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In southern Ethiopia, drought kills livestock amid fears of what comes next

By Dawit Endeshaw KURA KALICHA, Ethiopia (Reuters) – After three years of failed rains, the animals in the southern Ethiopian village of Kura Kalicha are dying. Dozens of decomposing cattle carcasses lie on the parched earth, their flesh picked over by scavengers. Jilo Wile, a local government official, fears the villagers will be next to …

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IMF: Zambia needs bilateral debt relief to secure next payout

By Rachel Savage and Chris Mfula LUSAKA (Reuters) -The next International Monetary Fund (IMF) payout to Zambia from a total loan of $1.3 billion is contingent upon its bilateral creditors reaching an agreement on a long-delayed debt restructuring, the Fund said in a statement on Thursday. An IMF mission and Zambian officials completed a successful …

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World stocks survive banking turmoil – but for how long?

By Naomi Rovnick and Sumanta Sen LONDON (Reuters) – Banking sector turmoil has not dented demand for equities, with MSCI’s world stock index up 7% so far this year. Hopes that the Federal Reserve and others could soon pause the most aggressive interest rate hiking cycle in decades has supported stocks even as sentiment more …

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Up to $520bln in debt write-offs needed for emerging nations’ climate goals

By Libby George LONDON (Reuters) – Up to $520 billion in debt needs to be written off to help developing nations at greatest risk of default return to a sounder fiscal footing and meet climate and development goals, according to a Boston University report released on Thursday. The haircuts on debt owed to public and …

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Uganda central bank holds key lending rate

KAMPALA (Reuters) – Uganda’s central bank on Thursday held its key lending rate at 10.0%, saying the near-term risks to the inflation outlook remained elevated. The decision, announced by deputy governor Michael Atingi-Ego at a news conference, is the third time in a row the bank has kept its main policy rate unchanged. Inflation fell …

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Zambia ‘punished’ as debt rework not finished, says finance minister

By Rachel Savage and Chris Mfula LUSAKA (Reuters) – Zambia is being “punished” for a failure to complete debt restructuring that is not its fault, but its two main creditors, China and international bondholders, both want a resolution, the country’s finance minister told Reuters. Zambia was the first African country to default in 2020 after …

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Guinea seizes 1.5 tonnes of cocaine from ship

CONAKRY (Reuters) – The West African country of Guinea has seized around 1.5 tonnes of cocaine from a Sierra Leone-flagged ship docked at the port city of Kamsar, state television said. More than 60 bags each filled with 25 kg of cocaine were found, the ministry of defence said in a statement on Wednesday. All …

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South Africa revokes ‘state of disaster’ declared over power crisis

By Kopano Gumbi JOHANNESBURG (Reuters) -South Africa’s government on Wednesday revoked a national “state of disaster” declared in February to manage a crippling electricity crisis but said that some emergency measures would remain in place. The state of disaster gave the government additional powers to respond to the crisis, including by permitting emergency procurement procedures …

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Signing of political agreement in Sudan delayed -statement

(Reuters) – The signing of an agreement to name a Sudanese civilian government and launch a new transition towards elections was delayed, a statement by the Sudan’s Forces of Freedom and Change coalition said on Wednesday. The statement said that discussions on military restructuring had made progress but not concluded, leading to the delay of …

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Wall St ends lower, Treasury yields slide as data fuels recession jitters

By Stephen Culp NEW YORK (Reuters) – U.S. stocks lost ground on Wednesday and Treasury yields extended their decline as a batch of data fueled worries that restrictive central bank policies could push the global economy into recession. The S&P 500 closed in negative territory, and megacap momentum stocks dragged the tech-heavy Nasdaq down more …

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