Zimbabwe stops hiring public workers as it struggles to pay

Harare owes $110 million to the IMF, $600 million to the African Development Bank and $900 million to the World Bank. Photo©AP/SIPAZimbabwe has stopped hiring new state workers after failing to pay its soldiers and teachers on time, according to an official notice, as President Robert Mugabe's government struggles with a big financial squeeze.

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Somalia: A rise that is visible to only a few

Somali children play on swings at the Mogadishu Guest House, in Mogadishu. Photo©Farah Abdi Warsameh/AP/SIPAThe horrors that defined the Horn of Africa country during the civil war are slowly giving way to a new Somalia, one that is becoming relatively peaceful and is making slow but steady socioeconomic and political progress. The problem is that few people are noticing this change.

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We're tired of being in the dark - Akinwumi Adesina, AfDB President

AfDB head, Akinwumi Adesina. Photo©Vincent Fournier for TARAfDB president Adesina wants to use the bank to de-risk investments in electricity and agriculture and so help transform the continent's economies.

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Big and small affairs at the second day of the AfDB's Annual Meeting

Sierra Leonean Kelvin Doe built his own radio station out of electronics waste at age 13 The African Development Bank's (AfDB) Annual Meeting in Lusaka got its official start on its second day and confirmed the principle that big personalities mean big waiting around.

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AfDB Lusaka meeting off to a very Rwandan start

AfDB President Akinwumi Adesina. Photo©ReutersThe first day of the African Development Bank's Annual Meeting in Lusaka hit on the major themes that president Akinwumi Adesina has been pushing in his first term.

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Trade begins at home

Trucks wait at to cross the border into Zambia at Kasumbalesa in the Democratic Republic of Congo. Photo©Gwenn Dubourthoumieu for JAAfrican countries can boost growth by cutting tariffs and removing "soft" barriers to trade, while still supporting their industries without completely protecting them.

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AfDB willing to arrange Kenya oil pipeline financing

Photo©ReutersThe African Development Bank (AfDB) is ready to act as a lead arranger for financing of Kenya's planned oil pipeline to move crude from fields in the far north county of Turkana, a senior official of the bank said on Friday.

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Zimbabwe govt blames private businesses for economic woes

The Zimbabwean government has accused private businesses that are defaulting on loan payments on cash advanced by international lenders for being responsible for the country's economic problems.

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Zimbabwe: New visa regulations to boost tourism

File Photo©ReutersZimbabwe tourism authorities have relaxed visa requirements in a drive to shore up the tourism sector, following a report ranking the 27 out of 52 countries on the continent's visa openness index by the African Development Bank (AfDB).

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Nigeria to pass revised 2016 budget on March 17

Photo©ReutersNigeria's parliament expects to pass the 2016 budget in Africa's biggest economy on March 17, lawmakers said on Wednesday.

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Tanzania: African Development Bank approves $1.1bn in loans

Photo©ReutersThe African Development Bank (AfDB) has approved a loan package worth $1.1 billion to Tanzania to be paid out over five years to fund infrastructure projects and improve public sector governance, it said.

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Zimbabwe eyes first new IMF financing since 1999

Photo©ReutersThe International Monetary Fund (IMF) has started talks with Zimbabwe's government to review its economic performance, stepping up engagement as Harare seeks a financial aid package after years of isolation.

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Nigeria sets up committee to advise on first sovereign sukuk

File Photo©ReutersIn a bid to explore alternative funding sources, Nigeria's government has set up a committee to advise on issuing the country's first sovereign sukuk.

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Nigeria puts Eurobond sale on hold as it seeks China loan

Nigeria's Finance Minister Kemi Adeosun. Photo©ReutersNigerian Finance Minister Kemi Adeosun plans to travel to China next week, aiming to negotiate a loan of up to $2 billion to help fund record budget spending, financial and government sources said on Wednesday.

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Electricity: Who's got watts?

Political and bureaucratic blockages are weighing on big-ticket power projects. Photo©Petterik Wiggers/PANOS-REAThere are big pushes for Africa to be electrified, but the continent is far from plugged in. Projects have been slow to develop even as new money has been looking for ventures.

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Nigeria requests $1 bn AfDB budget support loan

Nigeria, reeling from the oil price plunge that has slashed vital revenues, has asked the African Development Bank for a $1 billion loan to help fund an increased budget deficit, the AFDB said on Tuesday.

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IMF wil lend to African oil producers who make the request

The International Monetary Fund said on Tuesday it stands ready to help sub-Saharan Africa's oil exporters cope with plunging crude prices and growing fiscal pressures but has not received any new funding requests from the region.

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Egypt expects $1.5 bn in aid by year-end, eyeing IMF

Egypt's International Cooperation Minister Sahar Nasr. Photo©ScreenshotEgypt expects to receive $1.5 billion from the World Bank and African Development Bank by year-end to support the budget and could discuss potential IMF financing once parliament convenes, International Cooperation Minister Sahar Nasr said.

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Nigeria/South Africa: Breaking the cycle

Photos© PhotoMontage TAR; Matthieu Spohn/Corbis ; Dimitri Vervitsiotis/Getty images; Getty images; SIPAWith a Nigerian at the head of the AfDB and a South African representing the AU, never has the time been riper for South Africa and Nigeria to forgive past disagreements and lead the continent towards greater cooperation

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Zimbabwe plans new World Bank, IMF loans

Zimbabwe will seek fresh loans from the World Bank, IMF and African Development Bank (AfDB) as it struggles with slowing growth, subdued commodity prices and high unemployment, Finance Minister Patrick Chinamasa said on Thursday.

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