Africa Briefs

IMF makes progress in talks with KenyaThe International Monetary Fund's mission to assess the Kenyan economy achieved "significant progress" and talks with the government will continue in the coming weeks, the IMF said on Friday after a two week visit to Nairobi.Kenya secured a six-month extension for its stand-by credit arrangement of US$989.8 million from the fund in March, and is seeking another extension when it expires in mid-September.The IMF has preconditioned the extension of the stand-by credit, used for balance of payments support, on a number of measures, including the repeal of a cap on commercial lending rates which was imposed in 2016."The authorities reiterated their commitment to macroeconomic policies that would maintain public debt on a sustainable path, contain inflation within the target range, and preserve external stability," the IMF said in a statement.It said the East African nation had met its fiscal targets during the 2017/18 fiscal year after the government managed to narrow the budget deficit to 7% of GDP from 9% the previous year. – Nampa/ReutersMozambique Eurobond creditors proposes restructuring planA core group of Mozambique's Eurobond creditors have made a restructuring proposal to the government, including extending maturities and adding instruments linked to future gas revenues, sources close to the negotiations told Reuters.Mozambique admitted in 2016 to US$1.4 billion of previously undisclosed loans, many of which went on upgrading maritime and military security. The disclosure prompted the International Monetary Fund and foreign donors to cut off support, triggering a currency collapse and leading to a debt default.In March, the government outlined three scenarios to overhaul its debt burden but Eurobond creditors rejected them, baulking at a second writedown in as many years.A counter proposal by the Global Group of Mozambique Bondholders (GGMB) was sent to the government last week, according to two sources.The proposal envisages pushing out the "bullet" repayment on the 2023 bond, some reduction in the coupons, and an instrument to allow bondholders access to a share of future fiscal revenues from Mozambique's vast gas resources. – Nampa/ReutersOne in three Moroccan graduates joblessOne in three Moroccan university graduates cannot find a job due to slow economic growth, under-investment and an education system that fails to develop employable skills, the kingdom's planning chief said in an interview."In the last five years, an average 60 000 people have graduated annually from Moroccan higher educational institutions, of whom 20 000 can't find a job," Ahmed Lahlimi, head of the High Planning Commission, told Reuters.Lahlimi said the jobless rate dropped to 9.1% in the second quarter of 2018 from 9.3% in the same period in 2017 but this was down largely to the farm sector after abundant rainfall.Based on likely future agricultural output, however, GDP growth is expected to slow to 2.9% in 2019 from a forecast 3.1% this year, Lahlimi said. Agriculture represents 15% of GDP."With such slow growth, Morocco is not doing enough to significantly curb unemployment and bridge social disparities. The impact of growth on job creation has continued to diminish since 2000." – Nampa/ReutersSouth Sudan government, rebels reach peace dealThe president of South Sudan and head of the country's main rebel group signed a final cease fire and power-sharing agreement on Sunday and hailed a new longed-for era of peace in the country."I call on everyone as a leader of South Sudan that this agreement which we have signed today should be the end of the war and the conflict in our country," said President Salva Kiir.South Sudan's former vice president and rebel leader Riek Machar said after the signing, "today we celebrate, not just in South Sudan, but throughout the world".South Sudan became independent from Sudan in 2011, but civil war broke out two years later between the government led by Kiir and a rebel movement led by Machar.Fuelled by personal and ethnic rivalries, the conflict has killed tens of thousands, displaced an estimated quarter of South Sudan's population of 12 million and ruined its economy that heavily relies on crude oil production. – Nampa/Reuters

Africa Briefs

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