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Tag: IMF

IMF Gives Rwanda $16 million debt Relief

IMF Gives Rwanda $16 million debt Relief

FEATURED, Latest News, Rwanda
Rwanda is set to benefit from a $16.9 million debt service relief from the International Monetary Fund (IMF) for an initial period of six months, the Fund has said. This is the second debt service relief to Rwanda by IMF. It is part of the Fund’s efforts to pause collection of debts from a number of countries to help them deal with the impact of the Covid-19 pandemic.  By not servicing its debt obligation for several months, Rwanda will have more capital available to invest in affected sectors of the economy as well as improve capacity to respond to the pandemic. The $16.9 million would have been paid in servicing debt owed to the IMF for six months from October 14, 2020 to April 13, 2021. Subject to the availability of resources, debt service relief could ...
Top 24 Richest and Poorest Countries of Africa – 2020 Edition

Top 24 Richest and Poorest Countries of Africa – 2020 Edition

FEATURED, Latest News, Politics, Tourism
The Democratic Republic of Congo The Democratic Republic of Congo has a mixture of economic sectors such as mining, fishing, forestry, agriculture, and copper and cobalt. While the country’s total GDP of $48.46 billion may seem high in comparison to other African countries, but that is mostly due to its large population. With 89.56 million people living in the country, it brings the GDP per capita figure to an astounding low of $495.08. This places the country in the top ten poorest countries in Africa by that metric. Nonetheless, this country is a perfect example of a mixed economy that is trying to build towards the future. According to the African Development Bank Group, growth dropped from 5.8% in 2018 to 4.3% in 2019, due to a slowdown in extractive...
IMF Calls for Transparency in Mining Contracts

IMF Calls for Transparency in Mining Contracts

FEATURED, NEWS
In 2012, the IMF suspended its aid to the country under former president Joseph Kabila because of concerns about corruption in the mining sector. The International Monetary Fund said Tuesday the government of the Democratic Republic of Congo needed to be fully transparent with its mining contracts in order to access any new aid programme. The comments by the IMF's representative in Kinshasa, Philippe Egoume, was the latest development in a long-running dispute over the corruption-plagued mining industry which is overseen by a public company. "We have a disagreement with the authorities, who prefer to publish recent contracts but not the old ones," Egoume said during an online news conference. "In our view, all the contracts should be published." DR Congo is one of the m...
IMF Warns Uganda’s Interest Payments Could Hurt Project Spending

IMF Warns Uganda’s Interest Payments Could Hurt Project Spending

FEATURED, NEWS
By Keefa Nuwahereza Uganda will spend as much as a fifth of government revenue on interest payments in this financial year and the International Monetary Fund warned this could reduce expenditure on human capital and infrastructure projects. That’s equivalent to what countries that are close to or in debt distress spend on servicing credit, according to the IMF’s country Resident Representative Clara Mira. While the country remains at a low risk of debt distress, “There are vulnerabilities and interest payments are high,” Mira said Tuesday in emailed responses to questions, adding that “There are less resources available to finance the remaining needs.” President Yoweri Museveni’s administration is struggling to fund its 2019-20 budget of 40.5 trillion shillings ($11 billion) ...
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