AllAfrica News: Debt

South Africa: South Africa Looks Toward Inclusive Recovery to Stabilize Debt, Boost Growth

Tue, 04 Aug 2020 08:17:33 GMT

[IMF] In a conversation with IMF Country Focus, the Director-General of South Africa's National Treasury Dondo Mogajane explains how the government has responded to the COVID-19 crisis, how IMF financing will help to stabilize the economy, and strategies for addressing debt and spurring growth.

Nigeria: Malami - Nigeria Won't Sign Off Its Sovereignty for Any Loan

Tue, 04 Aug 2020 07:06:10 GMT

[This Day] Abuja -- The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, has allayed concerns over the signing of loan agreements with a clause that waives the sovereign immunity of the country if it defaults in its repayment plan, saying President Muhammadu Buhari will at all times act in the national interest.

Uganda: Uganda's Debt to Rise By $1billion a Year

Mon, 03 Aug 2020 08:35:16 GMT

[Monitor] Uganda's debt stock is likely to increase by more than $1b per year even without taking on new loans due to failure by government to utilise borrowed funds, Parliament's committee on the national economy has warned.

Swaziland: Govt Pledges Public Service Job Cuts, Below Inflation Wage Increases to Secure IMF Loan

Mon, 03 Aug 2020 08:05:50 GMT

[Swazi Media] Swaziland (eSwatini) pledged to cut public sector jobs, contain wages and award below inflation salary increases in order to get a loan from the International Monetary Fund.

Nigeria: Atiku Asks Buhari, APC to Apologise to Nigerians Over 'Humongous' Loans

Mon, 03 Aug 2020 06:28:16 GMT

[Daily Trust] Former Vice President, Atiku Abubakar has asked President Muhammadu Buhari and the All Progressives Congress (APC) to apologise to Nigerians for obtaining 'humongous amount of loans' without any serious justification for it.

Nigeria: Amaechi Explains Sovereignty Clause in $500m Chinese Railway Loan

Mon, 03 Aug 2020 05:41:43 GMT

[Premium Times] The Minister of Transportation, Rotimi Amaechi, has explained that the clause 'waiving sovereignty' in the loan agreement between Nigeria and China is only a contract term, a sovereign guarantee that assures payback according to the terms and conditions of any loan.

Nigeria: Why AMCON Must Recover N5 Trillion Debt - CEO

Mon, 03 Aug 2020 05:34:30 GMT

[Premium Times] The Asset Management Corporation of Nigeria (AMCON) Managing Director/Chief Executive Officer, Ahmed Kuru attested to the efficacy of the processes of receivership and winding up procedures as amended in the 2019 AMCON Act, which President Muhammadu Buhari signed into law last year.

Nigeria: Govt Will Pay Back China Loan in 20 Years - Minister

Mon, 03 Aug 2020 05:32:05 GMT

[Premium Times] The Minister of Transportation, Rotimi Amaechi, says the Nigerian government has the capability to pay back loans collected for the construction of rail projects within the stipulated period of 20 years.

Africa: External Debt Complicates Africa's Post-Covid-19 Recovery, but Mitigating Efforts Underway

Sun, 02 Aug 2020 08:04:07 GMT

[Africa Renewal] The country's debt-to-GDP ratio, which was 100% in 2018 ballooned to 130% in 2020. With debt overtaking total economic output, Mozambique has little fiscal space to provide a robust response and recovery from the pandemic.

Africa: External Debt Complicates Africa's Post-Covid-19 Recovery, but Mitigating Efforts Underway

Sat, 01 Aug 2020 07:59:09 GMT

[Africa Renewal] External debt complicates Africa's post-COVID-19 recovery, but mitigating efforts underway

Liberia: Min. Tweah, Boima Kamara Clash On Liberia's Debt Increase

Thu, 30 Jul 2020 12:53:27 GMT

[Observer] "Kamara failed to understand or investigate the reasons for the abnormal growth in the stock, an outcome that leaves his article seriously wanting," Min. Tweah said.

Burundi: IMF Approves Debt Relief

Thu, 30 Jul 2020 06:54:44 GMT

[East African] The International Monetary Fund has approved a debt relief package worth $7.63 million to Burundi. IMF's total debt relief is now $251.24 million given to 28 developing countries.

South Africa: This IMF Loan Has No Stringent Conditions, but the Next One Will

Wed, 29 Jul 2020 13:24:39 GMT

[Daily Maverick] The $4.3bn loan the IMF is extending to South Africa does not come with typically tough conditions such as cutting state costs to the bone. A Rapid Financing Instrument is far less stringent than the fund's standby arrangements. But if reforms are not taken urgently, the next loan will be a bailout with lots of strings attached.

Liberia: Life After Debt

Wed, 29 Jul 2020 09:53:32 GMT

[FrontPageAfrica] This article attempts to shape academic debates on public debt performance and the direction of fiscal policy in Liberia, especially in the context of Liberia's debt carrying capacity. Also, the article is intended to help inform discussions during budget hearings on the FY20/21 proposed budget now before the Legislature for passage.

Nigeria: Stop Further Approval of Loans to Govt, Civil Society Groups Tell National Assembly

Wed, 29 Jul 2020 08:54:57 GMT

[Vanguard] Abuja -- Worried over huge finances allegedly squandered by Ministries, Departments and Agencies, MDAs of government, Civil Society Groups have called on the National Assembly to put a stop to further approval of loans for the Federal Government.

Africa: Why African Countries Are Reluctant to Take Up Covid-19 Debt Relief

Wed, 29 Jul 2020 04:45:56 GMT

[The Conversation Africa] A debt service relief package has been approved by some of the world's biggest lenders for more than 25 African countries. The arrangement includes the World Bank, the International Monetary Fund, the G20, the African Development Bank, and all Paris Club creditors.

Mauritius: Mauritius Receives a Loan of 300 Million Euros From AFD

Tue, 28 Jul 2020 10:06:06 GMT

[Government of Mauritius] Mauritius has received a loan of 300 million Euros from the Agence Française de Développement (AFD) to help the country strengthen its capacity for the reduction and management of risks of natural and health disasters.

Africa: Rising Debt Distresses Region as Countries Risk Lower Ratings - Report

Tue, 28 Jul 2020 06:37:30 GMT

[New Times] Sub-Saharan Africa government's debt burden is rising at a fast pace and to levels higher than other emerging markets, heightening the risk of downgrades and defaults, the latest Fitch Ratings report has warned.

Africa: China Dithers On Africa Debt Forgiveness Over 'Complex' Loans

Mon, 27 Jul 2020 08:13:31 GMT

[Nation] The Chinese government is developing cold feet at continued requests to forgive debt owed by African countries in what could place new pressure on the continent in the Covid-19 pandemic season.