IMF eyes worrisome trends for sub-Saharan economies

IMF eyes worrisome trends for sub-Saharan economies

The latest International Monetary Fund forecast for sub-Saharan Africa calls for continued slow economic growth through 2022, with similar conditions next year —an outlook that remains highly uncertain, the IMF said. “Late last year, sub-Saharan Africa appeared to be on a strong recovery path out of a long pandemic,” said…

IMF: COVID hampers Sub-Saharan Africa’s economic recovery

There are at least 32 million more people living in extreme poverty across sub-Saharan Africa because of the COVID-19 pandemic, and countries in the region will need about $425 billion in additional external funding over the next five years, the IMF said on Thursday. “The outlook for sub‑Saharan Africa is…

Amid Covid-19, Uganda needs to tackle the economy

In a remarkable display of resilience, Uganda has thus far managed to avoid the carnage which the Covid-19 pandemic has caused in other parts of the world. As of 19 May, Kampala has officially registered 274 infections, along with 63 recoveries and, astonishingly, no deaths. Despite this good news, the…

IMF adopts CPIFR assessment standard for Islamic banking

The International Monetary Fund (IMF) announced Thursday that it will integrate Islamic banking, which now has a presence in more than 60 countries, into its financial stability assessments in nations where Islamic finance commands at least 15 percent of the banking sector market. Beginning in 2019, they’ll use the Core…