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Category: Economy

BRICS Officially Welcomes 5 New Members 1 International Economy 

BRICS Officially Welcomes 5 New Members

Constance
Intergovernmental organization, the BRICS group, has officially expanded its membership, welcoming Egypt, Iran, Saudi Arabia, the United Arab Emirates, and Ethiopia as new members. The strategic move is part of BRICS’ commitment to fostering a more diverse and inclusive global order that benefits the Global South and follows the issuance of membership invitations to six countries during the 15th BRICS Summit – held in Johannesburg in August 2023. Effective from January 1, 2024, the inclusion of these five nations underscores BRICS’ dedication to strengthening multilateralism for equitable global development and… Read More Here
Zambia's Economy To Grow By 4 Percent 2 Mining in Zambia Economy 

Zambia’s Economy To Grow By 4 Percent

Constance
 The Policy Monitoring and Research Centre -PMRC- has projected Zambia’s economic growth to increase to above 4 percent  in 2024 following the continued policy reforms. PMRC Executive Director, SYDNEY MWAMBA says Zambia’s economic outlook for 2024 remains positive with growth projected to increase due to higher global copper prices as well as the market confidence associated with ongoing fiscal consolidation measures. In a statement issued to ZANIS in Lusaka, Mr. MWAMBA noted that the country, in 2023, made significant advancements with regards to enhancing human development through increased investment in… Read More Here
DRC's Trade Triumph: November 2023 Records $3.1 Billion Surplus, 6.87% Growth in Import-Export Volume 3 Mining in DRC Economy Governance 

DRC’s Trade Triumph: November 2023 Records $3.1 Billion Surplus, 6.87% Growth in Import-Export Volume

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At the end of November 2023, the volume of trade between the DRC and the rest of the world increased by 6.87% compared to the corresponding period of 2022. The trade balance showed a surplus of 3,153.96 million USD compared to that of 3,146.26 million recorded at the end of November 2022. Relative to GDP, this surplus represents 4.60% against 4.78% in 2022. This development is essentially due to the more pronounced increase in imports compared to that of exports, from one year to the next. Indeed, exports increased by… Read More Here
10 African countries with the highest debts to the IMF 4 International Economy 

10 African countries with the highest debts to the IMF

Constance
The International Monetary Fund (IMF) is a key player in global finance, offering monetary assistance to governments suffering economic difficulties. However, these loans from the IMF can have deep and varied effects on their economy. These effects are felt in some parts of Africa, particularly in regions where the debt is unsustainable. Typically as a last resort, countries often turn to the IMF in times of economic crisis to stabilize their financial systems. These loans help cushion the economic adversities said countries may be going through. Loans from the global… Read More Here
IMF Approves $620.65M Budget Support for Six East African Nations 5 Economy 

IMF Approves $620.65M Budget Support for Six East African Nations

Constance
The International Monetary Fund has agreed to a funding program with six East African countries. So far, the global lender has approved the payment of $620.65 million in budgetary support for them including Rwanda, Tanzania, and the Democratic Republic of Congo (DRC). This is a small part of the commitment that totals $1.92 billion. The countries selected by the IMF currently have some degree of debt issues, and they are Rwanda, Tanzania, DRC, Somalia, Burundi, and Kenya. According to a report by The East African, an East African news publication,… Read More Here
ZDA Reports Record Investment Inflow for 2023, with US$ 6 billion in the Mining Sector 6 Mining in Zambia Economy 

ZDA Reports Record Investment Inflow for 2023, with US$ 6 billion in the Mining Sector

Constance
The Zambia Development Agency (ZDA) announced a momentous achievement with nearly $40 billion in committed investments from 379 projects this year, marking a remarkable surge compared to the previous year’s commitments. BEIMBA MALITI, Chairperson of the ZDA Board, disclosed that this significant figure signified an exceptional growth of over 300% from the prior year’s commitment of $8.61 billion from 359 projects. The breakdown revealed the manufacturing sector as the frontrunner, boasting investments worth $19.72 billion, closely trailed by the energy sector with $8.9 billion and mining at $6 billion. Professor… Read More Here
IMF Disburses US$187 Million to Zambia, Praises Economic Resilience 7 Mining in Zambia Economy 

IMF Disburses US$187 Million to Zambia, Praises Economic Resilience

Constance
The International Monetary Fund (IMF) has allocated a substantial disbursement of US$187 million to Zambia, marking a pivotal milestone following the completion of the second review under the Extended Credit Facility (ECF). This recent disbursement elevates the total funds extended to Zambia by the IMF to a significant US$561 million. Earlier in July of the current year, Zambia received an approximate sum of $188 million, contributing to this cumulative amount. These disbursements align with the envisaged US$1.3 billion under the 38-month Extended Credit Facility (ECF), initially sanctioned in August 2021.… Read More Here
DRC Initiates Central Bank Recapitalization to Strengthen Financial Independence 8 Mining in DRC Economy Gold 

DRC Initiates Central Bank Recapitalization to Strengthen Financial Independence

Constance
The Democratic Republic of Congo (DRC) government has initiated a two-year process, from 2024 to 2025, to recapitalize the Central Bank, aiming to elevate its capital to 213 billion FC in compliance with existing legislation. This endeavor seeks to strengthen the institution’s financial autonomy. Finance Minister Nicolas Kazadi revealed on Tuesday that despite the DRC holding approximately 30% of global reserves, its central bank currently lacks monetary gold. He highlighted an ongoing plan to address this deficiency. While the gold standard system has ceased, gold retains its stature as a… Read More Here
DRC's Cobalt Prices Plunge Despite Global Supply Dominance 9 Mining in DRC Cobalt Copper Economy 

DRC’s Cobalt Prices Plunge Despite Global Supply Dominance

Constance
The Democratic Republic of Congo (DRC), renowned for supplying 70% of the world’s cobalt, confronts a significant downturn in cobalt prices. Finance Minister Nicolas Kazadi highlighted the staggering drop in cobalt prices from $81,000 to $31,000 per tonne within a year, expressing deep concerns about this drastic plunge. As of November 23, 2023, copper prices surged by 2.27% to $8,306.35 per tonne. In contrast, cobalt prices experienced a slight 0.03% decline, reaching $32,737.31 per tonne, according to the Central Bank of Congo (BCC). Minister Kazadi stressed the challenge the DRC… Read More Here
2022 Sees Dramatic Surge in DRC Exports Fueled by Mining and Hydrocarbons 10 Mining in DRC Cobalt Copper Economy 

2022 Sees Dramatic Surge in DRC Exports Fueled by Mining and Hydrocarbons

Constance
In 2022, Congo witnessed a substantial surge in exports, marking a notable 29.3% increase, primarily fueled by the external sales of mining and hydrocarbon products. According to the Central Bank of Congo’s 2022 Monetary Policy report, exports soared to $28.68 billion, surpassing imports totaling around $26.70 billion. Mining and hydrocarbon exports dominated the landscape, accounting for a staggering 99.4% of the total exports. This surge was largely attributed to the significant uptick in copper and cobalt export volumes, recording respective increases of 40.1% and 23.9%. These increases were propelled by… Read More Here

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