Economy

African Development Bank forecasts economic tumult for West Africa in 2020 amid COVID-19. Growth to shrink by 2 percent

Economic growth in West Africa, which was poised to expand by 4.0 percent in 2020, following growth of 3.6 percent in 2019, is now projected to contract by -2.0 percent in 2020, and could fall by...

Buhari signs new appropriation act into law, explains why Nigeria needed to borrow more money amid COVID-19 pandemic and fall of oil prices

President Muhammadu Buhari made the remarks at the signing into law of the Appropriation (Repeal and Amendment) Act, 2020. He said the 2020 Appropriation Act he signed into law on December 17...

Charles Lufumpa: How African countries can respond to COVID-19, reopen economies and accelerate recovery

Charles Lufumpa, the African Development Bank’s Acting Chief Economist and Vice President for Economic Governance and Knowledge Management speaks on the recent release of the African Economic Outlook 2020 Supplement. He shares policy recommendations to cushion...

Additional 49 million Africans could be pushed into extreme poverty and continent could lose up to $189 billion of GDP in 2020 amid COVID-19...

The African Development Bank on Tuesday projected that an additional 49 million Africans could be pushed into extreme poverty as the economy shrinks amid COVID-19 pandemic, with West and Central Africa likely to be worst hit...

African Development Bank projects tripled incomes of rural producers and traders in Tanzania

An African Development Bank project to enhance market infrastructure, value addition and rural finance (MIVARF) in Tanzania produced highly satisfactory results, according to a report released by the project team.  The project, rolled out in the...

Africa’s chance at World Trade Organization and the Ngozi Okonjo-Iweala candidacy – Perspectives by Yushau A. Shuaib

With quite a reputation behind her, Dr. Ngozi Okonjo-Iweala appears to mean different things to different people across the spaces she has straddled. This is why I paused for a moment of contemplation when a professional...

Over 1000 participants from more than 100 countries meet to discuss sustainable development amid COVID-19

Facing the devastating impacts of COVID-19, which is threatening decades of progress in improving people’s lives, countries are meeting at the United Nations High-Level Political Forum (HLPF) on Sustainable Development from 7 to 16 July to...

U.S. welcomes independent probe of ethics report that cleared AfDB President Akinwumi Adesina of corruption allegations

The United States Treasury Secretary Steven Mnuchin on Thursday welcomed the African Development Bank's decision to appoint former Irish President Mary Robinson and two other legal experts to independently review an ethics report clearing President Akinwumi Adesina...

African Development Fund approves $165 million grant for Ethiopia to respond to COVID-19

The Board of Directors of the African Development Fund (ADF) on July 3, 2020, approved a grant of $165.08 million to support Ethiopia’s response to the health and economic impacts of the COVID-19 pandemic, including helping...

The Day after COVID-19: Overcoming the novel coronavirus double jeopardy in Central Africa – Perspectives by Antonio Pedro

This was not a bad dream: It happened. This was not Steven Soderbergh 2011 movie “Contagion” or any sci-fi movie where a rogue character unleashes a biological warfare for profit maximization. It was not a bad...

Latest News

IMF approves $49.1 million loan for Lesotho to respond to COVID-19 economic fallout

The International Monetary Fund (IMF) on Wednesday approved $49.1 million loan for Lesotho to respond to...

IMF approves $49.1 million loan for Lesotho to respond to COVID-19 economic fallout

The International Monetary Fund (IMF) on Wednesday approved $49.1 million loan for Lesotho to respond to COVID-19 economic fallout.

IMF approves $110.4 million in emergency support for Eswatini to respond to COVID-19 economic fallout

The International Monetary Fund (IMF) on Wednesday approved $110.4 million in emergency support for the Kingdom of Eswatini to respond to...

Three IMF economists pen must-read op-ed on corruption and COVID-19, even as African governments receive billions of dollars in loans

Three IMF economists have penned down a must-read op-ed on corruption and COVID-19 as African governments receive billions in loans. The opinion...

IMF approves nearly $4.3 billion loan for South Africa to respond to COVID-19 economic crisis

The International Monetary Fund (IMF) on Monday approved nearly $4.3 billion loan for South Africa to respond to COVID-19 economic crisis.
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