LONDON (Reuters) - The International Monetary Fund said on Monday central banks’ independence must be maintained, in a statement in response to a change of Zambia’s central bank governor.
Gabon is added to the list of African countries that have received an IMF loan under the Rapid Financing Instrument scheme; this is also the second loan to the country amid the COVID-19 crisis bringing the total loan to $300 million. Ridle Markus, Africa Strategist, Absa Corporate and Investment Banking joins CNBC Africa for more.
Economists continue to react to South Africa's R70 billion loan from the International Monetary Fund. Joining CNBC Africa to unpack the challenges and opportunities arising from the agreement is Isaah Mhlanga, Chief Economist at Alexander Forbes & Gina Schoeman, Chief Economist at Citi Bank.
Three million South Africans have lost their jobs - nearly a third of the working population with formal jobs. Economists fear many more jobs could be lost as cash-strapped companies go down like dominoes.
The International Monetary Fund says the COVID-19 pandemic opens a balance of payment need of $150 million in Liberia which is about 5.1 per cent of the West African country's GDP. The number of COVID-19 cases in Liberia has reached over a thousand according to data from the Africa CDC but almost half of the confirmed cases have recovered. Liberia’s Vice President, Jewel Howard-Taylor joins CNBC Africa to discuss the country’s COVID-19 response strategy and what to expect from the economy for the rest of the year.
According to an IMF representative of Nigeria, the country’s income is much lower than its peers in Sub-Saharan Africa and other oil exporters.
All stakeholders have to be fully mobilised to tackle this unprecedented challenge. It's not about helping the continent – a bygone notion – it is about investing and continuing to finance the changes that have been successfully undertaken since the early 2000s.