Algeria decide to import beef to meet high demand during Ramadan
Algeria is importing massive amounts of beef and lamb to confront an explosion in demand for meat expected during Ramadan.
$100 Billion investment pledged in India-EFTA trade agreement
India signed a trade agreement with Iceland, Liechtenstein, Norway, and Switzerland (EFTA) for increased trade, investment, and job creation.
Egypt says land sale, IMF deal to ease budget woes
Egypt has taken significant measures to address its budget deficit, as revealed by the finance minister on Sunday. In a press conference, Finance Minister Mohamed Maait announced that Egypt is set to increase its primary budget surplus to over 3.5% in the upcoming fiscal year starting in July. The primary surplus, excluding interest payments, is a key indicator of fiscal health. Interest payments, constituting more than half of total expenditure in the seven months leading to January, have contributed significantly to Egypt’s persistent deficit. In a recent projection, the finance ministry anticipated a primary general budget surplus equivalent to 2.5% of the gross domestic product for the current fiscal year (2023/24). To bolster its finances, Egypt finalized a deal in February, selling development rights to the Ras al-Hikma Mediterranean resort to Abu Dhabi for $24 billion. Additionally, the country anticipates over $20 billion from an International Monetary Fund (IMF)-led support package inked last Wednesday, which includes a $3 billion contribution from the World Bank. Finance Minister Maait highlighted the positive impact of the Ras al-Hikma deal on the general budget, stating that it would contribute a substantial amount in local currency. This development is expected to result in a deficit lower than the targeted amount. Maait acknowledged challenges faced by the budget, including reduced revenue from the Suez Canal and other sources. Factors such as a depreciating currency and higher interest rates on Egypt’s debts have contributed to increased expenditures. As part of the IMF package, Egypt devalued its currency, adjusting it to around 50 Egyptian pounds per dollar from 30.85 pounds, and raised overnight interest rates by 600 basis points. The finance minister emphasized the government’s commitment to a program of budgetary restraint, ongoing sales of state assets, and the goal of maintaining the country’s debt below 90% of the gross domestic product. The strategy aims to mitigate the impact of a chronic dollar shortage, which has caused significant delays in the release of goods from ports since January. To date, Egypt has released goods totaling $13 billion in value.
IMF to assess impact of drought on Zambia’s economy
IMF said that it will visit Zambia, tentatively mid-April, to assess the adverse impact of the ongoing drought on growth and the country’s budget.
Wet weather and disease hit African cocoa farmers
Cocoa farmers across West Africa are monitoring the progress of several plant diseases that are ruining crops on a vast scale and pushing up the global price of cacao.
Nigeria welcomes Ramadan amid financial crisis
High food inflation makes it difficult for many Muslims to afford food for their families
Bitcoin surges past $70,000 for first time
Bitcoin reached a record high above $70,000 driven by investor demand for new crypto ETFs and expectations for lower interest rates, despite remaining volatility.
Egypt sells T-bills at high yields, attracting foreign investors back
Egypt’s central bank auction sees strong demand for treasury bills with yields exceeding 30% after interest rate increase and Egyptian pound devaluation.
Egypt has reached a deal with the IMF
Egypt said Wednesday it has reached a deal with the International Monetary Fund to increase a bailout loan to $8 billion.
Egypt signs expanded $8 billion loan deal with IMF
Egypt secured an increased $8 billion loan from the IMF to support its economic reforms, which included currency devaluation and interest rate hikes.
Gold prices at the three-month high
Gold prices hold steady near a three-month high as investors await Fed Chair Powell’s testimony.
EU fines Apple $2 billion for App Store abuses
Apple faces antitrust fine for blocking info on cheaper music subscriptions outside App Store.
Algeria, Iran sign multiple cooperation agreements
The agreements cover the sectors of energy, start-ups, tourism, media and communication, Algeria’s state-owned news agency APS reported.
Gas-exporting countries to cooperate on battling demand volatility
7th Gas Exporting Countries Forum (GECF) summit in Algeria, member nations agreed to cooperate on battling volatility in market demand.
Thousands rally in Tunisia against rising living costs
The union leader blames austerity measures imposed for an IMF loan and President Saied’s weakening of democratic institutions.
South Sudan: Sanctions for least developed countries’ struggles
African LDCs face hurdles reaching UN development goals. Funding, resources key.
UK to pay at least $470m to Rwanda for asylum deal
Rwanda will receive at least $470million from the UK as part of the plan to have asylum seekers in the UK relocate there.
Egypt signs 7 green energy deals with global developers
MoUs expected to lead to total investment worth around $40 billion over 10 years, minister says
Bitcoin surges past $60,000 on ETF optimism
The surge follows the launch of US-approved crypto ETFs and optimism surrounding the upcoming Bitcoin halving event.
Nigeria strike cripples services amidst soaring inflation
New strike disrupts daily life in Nigeria as government struggles to address economic crisis.
Congo ships first LNG cargo, joins exporter list
ENI and Congo celebrate the launch of the Congo LNG project, increasing global gas supply and boosting the African nation’s economy.
Global economy on track for soft landing, but growth remains weak
Rise in commodity prices, tightness in labor market, renewed supply chain tensions could reignite inflation, says report
Google rolls out AI-powered Ad space for Africa
Google announced that the product, which was launched in the US last December, will now be available for African businesses.
Niger stalls border reopening despite lifting of sanctions
Niger delays reopening its border with Benin after ECOWAS lifts coup-related sanctions, raising questions about dialogue and regional stability.
Libya raises oil facility guards’ pay to avert oil shutdown
Negotiations prevent oil shutdown in Libya as PFG salaries increase.
South Africa: Unemployment rises again ahead of election
South Africa’s unemployment rate, already the highest in the world, rose to 32.1% in the fourth quarter of 2023.
UAE pumps $35 billion into Egypt, fueling economic, tourism
A $35 billion investment from the UAE promises to revitalize Egypt’s economy, with a focus on tourism, infrastructure, and debt relief.