Sudan: Massive Looting Rocks State Capital as Violence Escalates
Sudan is currently experiencing an unprecedented level of violence as mass looting and destruction of public and private properties continue to rock state capitals. Witnesses have stated that the government has been unable to respond adequately, with the state of lawlessness and mass unrest posing a threat to lives and livelihoods. This followed the ousting of longtime leader Omar al-Bashir and subsequent worsened by a fragile political transition to democracy. The United Nations Refugee Agency confirmed yesterday that over a million people have been displaced by the crisis, leaving thousands of Sudanese homeless.
Ghana: JP Morgan Sees Positive Impact on Eurobond Prices With Swift Debt Rework
JP Morgan International has said swift debt rework in Ghana could lead to positive effects on Eurobond prices. This follows the recent report that Ghana is intending to agree debt rework Memorandum of Understanding (MoU) with official creditors before November this year. The Africa-focused investment bank has estimated that a successful conclusion of the MoU and economic stabilization of the country could see Eurobond prices rise by 30 to 40 cents. The report comes as Ghana targets $10.5 billion in external debt relief, according to the International Monetary Fund.
Zambia: China Assures It Will Work For Better Solution to Debt Issues
Chinese Foreign Ministry has assured Zambia that it is committed to finding a better solution to its debt issues, marking a further show of solidarity between the two countries. The assurance was communicated to the country’s Ministry of Finance by the Chinese embassy. The two countries’ relations have seen a boost over the years, strengthened by regional political stability and their shared interests in infrastructure and agriculture development. They also share a common economic community and vision.
South Africa: Rand Firm Ahead of Federal Reserve Chair Speech
The South African Rand has remained resilient in recent times, with markets expecting it to trade strong against international currencies. These developments come as investors await comments from US Federal Reserve Chair Jerome Powell, who is expected to provide insights on the US monetary policy. Markets are generally optimistic that the policy will remain accommodative, despite recent reports of rising inflation and bounce backs in consumer confidence.
Uganda: Parliament Approves Government’s Proposed 10% Increase in Budget
Uganda’s parliament has approved the government’s plan to raise spending by 10% to 52.73 trillion shillings ($14 billion) in the 2023/24 fiscal year, the Finance Ministry has confirmed. Despite concerns of potential resource constraints and fiscal limitations, Uganda’s government is optimistic that the increase will spur economic growth and support GDP recovery. The government has also confirmed that construction of the long-delayed railway project will start this year and has already initiated talks with major stakeholders on the fast tracking of the project.
African Boulevard News – (2023-05-19)
