Economy

Sub-Saharan Africa Financing Conditions Tough, Says IMF

February 6, 2024
670 2 minutes read
Sub-Saharan Africa Financing Conditions Tough, Says IMF

The International Monetary Fund says financing conditions for sub-Saharan African economies are likely to remain constrained for a while amid continued capital outflows from the region.

“Global financing conditions, even if they’ve eased a little bit, remained fairly difficult for most countries as evidenced by continued pressure on foreign exchange rates for example,’’ the Washington-based lender’s Africa Department Director Abebe Selassie told reporters. “Capital flows also remain attenuated, notwithstanding Cote D’Ivoire’s recent issuance a couple of weeks ago.’’

The U.S. Federal Reserve and other global central banks are pushing back against expectations of early interest rate cuts, keeping dollar inflows strong. Africa, along with other emerging markets has as a result seen strong outflows while most countries have been unable to access global capital markets in what the IMF has called a funding squeeze.

Resilient U.S. consumer spending, even after 500 basis points in rate increases has anchored higher U.S. rates, pushing bets the U.S. Federal Reserve may begin cutting rates in March to May or the second half the year.

The IMF however says its 2024 forecast for sub-Saharan Africa growth remains unchanged at 3.8% versus the 3.3% percent estimate made last October at its annual meetings in Marrakech, Morocco. Inflation is seen decelerating to 6 percent versus 4 percent in 2023.

“Also encouraging is that we see both domestic and foreign investment picking up through 2023, which bodes well for activity in 2024,’’ Selassie said. “On the policy side, also, we have seen governments making a strenuous effort to stabilize public debt, and our estimates now suggest that public debt will have stabilized at around the 60% mark following about a decade of sustained increase in public debt levels.’’

The IMF last week upgraded its global economic growth forecast on the back of stronger than seen expansion in the United States and China, the world’s largest economies, and select large emerging markets.

Chief Economist Pierre-Olivier Gourinchas last week said a so-called soft landing was in sight as global inflation slowed while overall growth and trade reflected resilience though lower than historical averages.

Global trade was expected to expand by 3.3% in 2024 and 3.6% in 2025, well below the historical average of 4.9%, with gains weighed down by thousands of fresh trade restrictions.

The tighter financing conditions were also slowing economic reforms needed to boost growth across the region, said Selassie. To counter this, the fund had so far disbursed about $3 billion of $19 billion set aside to back reforms.

The reforms had also been slowed by the lack of more progress on the Common Framework, with Zambia still struggling to finalize its debt restructuring. Concessions would be needed on both sides, he added.

February 6, 2024
670 2 minutes read
Monitor Your Business Transaction
Photo of mtvadmin

mtvadmin

Related Articles

Kenya Proposes Removing Financial Data Privacy Protection in 2025 Finance Bill

Kenya’s Debt Costs to Remain High Due to Local Borrowing, Moody’s Says

18 hours ago
Sudan Reports 2,302 Deaths from Cholera Since July 2024

Sudan Reports 2,302 Deaths from Cholera Since July 2024

2 days ago
How Mauritius is Walking Away from Tax Haven to Financial Hub

How Mauritius is Walking Away from Tax Haven to Financial Hub

3 days ago
Isuzu to Produce EVs for Kenyan Market Mid-2025

Isuzu to Produce EVs for Kenyan Market Mid-2025

3 days ago

670 Comments

  5. Heya! I understand this is kind of off-topic however I had to ask.Does managing a well-established website like yours require a massive amount work?I’m completely new to blogging however I do write in myjournal on a daily basis. I’d like to start a blog so I can share my own experienceand feelings online. Please let me know if you have any ideas or tips for new aspiring bloggers.Thankyou!

    Reply

  9. 経済監視官・海上公安官・ “作品データベース”.タツノコプロ 公式サイト.各企業のブースには、出展製品を紹介する約60秒のムービーが掲載されており、短時間で効率的に情報収集が可能。 その孤独と恐怖に精神を蝕まれ、坂本が結果的に彼に不安を与える行動を多く取ってしまったことから、次第に家族の幻覚を見るようになり、ついには自分だけ助かろうと心の中で詫びながらも坂本とヒミコに攻撃を仕掛けるが失敗する。本作の製作を熱望した主演のエディ・

    Reply

  14. I am no longer sure the place you are getting your information, however good topic. I must spend a while finding out more or understanding more. Thank you for magnificent information I used to be on the lookout for this info for my mission.

    Reply

  20. Heya this is kinda of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding experience so I wanted to get advice from someone with experience. Any help would be greatly appreciated!

    Reply

  30. You’re so cool! I don’t suppose I’ve read a single thing like this before. So good to find someone with a few original thoughts on this subject. Really.. thanks for starting this up. This web site is something that’s needed on the web, someone with some originality.

    Reply

  32. I’m very happy to find this page. I wanted to thank you for your time for this wonderful read!! I definitely really liked every bit of it and i also have you book-marked to see new things in your blog.

    Reply

  33. Hi there, I believe your site could possibly be having web browser compatibility problems. Whenever I take a look at your site in Safari, it looks fine however when opening in I.E., it has some overlapping issues. I merely wanted to provide you with a quick heads up! Apart from that, fantastic blog!

    Reply

  35. you’re in reality a good webmaster. The site loading speed is incredible. It seems that you are doing any distinctive trick. Furthermore, The contents are masterpiece. you have performed a magnificent task in this topic!

    Reply

  36. Your style is really unique compared to other people I have read stuff from. I appreciate you for posting when you’ve got the opportunity, Guess I’ll just book mark this web site.

    Reply

  38. Профессиональный сервисный центр по ремонту фототехники в Москве.Мы предлагаем: ремонт фотовспышек с гарантиейНаши мастера оперативно устранят неисправности вашего устройства в сервисе или с выездом на дом!Подробнее на сайте сервисного центра remont-vspyshek-realm.ru

    Reply

  42. Our expertise in e-wallets and online transactions means we’re ideally suited to tackle your QIWI wallet issues.Have peace of mind, we use state-of-the-art techniques and are well-versed in the newest recoverymethods.For those who’ve been victimized by unauthorized transactions or issues that resulted in a loss of funds, we’rehere to help.

    Reply

  46. Having read this I believed it was really enlightening. I appreciate you spending some time and effort to put this information together. I once again find myself personally spending way too much time both reading and commenting. But so what, it was still worthwhile!

    Reply

  48. ) Vou voltar a visitá-lo uma vez que o marquei no livro. O dinheiro e a liberdade são a melhor forma de mudar, que sejas rico e continues a orientar os outros.

    Reply

  49. 香港の𠮷野家で男性店員3人が女性店員を強姦して携帯電話でその様子を録画し、2008年（平成20年）8月頃からインターネット上に動画が流出していることが発覚、男性店員3人は逮捕され、3人は16 –19歳でうち1人は店舗マネージャーであった。店舗と同様の牛丼・生娘な内に牛丼中毒にする。具体的には、中途解約時の市場金利がご契約時と比較して上昇した場合には、解約返戻金は減少し、逆に、下落した場合には増加することがあります。

    Reply

  50. 法律に基づき資金不足の農家にお金を供給する運用を開始して10 0年経ちます。 ニューマンはマリファナとパーティに明け暮れ、オフィスを裸足で歩く奇行をしている2018年weworkは売 り上げ1500億円で赤字は2000億円。乃木坂46 真夏の全国ツアー2018モバイル会員先行受付スタート！先日お送りいただいた資料、拝見いたしました。日本ではウーバーイーツとして有名ですが、 ウーバーの本業は白タクです。 ソフトバンクもウーバーの運転手などのギグワーカーに428億円 の出資をするもウーバー事業が良くならないので焦げ付く可能性が ある。 ヘッジファンドとは金融派生商品などを分散投資して高収益化を目 指す投資商品の一つ。

    Reply

  52. I have been surfing online more than three hours these days, but I by no means discovered any fascinating article like yours. It is beautiful value enough for me. In my view, if all website owners and bloggers made excellent content as you probably did, the net will be much more helpful than ever before.

    Reply

  57. Hi there, I found your blog by the use of Google while looking fora similar subject, your web site got here up, it seems good.I have bookmarked it in my google bookmarks.Hi there, just become alert to your blog via Google, and found that it’s reallyinformative. I’m gonna be careful for brussels. I will be gratefulfor those who proceed this in future. Numerous people will be benefited from your writing.Cheers!

    Reply

  59. I would like to thank you for the efforts you’ve put in penning this website. I’m hoping to check out the same high-grade blog posts from you later on as well. In fact, your creative writing abilities has encouraged me to get my very own website now 😉

    Reply

  350. I do enjoy the manner in which you have framed this specific issue plus it really does give us some fodder for consideration. Nevertheless, from what I have personally seen, I simply just trust as the reviews pile on that folks stay on point and in no way start on a tirade associated with the news du jour. Yet, thank you for this fantastic point and whilst I do not concur with it in totality, I regard your viewpoint.

    Reply

  420. Hello there! This is kind of off topic but I need some guidance from an established blog. Is it tough to set up your own blog? I’m not very techincal but I can figure things out pretty quick. I’m thinking about creating my own but I’m not sure where to begin. Do you have any points or suggestions? Thank you

    Reply

  421. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You clearly know what youre talking about, why waste your intelligence on just posting videos to your weblog when you could be giving us something informative to read?

    Reply

  547. With havin so much content and articles do you ever run into any problems of plagorism or copyright infringement? My blog has a lot of completely unique content I’ve either authored myself or outsourced but it appears a lot of it is popping it up all over the web without my permission. Do you know any solutions to help reduce content from being ripped off? I’d genuinely appreciate it.

    Reply

  549. Hey there! I know this is kinda off topic however , I’d figured I’d ask. Would you be interested in trading links or maybe guest writing a blog article or vice-versa? My website covers a lot of the same topics as yours and I feel we could greatly benefit from each other. If you might be interested feel free to send me an email. I look forward to hearing from you! Wonderful blog by the way!

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button