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

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…

IMF leaves Mozambique with unanswered questions on debt scandal

Amid Mozambique’s ongoing debt scandal, a team from the International Monetary Fund (IMF) has completed its visit to discuss the results of last month’s troubling audit report and the country’s overall economic outlook. The team, led by Michel Lazare, noted some improvements in the Mozambique economy since last year. “However,…

IMF recommends USD$150 million in funds for Benin

The International Monetary Fund has announced its recommendation for USD$150.4 million in funds to boost economic growth in Benin. An IMF team spent a week in Cotonou at the request of Benin’s government and completed their mission on Wednesday  While there, IFM representatives led by Norbert Toé met with President Patrice Talon,…