Finance
Sovereign Debt
Rwanda secures $164.6 million in vital financing from the IMF.
The International Monetary Fund (IMF) has approved the release of $164.6 million to Rwanda to support the country's ongoing flood relief efforts. The IMF funding will consist of $76.2 million to be released under the Resilience and Sustainability Facility (RSF) and $88.4 million to be
Sovereign Debt
Ghana Yet To Restructure $13 Billion Debt with International Bondholders
Ghana still needs to secure a restructuring deal for its $13 billion debt with its International bondholder. Why does this matter: Ghana is currently facing economic challenges and is working to resolve them. One of the significant issues is agreeing on a restructuring deal for its $13 billion debt with
Sovereign Debt
Niger misses $22 million principal payment on one-year bond.
The Nigerien government missed a 13.4 billion CFA franc ($22 million) principal payment on a one-year bond due in February 2024. Why is this important: The West African country was subject to a coup last year, resulting in The Economic Community of West African States( ECOWAS) suspending all commercial
Sovereign Debt
Kenya Secures $941 Million IMF Loan
The International Monetary Fund (IMF) has granted Kenya a new loan of more than $941 million to help support the East African nation through its liquidity issues. Why is this important: Kenya has been facing a host of economic challenges including increasing debt, currency devaluation and a cost of living
Sovereign Debt
IMF Hopeful Ghana and Its Bilateral Creditors Will Secure a Deal Soon
The International Monetary Fund (IMF) seems hopeful that Ghana and its official bilateral creditors will reach a restructuring deal on its $4.5 billion debt soon. Why is this important: Ghana defaulted on most of its external debt in December 2022 and needs to secure a restructuring deal with its
Sovereign Debt
Nigeria converts $8.2 billion overdrafts to longer-dated bonds
Nigeria's President Bola Tinubu's request to convert the country's N7.5 trillion ($8.2 billion) overdrafts from the central bank to longer-dated bonds has been approved by its lawmakers. Why is this important: The longer-dated bonds will be added to the country’s debt.
Sovereign Debt
Ethiopia Defaults On $1 Billion Eurobond Interest Payments
Ethiopia has missed a $33 million coupon payment on its $1 billion Eurobond as of the 22nd of December as the country joins two African countries Ghana and Zambia who have also defaulted on Eurobond within the last three years. Why is this important: This is Ethiopia's only
Sovereign Debt
Somalia Gets $4.5 Billion in Debt Relief.
Somalia has received US$4.5 billion in Debt Relief from the International Monetary Fund (IMF), the World Bank, and bilateral and commercial creditors. The debt relief was approved under The Group of Twenty (G20) major economies’ Heavily Indebted Poor Countries (HIPC) programme. Why is it important: The approved debt
Sovereign Debt
IMF and the Democratic Republic of the Congo (DRC) agree on Three -Year Extended Credit Facility.
* The economy of world's largest producer of cobalt is expected to rise by 6% this year. * Global demand for Cobalt continues to increase The Democratic Republic of the Congo (DRC), The world’s largest producer of cobalt and the IMF have agreed the fifth review of the three-year
Sovereign Debt
Ghana’s Sovereign Debt - New twists and turns.
Ghana needs an urgent resolution to its external debt crisis to unlock the $ 3 billion IMF bailout for the country, but this comes at a price, first the implementation of severe austerity measures and second an agreement with its international creditors, neither of which are easy options, hence recent twists