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<p>The International Monetary Fund has projected that the Nigerian economy will expand by 1.9 per cent in 2018. However, IMF believes this growth will remain subdued due to population growth as the country’s projected growth is still lower than its population growth rate of 2.7 per cent. Chamberlain Peterside, MD/CEO Xcellon Capital Partners joins CNBC Africa to discuss this and other top business news.</p>


Nigeria’s economy projected to expand

<p data-reactid="39">The International Monetary Fund cut its South African economic growth forecast for this year on Tuesday, saying rising political uncertainty has dented consumer and business confidence.</p>
<p data-reactid="40">The IMF said it expected South Africa’s economy to grow by 0.7 percent this year, down from an earlier projection of 1 percent given in July.</p>
<p data-reactid="42">“Growth is projected to remain subdued &#8230; despite more favourable commodity export prices and strong agricultural production, as heightened political uncertainty saps consumer and business confidence,” the global lender said.</p>
<p data-reactid="43">South African growth should tick up to 1.1 percent next year, slightly lower than an earlier forecast of 1.2 percent, the IMF added in its October world economic outlook.</p>
<p data-reactid="44">South Africa’s Treasury said in February it expected the economy to grow 1.3 percent in 2017, but Finance Minister Malusi Gigaba is due to announce revised projections on Oct. 25 when he presents his medium term budget policy statement to parliament.</p>
<p data-reactid="45">South Africa slipped into recession earlier this year as rising inflation and high unemployment hit consumer spending, but a rebound in agricultural output has since helped the economy to return to growth.</p>
<p data-reactid="46">Investors’ nerves, however, have been tested by the sacking of respected finance minister Pravin Gordhan in March, subsequent credit downgrades to sub-investment grade and allegations of corruption in state-owned firms.</p>
<p data-reactid="47">A leadership contest in the ruling African National Congress (ANC) party has also heightened political uncertainty.</p>
<p data-reactid="48">In December the ANC will choose a new party leader to succeed President Jacob Zuma, whose tenure has been tainted by a series of corruption scandals. Zuma can remain as head of state until an election in 2019.</p>
<p data-reactid="49">The IMF maintained its GDP growth projection for Nigeria at 0.8 percent this year, a performance underpinned by a recovery in oil production and farming after the economy contracted in 2016.</p>
<p data-reactid="51">“However, concerns about policy implementation, market segmentation in a foreign exchange market that remains dependent on central bank interventions and banking-system fragilities are expected to weigh on activity in the medium term,” the IMF said.</p>
<p>Economic growth in Kenya is seen slowing to 5 percent this year from 5.8 percent last year, the IMF said.</p>
<p>In September, Kenya lowered its 2017 economic growth forecast to 5.5 percent due to drought and political uncertainty.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="52">
<p class="Attribution_content_27_rw" data-reactid="53">Reporting by Alexander Winning; Editing by Olivia Kumwenda-Mtambo and Andrew Heavens</p>
<p data-reactid="53">
</div>


IMF cuts South Africa growth forecasts as politics takes it toll

<p data-reactid="39">Congo Republic’s public or publicly guaranteed debt stood at 5.329 trillion CFA francs, or around $9.14 billion, at the end of July, the International Monetary Fund said at the end of an assessment mission on Wednesday.</p>
<p data-reactid="40">The amount, which equates to around 110 percent of the oil producer’s gross domestic product, does not include debt under litigation, it said.</p>
<p data-reactid="41">Congo’s economy, which is heavily dependent upon revenues from oil exports, has been hit hard by the drop in global crude prices and the government has entered negotiations with the IMF to try to secure a financial assistance programme.</p>
<p data-reactid="42">“The findings of the mission will inform the next steps toward a possible IMF-supported programme to restore macroeconomic stability, and promote sustained and inclusive growth,” said Abdoul Aziz Wane, who headed the IMF delegation.</p>
<p data-reactid="43">Congo’s debt load has come under scrutiny from the IMF.</p>
<p data-reactid="44">Construction firm Commisimpex has gone to a French court in its fight with the Congo Republic over what it says are more than $1 billion in unpaid bills, the latest step in a decades-old saga that has weighed on the nation’s economy.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="45">
<p class="Attribution_content_27_rw" data-reactid="46">Reporting by Joe Bavier; Editing by Chris Reese and James Dalgleish</p>
</div>


Congo Republic public debt around $9.14BN, or 110 pct of GDP: IMF

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<p>South Korea&#8217;s economy will demonstrate &#8220;high resilience&#8221; this year despite geopolitical risks and other challenges, that&#8217;s according to Christine Lagarde, Managing Director, International Monetary Fund.</p>


South Korean economy resilient despite tensions – IMF Chief

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<p>The International Monetary Fund forecast a growth of just 0.8 per cent with threats to growth remaining elevated. Olusegun Omisakin, Head Research at Nigerian Economic Summit Group joins CNBC Africa for more.</p>


Nigeria’s journey to economic recovery

<p><em>The article below was written by Momentum SP Reid</em></p>
<p>The Vanguard reports that the <a href="https://www.imf.org/en/Publications/WEO/Issues/2017/07/07/world-economic-outlook-update-july-2017">International Monetary Fund </a>(IMF) has<br />
projected that Nigeria&#8217;s economy will grow at a faster pace than South<br />
Africa&#8217;s in 2018, see table 1. According to its World Economic Outlook, WEO, for July<br />
2017, the IMF said Nigeria will grow at 1.9% in 2018, while South Africa will<br />
only climb by 1.2%.</p>
<p>In 2016, the Nigerian economy contracted by 1.6%, while South Africa<br />
expanded by 0.3%. Projections for 2017 put South Africa&#8217;s growth at 1%,<br />
while Nigeria is expected to muster just 0.8%. The Bretton Woods<br />
institution, which held global growth projections at 3.5% in 2017 and 3.6%<br />
in 2018, said growth was marked down in South Africa due to elevated<br />
political uncertainty.</p>
<table class="financial weo-upd" border="0" cellspacing="0" cellpadding="0">
<colgroup>
<col width="292" />
<col span="4" width="51" />
<col width="19" />
<col span="2" width="65" />
<col width="19" />
<col span="3" width="52" /></colgroup>
<thead>
<tr>
<td class="xl92" colspan="12">Table 1. Overview of the World Economic Outlook Projections</td>
</tr>
<tr>
<td class="xl95" colspan="12">(Percent change unless noted otherwise)</td>
</tr>
<tr class="weo-yr">
<td class="xl63"></td>
<td class="xl94" colspan="7">Year over Year</td>
<td class="xl63"></td>
<td class="xl63"></td>
<td class="xl63"></td>
<td class="xl63"></td>
</tr>
<tr class="weo-q">
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl64"></td>
<td class="xl90"></td>
<td class="xl90"></td>
<td class="xl64"></td>
<td class="xl66" colspan="3">Q4 over Q4 2/</td>
</tr>
<tr class="weo-thead">
<td class="xl64"></td>
<td class="xl67" colspan="2">Estimate</td>
<td class="xl93" colspan="2">Projections</td>
<td class="xl64"></td>
<td class="xl67" colspan="2">Difference from April 2017 WEO Projections 1/</td>
<td class="xl64"></td>
<td class="xl67">Estimate</td>
<td class="xl93" colspan="2">Projections</td>
</tr>
</thead>
<tbody>
<tr>
<td class="xl67"></td>
<td class="xl84">2015</td>
<td class="xl84">2016</td>
<td class="xl85">2017</td>
<td class="xl85">2018</td>
<td class="xl66"></td>
<td class="xl85">2017</td>
<td class="xl85">2018</td>
<td class="xl66"></td>
<td class="xl84">2016</td>
<td class="xl85">2017</td>
<td class="xl85">2018</td>
</tr>
<tr>
<td class="xl68">World Output</td>
<td class="xl69">3.4</td>
<td class="xl69">3.2</td>
<td class="xl70">3.5</td>
<td class="xl70">3.6</td>
<td class="xl71"></td>
<td class="xl70">0.0</td>
<td class="xl70">0.0</td>
<td class="xl71"></td>
<td class="xl69">3.2</td>
<td class="xl70">3.5</td>
<td class="xl70">3.7</td>
</tr>
<tr>
<td class="xl86">Advanced Economies</td>
<td class="xl69">2.1</td>
<td class="xl69">1.7</td>
<td class="xl70">2.0</td>
<td class="xl70">1.9</td>
<td class="xl71"></td>
<td class="xl70">0.0</td>
<td class="xl70">–0.1</td>
<td class="xl71"></td>
<td class="xl69">2.0</td>
<td class="xl70">1.9</td>
<td class="xl70">1.9</td>
</tr>
<tr>
<td class="xl74">United States</td>
<td class="xl72">2.6</td>
<td class="xl72">1.6</td>
<td class="xl73">2.1</td>
<td class="xl73">2.1</td>
<td class="xl71"></td>
<td class="xl73">–0.2</td>
<td class="xl73">–0.4</td>
<td class="xl71"></td>
<td class="xl72">2.0</td>
<td class="xl73">2.0</td>
<td class="xl73">2.3</td>
</tr>
<tr>
<td class="xl74">Euro Area</td>
<td class="xl72">2.0</td>
<td class="xl72">1.8</td>
<td class="xl73">1.9</td>
<td class="xl73">1.7</td>
<td class="xl71"></td>
<td class="xl73">0.2</td>
<td class="xl73">0.1</td>
<td class="xl71"></td>
<td class="xl72">1.8</td>
<td class="xl73">1.9</td>
<td class="xl73">1.7</td>
</tr>
<tr>
<td class="xl87">Germany</td>
<td class="xl72">1.5</td>
<td class="xl72">1.8</td>
<td class="xl73">1.8</td>
<td class="xl73">1.6</td>
<td class="xl71"></td>
<td class="xl73">0.2</td>
<td class="xl73">0.1</td>
<td class="xl71"></td>
<td class="xl72">1.8</td>
<td class="xl73">1.9</td>
<td class="xl73">1.5</td>
</tr>
<tr>
<td class="xl87">France</td>
<td class="xl72">1.1</td>
<td class="xl72">1.2</td>
<td class="xl73">1.5</td>
<td class="xl73">1.7</td>
<td class="xl71"></td>
<td class="xl73">0.1</td>
<td class="xl73">0.1</td>
<td class="xl71"></td>
<td class="xl72">1.2</td>
<td class="xl73">1.7</td>
<td class="xl73">1.5</td>
</tr>
<tr>
<td class="xl87">Italy</td>
<td class="xl72">0.8</td>
<td class="xl72">0.9</td>
<td class="xl73">1.3</td>
<td class="xl73">1.0</td>
<td class="xl71"></td>
<td class="xl73">0.5</td>
<td class="xl73">0.2</td>
<td class="xl71"></td>
<td class="xl72">1.1</td>
<td class="xl73">1.1</td>
<td class="xl73">1.0</td>
</tr>
<tr>
<td class="xl87">Spain</td>
<td class="xl72">3.2</td>
<td class="xl72">3.2</td>
<td class="xl73">3.1</td>
<td class="xl73">2.4</td>
<td class="xl71"></td>
<td class="xl73">0.5</td>
<td class="xl73">0.3</td>
<td class="xl71"></td>
<td class="xl72">3.0</td>
<td class="xl73">3.0</td>
<td class="xl73">2.1</td>
</tr>
<tr>
<td class="xl74">Japan</td>
<td class="xl72">1.1</td>
<td class="xl72">1.0</td>
<td class="xl73">1.3</td>
<td class="xl73">0.6</td>
<td class="xl71"></td>
<td class="xl73">0.1</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">1.6</td>
<td class="xl73">1.2</td>
<td class="xl73">0.5</td>
</tr>
<tr>
<td class="xl74">United Kingdom</td>
<td class="xl72">2.2</td>
<td class="xl72">1.8</td>
<td class="xl73">1.7</td>
<td class="xl73">1.5</td>
<td class="xl71"></td>
<td class="xl73">–0.3</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">1.9</td>
<td class="xl73">1.4</td>
<td class="xl73">1.4</td>
</tr>
<tr>
<td class="xl74">Canada</td>
<td class="xl72">0.9</td>
<td class="xl72">1.5</td>
<td class="xl73">2.5</td>
<td class="xl73">1.9</td>
<td class="xl71"></td>
<td class="xl73">0.6</td>
<td class="xl73">–0.1</td>
<td class="xl71"></td>
<td class="xl72">2.0</td>
<td class="xl73">2.3</td>
<td class="xl73">2.0</td>
</tr>
<tr>
<td class="xl74">Other Advanced Economies 3/</td>
<td class="xl72">2.0</td>
<td class="xl72">2.2</td>
<td class="xl73">2.3</td>
<td class="xl73">2.4</td>
<td class="xl71"></td>
<td class="xl73">0.0</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">2.5</td>
<td class="xl73">2.1</td>
<td class="xl73">2.7</td>
</tr>
<tr>
<td class="xl86">Emerging Market and Developing Economies</td>
<td class="xl69">4.3</td>
<td class="xl69">4.3</td>
<td class="xl70">4.6</td>
<td class="xl70">4.8</td>
<td class="xl71"></td>
<td class="xl70">0.1</td>
<td class="xl70">0.0</td>
<td class="xl71"></td>
<td class="xl69">4.2</td>
<td class="xl70">4.9</td>
<td class="xl70">5.2</td>
</tr>
<tr>
<td class="xl74">Commonwealth of Independent States</td>
<td class="xl72">–2.2</td>
<td class="xl72">0.4</td>
<td class="xl73">1.7</td>
<td class="xl73">2.1</td>
<td class="xl71"></td>
<td class="xl73">0.0</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">0.6</td>
<td class="xl73">1.5</td>
<td class="xl73">2.0</td>
</tr>
<tr>
<td class="xl87">Russia</td>
<td class="xl72">–2.8</td>
<td class="xl72">–0.2</td>
<td class="xl73">1.4</td>
<td class="xl73">1.4</td>
<td class="xl71"></td>
<td class="xl73">0.0</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">0.3</td>
<td class="xl73">1.5</td>
<td class="xl73">1.8</td>
</tr>
<tr>
<td class="xl87">Excluding Russia</td>
<td class="xl72">–0.5</td>
<td class="xl72">1.8</td>
<td class="xl73">2.5</td>
<td class="xl73">3.5</td>
<td class="xl71"></td>
<td class="xl73">0.0</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">. . .</td>
<td class="xl73">. . .</td>
<td class="xl73">. . .</td>
</tr>
<tr>
<td class="xl74">Emerging and Developing Asia</td>
<td class="xl72">6.8</td>
<td class="xl72">6.4</td>
<td class="xl73">6.5</td>
<td class="xl73">6.5</td>
<td class="xl71"></td>
<td class="xl73">0.1</td>
<td class="xl73">0.1</td>
<td class="xl71"></td>
<td class="xl72">6.3</td>
<td class="xl73">6.6</td>
<td class="xl73">6.5</td>
</tr>
<tr>
<td class="xl87">China</td>
<td class="xl72">6.9</td>
<td class="xl72">6.7</td>
<td class="xl73">6.7</td>
<td class="xl73">6.4</td>
<td class="xl71"></td>
<td class="xl73">0.1</td>
<td class="xl73">0.2</td>
<td class="xl71"></td>
<td class="xl72">6.8</td>
<td class="xl73">6.4</td>
<td class="xl73">6.4</td>
</tr>
<tr>
<td class="xl87">India 4/</td>
<td class="xl72">8.0</td>
<td class="xl72">7.1</td>
<td class="xl73">7.2</td>
<td class="xl73">7.7</td>
<td class="xl71"></td>
<td class="xl73">0.0</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">6.0</td>
<td class="xl73">8.0</td>
<td class="xl73">7.6</td>
</tr>
<tr>
<td class="xl87">ASEAN-5 5/</td>
<td class="xl72">4.9</td>
<td class="xl72">4.9</td>
<td class="xl73">5.1</td>
<td class="xl73">5.2</td>
<td class="xl71"></td>
<td class="xl73">0.1</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">4.8</td>
<td class="xl73">5.2</td>
<td class="xl73">5.2</td>
</tr>
<tr>
<td class="xl74">Emerging and Developing Europe</td>
<td class="xl72">4.7</td>
<td class="xl72">3.0</td>
<td class="xl73">3.5</td>
<td class="xl73">3.2</td>
<td class="xl71"></td>
<td class="xl73">0.5</td>
<td class="xl73">–0.1</td>
<td class="xl71"></td>
<td class="xl72">3.3</td>
<td class="xl73">2.0</td>
<td class="xl73">4.2</td>
</tr>
<tr>
<td class="xl74">Latin America and the Caribbean</td>
<td class="xl72">0.1</td>
<td class="xl72">–1.0</td>
<td class="xl73">1.0</td>
<td class="xl73">1.9</td>
<td class="xl71"></td>
<td class="xl73">–0.1</td>
<td class="xl73">–0.1</td>
<td class="xl71"></td>
<td class="xl72">–1.3</td>
<td class="xl73">1.6</td>
<td class="xl73">2.1</td>
</tr>
<tr>
<td class="xl87">Brazil</td>
<td class="xl72">–3.8</td>
<td class="xl72">–3.6</td>
<td class="xl73">0.3</td>
<td class="xl73">1.3</td>
<td class="xl71"></td>
<td class="xl73">0.1</td>
<td class="xl73">–0.4</td>
<td class="xl71"></td>
<td class="xl72">–2.5</td>
<td class="xl73">1.5</td>
<td class="xl73">1.7</td>
</tr>
<tr>
<td class="xl87">Mexico</td>
<td class="xl72">2.6</td>
<td class="xl72">2.3</td>
<td class="xl73">1.9</td>
<td class="xl73">2.0</td>
<td class="xl71"></td>
<td class="xl73">0.2</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">2.3</td>
<td class="xl73">0.9</td>
<td class="xl73">3.2</td>
</tr>
<tr>
<td class="xl74">Middle East, North Africa, Afghanistan, and Pakistan</td>
<td class="xl72">2.7</td>
<td class="xl72">5.0</td>
<td class="xl73">2.6</td>
<td class="xl73">3.3</td>
<td class="xl71"></td>
<td class="xl73">0.0</td>
<td class="xl73">–0.1</td>
<td class="xl71"></td>
<td class="xl72">. . .</td>
<td class="xl73">. . .</td>
<td class="xl73">. . .</td>
</tr>
<tr>
<td class="xl87">Saudi Arabia</td>
<td class="xl72">4.1</td>
<td class="xl72">1.7</td>
<td class="xl73">0.1</td>
<td class="xl73">1.1</td>
<td class="xl71"></td>
<td class="xl73">–0.3</td>
<td class="xl73">–0.2</td>
<td class="xl71"></td>
<td class="xl72">2.2</td>
<td class="xl73">0.6</td>
<td class="xl73">1.4</td>
</tr>
<tr>
<td class="xl74">Sub-Saharan Africa</td>
<td class="xl72">3.4</td>
<td class="xl72">1.3</td>
<td class="xl73">2.7</td>
<td class="xl73">3.5</td>
<td class="xl71"></td>
<td class="xl73">0.1</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">. . .</td>
<td class="xl73">. . .</td>
<td class="xl73">. . .</td>
</tr>
<tr>
<td class="xl87">Nigeria</td>
<td class="xl72">2.7</td>
<td class="xl72">–1.6</td>
<td class="xl73">0.8</td>
<td class="xl73">1.9</td>
<td class="xl71"></td>
<td class="xl73">0.0</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">. . .</td>
<td class="xl73">. . .</td>
<td class="xl73">. . .</td>
</tr>
<tr>
<td class="xl87">South Africa</td>
<td class="xl72">1.3</td>
<td class="xl72">0.3</td>
<td class="xl73">1.0</td>
<td class="xl73">1.2</td>
<td class="xl71"></td>
<td class="xl73">0.2</td>
<td class="xl73">–0.4</td>
<td class="xl71"></td>
<td class="xl72">0.4</td>
<td class="xl73">1.3</td>
<td class="xl73">1.1</td>
</tr>
<tr>
<td class="xl88">Memorandum</td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl73"></td>
<td class="xl73"></td>
<td class="xl71"></td>
<td class="xl73"></td>
<td class="xl73"></td>
<td class="xl71"></td>
<td class="xl72"></td>
<td class="xl73"></td>
<td class="xl73"></td>
</tr>
<tr>
<td class="xl74">Low-Income Developing Countries</td>
<td class="xl72">4.6</td>
<td class="xl72">3.6</td>
<td class="xl73">4.6</td>
<td class="xl73">5.2</td>
<td class="xl71"></td>
<td class="xl73">–0.1</td>
<td class="xl73">–0.1</td>
<td class="xl71"></td>
<td class="xl72">. . .</td>
<td class="xl73">. . .</td>
<td class="xl73">. . .</td>
</tr>
<tr>
<td class="xl74">World Growth Based on Market Exchange Rates</td>
<td class="xl72">2.7</td>
<td class="xl72">2.5</td>
<td class="xl73">2.9</td>
<td class="xl73">3.0</td>
<td class="xl71"></td>
<td class="xl73">0.0</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">2.6</td>
<td class="xl73">2.8</td>
<td class="xl73">3.0</td>
</tr>
<tr>
<td class="xl75">World Trade Volume (goods and services) 6/</td>
<td class="xl69">2.6</td>
<td class="xl69">2.3</td>
<td class="xl70">4.0</td>
<td class="xl70">3.9</td>
<td class="xl71"></td>
<td class="xl70">0.2</td>
<td class="xl70">0.0</td>
<td class="xl71"></td>
<td class="xl69">. . .</td>
<td class="xl70">. . .</td>
<td class="xl70">. . .</td>
</tr>
<tr>
<td class="xl76">Advanced Economies</td>
<td class="xl72">4.0</td>
<td class="xl72">2.3</td>
<td class="xl73">3.9</td>
<td class="xl73">3.5</td>
<td class="xl71"></td>
<td class="xl73">0.2</td>
<td class="xl73">–0.1</td>
<td class="xl71"></td>
<td class="xl72">. . .</td>
<td class="xl73">. . .</td>
<td class="xl73">. . .</td>
</tr>
<tr>
<td class="xl76">Emerging Market and Developing Economies</td>
<td class="xl72">0.3</td>
<td class="xl72">2.2</td>
<td class="xl73">4.1</td>
<td class="xl73">4.6</td>
<td class="xl71"></td>
<td class="xl73">0.1</td>
<td class="xl73">0.3</td>
<td class="xl71"></td>
<td class="xl72">. . .</td>
<td class="xl73">. . .</td>
<td class="xl73">. . .</td>
</tr>
<tr>
<td class="xl75">Commodity Prices (U.S. dollars)</td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl73"></td>
<td class="xl73"></td>
<td class="xl71"></td>
<td class="xl73"></td>
<td class="xl73"></td>
<td class="xl71"></td>
<td class="xl72"></td>
<td class="xl73"></td>
<td class="xl73"></td>
</tr>
<tr>
<td class="xl76">Oil 7/</td>
<td class="xl72">–47.2</td>
<td class="xl72">–15.7</td>
<td class="xl73">21.2</td>
<td class="xl73">0.1</td>
<td class="xl71"></td>
<td class="xl73">–7.7</td>
<td class="xl73">0.4</td>
<td class="xl71"></td>
<td class="xl72">16.2</td>
<td class="xl73">6.2</td>
<td class="xl73">–0.8</td>
</tr>
<tr>
<td class="xl77">Nonfuel (average based on world commodity export weights)</td>
<td class="xl78">–17.5</td>
<td class="xl78">–1.8</td>
<td class="xl79">5.4</td>
<td class="xl79">–1.4</td>
<td class="xl80"></td>
<td class="xl79">–3.1</td>
<td class="xl79">–0.1</td>
<td class="xl80"></td>
<td class="xl78">9.9</td>
<td class="xl79">0.1</td>
<td class="xl79">0.1</td>
</tr>
<tr>
<td class="xl75">Consumer Prices</td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl73"></td>
<td class="xl73"></td>
<td class="xl71"></td>
<td class="xl73"></td>
<td class="xl73"></td>
<td class="xl71"></td>
<td class="xl72"></td>
<td class="xl73"></td>
<td class="xl73"></td>
</tr>
<tr>
<td class="xl76">Advanced Economies</td>
<td class="xl72">0.3</td>
<td class="xl72">0.8</td>
<td class="xl73">1.9</td>
<td class="xl73">1.8</td>
<td class="xl71"></td>
<td class="xl73">–0.1</td>
<td class="xl73">–0.1</td>
<td class="xl71"></td>
<td class="xl72">1.2</td>
<td class="xl73">1.7</td>
<td class="xl73">2.0</td>
</tr>
<tr>
<td class="xl76">Emerging Market and Developing Economies 8/</td>
<td class="xl72">4.7</td>
<td class="xl72">4.3</td>
<td class="xl73">4.5</td>
<td class="xl73">4.6</td>
<td class="xl71"></td>
<td class="xl73">–0.2</td>
<td class="xl73">0.2</td>
<td class="xl71"></td>
<td class="xl72">3.7</td>
<td class="xl73">4.0</td>
<td class="xl73">3.9</td>
</tr>
<tr>
<td class="xl75">London Interbank Offered Rate (percent)</td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl73"></td>
<td class="xl73"></td>
<td class="xl71"></td>
<td class="xl73"></td>
<td class="xl73"></td>
<td class="xl71"></td>
<td class="xl72"></td>
<td class="xl73"></td>
<td class="xl73"></td>
</tr>
<tr>
<td class="xl76">On U.S. Dollar Deposits (six month)</td>
<td class="xl72">0.5</td>
<td class="xl72">1.1</td>
<td class="xl73">1.6</td>
<td class="xl73">2.2</td>
<td class="xl71"></td>
<td class="xl73">–0.1</td>
<td class="xl73">–0.6</td>
<td class="xl71"></td>
<td class="xl72">. . .</td>
<td class="xl73">. . .</td>
<td class="xl73">. . .</td>
</tr>
<tr>
<td class="xl76">On Euro Deposits (three month)</td>
<td class="xl72">–0.0</td>
<td class="xl72">–0.3</td>
<td class="xl73">–0.3</td>
<td class="xl73">–0.2</td>
<td class="xl71"></td>
<td class="xl73">0.0</td>
<td class="xl73">0.0</td>
<td class="xl71"></td>
<td class="xl72">. . .</td>
<td class="xl73">. . .</td>
<td class="xl73">. . .</td>
</tr>
<tr>
<td class="xl81">On Japanese Yen Deposits (six month)</td>
<td class="xl82">0.1</td>
<td class="xl82">0.0</td>
<td class="xl83">0.0</td>
<td class="xl83">0.1</td>
<td class="xl71"></td>
<td class="xl83">0.0</td>
<td class="xl83">0.1</td>
<td class="xl71"></td>
<td class="xl72">. . .</td>
<td class="xl83">. . .</td>
<td class="xl83">. . .</td>
</tr>
<tr>
<td class="xl89" colspan="12">Source: IMF</td>
</tr>
</tbody>
</table>
<p>&#8220;In Sub-Saharan Africa, the outlook remains challenging. Growth is<br />
projected to rise in 2017 and 2018, but will barely return to positive territory<br />
in per capita terms this year for the region as a whole&#8211;and would remain<br />
negative for about a third of the countries in the region,&#8221; the IMF said.</p>
<p>&#8220;The slight upward revision to 2017 growth relative to the April 2017 WEO<br />
forecast reflects a modest upgrading of growth prospects for South Africa,<br />
which is experiencing a bumper crop due to better rainfall and an increase in<br />
mining output prompted by a moderate rebound in commodity prices.<br />
However, the outlook for South Africa remains difficult, with elevated political<br />
uncertainty and weak consumer and business confidence, and the country&#8217;s<br />
growth forecast was consequently marked down for 2018.&#8221;</p>
<p>The IMF also added that global growth will be aided by growth in the US and<br />
the UK, who are projected to grow at 2.1% and 1.5%, respectively.<br />
&#8220;China&#8217;s growth projections have also been revised up (6.7%), reflecting a<br />
strong first quarter of 2017 and expectations of continued fiscal support.<br />
Inflation in advanced economies remains subdued and generally below<br />
targets; it has also been declining in several emerging economies, such as<br />
Brazil, India, and Russia.&#8221;</p>
<p>The IMF mentioned the risks threatening the strength and durability of the<br />
recovery such as election related risk, political uncertainty, failure to lift<br />
potential growth and make growth more inclusive and rising geopolitical<br />
tensions, among others. With the help of resilient global growth, we believe<br />
that both Nigeria and South Africa have the potential to grow above the<br />
forecast, assuming that appropriate policies are implemented to lessen<br />
some of the risks mentioned above.</p>


Both these economies are in recession but Nigeria’s will grow faster than SA’s in 2018

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</div>
<p>The Executive Board of the International Monetary Fund completed the seventh review of Rwanda&#8217;s performance under the Policy Support Instrument and the second review of the arrangement under the Standby Credit Facility.</p>


IMF staff concludes review mission to Rwanda

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</div>
<p>The International monetary fund has projected a 0.8 per cent growth for Nigeria in 2017 and 1.9 per cent growth in 2018 in its updated World Economic Outlook.</p>


Nigeria’s economy to grow by 0.8 per cent in 2017 – IMF

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</div>
<p>CNBC spoke with IMF Chief Executive, Christine Lagarde on the state of the global economy, European interest rate regime as well as the US Federal Reserve Bank&#8217;s investments policy, and also touched on the possibility of another financial crisis.</p>


IMF’s Largade warns of another financial crisis

<div class="group-container ">
<div class="inline-player"><a title="http://www.cnbc.com/brexit/" rel="2">Britain&#8217;s exit</a> from the <a title="http://www.cnbc.com/european-union/" rel="3">European Union</a> has not only revitalized current members but it has also inspired countries outside of the bloc to apply for membership, the International Monetary Fund&#8217;s managing director, Christine Lagarde told CNBC Tuesday.</div>
<div class="group">
<p>&#8220;It&#8217;s quite fascinating to see this sort of parallel track of those existing members of the EU suddenly being revitalized, rejuvenated and re-encouraged in the face of what they regarded as the adversity of one member wanting to jump ship,&#8221; Lagarde said on Tuesday.</p>
<p>Britain narrowly voted to leave the EU in a referendum on June 23 last year, an event that shocked financial markets as well as commentators across the globe. Meanwhile, formal talks between the U.K. and EU&#8217;s negotiators kicked off in June this year shortly after British Prime Minister Theresa May failed to increase her parliamentary majority in a snap general election.</p>
<div id="inline_movable_ad"> British and EU leaders now have just over a year and a half to negotiate and agree a deal, which will then go to a vote before the European Parliament.</div>
<p>When asked whether countries such as Serbia and Montenegro – both of whom are hoping to become members of the EU – could endanger the future of the bloc, Lagarde stressed the EU had been reinvigorated by the Brexit vote.</p>
</div>
</div>
<div class="group-container ">
<h4 class="subtitle">&#8216;An aspiration and an inspiration&#8217;</h4>
</div>
<div class="group-container last">
<div class="inline-player dyother dyMonitor" data-adid="1009204||1682|||">
<div class="pro-video-chapters fall dyperf dyMonitor" data-adid="535383||1682|||"></div>
<div id="player_2_104579392_2" class="asset cnbcvideo imgasset desc_size600_400 featuredPromo">
<p><span class="video-icon"><a class="" href="http://www.cnbc.com/video/2017/07/11/how-countries-in-europe-are-anchored-by-the-eu.html" data-videoid="3000634947" data-videotype=""><img loading="lazy" decoding="async" title="IMF's Lagarde: How countries in Europe are anchored by the EU" src="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/07/11/104579603-3ED2-REQ-0711-LagardeVid2.600x400.jpg?v=1499790809" alt="IMF’s Lagarde: How countries in Europe are anchored by the EU" width="600" height="400" /></a></span></p>
<div class="headline">IMF&#8217;s Lagarde: How countries in Europe are anchored by the EU  <time>19 Hours Ago | 02:17</time></div>
</div>
</div>
<div class="group">
<p>Speaking on the sidelines of an international banking conference in Dubrovnik, Croatia, Largade argued the European project was &#8220;clearly alive, kicking, an aspiration and an inspiration&#8221; for many countries in the EU.</p>
<p>&#8220;At the same time, some of these non-EU members aspiring to join (are) wanting to accelerate the process. I think that is a very strong sort of double positive message,&#8221; Lagarde told CNBC.</p>
<p><a class="inline_asset" title="http://www.cnbc.com/2017/06/16/imfs-lagarde-warns-the-uk-against-crash-brexit.html?view=story&amp;%24DEVICE%24=native-android-tablet" href="http://www.cnbc.com/2017/06/16/imfs-lagarde-warns-the-uk-against-crash-brexit.html?view=story&amp;%24DEVICE%24=native-android-tablet">Last month</a>, Lagarde suggested it would be best for the U.K. economy to prioritize a predictable exit from the EU rather than a &#8220;crash situation&#8221;.</p>
<p>In April, the Fund warned that the unpredictability surrounding Brexit posed a risk to global financial stability. It forecast at the time, the U.K. economy would expand 2 percent in 2017, before gross domestic product (<a title="http://www.cnbc.com/gdp/" rel="1">GDP</a>) declines to 1.5 percent in 2018.</p>
<p>However, the institution is unable to calculate precisely how the British economy will suffer from Brexit because it has still to define its future arrangements with the EU.</p>
<ul>
<li>Article by <a href="http://www.cnbc.com/sam-meredith/" rel="author">Sam Meredith</a> | <a href="http://www.cnbc.com/karen-tso/" rel="author">Karen Tso</a></li>
</ul>
<p><em>— CNBC&#8217;s Silvia Amaro and Karen Gilchrist contributed to this report.</em></p>
</div>
</div>


IMF’s Lagarde reveals the unintended consequences of Brexit

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</div>
<p>The International Monetary Fund, IMF, says Nigeria&#8217;s sovereign debt would climb to 23.3 per cent of the GDP by the end of 2017 and hit 24.1 per cent of its GDP by 2018.</p>


Nigeria’s debt growing faster than GDP

<p>The International Monetary Fund&#8217;s executive board on Monday approved a $666 million, three-year extended credit facility for Cameroon to support economic and financial reforms, an IMF statement said.</p>
<p>The nations of central Africa&#8217;s CEMAC currency union have struggled in the face of low oil prices, which have slashed state revenues. Cameroon has also been forced to concentrate resources on combating the threat of Islamist Boko Haram militants along its northwestern border with Nigeria.</p>
<p>&#8220;Having initially shown resilience owing to its greater diversification, the Cameroonian economy is now facing decelerating growth, declining fiscal and external buffers, and rapidly-rising public debt,&#8221; IMF Deputy Managing director Mitsuhiro Furusawa said in the statement.</p>
<p>The board&#8217;s decision allows for the immediate disbursement of $171 million as part of a program aimed at restoring fiscal and external sustainability and unlocking private sector-driven growth.</p>
<p>The IMF approved a similar $642 million loan agreement for Cameroon&#8217;s neighbor Gabon, another CEMAC member state, last week.</p>
<p>(Reporting by Joe Bavier; Editing by Richard Balmforth)</p>


IMF approves three-year, $666 million loan deal for Cameroon

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<p>The International Monetary Fund is raising a red flag over inadequate regulation of Islamic banking in Kenya. Elsewhere, the Kenyan shilling has weakened by 1.22 per cent against the dollar since the year began.</p>


IMF concerned about Islamic banking regulation in Kenya

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<p>The International Monetary Fund has approved 224.8 million dollars of additional credit for Cote d&#8217;ivoire. This brings the total amount that the country has borrowed from the IMF in the past year to about 900 million dollars.</p>


RMB’s economic outlook for Cote d’Ivoire

<p>Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people.</p>
<p>If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population.</p>
<p>That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine Allard, in an official IMF blog post and podcast.</p>
<p>Allard co-authored the Fund&#8217;s regional economic outlook, released earlier this month. It found that sub-Saharan economic growth hit only 1.4 percent last year, the lowest level in two decades and well off the 5-6 percent rates normally reached.</p>
<p>It was also well below the population growth rate.</p>
<p>&#8220;This is a quite broad-based deceleration because we see about two-thirds of the countries having slowed down last year, which is quite substantial,&#8221; she said in the podcast.</p>
<p>While some of the reasons for the slowdown are beyond the region&#8217;s immediate control &#8212; low global commodity prices, drought etc &#8212; Allard said some problems are down to a lack of governmental response.</p>
<p>&#8220;Part of the deteriorated outlook is a reflection of limited policy adjustment in the region,&#8221; she said.</p>
<p>Hence, the first pillar: renewed focus on debt reduction, fiscal policy to raise domestic revenues, and greater exchange rate flexibility.</p>
<p>Allard noted that some of the countries in the region that had kept growth up, such as Senegal and Ivory Coast, had run up large budget deficits to help this along.</p>
<p>With that, though, comes vulnerability, she said, and now is the time to shift gradually to reduce this.</p>
<p>As well as taking action on budgets, the IMF said sub-Sahara needs to focus on economic diversification and improving the business climate so that the private sector can feel confident about investing.</p>
<p>Many countries in the region are overly dependent on commodities &#8212; getting a huge boost when they are in demand but suffering when prices fall.</p>
<p>A Bank for International Settlements paper last year estimated that the share of commodities in of sub-Sahara African exports rose to 76 percent in 2010–14 from 57 percent in 1990–99.</p>
<p>Allard said the third pillar was to provide social safety nets to protect the most vulnerable in society.</p>
<p>&#8220;We know that in some countries there are some programs, but they are usually fragmented and they need to be better targeted,&#8221; she said.</p>
<p>(Editing by Elaine Hardcastle)</p>


IMF offers three-pillared prescription for African growth

<p>HARARE (Reuters) &#8211; Zimbabwe&#8217;s cash shortages could worsen and inflation may be triggered if President Robert Mugabe&#8217;s government doesn&#8217;t temper excessive state spending, the International Monetary Fund said on Monday.</p>
<p>The southern African nation has been grappling with cash shortages since last year and the introduction of a &#8220;bond note&#8221; currency in November has failed to meet demand.</p>
<p>Without balance of payment support from international financial institutions, President Robert Mugabe&#8217;s government has relied on taxes and the domestic market for borrowing, sending the budget deficit spiralling in 2016. </p>
<p>&#8220;Excessive government spending, if continued, could exacerbate the cash scarcity, further jeopardize the health of the external and financial sectors, and, ultimately, fuel inflation,&#8221; the IMF said after a country visit.</p>
<p>http://cnbc.africa/news/southern-africa/2016/11/25/as-zimbabwes-money-runs-out-so-does-mugabes-power/</p>
<p>Official data on Monday showed inflation rising to 0.48 percent in April, the second month consumer prices have increased following more than two years of deflation. </p>
<p>(Reporting by MacDonald Dzirutwe; Editing by Joe Brock)</p>
<p>© Thomson Reuters 2017 All rights reserved</p>


Zimbabwe’s cash shortages could worsen: IMF

<p>Economic growth in sub-Saharan Africa should recover slightly to 2.6 percent this year after a more than two-decade low in 2016 as commodity exporters faced lower prices, the International Monetary Fund said on Tuesday.</p>
<p>The slight rebound will be driven by a recovery in oil production in Nigeria, higher public spending ahead of elections in Angola, and the fading of drought effects in South Africa, the IMF said in its regional economic outlook.</p>
<p>However, resource-rich Nigeria, Angola and Central Africa&#8217;s six-nation CEMAC bloc are still struggling to deal with the losses caused by low oil prices, the IMF said.</p>
<p>&#8220;The overall weak outlook partly reflects insufficient policy adjustment,&#8221; said Abebe Aemro Selassie, Director of the IMF&#8217;s African Department, adding that this was holding back investment.</p>
<p>In non-oil producers such as Ivory Coast, Kenya, and Senegal, growth is expected to remain strong at over 5 percent but vulnerabilities such as rising public debt are starting to emerge, it said.</p>
<p>For a decade, sub-Saharan African economic growth of around 5 percent drew in foreign investment but that is drying up with economic growth now barely keeping up with population growth.</p>
<p>The World Bank also expects growth of 2.6 percent this year, expanding to 3.2 percent in 2018 and 3.5 percent a year later.</p>
<p>(Reporting by Nellie Peyton and Emma Farge; Editing by Tom Heneghan)</p>


International Monetary Fund

Nigeria’s economy projected to expand

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Nigeria’s journey to economic recovery

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Nigeria’s economy to grow by 0.8 per cent in 2017 – IMF

IMF’s Largade warns of another financial crisis

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Nigeria’s debt growing faster than GDP

IMF approves three-year, $666 million loan deal for Cameroon

IMF concerned about Islamic banking regulation in Kenya

RMB’s economic outlook for Cote d’Ivoire

IMF offers three-pillared prescription for African growth

Zimbabwe’s cash shortages could worsen: IMF

Sub-Saharan Africa economic growth to recover slightly in 2017: IMF

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International Monetary Fund

Nigeria’s economy projected to expand

IMF cuts South Africa growth forecasts as politics takes it toll

Congo Republic public debt around $9.14BN, or 110 pct of GDP: IMF

South Korean economy resilient despite tensions – IMF Chief

Nigeria’s journey to economic recovery

Both these economies are in recession but Nigeria’s will grow faster than SA’s in 2018

IMF staff concludes review mission to Rwanda

Nigeria’s economy to grow by 0.8 per cent in 2017 – IMF

IMF’s Largade warns of another financial crisis

IMF’s Lagarde reveals the unintended consequences of Brexit

Nigeria’s debt growing faster than GDP

IMF approves three-year, $666 million loan deal for Cameroon

IMF concerned about Islamic banking regulation in Kenya

RMB’s economic outlook for Cote d’Ivoire

IMF offers three-pillared prescription for African growth

Zimbabwe’s cash shortages could worsen: IMF

Sub-Saharan Africa economic growth to recover slightly in 2017: IMF

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