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On September 19, 2018, Zambia’s president Edgar Lungu sacked the minister of community development following embezzlement charges (embezzlement which led some western partners to halt their bilateral aids to that country).
“His Excellency, President Edgar Lungu has acted swiftly, relieving the Honorable E. Kabanshi (photo) as minister of community development following the misuse of...
In 2019, Algeria will reduce its expenditures to rebalance public finances, the government indicated in a document, according to Reuters.
According to information provided by the news agency, this decision falls within the framework of the reforms initiated since 2016 by Algeria to address the fall in oil prices.
After a 9% cut in 2016 and 14% in 2017, the country increased its 2018 expenditure...
At the end of 2017, there were 148,000 wealthy individuals with a cumulated wealth estimated at $920 billion, “Africa Wealth Report 2018”, a report published on September 12, 2018, by New World Wealth and AfrAsia Bank reveals.
Out of those High net worth individuals (HNWI), 7,100 are multi-millionaires (worth at least $10 million) while 320 were worth at least $100...
On September 18, 2018, Uganda announced that it would compel all the telecommunications operators active in the country to float part of their equity on the local stock exchange as a requirement for the licensing process. “One of the advantages of this measure is that it will help reduce capital flight”, the government explained in a release published at the end of a ministerial...
Banque du Caire signed an agreement with National Bank of Uzbekistan (NBU) to boost Egypt's exports to the Community of Independent States (CIS), an Asia-Europe community constituted of 12 ex-soviet union states.
Banque du Caire will guarantee payment facilities to countries of that union (Russia, Armenia, Uzbekistan, and the others) that import products from Egypt.
NBU will then...
In Morocco, the trade deficit worsened by 10.1% in the first eight months of 2018 to stand at MAD137.9 billion ($14.7 billion), according to figures published by the country's foreign exchange bureau.
This is due to an increase in imports (MAD29.2 billion) while exports stood at MAD16.5 billion.
During the period under review, imports rose by 10.2% due to increase in the imports of energy...
In Egypt, the trade deficit reached $3.62 billion by June 2018, representing a 44% rise compared to $2.51 billion last June 2017.
In its monthly report on external trades, the Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that the country’s exports grew by 7.8% on a year-on-year basis to reach $2.10 billion by end June 2018 against $1.95 billion a...
Zimbabwe will disburse a $64 million urgency plan to manage the new cholera outbreak, July Moyo, the Local Government Minister says.
According to the official’s statement reported by The Herald, this budget is based on the estimates that reveal that 50,000 (less than 100,000 in the worst case) residents could be affected. To promptly address this outbreak, the authorities appealed for...
Barrick Gold is looking for Chinese partners to help develop its “struggling” operations in Tanzania, the executive president John Thornton (photo) said in an interview with The Globe and Mail.
In Tanzania, the Canadian mining company operates three gold mining sites namely, Bulyanhulu, Buzwagi, and North Mara, via Acacia Mining, its subsidiary in which it owns 64% stakes.
According...
Morocco will issue Islamic bonds (sukuks) during the first week of October 2018, Faouzia Zaaboul, treasury and external finance manager at the country’s economy ministry told Telquel.
The ministry has been busy studying “the market’s appetite for such investments”. The amount of this operation which will be steered by the new finance and economy minister Mohamed Benchaâboun, has...