Economy | - Part 85

Egypt’s current account hits deficit of $2.9 bln in Oct-Dec quarter

CAIRO (Reuters) – Egypt’s current account deficit widened to $2.9 billion in the three months to December from $1.4 billion in the same period the previous year, according to Reuters calculations. The deficit stood at $4.3 billion in the first half of the fiscal year which began on July 1, compared with a deficit of $866 million in the same period a year before, the central bank said on Thursday. The deficit was driven by…

Nigerian Economy and Financial Market: After Elections… What Next?

Posted on by The Editorial Team

After Elections …What Next? Nigeria’s macroeconomic scene in recent times has been laden with issues surrounding the domestic polity in anticipation of the upcoming elections in March and April. Election campaigns are getting more intense with no one actually sure of which of the two major political parties will carry the day. Falling oil prices still continues to pressure the fiscal stability of government whilst Naira stability is continually tensed on the back of falling external…

Tunisia to start economic rescue plan, sees 7 pct growth in 5 years

Posted on by The Editorial Team

TUNIS (Reuters) – Tunisia’s new government will launch an emergency economic plan that includes reforms in subsidies and social funds to revive growth to a projected 7 per cent in five years, Tunisian Prime Minister Habib Essid said.Tunisia has been praised as an example of compromise politics and democratic transition since overthrowing autocrat Zine El-Abidine Ben AliÂ in a 2011 uprising, holding free elections and drafting a new constitution.But the North African country faces pressure from…

Rwanda Upgraded To ‘B+’ On Diminishing External Financing Risks; Outlook Stable

Posted on by The Editorial Team

Overview • Risks to Rwanda’s external financing are reducing owing to stable donor flows and the government’s ability to access the capital markets. • Real GDP growth rates have rebounded to more than 6.0% in 2014 from the 2013 low of 4.6%, and we project 7% GDP growth for Rwanda in 2015-2018. Fiscal consolidation is on track, and deficits are narrowing. • We are raising our long-term ratings on Rwanda to ‘B+’ from ‘B’ and…

Nigeria: Weakening Economic Outlook Driven by Low Oil Prices

Posted on by The Editorial Team

Introduction The recent sharp drop in oil prices is taking a heavy toll on Nigeria, the sixth largest net exporter of oil in the world. In 2015, economic activity is projected to slow and the fiscal and current accounts are expected to deteriorate. Although Nigeria has some room to live with higher fiscal and current account deficits in the short term, the economy has limited fiscal and external buffers (low levels of the Excess Crude…

Lower oil prices to strain net exporters, offer respite to importers

Posted on by The Editorial Team

Lower oil prices will reverse the financial performance of oil exporters and importers in 2015, with exporters’ public finances coming under renewed pressure and importers given some help in reducing their deficits, Moody’s Investors Service says in a report published today. Moody’s report, entitled “Global Oil Price Shock: Challenges for Oil-Exporting Sovereigns, Breathing Space for Importers” is available on www.moodys.com. The impact of cheaper energy means oil exporters face worsening fiscal and external balances, with some…

Moody’s affirms Angola Ba2 ratings, changes outlook to negative

Posted on by The Editorial Team

London, 03 March 2015 — Moody’s Investors Service has today affirmed Angola’s Ba2 government bond rating and changed the rating outlook to negative from stable. The short term ratings remain unchanged at Not Prime. Key drivers for today’s decision include: The rating affirmation at Ba2 is supported by Angola’s intrinsic economic strength and the government’s financial buffers. The negative rating outlook is driven by the downside risks stemming from the oil price decline to economic…

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