WASHINGTON D.C., United States of America: International Monetary Fund (IMF) Managing Director Christine Lagarde met with Somali Prime Minister Hassan Ali Khayre on January 23 on the margins of the World Economic Forum in Davos. The underlying economic conditions in Somalia remain difficult, but the authorities are making strong efforts to rebuild their country. Somalia’s debt relief is a priority for the IMF and every effort is being made to accelerate the process within established procedures. The Managing Director and Prime Minister Khayre discussed the IMF’s support for Somalia, especially through two Staff-Monitored Programs and extensive technical assistance. Somalia is among the largest recipients of IMF technical assistance. The Managing Director reiterate
WASHINGTON D.C., United States of America: An International Monetary Fund (IMF) team led by Tobias Rasmussen visited Guinea-Bissau from January 17-23, 2018, to evaluate the draft 2018 budget, assess the fiscal and debt implications of an intended scaling up of infrastructure investments, and discuss recent developments in the banking sector. At the end of the visit, Mr. Rasmussen issued the following statement: “Economic activity remains buoyant, supported by effective fiscal management. Inflation has remained low, tax revenue is rising robustly, and real GDP growth appears continuing near the 2017 pace of around 5.5 percent. Pickups in public and private investment are providing new growth impetus, compensating for a likely levelling off in cashew prices followi
WASHINGTON D.C., United States of America: After more than a year since the launch of the economic reform program, GDP growth is strengthening and inflation is declining. The government trimmed the budget deficit, tourism revenues and remittances are increasing, and the country’s foreign exchange reserves have been rebuilt. The floating of the pound and the initial steps to improve the business climate have helped boost growth. “This macroeconomic turnaround at home and the supportive global economic environment provide a unique opportunity to carry the reform momentum into areas that have historically been hard to tackle. Deep and lasting structural reforms are needed to create jobs as speedily as needed for Egypt’s growing population,” said Subir Lall, head of t
WASHINGTON D.C., United States of America: IMF Managing Director Christine Lagarde and President João Lourenço met today (January 23, 2018) on the margins of the World Economic Forum in Davos. The Angolan economy is enjoying a mild recovery, but significant imbalances remain. The authorities are fully aware of the challenges and have announced policy actions designed to restore macroeconomic stability. The meeting was an opportunity for the Managing Director to commend President Lourenço for the recent policy announcements. Madame Lagarde reiterated the IMF’s commitment to work with the Angolan authorities to ensure that the economy achieves high rates of sustainable and inclusive growth to reduce poverty.
NEW YORK, United States of America: United Nations Secretary-General António Guterres announced today the appointment of Bience Gawanas of Namibia as Special Adviser on Africa. She will succeed Maged Abdelaziz of Egypt to whom the Secretary-General is grateful for his commitment and dedicated service to the Organization. The Secretary-General also wishes to extend his appreciation to Mr. David Mehdi Hamam who served as Acting Special Adviser since Mr. Abdelaziz’s departure. Ms. Gawanas is currently Special Adviser to the Minister of Poverty Eradication and Social Welfare, Namibia. Prior to this, she was Special Adviser to the Minister of Health and Social Services. A champion of women’s health and rights in Africa, she has been commended for her role in initiating f
WASHINGTON D.C., United States of America: A U.S. San Francisco, California based company, RD Global, working with a Japanese company, Mera Group Corporation, plans to set up a manufacturing plant of energy renewable products in Zambia in an effort to mitigate the energy deficit in the region. Mera Group Corporation, Business Development Advisor Rune Gunnar Dige says Zambia has been chosen as a preferred choice of investment in the energy sector because of its geographical position among countries in the Southern African region. Mr. Dige who is also RD Global Managing Director says Mera Group Corporation as part of its international business will seek to establish a distribution base of energy renewable products in the country and export them from Zambia to other
WASHINGTON D.C., United States of America: Macroeconomic performance under the program has been satisfactory. Most quantitative targets were met, though implementation of structural measures lagged. Authorities should step up budget implementation, particularly in development spending, and macroeconomic policies will need to be closely coordinated. On January 10, 2018, the Executive Board of the International Monetary Fund completed the seventh and last review of Tanzania’s economic performance under a program supported by the Policy Support Instrument (PSI). The decision was made without a Board meeting and included the granting of waivers for the non-observance of the end-June 2017 assessment criteria on the floor of tax revenues and the ceiling of