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Tourists look at birds at the Queen Elizabeth National Park, western Uganda, file. REUTERS-Hereward Holland

Ugandan to lose $1.6 billion in tourism earnings as a result of coronavirus

Uganda will lose $1.6 billion a year in earnings from tourism as visitors stay away due to the impact of the coronavirus, President Yoweri Museveni said.
Israel Pasipanodya Mushore, 60, poses for a portrait besides his show piece herd of 70 cattle , in Nyabira, near Harare, on March 13, 2020. – He was allocated the farmhouse and a plot on Rasper farm in Nyabira during Zimbabwe’s land reform programme. (Photo by Jekesai NJIKIZANA / AFP)

Two decades on, Zimbabwe takes stock of Robert Mugabe land reform legacy

Eighty-year-old Isobel Simons calmly narrated how she and her late husband lost their 728-hectare Zimbabwe farm two decades ago to Robert Mugabe’s controversial land reforms.
President Muhammadu Buhari shortly after his nationwide broadcast, signed Proclamation Order on the General Management of Covid-19 in Lagos, Ogun, Kano, the Federal Capital Territory and other States in Nigeria.

President Buhari urges speedy passage of revised 2020-2022 MTEF/FSP, budget

The Presidency on Thursday urged the House of Representatives to speedily pass the 2020-2022 Medium Term Expenditure Framework (MTEF), and Fiscal Strategy Paper (FSP) and the revised Appropriation Bill, 2020 for the fiscal year.
Femi Adesina, spokesman of President Muhammadu Buhari

Presidency: Nothing wrong with taking more loans

There is nothing wrong in taking more loans to finance specific projects, the Presidency said on Sunday.
Motorists drive in traffic along a highway as pedestrians walk on the walkways before a curfew, which is a measure to contain the spread of the coronavirus disease (COVID-19), in Nairobi, Kenya May 13, 2020. REUTERS-Thomas Mukoya

Private creditors push back against blanket debt relief for Africa

Prominent emerging market creditors have set up a new group to help heavily-indebted African nations coordinate responses to the economic impact of COVID-19, but have also criticised recent calls for blanket debt relief.
The new Chief of Staff to the President, Professor Ibrahim Gambari, has said his primary allegiance would be to President Muhammadu Buhari and not the public.

Nigerian government cuts 2020 budget by N71.5 billion

The Federal Executive Council (FEC) has approved a revision of the 2020 Budget from N10.594 trillion to N10.523 trillion, reflecting a N71.5billion downward review.
The logo of the International Monetary Fund (IMF) is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido-File Photo

Egypt receives $2.77 billion in IMF emergency financing

Egypt has received $2.77 billion in emergency financing from the International Monetary Fund, its state news agency reported on Tuesday, citing a senior central bank source.
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

Nigerian stocks records ninth consecutive gain

The Nigerian stock market gained ground for the ninth day in a row, with the benchmark All Share Index (ASI) improving further by 0.87 per cent to settle at 24,354.25 points after oil price climbed above $31 per barrel on Thursday.
The logo of the International Monetary Fund (IMF) is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido-File Photo

IMF approves $491.5 million loan for Uganda to limit coronavirus impact

Uganda will receive an emergency loan worth $491.5 million from the International Monetary Fund to help cushion its economy from the impact of the new coronavirus, the fund said on Wednesday.

Nigeria receives $3.4 billion IMF emergency fund

Nigeria has received a $3.4 billion emergency fund from the International Monetary Fund (IMF), less than 24 hours after receiving $311 million of stolen money stashed in the United States and Jersey island.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

Africa’s oil producers impacted by OPEC production cut

Crude oil prices rose marginally on Friday (May 1) as the Organization of Petroleum Exporting Countries (OPEC) and their allies started reducing output.
Zimbabwe Finance Minister Mthuli Ncube arrives to present the 2020 National Budget at Parliament Building in Harare, Zimbabwe, November 14, 2019. REUTERS-Philimon Bulawayo

Zimbabwe pleads with foreign lenders to prevent coronavirus “catastrophe”

Zimbabwe is headed for a health and economic catastrophe from the coronavirus pandemic because its debt arrears mean it cannot access foreign lenders, the finance minister warned in a letter to the IMF.
Algeria’s President Abdelmadjid Tebboune said on Twitter that he had ordered medical authorities to take maximum precaution after the coronavirus case was announced by the health minister.

Algeria cuts budget, increases minimum wage

The Algerian government decided Sunday to reduce the state budget by half due to a financial crisis caused by the global collapse in oil prices and worldwide coronavirus lockdowns.
A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo. REUTERS-Kim Kyung-Hoon

IMF approves $91 million loan to Malawi for coronavirus trade balance woes

The International Monetary Fund (IMF) has approved a $91 million loan for Malawi to help fund a balance of payments deficit exacerbated by the COVID-19 pandemic, the Fund said in a statement.

Nigeria: Fuel subsidy will not return

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, and the Central Bank of Nigeria Governor, Mr Godwin Emefiele, made the pledge in a letter to the Managing Director of the International Monetary Fund, Mrs Kristalina Georgieva.
President of the Nigeria Labour Congress (NLC), Mr Ayuba Wabba

NLC: Nigeria on pathway to economic bankruptcy

As a result of massive petroleum products importation and debt overhang, the Nigeria Labour Congress (NLC) has raised the alarm, saying Nigeria is on the pathway to economic bankruptcy.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Saturday met with the leadership of the National Assembly to intimate it with an Executive proposal to establish a N500 billion COVID-19 Crisis Intervention Fund.

Nigeria pledges prudent use of $3.4 billion IMF loan

The Federal Government says it will make “judicious use” of the $3.4 billion loan request recently approved by the International Monetary Fund.

Experts want Nigeria to use IMF loan for the purpose intended

Some financial experts have urged the federal government to use the loan approved by IMF for the purpose intended so as to help sustain the country’s economy.

Recent Stories

Medical council validates four coronavirus test kits – registrar

The Medical Laboratory Science Council of Nigeria (MLSCN) says it has validated four Rapid Test Kits to determine their suitability for testing SAR-COV-2 infection popularly known as COVID-19 in the country.
Legendary reggae artiste, Majekodunmi Fasheke, aka Majek Fashek is dead. The artiste died in a New York hospital after a protracted illness on Monday about 5-45pm. He was aged 71.

Nigerian celebrities mourn deceased Majek Fashek

Nigerian celebrities have taken to their social media platforms to mourn the death of Music Legend, Majekodunmi Fasheke, a.k.a Majek Fashek.
Rwanda says it will announce new restrictions on containing the coronavirus Tuesday, a stark reversal of the country's plan days ago to ease restrictions, including motor vehicle travel throughout the country.

Rwanda set to announce new coronavirus restrictions

Rwanda says it will announce new restrictions on containing the coronavirus Tuesday, a stark reversal of the country's plan days ago to ease restrictions, including motor vehicle travel throughout the country.
Nigerian President Muhammadu Buhari3

Nigeria declares telecoms facilities critical national Infrastructure

In response to the yearnings of industry stakeholders to declare telecom facilities Critical National Infrastructure, President Muhammadu Buhari, has finally approved and also directed that necessary physical protective measures be put in place to safeguard telecommunications infrastructure deployed across the country.
President Muhammadu Buhari has again, addressed Nigerians on the efforts of its government to contain the coronavirus pandemic (covid-19) that is ravaging the country 4

ASCAB: President Buhari’s speech underestimate Sani Abacha’s $5 billion loot

Alliance for Surviv­ing COVID-19 and Beyond, (ASCAB), a group led by prominent Nigerian human rights lawyer, Femi Falana has said that President Mu­hammadu Buhari’s claim that late dictator, Sani Abacha, stole $1 billion con­tradicts the figures earlier released by his own officials.