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Sovereign debtors, creditors agree on steps to jumpstart debt restructurings

By Andrea Shalal WASHINGTON (Reuters) – Global creditors, debtor nations and international financial institutions on Wednesday agreed ways to jumpstart and streamline long-stalled debt restructuring efforts, including through improved data sharing and clearer timetables. The World Bank, International Monetary Fund and India, current president of the Group of 20 (G20) major economies, issued a joint …

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Exclusive-Kenya expects $1.2 billion Q2 financing boost, seeks fresh IMF funds

By Jorgelina do Rosario and Joe Bavier WASHINGTON (Reuters) – Kenya expects at least $1.2 billion in financing inflows between April and May and is in talks for new funding from the International Monetary Fund (IMF) to support falling foreign exchange reserves, its central bank governor said on Wednesday. Like much of Africa, Kenya has …

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Zambia reforms could go to waste if restructuring delayed further -Treasury Secretary

By Jorgelina do Rosario and Andrea Shalal WASHINGTON (Reuters) -Zambia could lose gains achieved so far from macroeconomic reforms if its ongoing debt restructuring is further delayed, Treasury Secretary Felix Nkulukusa said on Wednesday. The nation defaulted on its overseas debt in 2020 and is working on a restructuring with both bilateral creditors and private …

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Morocco’s OCP borrows $110 million to build four solar plants

RABAT (Reuters) – Morocco’s state-owned phosphates and fertiliser producer OCP said on Wednesday it signed an agreement with the International Finance Corporation (IFC), the World Bank’s investment arm, on a 100 million-euro ($110 million) loan to build four solar plants to power its industrial operations. The loan is part of an OCP investment plan worth 130 billion dirhams ($12.8 billion) …

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Oil rises 2% on lower-than-expected US inflation data

By Arathy Somasekhar HOUSTON (Reuters) -Oil prices rose 2% on Wednesday to their highest in more than a month as cooling U.S. inflation data spurred hopes that the Federal Reserve is getting closer to ending its cycle of interest-rate hikes and cushioned the impact of a small build in U.S. crude oil stocks. Brent crude …

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Dollar, stocks slip after Fed minutes spur recession fears

By Herbert Lash NEW YORK (Reuters) – Treasury yields fell and a gauge of global stocks eased on Wednesday after the market was rattled by minutes from the Federal Reserve’s last policy meeting that indicated banking sector stress could tip the economy into a recession. Fed staff assessing the potential fallout of banking stress projected …

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Businesses reopen in Ethiopian region after deadly protests

NAIROBI (Reuters) -Businesses reopened and traffic was back in urban centres of Ethiopia’s Amhara region on Wednesday after six days of violent protests over a planned shake-up of local forces, residents said. At least five people have died in the demonstrations which are a fresh security challenge to Prime Minister Abiy Ahmed’s government following a …

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UAE president met by Egypt’s Sisi on Cairo visit

CAIRO (Reuters) – United Arab Emirates president Sheikh Mohammed bin Zayed arrived in the Egyptian capital, Cairo, on Wednesday, the UAE state news agency (WAM) reported. The reason for his visit was not immediately clear. The UAE, alongside Gulf neighbours Saudi Arabia and Kuwait, sent Egypt billions in grants, cash and fuel shipments in the …

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Dollar drops as inflation cools more than expected

By Karen Brettell NEW YORK (Reuters) – The dollar fell on Wednesday after data showed U.S. consumer prices rose less than expected in March, raising expectations that the Fed is likely to stop hiking rates after a possible increase in May. The Consumer Price Index (CPI) climbed 0.1% last month, below economists’ expectations for a …

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Zambia to finish cryptocurrency regulation tests by June -minister

By Chris Mfula and Rachel Savage LUSAKA (Reuters) – Zambia is planning to finish tests that simulate real-world cryptocurrency usage by the end of June to help it create regulations that balance citizens’ safety with innovation, science and technology minister Felix Mutati told Reuters. The southern African country also needs digital infrastructure, including digital identities, …

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