Egypt debt to UAE oil company drops to $228m

Egypt has paid $164 million to the UAE-based Dana Gas reducing its debt to the company to $228 million, a statement on the organisation’s website on Sunday said. The funds, according to middleeastmonitor, were paid by Cairo last year, the company added. Egypt has faced difficulties in paying foreign companies’ debts since the January revolution of […]

UK offers initiative for holistic approach to infrastructure devt in Africa

UK has indicated that it would increase its efforts to work closer with African governments and private sector on infrastructure development through a vehicle, the Africa Infrastructure Board. On the sidelines of the Mining Indaba in Cape Town last Friday, the UK government and private sector presented the Africa Infrastructure Board and emphasized the unique […]

New Zimbabwe government seeks to sell stakes in state-owned companies

Zimbabwe has invited bids for stakes in up to eight loss-making state-owned enterprises, including its national airline and power utility, to help plug a ballooning budget deficit, its deputy finance minister said on Wednesday. President Emmerson Mnangagwa, who took over from Robert Mugabe two months ago, is under pressure to deliver on his promises to […]

Nigeria’s central bank to auction N1.27trn treasury bills in Q1 2018

Nigeria plans to sell N1.27 trillion worth of treasury bills in five auctions in the first quarter of 2018, according to the Central Bank of Nigeria’s Treasury Bills Issuance Calendar, seen by Businessamlive. Specifically, the CBN would offer N87.71 billion in the three-month paper, N244.27 billion in the six-month bill and N933.61 billion in a […]

Nigeria central govt. saves N24.7bn monthly via TSA, IPPIS/BVN implementation

President Buhari presents 2018 budget

President Muhammadu Buhari has said that the Federal Government has leveraged information and communication technology (ICT) as well as the enforcement of bank verification number (BVN) to make monthly savings of about N24.7 billion. The president disclosed this when he declared open the 2017 eNigeria Conference, organised by National Information Technology Development Agency (NITDA) at […]

China’s central bank chief warns of ‘sudden, contagious, hazardous’ financial risks

China’s financial system is becoming significantly more vulnerable due to high leverage, according to central bank governor Zhou Xiaochuan, who has made a series of blunt warnings in recent weeks about debt levels in the world’s second-largest economy. Latent risks are accumulating, including some that are “hidden, complex, sudden, contagious and hazardous,” even as the […]

$2.9bn tax hole looms over South Africa’s finance minister as revenue gap likely to reach 40bn rand, survey reveals

Malusi Gigaba, South African finance minister

Malusi Gigaba, South African finance minister faces a gaping budget hole and will have to consider cutting spending, raising taxes and selling state assets if he wants to avoid further rating downgrades. According to the report by Bloomberg, the economy he oversees is hampered by a deteriorating growth outlook, partly stemming from a battle for […]