zhu said.

The IMF had suspended the programme in 2015 following a scandal in which senior government officials were found to have siphoned millions of dollars from state coffers.

–

Credit: CNBC Africa

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