{"id":585406,"date":"2023-04-18T00:00:00","date_gmt":"2023-04-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/imfs-africa-head-calls-for-urgent-debt-reform\/"},"modified":"2023-04-18T00:00:00","modified_gmt":"2023-04-18T00:00:00","slug":"imfs-africa-head-calls-for-urgent-debt-reform","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/imfs-africa-head-calls-for-urgent-debt-reform\/","title":{"rendered":"IMF\u2019s Africa head calls for urgent debt reform"},"content":{"rendered":"

<\/span>IMF\u2019s Africa head calls for urgent overhaul of continent\u2019s debt: <\/span>IMF Africa chief <\/span>Abebe Selassie is urging the continent\u2019s creditors to reform their handling of its debt as more countries inch towards default. <\/span>\u201cWe need a much more efficient sovereign debt framework \u2026 We need to be sure that resources are going to support countries rather than being used to service unsustainable debts,\u201d Selassie told the <\/span>Financial Times<\/a><\/span>. He called for a \u201cGleneagles-like moment\u201d to help pull African nations out of the debt cycle \u2014 referring to the 2005 G8 summit where a sweeping debt relief package was agreed for indebted African countries. <\/span><\/p>\n

<\/a><\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/span><\/p>\n<\/td>\n

\n

17,671<\/span><\/p>\n<\/td>\n

\n

+5.6% (YTD: +21.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/span><\/p>\n<\/td>\n

\n

Buy 30.84<\/span><\/p>\n<\/td>\n

\n

Sell 30.94<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/span><\/p>\n<\/td>\n

\n

Buy 30.85<\/span><\/p>\n<\/td>\n

\n

Sell 30.95<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/span><\/p>\n<\/td>\n

\n

18.25% deposit<\/span><\/p>\n<\/td>\n

\n

19.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/span><\/p>\n<\/td>\n

\n

11,164<\/span><\/p>\n<\/td>\n

\n

+1.2% (YTD: +6.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/span><\/p>\n<\/td>\n

\n

9,646<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: -5.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/span><\/p>\n<\/td>\n

\n

3,514<\/span><\/p>\n<\/td>\n

\n

+0.6% (YTD: +5.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/span><\/p>\n<\/td>\n

\n

4,151<\/span><\/p>\n<\/td>\n

\n

+0.3% (YTD: +8.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/span><\/p>\n<\/td>\n

\n

7,880<\/span><\/p>\n<\/td>\n

\n

+0.1% (YTD: +5.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,368<\/span><\/p>\n<\/td>\n

\n

-0.5% (YTD: +15.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/span><\/p>\n<\/td>\n

\n

USD 84.76<\/span><\/p>\n<\/td>\n

\n

-1.8%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/span>(Nymex)<\/span><\/p>\n<\/td>\n

\n

USD 2.29<\/span><\/p>\n<\/td>\n

\n

+0.4%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/span><\/p>\n<\/td>\n

\n

USD 2,006.80<\/span><\/p>\n<\/td>\n

\n

-0.0%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/span><\/p>\n<\/td>\n

\n

USD 29,512<\/span><\/p>\n<\/td>\n

\n

-2.8% (YTD: +78.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/span><\/p>\n

The EGX30 rose 5.6% at Thursday\u2019s close<\/span> on turnover of EGP 1.7 bn (on par with the trailing <\/span>90-day average). <\/span>Local investors <\/span>were <\/span>net<\/span> sellers. The index is up 21.1% YTD.<\/span><\/p>\n

In the green: <\/span>CIB (+14.5%), Oriental Weavers (+6.9%) and Telecom Egypt (+4.0%). <\/span>CIB shares popped thanks to a <\/span>single, last-minute trade<\/a><\/span> at the closing bell<\/span> that looks to us like someone botched the execution of a buy order.<\/span><\/p>\n

In the red:<\/span> Orascom Construction (-1.8%), Rameda Pharma (-1.4%) and CIRA Education (-1.3%).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Abebe Selassie pushes the continent\u2019s creditors on debt relief<\/p>\n","protected":false},"author":1,"featured_media":585407,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[7106,72,119,272,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-debt","tag-enterpriseam","tag-financial-markets","tag-imf","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"89c01c23-4c2f-4b2c-849a-a05f7b5df844","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/686.jpg","photo_position":"below","homepage_title":"","full_issue_title":"IMF\u2019s Africa head calls for urgent debt reform","related_issue":[585378],"teaser":"Abebe Selassie pushes the continent\u2019s creditors on debt relief","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.f15e8a88-2f34-4219-9bfe-f167f57defb8.mp3"},"yoast_head":"\nIMF\u2019s Africa head calls for urgent debt reform - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/imfs-africa-head-calls-for-urgent-debt-reform\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF\u2019s Africa head calls for urgent debt reform\" \/>\n<meta property=\"og:description\" content=\"Abebe Selassie pushes the continent\u2019s creditors on debt relief\" \/>\n<meta property=\"og:url\" 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plan for developing countries: Officials of the Paris Club group of creditor countries have agreed to suspend debt payments owed by developing countries to rich governments this year, French Finance Minister Bruno Le Maire told reporters following a video conference\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587854,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/surging-borrowing-costs-are-raising-calls-for-sovereign-debt-relief\/","url_meta":{"origin":585406,"position":1},"title":"Surging borrowing costs are raising calls for sovereign debt relief","author":"enterpriseam admin","date":"1 June 2023","format":false,"excerpt":"Global debt surged to a near record high of USD 305 tn in 1Q 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