Daily Archives: November 6, 2015
A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, visited Accra from October 21–November 5, 2015, to conduct discussions on the second review of Ghana’s financial and economic program supported by the IMF’s Extended Credit Facility (ECF).1 The discussions focused on the implementation of the program, the medium-term outlook and policies needed to restore debt sustainability, macroeconomic stability, and a return to high growth and job creation while protecting the poor.
Lekela Power signs MoU for US$350m wind power station in Egypt, following meeting with President Al-Sisi
Lekela Power, a $1.9bn pan-African renewable power generation company has signed a Memorandum of Understanding with the Egyptian Electricity Transmission Company for a 250 MW wind power station in Egypt’s Gulf of Suez area. Lekela Power is owned 60% by Actis, a leading emerging markets investor and 40% Mainstream Renewable Power, a global wind and solar company. This latest power station is Lekela Power’s third project in Egypt following two power stations signed earlier this year (one 50MW solar power station and one 50MW wind power station). This latest project will be situated in the Gulf of Suez area to capitalize on Egypt’s unique wind resources and will be managed with a build, own and operate (BOO) framework.
IMF Executive Board Approves 3-Month Extension of the Extended Credit Facility Arrangement for Liberia
The Executive Board of the International Monetary Fund (IMF) approved on October 14, 2015—the decision was taken without an Executive Board meeting1—a 3 month-extension of Liberia’s Extended Credit Facility (ECF) Arrangement to February 18, 2016.
The 5th Continental Task Force (CTF) Meeting on the Continental Free Trade Area (CFTA) Considers Documents in Preparation of the Negotiations
The 5th Meeting of the Continental Task Force (CTF) on the Continental Free Trade Area (CFTA) at the Experts level, commenced today in Abuja, Nigeria. The meeting was organized by the Department of Trade of the Africa Union Commission in preparation for the commencement of the CFTA negotiations in December 2015. During the next three days, experts from the African Union Commission, the Regional Economic Communities (RECs), the African Development Bank (AfDB), and the United Nations Economic Commission for Africa (UNECA), will consider all the post-launch preparatory issues and consider essential process issues and technical documents that will enable the negotiations to be conducted in an efficient way. The Trade Law Centre (TRALAC) has been invited as a resource person to the meeting.
At the request of the authorities a mission from the IMF’s Statistics Department visited Gaborone during November 2–6, 2015, to assist with the implementation of the Enhanced General Data Dissemination System (e-GDDS), which was endorsed by the Executive Board in May 2015. The mission helped redevelop the National Summary Data Page (NSDP), currently on the central bank website, utilizing the Open Data Platform installed with the support of the African Development Bank, to serve as a one-stop publication vehicle for essential macroeconomic data. This makes Botswana the first IMF member country to implement the recommendations of the e-GDDS.