Imf bailout
IMF agrees lending programme with DR Congo
The IMF suspended its last aid to Congo after the government failed to provide sufficient details on the sale of state mining assets to an offshore company.
Africa is facing another potential debt crisis today, with around 40% of low-income countries in the region now in debt distress or at high risk of it, according to an IMF.
The IMF and World Bank began the Heavily Indebted Poor Countries Initiative in 1996 to help the world’s poorest countries clear billions of dollars of unsustainable debt.
She said there was scope to improve fiscal frameworks in the Middle East with some of the weaknesses emanating from “short-termism and insufficient credibility”.
The International Monetary Fund (IMF) Managing Director Christine Lagarde has warned that the biggest risks facing South Africa’s economy are complacency and high expectations and slow service delivery.
The managing director of the Washington-based global crisis lender issued yet another plea to governments, notably the United States, to back away from protectionism and confrontation.
The funds will be available upon IMF executive board approval of a fourth review of the three-year program, the organisation said in a statement.
The group's head Jannie Rossouw says if the government doesn't get to grips with its wage bill, it may have to approach the IMF for help.
Finance Minister Asad Umar this month requested talks with the IMF for the country’s second bailout in five years.
The IMF maintained its forecast that Asia’s economy will expand by 5.6% this year but cut its projection for next year to 5.4%, down by 0.2 point from April.
The dismissal of Mulki was demanded in a series of protests against IMF-backed tax increases that have shaken the kingdom.
In a televised address, Mattarella said he had rejected the candidate, 81-year-old eurosceptic economist Paolo Savona, because he had threatened to pull Italy from the single currency.
Opposition politicians, particularly those allied with leftist former President Cristina Fernandez, were quick to denounce the deal, placing “IMF OUT!” signs on their desks in Congress.
The IMF raised its 2018 forecast of gross domestic product to 1.5% for 2018 and 1.7 for 2019, compared to previous forecasts of 0.9% and 1.6% respectively.
The current upswing provides an ideal opportunity for reforms to boost potential output, build resilience, and ensure the benefits of growth are shared more widely.
An independent audit of the debt showed in June that questions remained on how the $2 billion was used and roughly a quarter of the money remained unaccounted for.
Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders.