Category Archives: Business

CHOGM: Commonwealth ends summit with call for action on climate change, trade

KIGALI— The newly-expanded Commonwealth made broad commitments on Saturday to address climate change and boost trade, concluding a summit aimed at shoring up the relevance of a group that evolved from the British empire.The club, whose 56 members range…

IMF Sets Conditions for Malawi Aid to Resume

Malawi wants renewed access to the International Monetary Fund’s Extended Credit Facility, or ECF, after a two-year halt.In 2020, the IMF canceled a planned $70 million in loans to Malawi after it came to light that former president Peter Mutharika gav…

Africa risks stagflation due to Covid, Russia-Ukraine conflict: AfDB

Africa risks sliding into stagflation – a cycle of slow growth and high inflation – as it battles the lingering effects of the Covid pandemic and rising fuel and food prices caused by the Ukraine conflict, the African Development Bank (AfDB) said.Despi…

Africa: AfDB Board approves $1.5 billion facility to avert food crisis in Africa

ABIDJAN— The African Development Bank (AfDB) Group’s board of directors announced that it approved a $1.5 billion facility to help African countries avert a looming food crisis in the continent.In a statement, the bank said with the disruption of food …

IMF extends Somalia funding to August following election

WASHINGTON— The International Monetary Fund has agreed to extend the duration of a crucial aid package to Somalia, following a long-overdue presidential election last weekend.The three-year $400m aid package from the IMF had been set to automatically e…

Bank of Central African States Urges CAR to Annul Bitcoin as Currency

The Cameroon-headquartered Bank of Central African States (BEAC) has urged the Central African Republic (CAR) to annul a law it passed in late April that made the cryptocurrency Bitcoin legal tender. The bank warned in a letter made public last week th…