Political parties have reacted differently to the International Monetary Fund’s (IMF) multi-billion rand loan to South Africa. The Executive Board of the IMF has approved the country’s request for a R70 billion loan to help bolster its response to the economic impact of the COVID-19 pandemic. However, with rampant corruption[…]
The economic outlook for the Middle East and North Africa (MENA) was already grim as the region struggles to cope with the fallout of the coronavirus pandemic. On Monday, that horizon darkened further as the International Monetary Fund (IMF) projected an even deeper recession for the region, and warned of[…]
South Africa is seeking to acquire R95 billion of funding from global financial institutions to address the coronavirus social and economic crisis. President Cyril Ramaphosa has announced a R500 billion stimulus package aimed at cushioning the economic impact of the pandemic. The country moves to level-4 of the lockdown from[…]
Ecuador traded Julian Assange for a loan from the International Monetary Fund, which can only be handed out with the approval of Washington, John Shipton, the WikiLeaks co-founder’s father, has said. “Ecuador doesn’t have its own currency. It uses the US dollar,” Shipton told 60 Minutes Australia. “You can’t get an IMF loan[…]
Hundreds of Jordanians took to the streets of the capital Amman on Sunday in a fourth day of nightly protests against IMF-backed price increases that have shaken the kingdom. Demonstrators who converged near the cabinet office chanted slogans calling for the sacking of Prime Minister Hani Mulki, vowing they would[…]
The International Monetary Fund will incorporate Islamic finance into its financial sector assessments of select countries starting next year, aiming to improve regulation in the growing sector. The IMF has traditionally focused on conventional banking, but it has been increasingly engaging with regulators in countries where Islamic finance is now[…]
An International Monetary Fund (IMF) delegation will arrive in Cairo on Sunday to review Egypt’s progress on economic reforms before it disburses the second installment of a $12-billion loan program, the Finance Ministry said. The IMF delegation will stay until May 11 and meet with officials from the ministry and[…]
The rand returned to its strong level of R14.31/$ on Wednesday after weakening a day earlier due to a strong dollar and growth concerns about South Africa being voiced. “For the first time in a while we saw some rand weakness,” said Umkhulu Consulting’s Adam Phillips on Wednesday. “Having traded[…]
The International Monetary Fund can only participate in Greece’s bailout if its European creditors produce a clear debt sustainability, a senior official has said. The threat came on Tuesday, a day before Greece’s parliament were due to start debating on a new package of austerity measures and economic reforms to[…]
Greece’s last-minute overtures to international creditors for financial aid on Tuesday were not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund. The IMF confirmed that Greece had not made its scheduled 1.6 billion euro loan repayment to[…]
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