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South African President Cyril Ramaphosa unveiled a ZAR500bn (approx. USD26.5bn) fiscal support package this week in a bid to help ease some of the economic pressures caused by the spread of COVID-19 and the lockdown designed to contain it. Analysts say South Africa, which was already in a precarious fiscal position before the lockdown began, was right to jump off the fiscal cliff – but now risks “chasing a growing hole.”
Vale Overseas, a special purpose vehicle set up and owned by Brazilian mining giant Vale, raised USD1.5bn in the international capital markets this week.
Jul 8, 2020
The Republic of Ecuador has reached a preliminary deal with the its largest creditors, paving the way for the country to restructure nearly USD17.4bn in sovereign bonds.
Jul 7, 2020
The coronavirus pandemic has weighed heavily on the fiscal performance and debt levels globally, with many emerging and frontier markets unlikely to recover until 2022 at the earliest according to Moody’s.
Jul 7, 2020
Growth in Sub-Saharan Africa (SSA) is set to contract by twice the amount previous forecast in April, according to the latest IMF estimates, with per-capita income across the continent falling to levels not seen in nearly a decade.
Jul 2, 2020