The World Bank recently announced the first phase of an additional $500 million package to combat the locust invasion in East Africa and the Middle East. According to Moody's, though crucial, the support package pales in comparison with the magnitude of the twin shocks that the East African economies face from the pandemic and the locust invasion. Kelvin Dalrymple, vice-President and Sovereign Analyst at Moody’s joins CNBC Africa for more.
According to a Moody's report, measures taken by Tanzania's Central Bank will support the market-funded banks in meeting their funding and liquidity needs amid the Covid-19 pandemic. However, these measures are not enough to prevent a decline in bank asset quality. Peter Mushangwe, Banking Analyst at Moody’s joins CNBC Africa for more.
Moody's Investors Service has affirmed the Government of Ghana's long-term local and foreign currency issuer and foreign currency senior unsecured bond ratings at B3 and changed the outlook to negative from positive. Derrick Mensah, Portfolio Manager at IC Asset Managers joins CNBC Africa for more.
Moody’s says the rapid and widening spread of the coronavirus outbreak and related oil price shocks are creating an unprecedented credit shock across a wide range of regions and markets adding that for Nigeria, these shocks has amplified existing credit vulnerabilities both over the immediate and longer term. Aurelien Mali, Vice President and Sovereign Analyst at Moody’s joins CNBC Africa for more.
Since the COVID-19 pandemic, the IMF says it expects a 3.4 per cent economic contraction for Nigeria this year, while ratings agency Moody’s affirmed Nigeria’s B2 long-term issuer rating and senior unsecured rating and maintained a negative outlook for Nigeria. Bismarck Rewane, CEO of Financial Derivatives joins CNBC Africa for more.
South African petrochemicals giant Sasol Ltd on Wednesday cut its guidance for synthetic fuel production and liquid fuel sales for this financial year due to a three-week nationwide lockdown linked to coronavirus.
BNP Paribas has become the latest bank to downgrade its growth forecast for South Africa’s economy. The international bank now expects the economy to contract by 4 per cent versus a contraction of 1.2 per cent previously. Jeff Schultz, Senior Economist at BNP Paribas joins CNBC Africa to explain the banks change in outlook?
Last Friday Moody’s, the last rating agency to rate South Africa investment grade, cut South Africa’s sovereign credit rating to junk in line with economists’ forecast. Today Fitch further downgraded the country sending the rand plunging over 19 rand to the dollar. Below it gives its reasons...