Latest news with #economicreforms
Reuters
17 hours ago
- Business
- Reuters
Zambia wants to extend IMF loan programme by 12 months
LUSAKA, July 30 (Reuters) - Zambia's government wants to extend its International Monetary Fund programme another 12 months beyond its current expiry at the end of October, a cabinet statement said on Wednesday. The copper-rich Southern African nation has been trying to get its public finances back on track with IMF support after running up a huge debt pile. Its 38-month Extended Credit Facility was approved in August 2022 for an initial $1.3 billion but was later increased to $1.7 billion. So far about $1.55 billion has been disbursed. The cabinet statement said Finance Minister Situmbeko Musokotwane had been authorised to ask the IMF for the 12-month extension. "The objective is to consolidate the gains achieved during the programme period into 2026" and help support economic reforms, the statement said. A finance ministry spokesperson declined to elaborate when contacted by Reuters. Zambia defaulted on its external debt in 2020 after years of unsustainable borrowing but battled its way to a restructuring deal with its primary creditors last year. It is still seeking to agree restructuring terms with smaller creditors including Afreximbank. The IMF's board last week approved a $184 million disbursement to Zambia after completing the fifth programme review.
LBCI
23-07-2025
- Politics
- LBCI
Macron to receive Lebanon's PM Nawaf Salam in France
French President Emmanuel Macron will receive Lebanese Prime Minister Nawaf Salam on Thursday, July 24, at the Élysée Palace, marking Salam's first official visit to France since taking office. The Élysée said the visit will reaffirm the deep-rooted friendship between France and Lebanon, as well as Paris' continued support for the Lebanese people. Discussions will focus on the country's security and stability, as well as the need to pursue critical economic reforms to restore Lebanon's full sovereignty and prosperity. The two leaders are also expected to address the need for full respect of the ceasefire, notably the complete withdrawal of Israeli forces. Talks will include ways to strengthen the Lebanese Armed Forces, bolster cooperation with the U.N. peacekeeping force UNIFIL, in which France plays an active role, and explore broader regional priorities. Macron and Salam will also discuss the significant challenges facing the Near and Middle East, including the impact of the wars in Gaza and Iran, as well as recent clashes in Syria.
Zawya
21-07-2025
- Business
- Zawya
Egypt mulls issuing $4bln international bonds in 12 months
Arab Finance: Egypt plans to issue $4 billion in international bonds over the next 12 months, Bloomberg cited Minister of Finance Ahmed Kouchouk at the Egyptian-British Business Association in London. The offering aligns with the state's strategy to diversify the financing sources and drive economic reforms. Kouchouk unveiled the government's intention to offer instruments that include euro- and dollar-denominated securities and sustainability bonds to cover around 40% of Egypt's external funding needs for the current fiscal year (FY). During a panel session at the conference, the minister said they are working to extend maturities and reduce reliance on short-term financing instruments. Instead, the ministry aims to expand long-term financing instruments to ease the burden on the budget and enhance financial sustainability, he added. This also falls within the state's commitment to reducing external debt for budget entities from $1 billion to $2 billion annually. Finally, Kouchouk noted that the government considers returning to Sukuk issuance after the success of the first offering of Kuwait Finance House. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
18-07-2025
- Business
- Zawya
Ghana: President Mahama welcomes London Mayor
President John Dramani Mahama on Thursday reaffirmed Ghana's firm commitment to international trade and investment, outlining the wide-ranging reforms actively fostering economic transformation and better governance. He was speaking during a courtesy call from the Mayor of London, Sir Sadiq Khan. The President stated that these strategic reforms, begun just six months into his administration, are already showing tangible results. He spoke about the renewed business confidence, the relative appreciation of the Cedi, and a decreasing inflation rate as important signs of economic stability and progress, especially after recent global challenges and inherited public debt burdens. 'We are striving to cultivate a new sense of thinking, a fresh approach to doing things, and to ensure that we effectively serve the people who elected us to lead,' President Mahama stated. He elaborated on key government initiatives, including the '24-Hour Economy' policy, drawing inspiration from London, a city he described as 'never sleeping.' The President explained, 'We've launched a 24-Hour Economy initiative to harness Ghana's vibrant youthful population and address the challenges of rapid urbanisation by promoting continuous economic activity and opportunities.' President Mahama further emphasised Ghana's burgeoning digital landscape, indicating the country's readiness to fully integrate into the global FinTech community with numerous digital services and innovative companies emerging across the country. He also reiterated the government's strong focus on agriculture and agribusiness as vital sectors for creating more opportunities, particularly for young people. Discussions between the two leaders also delved into the deep historical and business ties connecting Accra and London. President Mahama acknowledged Accra's rapid growth and expressed Ghana's keen interest in learning from London's extensive expertise in urban planning, efficient transport systems, modern waste management solutions, and effective flood control strategies. 'For a city like London, the efficiency of your transport system, even with perceived challenges, is truly remarkable,' the President noted, adding, 'We aspire to develop similar reliable systems where punctuality is the norm for our citizens.' In his remarks, Mayor Sir Sadiq Khan congratulated President Mahama on his re-election and commended the positive signals his administration is sending to the international community regarding Ghana's potential. He praised the invaluable contributions of Londoners of Ghanaian origin, who are enriching various sectors of the city's economy and public life, from healthcare and transport to the arts. Distributed by APO Group on behalf of The Presidency, Republic of Ghana.
Free Malaysia Today
08-07-2025
- Business
- Free Malaysia Today
IMF lauds Ghana govt for reforms, debt restructure
The IMF said the new authorities acted decisively to meet programme targets and maintain the structural reform agenda. (AFP pic) ACCRA : Ghana is making headway in its economic reforms and debt restructuring that the government embarked on since coming into office six months ago, the International Monetary Fund said Monday. President John Mahama was sworn into office in January after the gold- and cocoa-rich country experienced its worst economic turmoil in years. 'The new authorities have responded decisively to secure achievement of the programme targets and keep the structural reform agenda on track,' the IMF said in a statement, announcing the completion of the fourth review of the country's extended credit facility arrangement. That review allows for the release of the latest tranche towards the US$3 billion rescue package. The Ghana finance ministry hailed the approval as 'clearing the path for a substantial US$370 million disbursement!' 'This landmark approval validates Ghana's unwavering commitment to fiscal discipline and strategic economic transformation,' the ministry said in a post on X. 'Today marks another decisive step forward in Ghana's economic recovery journey,' it said. After the landslide return to power in the December elections, Mahama promised to 'reset' Ghana, usher in economic revival and renegotiate parts of the country's US$3 billion IMF accord. The IMF said the new authorities have also 'continued to make headway' on the public debt restructuring. 'Faced with large policy slippages and reform delays at end-2024, the new administration has taken bold corrective actions to maintain the programme on track,' IMF deputy managing director for Ghana Bo Li said.
