23 C
Lagos, South Africa and New York
Tuesday, June 2, 2020

South Africa’s Ramaphosa says Africa needs two-year debt standstill

JOHANNESBURG (Reuters) - South African President Cyril Ramaphosa said on Friday that African countries needed a two-year debt standstill due to the impact of the COVID-19 pandemic, longer than a moratorium agreed by G20 governments last month. The World Bank and International Monetary Fund-backed initiative...

TikTok, Gates pledge $20 million to help Africa tackle COVID-19

LONDON - The social media platform TikTok and the philanthropic Gates Foundation donated $10 million each on Wednesday to the vaccine alliance GAVI to help fund efforts to tackle the COVID-19 pandemic in Africa. GAVI said the funds would be used to distribute and...

Russia cuts key interest rate, forecasts as coronavirus and oil price plunge take hold

The move comes as the spread of the coronavirus pandemic and a historic plunge in oil prices of late pose unprecedented threats to the Russian economy. The dollar rose by around 0.8% against the Russian ruble following the announcement. The Bank of Russia on Friday cut...

Oil may hit $40-$50 once the coronavirus crisis is over, UK’s richest businessmen says

Oil prices are likely to remain low until global economic conditions start to stabilize again, one of the richest businessmen in the U.K. said Tuesday. Gopichand Hinduja, co-chairman of conglomerate Hinduja Group, said he expects oil prices to climb back up to around $40...

Nigeria, other LMICs to Suffer 20% remittances slump due to COVID19 pandemic, World Bank says

New York, (Naija247news) April 23, 2020 — Global remittances are projected to decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected fall, which would be the sharpest decline in recent history,...

Coronavirus pandemic could double Global hunger to 256 million – UN

GENEVA - The number of people facing acute food insecurity could nearly double this year to 265 million due to the economic fallout of COVID-19, the United Nations’ World Food Programme (WFP) said on Tuesday. The impact of lost tourism revenues, falling remittances and...

COVID-19 Threatens China’s $3.8 Trillion New Silk Road Investment in Africa

The BRI is a far-reaching plan for transnational infrastructure development, linking five continents through land and sea corridors and industrial clusters. Launched in 2013, it was initially planned to revive ancient Silk Road trade routes between Eurasia and China, but the scope of the BRI...

BREAKING: China, G-20 Countries To Give Debt Relief To Nigeria, Others

World Bank President, David Malpass, on Friday said China and G-20 countries have agreed to give debt relief to poorest countries in the world classified as IDA countries by the financial institution. Malpass made this known at the ongoing virtual April 2020 virtual Spring meetings...

Sovereign Debt Relief Is Missing One Player: Bondholders

By Paul Wallace Harvard’s Reinhart calls on private creditors to join efforts Nations may shut themselves out of capital markets for years G-20 Offers Temporary Debt Relief for World’s Poorest Countries Calls for the world’s poorest countries to be given debt relief so they can use their scarce...

IMF projects a recession for sub-Saharan Africa in 2020

JOHANNESBURG, April 14 (Reuters) - Sub-Saharan Africa’s gross domestic product is expected to contract 1.6% this year, compared 3.1% growth last year, as the coronavirus pandemic wrecks the region’s economies, the International Monetary Fund said on Tuesday . Various African governments have imposed lockdowns and...