Economy

World Bank approves $500 million financing to fight locusts threatening food security in Africa and Middle East

The World Bank Group approved on Thursday a $500 million program to help countries in Africa and the Middle East fight the locust swarms that are threatening the food security and livelihoods of millions of people. 

Kristalina Georgieva on TED: How to rebuild the global economy after COVID-19

In a virtual conversation recorded on May 18, 2020, and hosted by head of TED Chris Anderson and current affairs curator Whitney Pennington Rodgers, the Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva,...

World Bank grants loans to 100 developing nations to fight COVID-19, including 39 countries in Sub-Saharan Africa

The World Bank Group announced on Tuesday that its emergency operations to fight COVID-19, the respiratory disease caused by the novel coronavirus, have reached 100 developing countries – home to 70% of the world’s population. Of...

Benin gets $125 million from IMF to respond to COVID-19 economic crisis and effects from border closure with Nigeria

The executive board of the International Monetary Fund (IMF) has approved the disbursement of $125.1 million to the West African country of Benin to respond to COVID-19 crisis. Benin had secured a loan...

Buhari’s loans will kill Nigeria’s economy and bonds will leave Nigerians in bondage, Atiku says

Former Nigerian Vice President Atiku Abubakar on Thursday criticized the decision by the Buhari administration to slash the budget only by 0.6 percent when revenues have crumbled by over 50 percent amid COVID-19 pandemic. Atiku said...

IMF, Lebanon in talks over COVID-19 economic crisis

The International Monetary Fund (IMF) and the Lebanese authorities are in talks over the current COVID-19 economic crisis. "IMF staff started on Monday remote meetings with Lebanon’s economic team including Finance Minister...

COVID-19 to push more than 34 million people into extreme poverty in 2020 and slash global economic output by $8.5 trillion over next two...

The global economy is projected to contract sharply by 3.2 per cent this year, push more than 34 million people into extreme poverty, and lose nearly $8.5 trillion in output over the next two years due...

IMF approves disbursement of $43.4 million loan money to Djibouti to address COVID-19 economic crisis

The International Monetary Fund (IMF) on Tuesday approved the disbursement of $43.4 million loan money to Djibouti to address the COVID-19 pandemic. The money was disbursed under the Rapid Credit Facility (RCF) and...

Podcast: IMF economist Papa N’Diaye explains why failure to contain COVID-19 in sub-Saharan Africa will be catastrophic

Failure to contain the spread of the virus in sub-Saharan Africa will have catastrophic economic, health and humanitarian consequences. Sub-Saharan Africa is facing an unprecedented health and economic crisis that threatens to reverse...

IMF approves over $2.7 billion loan for Egypt to respond to COVID-19 economic crisis

The International Monetary Fund (IMF) has approved over $2.7 billion loan for the north African country of Egypt to respond to COVID-19 economic crisis. More than 40 African countries have applied for loans...

Latest News

African Development Bank approves €188m ($204m) loan for Mauritius to respond to COVID-19

The African Development Bank has approved €188 million ($204 million) loan for Mauritius to respond to the COVID-19 pandemic, the...

Akinwumi Adesina to step back as African Development Bank agrees to probe him again after Trump administration pressures

The African Development Bank’s board has agreed to open a fresh independent investigation of its President Akinwumi Adesina following pressures from the...

Trump administration asks African Development Bank to re-investigate its embattled President Akinwumi Adesina accused of nepotism and favoritism

The Donald Trump administration has written the African Development Bank, urging the continent’s biggest multilateral lender to reopen an investigation into...

African Development Bank: Tolling Bells for Humanity – Perspectives by Equatorial Guinea’s Minister of Finance Cesar MBA ABOGO

COVID-19 is severely testing Africa's social, economic and political resilience. While it is true that our countries are taking bold actions to...

African Development Bank approves €188m ($204m) loan for Mauritius to respond to COVID-19

The African Development Bank has approved €188 million ($204 million) loan for Mauritius to respond to the COVID-19 pandemic, the Group’s Board of Directors said...

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