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To Ensure Economic Recovery Africa Needs $1.2tn – IMF1 minute read

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The international Monetary Fund (IMF) says Africa needs $1.2 trillion over the next three years for Africa to recover from the economic losses it incurred due to the coronavirus lockdown.

Head of the IMF, Kristalina Georgieva adds that the world “must do more to support Africa to [recover]… from this crisis”.

Africa has had fewer COVID-19 infections and deaths than most other continents. But according to the World Bank which states that 43 million or more Africans are at risk of extreme poverty as a result of the pandemic.

The economic impact is reversing the growth witnessed in recent years of strong growth in Africa, as jobs have been lost and family incomes have been reduced by 12%, Ms Georgieva said in a virtual IMF meeting.

Why?

To ease their respective economic impact, many African governments have introduced mitigation policies which have cost them about 2.5% of their GDP, she added.

The IMF has already given African countries about $26bn to reduce the impact but even with the help of private lenders and other countries’ assistance there is still a huge shortfall in funding.

“Some countries are confronting high debt burdens forcing them to choose between debt service and additional social and health spending,” the IMF chief adds.

As a means to help, she called for an extension of the moratorium by the G20 of debt repayments and wanted more funds to be available to lend.

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Nigeria’s Aliko Dangote Delays London Listing

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The Dangote Cement Company has delayed  it’s listing on the London Stock Exchange, again. The company announced that it will rather focus on selling it’s product to Central and other West African nations. And boost it’s foreign reserve and that of Nigeria in the process.

The firms head of investor relations, Temilade Aduroja disclosed their new path in Lagos this week. And, also projects that the continent’s biggest producer of the building material, could follow this path till 2023 at the least.

Nigeria’s Aliko Dangote is Africa’s richest man.The 63-year-old entrepreneur has a net worth of more than $14 billion, has long expressed his ambition for Dangote Cement to have a secondary London listing to diversify its ownership and have access to funds from international markets.

Yet, for one reason or another he’s never managed to make it happen.

Dangote had made an initial attempt in 2018 with a proposed list by 2019 but that was changed by former Chief Financial Officer, Brian Egan to 2020.

Nigeria’s biggest listed company by market value, Dangote Cement took advantage of a drop in yields in the domestic debt markets to raise 100 billion naira ($259 million) through commercial papers in May and April, the largest offering of its kind at the time.

The group adds that in July it’s looking to export clinker to 15 countries in Central and West Africa in a bid to boost revenue and resolve a scarcity of foreign exchange scarcity in Nigeria.

Clinker is a nodular material used as the binder in cement products.

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Air Tanzania Resumes Scheduled Flights To Harare

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Air Tanzania resumed scheduled flights to Harare on Wednesday after a seven-month suspension due to the COVID-19 pandemic.

The airline joins a host of other regional and international airlines that have resumed flights into Zimbabwe after the country reopened its skies at in October.

Some of the airlines that have resumed flights into the southern African country include Emirates, Ethiopian Airlines, Kenyan Airways, South African Airlink and Fastjet.

“The flights resume today on Oct. 27 2020 and will be served initially twice weekly on Tuesday and Friday.

“Air Tanzania will operate the route via Lusaka, Zambia using a Dash8-Q400 aircraft,’’ the airline said in a statement Tuesday.

An official at the airline said as with the new normal, the flights would be operated under new COVID-19 health regulations.

“We are thrilled to be resuming the Lusaka-Harare flights. This South bound route connects both Lusaka and Harare business people, tourists and academics to the port city of Dar-es-Salaam and beyond,” the official said.

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BREAKING: Okonjo-Iweala Emerges WTO Director-General

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Former Minister of Finance, Ngozi Okonjo-Iweala, has been named the new Director-General of the World Trade Organization, WTO.

She defeated the trade minister from South Korea by polling 104 votes from 164 member countries.

This makes her the first African to occupy the position of DG WTO.

Details Later…

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