Zambia Nears Default With Bondholders Set to Refuse Relief

“A key bondholder group is set to reject Zambia’s request for an interest-payment holiday, putting the country on course to become the first African sovereign defaulter since the onset of the coronavirus pandemic.”

via Bloomberg

Algerian President Tests Positive for Coronavirus in Germany

“Algerian President Abdelmadjid Tebboune has tested positive for the coronavirus and is responding well to treatment in a German hospital, his office said. Tebboune’s health ‘is gradually improving,’ state new service APS said, citing a statement from the presidency.”

via Bloomberg

Egypt Warns of Repercussions of Ignoring Virus Safety Measures

“Egypt’s government may be forced to take ‘difficult decisions’ if people continue to ignore safety measures aimed at stemming the spread of the coronavirus, Prime Minister Mostafa Madbouly said.”

via Bloomberg

Protectionism in Africa Raises Concern Over Continent’s Free Trade Deal

“Protectionism remains the name of the game for West Africa’s economic powerhouses, whose governments are preoccupied with overcoming the devastation wrought by the coronavirus.”

via Bloomberg

Nigeria Stocks Jump in World-Beating Rally as Traders Hunt Yield

“Nigerian stocks surged by the most in more than five years, extending their rally to a 12th day, as meager local interest rates sent traders on a hunt for yields.”

via Bloomberg

Senegal to Expand Health System After COVID-19 Exposes Needs

“Senegal will recruit 1,500 additional health workers and raise 500 billion CFA francs ($893 million) to modernize hospitals and build new facilities.”

via Bloomberg

IMF’s Georgieva Says Covid Crisis Is a Chance to Fix Capitalism

“Growing up under communism taught Kristalina Georgieva to value free markets and competition. Now, confronting the global economy’s worst downturn since the Great Depression, she sees an opportunity for reform.”

via Bloomberg

Zimbabwe Seeks to Slow Exodus of Doctors as Economy Collapses

“Zimbabwe is seeking to tighten the rules on how a certificate which its doctors need in order to get work abroad is issued as medical professionals flee the country’s collapsing economy.”

via Bloomberg

Gambia Tourism to Suffer $292 Million Loss Due to Coronavirus

“Gambia stands to lose $292 million as global travel restrictions imposed in the wake of the coronavirus pandemic wreak havoc with the country’s tourism, a key source of foreign exchange. Government revenue from the hospitality industry is forecast to decline by $108 million this year, while the sector as a whole is forecast to suffer a loss of $184 million, according to an impact assessment by the national bureau of statistics.”

via Bloomberg

South African Cabinet Considers Reopening International Borders

“The plan envisages borders being reopened in a two-phased approach, with travel initially being allowed within the continent before routes to destinations further afield are opened up, subject to conditions.”

via Bloomberg