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Africa

African Countries in Talks with IMF for Lifelines to Help Fight Coronavirus

The IMF has approved or is in talks to disburse more than USD450mn in financial assistance for several African countries this week, with a substantial portion of funding going towards balance of payments and budgetary support as the continent’s leaders try to contain the spread of, and economic fallout from, COVID-19.

3 Apr 2020

African Development Bank Sells USD3bn ‘Coronabond’ in Effort to Combat COVID-19 on the Continent

The African Development Bank (AfDB) raised USD3bn through the sale of social sustainability bonds in an effort to finance Africa-based initiatives to combat the spread of COVID-19.

30 Mar 2020

Fitch Downgrades Three Nigerian Banks Due to Pressure from COVID-19, Oil Price

The three highest-rated Nigerian banks – Zenith, Guaranty Trust Bank (GTB), and United Bank for Africa (UBA) have been downgraded by Fitch.

30 Mar 2020

Somalia Lands IMF Funding Deal in Huge Boost to Reform Effort

The IMF has agreed to lend Somalia SDR292.4mn (approx. USD395.5mn) as part of a three-year Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) in a significant boost to the war-torn country’s reform efforts.

26 Mar 2020

World Bank Approves USD500mn Loan to Ethiopia

The World Bank has approved a USD500mn loan to Ethiopia, in order to support the government’s ‘Homegrown Reform Agenda’, underpinned by the Second Ethiopia Growth and Competitiveness Development Policy Operation (DPO).

26 Mar 2020

Kenyan Bond Yields Spike Due to Pandemic, Locust Disruption – Cytonn Investments

As the COVID-19 pandemic wracks emerging and developed economies alike, market have gone into overdrive with shares and bonds both suffering heavy sell-offs as investors flee to the safety of US dollars. Kenya’s local currency treasury bonds (TBs) and outstanding Eurobonds have been no exception to this trend.

26 Mar 2020

Dangote Cement Moves Forward with Bond Debut

One of Nigeria’s largest companies is moving forward with a debut bond issuance to help raise medium-term funding.

26 Mar 2020

City of Tshwane Defaults on Bond – Nedbank

On 24th March, the City of Teshwane Metropolitan Municipality, a local government municipality covering Pretoria and the surrounding areas, defaulted on a ZAR5.5bn local currency medium-term note. According to Jones Gondo, Senior Credit Analyst, and Nthulleng Mphahlele, Analyst at Nedbank, it is a technical default caused by government issues.

25 Mar 2020

The Gambia Secures USD47.1mn in Credit from IMF

The Gambia has secured a USD47.1mn extended credit facility (ECF) from the International Monetary Fund (IMF) this week, with the proceeds from the funding going towards the development of policies to help contain the spread of COVID-19 and mitigate its economic impact.

24 Mar 2020

Which SSA Economies are Most Vulnerable to COVID-19?

Africa appears so far – at least according to official statistics – to have contained the spread of COVID-19, with SSA reporting fewer than 300 confirmed cases. But this does not mean the region will be able to ride out the storm and avoid the economic and health impact seen elsewhere.

24 Mar 2020

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