Sub-Saharan Africa will post its first recession in 25 years as the coronavirus pandemic brings economies to a halt and disrupts global trade, the World Bank said.
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South Africa may approach the International Monetary Fund for the first time ever to help with funding to deal with the fallout from the coronavirus outbreak, the Sunday Times reported, citing finance minister Tito Mboweni.
The World Bank is the first key institution to cut its economic growth forecast for South Africa to below 1% for 2020 due to electricity supply concerns.
The risk of South Africa’s struggling state power utility going bust doesn’t appear to faze one of its biggest creditors: the World Bank.
The head of the World Bank has compared cryptocurrencies to “Ponzi schemes”, the latest financial voice to raise questions about the legitimacy of digital currencies such as bitcoin. “In terms of using bitcoin or some of the
The idea of taxing cross-border remittances has been raised in some countries recently, especially in the Middle East. Although this is not a South African conversation – not yet, anyway – it has been highlighted elsewhere as a way for governments
The World Bank’s International Finance Corp said it’s pressing Net1 UEPS Technologies to complete an assessment of its lending practices this year as human rights organisations allege that the
The International Finance Corporation, which forms part of the World Bank Group, and related funds managed by the IFC Asset Management Company are buying a 18% stake in South Africa- and US-listed technology group Net1 for US$107,7m (about R1,6bn). IFC has agreed to
Sweden-headquartered telecommunications and media company Millicom is building a technology incubator in Rwanda to develop digital solutions. The incubator, called “think”, will be located in the capital, Kigali, and will be used to develop “innovative and scalable” businesses in which Millicom will take an equity stake. Potential
A decade ago, fierce battles were fought to get a number of Africa’s state-owned telecommunications operators into private hands and to strip them of their monopoly privileges. This happened in all but two of what are now sub-Saharan Africa’s most successful economies. The real laggards are