Africa briefs
South Africa agrees modest wage deal with state workers
The South African government has agreed a three-year wage deal with public sector unions, granting modest salary increases only slightly above inflation in an attempt to tame its large budget deficit.
Under the deal, the government will increase salaries of public sector employees by up to 7% in the first year. In the second and third years the government will provide hikes of up to projected inflation plus 1%.
-Nampa/Reuters
Nigeria central bank injects US$293m into currency market
- Nigeria’s central bank said on Friday it had injected US$293 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
The bank said in a statement it had sold the funds to agricultural firms, airlines, petroleum imports and to companies importing raw materials and machineries.
-Nampa/Reuters
Kenya oil production on course
Kenya will start the small scale export of crude oil from its fields in the far northern county of Turkana in June after an agreement on how to share the revenue, averting delays, the presidency said on Saturday
Tullow Oil and its partner Africa Oil discovered commercial reserves in the Lokichar basin in 2012. Total has since taken a 25% stake.
A row had broken out after President Uhuru Kenyatta cut the share of the Turkana county government to 15% and that of the local community to 5%, leaving the rest to the national government.
-Nampa/Reuters
African nations want to recover stolen assets
Former British prime minister David Cameron two years ago was caught talking about an anti-corruption summit and calling Nigeria "fantastically corrupt".
But meanwhile his country ranks among the top destinations for stolen assets from African countries.
Nigeria and ex-British colonies in Africa hope to change that by working together to repatriate billions of dollars in offshore accounts from London and beyond.
At a regional conference held this week in the Nigerian capital of Abuja, the heads of anti-corruption agencies from around Africa met to discuss strategies to overcome bottlenecks in the recovery of stolen assets.
"Concerned about the heavy losses that Africa suffers as a result of illegal transfers of proceeds of corruption and crime out of Africa," the anti-corruption representatives vowed on Friday to "strengthen cooperation and partnership in the tracing, recovery and return of assets"
-Fin24
IMF to approve payment of further US$2b to Egypt
The International Monetary Fund (IMF) last week Thursday it was to approve the payment of a further US$2 billion of a US$12 billion loan to Egypt as the country undertakes tough economic reforms, a statement said.
The upcoming payment, after a third review of the fiscal reforms agreed in late 2016 which included a flotation of the pound currency that hit many Egyptians hard, would bring the total amount paid so far to US$8 billion.
-Nampa/Reuters
The South African government has agreed a three-year wage deal with public sector unions, granting modest salary increases only slightly above inflation in an attempt to tame its large budget deficit.
Under the deal, the government will increase salaries of public sector employees by up to 7% in the first year. In the second and third years the government will provide hikes of up to projected inflation plus 1%.
-Nampa/Reuters
Nigeria central bank injects US$293m into currency market
- Nigeria’s central bank said on Friday it had injected US$293 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
The bank said in a statement it had sold the funds to agricultural firms, airlines, petroleum imports and to companies importing raw materials and machineries.
-Nampa/Reuters
Kenya oil production on course
Kenya will start the small scale export of crude oil from its fields in the far northern county of Turkana in June after an agreement on how to share the revenue, averting delays, the presidency said on Saturday
Tullow Oil and its partner Africa Oil discovered commercial reserves in the Lokichar basin in 2012. Total has since taken a 25% stake.
A row had broken out after President Uhuru Kenyatta cut the share of the Turkana county government to 15% and that of the local community to 5%, leaving the rest to the national government.
-Nampa/Reuters
African nations want to recover stolen assets
Former British prime minister David Cameron two years ago was caught talking about an anti-corruption summit and calling Nigeria "fantastically corrupt".
But meanwhile his country ranks among the top destinations for stolen assets from African countries.
Nigeria and ex-British colonies in Africa hope to change that by working together to repatriate billions of dollars in offshore accounts from London and beyond.
At a regional conference held this week in the Nigerian capital of Abuja, the heads of anti-corruption agencies from around Africa met to discuss strategies to overcome bottlenecks in the recovery of stolen assets.
"Concerned about the heavy losses that Africa suffers as a result of illegal transfers of proceeds of corruption and crime out of Africa," the anti-corruption representatives vowed on Friday to "strengthen cooperation and partnership in the tracing, recovery and return of assets"
-Fin24
IMF to approve payment of further US$2b to Egypt
The International Monetary Fund (IMF) last week Thursday it was to approve the payment of a further US$2 billion of a US$12 billion loan to Egypt as the country undertakes tough economic reforms, a statement said.
The upcoming payment, after a third review of the fiscal reforms agreed in late 2016 which included a flotation of the pound currency that hit many Egyptians hard, would bring the total amount paid so far to US$8 billion.
-Nampa/Reuters
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