Spillovers from the Iran war are sending more African governments to request financial assistance from the International Monetary Fund, as they’re facing rising inflationary and fiscal strains.
South Africa’s central bank governor referenced an 1879 battle in the Anglo-Zulu war in his views on how to tackle the coming wave on inflation from the Iran war shocks, implying a preference to raise interest rates sooner rather than later.
Lesetja Kganyago at the IMF and World Bank Spring meetings in Washington, DC, on April 15.
Zambia will forgo about $200 million after suspending fuel taxes for three months to shield consumers from an oil-price surge driven by the war with Iran, and plans to seek IMF and World Bank support, Finance Minister Situmbeko Musokotwane said.
South African Finance Minister Enoch Godongwana has not been accredited to attend the upcoming meeting of the Group of 20 finance chiefs in Washington, deepening a rift with the US.
Enoch Godongwana, South Africa's finance minister, during a Bloomberg Television interview in London, UK, on Thursday, March 5, 2026. "South Africa is a price taker" when it comes to petroleum imports, Godongwana said.
The Iran war will fan inflation and cost Africa vital economic growth, the World Bank warned, with oil-importing nations including Kenya and Ethiopia potentially at the greatest risk.
A worker pushes a cart past market shacks in Nairobi, Kenya.
A railway planned to connect Zambia’s copper mines to global markets via the Lobito port in neighboring Angola will cost as much as $5 billion, with construction set to start his year, according to an environmental study for the project.
Bundles of copper on rail wagons in Kapiri Mposhi, Zambia.
Mozambique will continue to work with the International Monetary Fund on the framework for a new program after repaying $700 million to the fund early and in full, the finance ministry said.
Chinese mining, shipping and logistics companies are joining a $1.24 billion project to revamp a railway linking Zambia’s copper region to a port on the Indian ocean.
A speech by Chinese President Ji Xinping broadcast at the Tanzania-Zambia Railway Authority (TAZARA) memorial park in Lusaka, Zambia, on Thursday, Sept. 21, 2023. For over a decade, China poured more than $120 billion of government-backed loans through its Belt and Road Initiative to build hydropower plants, roads and rail lines across the continent — as well as unparalleled influence.
Mozambique has repaid about $700 million to the International Monetary Fund ahead of schedule and in full, in a surprise move that raises questions about its motivations and the status of talks over a potential new program with the lender.
Mozambique repaid about $700 million to the International Monetary Fund ahead of schedule and in full — a surprise move that raised questions about its motivations and the status of talks over a potential new program with the lender.
US International Development Finance Corp. is swapping a loan made to graphite producer Syrah Resources Ltd. for equity, as Washington seeks to shore up access to critical metals and reduce dependence on China.
The World Bank warned that Mozambique’s current economic trajectory puts $50 billion in gas projects at risk, one of the starkest warnings yet on the nation’s persistent debt-fueled overspending.
The World Bank warned that Mozambique’s current economic trajectory puts $50 billion in gas projects at risk, one of the starkest warnings yet on the nation’s persistent debt-fueled overspending.
West Africa’s cocoa and cotton farmers will take the greatest hit as the war in Iran leads to a fertilizer shock across the continent, according to ETG, one of the region’s top agricultural commodity traders.
South32 Ltd. idled its Mozambican aluminum smelter, Europe’s biggest source of the metal, after talks failed to secure an affordable power supply deal beyond this month, tightening global supplies just as the Iran war prompted Bahrain to curtail output at the world’s biggest facility.
Rwanda signaled that it could withdraw its troops from northern Mozambique, where they’ve played a central role in securing the Cabo Delgado region, the site of $50 billion in natural gas projects.
Rwandan soldiers guard The Total Mozambique LNG Project in Afungi in the Cabo Delgado province, Mozambique, in 2022.
The European Union’s financial support for Rwandan troops helping to fight an Islamic State-linked insurgency in Mozambique expires in May and there are no plans to extend it, according to people familiar with the matter.
Flooding severed the Democratic Republic of Congo’s main copper-export corridor after a bridge collapsed just south of the Zambian border, disrupting shipments from the world’s second-largest producer of the metal.
Copper plates on wagons ready for onward shipping at the Mufulira refinery, operated by Mopani Copper Mines Plc, in Mufulira, Zambia, on Friday, May 6, 2022. A recent 1,900-mile journey from mines in Congo and Zambia shows how, a century after commercial mining began here, the world’s hunger for copper is again reshaping the region.
Zambia, Africa’s second-biggest copper producer, will use larger-than-expected mining revenues to start a stabilization fund this year, a senior treasury official said, ensuring the government has a buffer when a red-hot rally in the metal fades.
Zambia, Africa’s second-biggest copper producer, will use larger-than-expected mining revenues to start a stabilization fund this year, a senior treasury official said, ensuring the government has a buffer when a red-hot rally in the metal fades.
Anmelden
