<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-820x547.jpg" alt="" class="wp-image-416580" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via CNBC</figcaption></figure>



The International Monetary Fund has warned of more market sell-offs as central banks try to combat higher inflation and ease back on pandemic stimulus measures.



Market players had started the year on an optimistic footing, predicting some economic momentum on the back of an easing of Covid-19 restrictions, which would likely provide a boost to stocks. However, since Russia’s unprovoked invasion of Ukraine on Feb. 24 that outlook has worsened — with further supply chain shocks and energy price rises.



“There is certainly a risk of further sell-offs,” Tobias Adrian, director for monetary and capital markets at the IMF, told CNBC Tuesday.



“The intended consequences of monetary tightening is to tighten financial conditions to slow down economic activity and I would not be surprised if we were to see a certain amount of readjustment of asset valuations going forward and that could be in equity markets as well as in corporate bond markets and sovereign markets,” he added.



<h3 class="wp-block-heading" id="h-read-more-imf-cuts-global-growth-forecasts-on-russia-ukraine-war-says-risks-to-economy-have-risen-sharply">Read more: <a href="https://www.cnbcafrica.com/2022/imf-cuts-global-growth-forecasts-on-russia-ukraine-war-says-risks-to-economy-have-risen-sharply/">IMF cuts global growth forecasts on Russia-Ukraine war, says risks to economy have risen sharply</a></h3>



The Fund’s warning comes at a time of high uncertainty for some of the key central banks.



The U.S. Federal Reserve expects to hike interest rates six more times in 2022, while the European Central Bank confirmed last week it is ending its asset purchase program in the third quarter.



However, this monetary tightening could be accelerated if inflation remains high, which could impact market moves. The euro zone, for instance, registered another record level in inflation numbers last month at 7.5% on an annual basis; and the U.S. reported its highest consumer price figures since 1981.



“The risk is rising that inflation expectations drift away from central bank inflation targets, prompting a more aggressive tightening response from policymakers,” the IMF said Tuesday at its latest World Economic Outlook report.



In its latest economic assessment, the IMF said high inflation will be around for longer than previously anticipated. It also estimated the inflation rate will reach 7.7% in the United States this year and 5.3% in the euro zone.

107047106-NYSE-Traders-Photo-Press-20220414-1

IMF warns of further market sell-offs as central banks adjust policy

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="503" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-43.jpg" alt="" class="wp-image-416576" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-43.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-43-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-43-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-43-768x483.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, April 20 (Reuters) – Diamond miner De Beers has signed two mineral investment contracts with the Angolan government for licence areas in the northeast of the country, the Anglo American subsidiary said on Wednesday.



The contracts are for 35 years and give De Beers the rights to explore and mine, through two new joint ventures with Angola’s state diamond company Endiama.



De Beers will hold a “substantial” majority of the new joint ventures, the company said, without specifying a percentage. Endiama will be able to increase its equity share over time.



<h3 class="wp-block-heading" id="h-read-more-bp-eni-seek-to-raise-2-bln-for-angola-joint-venture">Read more: <a href="https://www.cnbcafrica.com/2021/bp-eni-seek-to-raise-2-bln-for-angola-joint-venture/">BP, Eni seek to raise $2 bln for Angola joint venture</a></h3>



De Beers expects to start exploration activities in the licences this year, pending regulatory approvals.



The company announced in December last year that it had applied to conduct exploration activities in the country.



“Angola has worked hard in recent years to create a stable and attractive investment environment and we are pleased to be returning to active exploration in the country,” De Beers Chief Executive Bruce Cleaver said in a statement.



Angola was the seventh biggest producer of rough diamonds in the world in 2020, according to Kimberley Process statistics. Western sanctions on the world’s biggest diamond producer, Russia, could boost demand for alternative sources of diamonds. 



(Reporting by Helen Reid, Editing by Louise Heavens and Edmund Blair)

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De Beers to explore for diamonds in Angola

T-Bills mixed despite ₦24bn OMO maturity

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V5QM7JFVHRME5I2XIPSEBIGWGA.jpg" alt="" class="wp-image-416570" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V5QM7JFVHRME5I2XIPSEBIGWGA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V5QM7JFVHRME5I2XIPSEBIGWGA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V5QM7JFVHRME5I2XIPSEBIGWGA-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>A view of a sign above the entrance of the Google office, ahead of presentation of the detailed investment plan for Germany, in Berlin, Germany, August 31, 2021. REUTERS/Annegret Hilse/File Photo</figcaption></figure>



NAIROBI, April 20 (Reuters)&nbsp;&#8211;&nbsp;Alphabet Inc&#8217;s Google&nbsp;GOOGL.O&nbsp;is investing in its first ever Africa product development centre in the Kenyan capital Nairobi, it said, as it positions itself to serve a growing base of internet users on the continent.



By the end of this decade, the continent will host 800 million internet users, the California-based firm said, and a third of the world&#8217;s youth population, making it an attractive investment destination.



Google is hiring engineers, product managers, user experience designers and researchers to staff the new centre, said Suzanne Frey, vice president for products, and Nitin Gajria, the head of Google Africa, in a joint blog post on Tuesday.



<h3 class="wp-block-heading" id="h-read-more-twitter-opens-first-african-office-in-ghana">Read more: <a href="https://www.cnbcafrica.com/2021/twitter-opens-first-african-office-in-ghana/">Twitter opens first African office in Ghana</a></h3>



The company is investing $1 billion in various projects on the continent over five years, its CEO Sundar Pichai said last October, to help economies accelerate their digital transformation.



It has already opened an artificial intelligence centre in Accra, Ghana, focusing on innovations that can be applied to various challenges.



Microsoft&nbsp;MSFT.O&nbsp;has also been investing in technology development hubs in Kenya and Nigeria, investing $100 million and hiring hundreds of engineers in both countries.



(Reporting by Duncan Miriri;Editing by Elaine Hardcastle)

FILE PHOTO: A view of a sign above the entrance of the Google office in Berlin

Google to set up first Africa product development centre in Nairobi

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-820x547.jpg" alt="" class="wp-image-416567" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Denmark&#8217;s Minister for Immigration and Integration Mattias Tesfaye speaks to the press ahead of the Extraordinary Meeting of EU Justice and Home Affairs Ministers on the Russian invasion of Ukraine, in Brussels on March 3, 2022. (Photo by François WALSCHAERTS / AFP) (Photo by FRANCOIS WALSCHAERTS/AFP via Getty Images)</figcaption></figure>



COPENHAGEN, April 20 (Reuters)&nbsp;&#8211;&nbsp;Denmark is in talks with Rwanda about&nbsp;setting up a&nbsp;new&nbsp;procedure for&nbsp;transferring asylum seekers to the east African nation, mirroring a similar move by Britain announced just last week.



Denmark, which has gained notoriety in the last decade for its increasingly harsh immigration policies, passed a law last year that allows refugees arriving on Danish soil to be moved to asylum centres in a partner country.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2NL0G9&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



But the Nordic nation, which drew the anger of human rights advocates, the United Nations and the European Commission over the move, had yet to find a partner country at that time.



&#8220;Our dialogue with the Rwandan government includes a mechanism for the transfer of asylum seekers,&#8221; Immigration Minister Mattias Tesfaye said in an emailed statement to Reuters on Wednesday.



<h3 class="wp-block-heading" id="h-read-more-imf-cuts-global-growth-forecasts-on-russia-ukraine-war-says-risks-to-economy-have-risen-sharply">Read more: <a href="https://www.cnbcafrica.com/2022/imf-cuts-global-growth-forecasts-on-russia-ukraine-war-says-risks-to-economy-have-risen-sharply/">IMF cuts global growth forecasts on Russia-Ukraine war, says risks to economy have risen sharply</a></h3>



The deal would aim to &#8220;ensure a more dignified approach than the criminal network of human traffickers that characterises migration across the Mediterranean today,&#8221; he added.



Last week, Britain said it&nbsp;planned&nbsp;to relocate thousands of asylum seekers to Rwanda,&nbsp;in a&nbsp;new deal aimed at&nbsp;smashing&nbsp;people-smuggling networks and stemming the flow of migrants.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WC0AV&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Denmark has not yet struck a deal with Rwanda, the minister said, but immigration speakers in parliament had been summoned to a meeting on the matter on Thursday next week. The government needs parliamentary backing for a potential deal with Rwanda.



(Reporting by Nikolaj Skydsgaard;Editing by Clarence Fernandez)

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Denmark in talks with Rwanda on transfer of asylum-seekers

Highlights Special of the Public Leaders Programme

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ-820x533.jpg" alt="" class="wp-image-416563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ-768x499.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A search and rescue team prepares to airlift a body from the Mzinyathi River after heavy rains caused flooding near Durban, South Africa, April 19, 2022. REUTERS/Rogan Ward</figcaption></figure>



UMDLOTI, South Africa, April 19 (Reuters)&nbsp;&#8211;&nbsp;After two years of the COVID-19 pandemic keeping tourists away, South African resorts along the popular eastern Indian Ocean coastline were hoping for a bumper Easter weekend.



But torrential rain last week triggered floods and mudslides, killing more than 440 people, knocking out power and water supplies and covering the beaches in and around the main port city of Durban, KwaZulu-Natal province, with debris.



Some hotels had a third of bookings cancelled and others were forced to close during what is normally the second-busiest time of the year. Provincial authorities say they were expecting around 360,000 arrivals, but got less than half of that.



Tourism remains a big employer in a country with over 30% unemployment.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WF05F&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;Coming out of COVID &#8230; we needed the tourists back, we were getting there, but these rains caused havoc,&#8221; financial planner Eugene Naidu told Reuters in his wrecked holiday home in the town of Umdloti, near Durban, where the walls were smeared with waist-high mud.



<h3 class="wp-block-heading" id="h-read-more-south-african-military-deployed-to-flood-ravaged-province">Read more: <a href="https://www.cnbcafrica.com/2022/south-african-military-deployed-to-flood-ravaged-province/">South African military deployed to flood-ravaged province</a></h3>



Africa&#8217;s southeastern coast is on the front line of seaborne storm systems that are being worsened by global warming, as it pushes up temperatures in the Indian Ocean, and scientists predict storms will get much worse in coming decades.



Naidu used to rent out his apartment on Airbnb and Booking.com and was fully booked in December and January. He said people like him could stand to lose a monthly income of 20,000 rand ($1,340) from holiday rentals.



Everyone in his building left on the day the mudslide started, apart from one elderly resident who had to be saved by a sea rescue team, he said.



A construction vehicle was still shifting piles of mud on the Umdloti beachfront on Tuesday, and Durban&#8217;s deserted North Beach was littered with rubbish and mangled branches.



Anthony Leeming, chief executive of hotel and resort chain Sun International&nbsp;SUIJ.J, which owns a lodge and casino in KwaZulu-Natal, told Reuters business was a lot quieter than usual.



&#8220;We had hoped for a lot better Easter. It was unfortunate,&#8221; he said. &#8220;We&#8217;re certainly hoping this will not have a long-term impact.&#8221;



($1 = 14.8962 rand)



(Additional reporting by Nqobile Dludla and Promit Mukherjee in Johannesburg,Writing by Alexander Winning,Editing by Tim Cocks and Ed Osmond)

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First COVID, now floods empty South Africa’s eastern beach resorts

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg" alt="" class="wp-image-414305" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



The International Monetary Fund on Tuesday cut its global growth projections for 2022 and 2023, saying the economic hit from&nbsp;<a href="https://www.cnbc.com/2022/04/19/russia-ukraine-live-updates.html">Russia’s unprovoked invasion of Ukraine</a>&nbsp;will “propagate far and wide.”



The Washington-based institution is now projecting a 3.6% GDP rate for the global economy this year and for 2023. This represents a 0.8 and 0.2 percentage point drop, respectively, from its forecasts published in January.



“Global economic prospects have been severely set back, largely because of Russia’s invasion of Ukraine,” Pierre-Olivier Gourinchas, economic counsellor at the IMF, said in a blog post Tuesday, marking the release of the IMF’s latest World Economic Outlook report.



Russia launched its invasion of Ukraine on Feb. 24 with officials like NATO’s Jens Stoltenberg noting that Moscow is hoping to gain control of the whole of its neighbor.



“The effects of the war will propagate far and wide, adding to price pressures and exacerbating significant policy challenges,” Gourinchas said in his blogpost.



The&nbsp;<a href="https://www.cnbc.com/2022/04/18/world-bank-slashes-global-growth-forecast-to-3point2percent-from-4point1percent-citing-ukraine-war-.html">World Bank also cut its global growth expectations</a>&nbsp;on Monday, now estimating a growth rate for 2022 of 3.2%, down from 4.1%.



<h2 class="wp-block-heading" id="h-ukraine-to-contract-35"><a></a>Ukraine to contract 35%</h2>



The United States, Canada, the U.K. and the European Union have imposed&nbsp;<a href="https://www.cnbc.com/2022/04/05/european-union-could-ban-russian-coal-imports-sources-say.html">several rounds of sanctions targeting Russian banks, oligarchs and energy</a>.



The IMF said these penalties will have “a severe impact on the Russian economy,” which estimated that the country’s GDP will fall by 8.5% this year, and by 2.3% in 2023.



However, the fund has forecast an even bleaker assessment for the Ukrainian economy.



“For 2022, the Ukrainian economy is expected to contract by 35%,” the IMF said in its latest economic assessment, while adding that more precise analysis on the economic hit was “impossible to obtain.”



“Even if the war were to end soon, the loss of life, destruction of physical capital, and flight of citizens will severely impede economic activity for many years to come,” the organization said.



<h2 class="wp-block-heading"><a></a>Inflation concerns</h2>



More broadly, Russia’s decision to invade Ukraine has intensified supply shocks to the global economy, while also bringing about new challenges.



“Russia is a major supplier of oil, gas, and metals, and, together with Ukraine, of wheat and corn. Reduced supplies of these commodities have driven their prices up sharply,” the fund said Tuesday.



This is expected to hurt lower-income households globally and lead to higher inflation for longer than previously anticipated. The IMF estimates the inflation rate will reach 7.7% in the United States this year and 5.3% in the euro zone.



“The risk is rising that inflation expectations drift away from central bank inflation targets, prompting a more aggressive tightening response from policymakers,” the fund said.



The&nbsp;<a href="https://www.cnbc.com/federal-reserve/">U.S. Federal Reserve</a>&nbsp;expects to hike interest rates six more times in 2022, while the&nbsp;<a href="https://www.cnbc.com/european-central-bank/">European Central Bank</a>&nbsp;confirmed last week it is ending its asset purchase program in the third quarter.



However, this monetary tightening could be accelerated if inflation remains high.



The latest IMF economic outlook also points to concerns about the 5 million Ukrainian refugees who have sought support in neighboring countries, such as Poland, Romania and Moldova, and the ensuing economic pressures for these nations from supporting them.

BE2FA7DW6VJP3AYQ5S5CUCMQO4

IMF cuts global growth forecasts on Russia-Ukraine war, says risks to economy have risen sharply

NGX All Share Index up 11.2% YTD

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="770" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/IMG-20220217-WA0001.jpg" alt="" class="wp-image-416552" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/IMG-20220217-WA0001.jpg 770w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/IMG-20220217-WA0001-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/IMG-20220217-WA0001-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/IMG-20220217-WA0001-768x512.jpg 768w" sizes="auto, (max-width: 770px) 100vw, 770px" /><figcaption>A man poses as he displays the Flutterwave homepage on a mobile phone screen in Abuja, Nigeria January 21, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



JOHANNESBURG, April 18 (Reuters)&nbsp;&#8211;&nbsp;African start-ups attracted a record $5.2 billion in venture capital last year, bouncing back from a pandemic-induced dip in 2020 with a nearly five-fold increase in investments, according to data released by an industry group on Tuesday.



The success of companies like Nigeria&#8217;s Paystack, acquired in 2020 by U.S. payments firm Stripe, and fellow fintech Flutterwave, valued at over $3 billion, has fuelled international interest in up-and-coming businesses on the continent.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UQ313&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;African startups raised more in 2021 alone than the preceding seven years combined,&#8221; the African Private Equity and Venture Capital Association (AVCA), which promotes private investment on the continent, wrote in a report.



Much of the investor focus has been on fintech start-ups seeking to meet the needs of the continent&#8217;s largely unbanked population. The data compiled by AVCA showed the financial sector accounted for 60% of the investments by value and nearly a third of deals by volume.



<h3 class="wp-block-heading" id="h-read-more-ukraine-war-creates-woes-but-also-an-opportunity-for-africa-afdb-pres">Read more: <a href="https://www.cnbcafrica.com/2022/ukraine-war-creates-woes-but-also-an-opportunity-for-africa-afdb-pres/">Ukraine war creates woes, but also an opportunity for Africa – AfDB Pres</a></h3>



Nigeria, a hotbed of new fintech firms, was the leading destination for venture capital in Africa last year, surpassing South Africa, the continent&#8217;s most developed economy.



Most venture capital deals were concentrated in early-stage funding rounds. However, late-stage funding ballooned in 2021, including a nearly 40-fold increase in financing raised by Series C fundraising rounds.



Fintechs Chipper Cash, MFS Africa, Yoco, and OPay together raised $833 million via Series C funding rounds.



While deals of less than $1 million represented nearly a third of transactions by volume, those worth over $50 million accounted for 62% of the total value of venture capital financing in Africa last year.



(Reporting by Joe Bavier; Editing by Pravin Char)

IMG-20220217-WA0001

African startups drew record $5.2 billion in venture capital last year – industry group

Game Changers EP1: Farming into the future

Game Changers: Farming into the future

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. Johannes Christo | Reuters</figcaption></figure>



WASHINGTON &#8212; The World Bank lowered its annual global growth forecast for 2022 on Monday by nearly a full percentage point, down from 4.1% to 3.2%, citing the impact that Russia’s invasion of Ukraine is having on the world economy.



World Bank President David Malpass told reporters on a conference call that the largest single factor in the reduced growth forecast was a projected economic contraction of 4.1% across Europe and Central Asia, according to Reuters.



Other factors behind the slowdown in growth from January’s forecast include higher food and fuel costs being borne by consumers in developed economies across the world, said Malpass.



These are partly the result of Western sanctions on Russian energy, which have driven up the price of oil and gas worldwide. Supply disruptions to Ukrainian agricultural exports are also cited as contributing factors to pushing prices higher.



Russia has blockaded Ukraine’s major Black Sea ports, making it extremely dangerous for shipping vessels carrying grain and other products to travel the key maritime pathway connecting Ukraine to the rest of the world.



The World Bank is “preparing for a continued crisis response, given the multiple crises,” Malpass told reporters. “Over the next few weeks, I expect to discuss with our board, a new 15-month crisis response envelope of around $170 billion to cover April 2022 through June 2023.”



This Ukraine crisis financing package is even larger than the one the World Bank organized for Covid-19 relief, which topped out at $160 billion.



<h3 class="wp-block-heading" id="h-read-more-imf-chief-says-fed-rate-hike-could-throw-cold-water-on-global-recovery">Read more: <a href="https://www.cnbcafrica.com/2022/imf-chief-says-fed-rate-hike-could-throw-cold-water-on-global-recovery/">IMF chief says Fed rate hike could ‘throw cold water’ on global recovery</a></h3>



Still, the damage that Russia’s invasion of Ukraine has caused to the global economy pales in comparison to the catastrophic effect it has had on the economy of Ukraine, and to a lesser extent that of Russia.



Earlier this month, the World Bank projected that Ukraine’s annual GDP would fall by 45.1%, an astonishing figure for a country of more than 40 million people.



Before the war, analysts had predicted that Ukraine’s GDP would rise sharply in the coming years.



Russia’s economy is also taking a major hit, largely due to the impact of NATO- and Western-backed sanctions and trade embargoes.



In early April, the World Bank predicted that Moscow’s GDP would fall 11.2% this year as a result of the sanctions.



Russian President Vladimir Putin on Monday insisted that Western powers had failed in what he called their “blitz” campaign of economic warfare against Russia.



After falling sharply in the first weeks of the war, the Russian ruble has recovered much of its value. But economists says this recovery is an illusion created by strict internal currency controls imposed by the Kremlin, which have falsely inflated the value of the ruble inside Russia.

106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report

World Bank slashes global growth forecast to 3.2% from 4.1%, citing Ukraine war

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="780" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-42.jpg" alt="" class="wp-image-416541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-42.jpg 780w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-42-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-42-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-42-768x507.jpg 768w" sizes="auto, (max-width: 780px) 100vw, 780px" /><figcaption>A man walks around a damaged bridge caused by flooding in Umlazi near Durban, South Africa, April 16, 2022. REUTERS/Rogan Ward</figcaption></figure>



UMBUMBULU, South Africa, April 18 (Reuters)&nbsp;&#8211;&nbsp;Thousands of South African soldiers will help with relief efforts in KwaZulu-Natal province, where more than 440 people have died in floods and mudslides and dozens more are missing.



A week after the torrential rains began, the South African National Defence Force (SANDF) said on Monday it had been instructed to activate 10,000 troops for tasks including mop-up work and transporting aid.



The SANDF would also provide medical support and helicopters for rescue and reconnaissance missions.



The floods have left thousands homeless, knocked out power and water services and disrupted operations at one of Africa&#8217;s busiest ports, Durban.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WE05M&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



President Cyril Ramaphosa said in a televised speech that his Cabinet had declared a national state of disaster because of the floods and extreme weather in several other provinces, which would allow for a more effective response to the crisis.



<h3 class="wp-block-heading" id="h-read-more-south-african-leader-visits-flood-victims-as-death-toll-rises-to-259">Read more: <a href="https://www.cnbcafrica.com/2022/south-african-leader-visits-flood-victims-as-death-toll-rises-to-259/">South African leader visits flood victims as death toll rises to 259</a></h3>



He said the finance minister would approach parliament over additional spending, beyond the 1 billion rand ($68 million) which he has said is immediately available.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WD08T&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Outside the town of Umbumbulu about 45 km (28 miles) southwest of Durban, herdsman Mbukeni Khwela accompanied police officers and sniffer dogs to scour a river for a missing neighbour who had been swept away.



&#8220;We have found her son, but we haven&#8217;t found her,&#8221; the 59-year-old said.



The latest death toll from the floods stands at 443, with 48 people still unaccounted for, Ramaphosa said.



Police said they were mourning two officers and a sniffer dog killed in the floods, among the worst to affect the east coast province in recorded history.



($1 = 14.6971 rand)



(Reporting by Siyabonga SishiWriting by Alexander WinningEditing by Philippa Fletcher, Andrew Cawthorne and Sandra Maler)

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IMF warns of further market sell-offs as central banks adjust policy

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Highlights Special of the Public Leaders Programme

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IMF cuts global growth forecasts on Russia-Ukraine war, says risks to economy have risen sharply

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Game Changers: Farming into the future

World Bank slashes global growth forecast to 3.2% from 4.1%, citing Ukraine war

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