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Bolivia and IMF reach $1.9 billion loan agreement, political hurdles remain

Bolivia and IMF reach $1.9 billion loan agreement, political hurdles remain

By Lucinda Elliott and Rodrigo Campos July 29 (Reuters) - The International Monetary Fund has reached a staff-level agreement with Bolivia on a $1.9 billion financing program, the IMF said on Wednesday, as the country seeks to stabilize an economy facing its deepest crisis in decades.
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Petrol Price Surge: Nigeria Tops Africa Amid US-Iran War Impact

Petrol Price Surge: Nigeria Tops Africa Amid US-Iran War Impact

Nigeria experienced the sharpest increase in petrol prices across Africa during the first half of 2026, with prices surging by 39.5% due to the US-Iran conflict disrupting global oil supplies. The conflict led to a significant rise in crude oil prices and logistical challenges, impacting Nigeria's deregulated petrol market. Despite the price surge, the period marked a turning point in Nigeria's downstream petroleum industry, with local refining displacing imported fuel at an unprecedented pace. The expansion of the Dangote Petroleum Refinery played a key role in reducing Nigeria's dependence on imported fuel.
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Lagos, Nigeria: A Hub for Business and Cultural Tourism

Lagos, Nigeria: A Hub for Business and Cultural Tourism

Lagos, Nigeria, is a bustling city known for its vibrant economy and rich cultural heritage. The city attracts visitors for its beaches, art galleries, nightlife, and the annual diaspora homecoming festival. Lagos is also a hub for business, with numerous dealmakers, tech founders, and traders operating in the city. The time difference between Lagos and Miami, United States, is 5 hours, with Lagos being ahead. For those planning to call or meet, the best time to connect is between 9:00 am and 1:00 pm in Miami, which corresponds to 2:00 pm to 6:00 pm in Lagos.
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Airtel Money Plans London Listing Amidst African Central Banks' Rate Decisions

Airtel Money Plans London Listing Amidst African Central Banks' Rate Decisions

Airtel Africa is preparing to list its mobile money business, Airtel Money, on the London Stock Exchange later in 2026. This move is part of a broader trend among African telecommunications companies to separate their fintech operations. Airtel Money operates in 14 African markets, providing digital payments and financial services. Meanwhile, three African central banks—South Africa, Nigeria, and Ghana—have decided to hold their interest rates steady amidst varying inflationary pressures. Angola's Banco de Fomento is also preparing to join China's Cross-Border Interbank Payment System, reflecting the growing role of the yuan in Africa.
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Domestic Flights Propel African Air Travel, Cairo Emerges as Leading Hub

Domestic Flights Propel African Air Travel, Cairo Emerges as Leading Hub

The African Airlines Association (AFRAA) has released a report highlighting the dominance of domestic air travel in driving passenger traffic across Africa. Cairo International Airport has emerged as the continent's leading aviation hub, with significant connectivity in domestic, intra-African, and international markets. The report, covering the second half of 2025, shows that domestic routes carried 13.4 million passengers, international routes 9.3 million, and intra-African routes 4.1 million. South Africa and Nigeria lead the domestic market, while Cairo is the most connected airport, featuring prominently in various route rankings.
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Cuba loosens control of its private sector in a struggle with a mounting humanitarian crisis

Cuba loosens control of its private sector in a struggle with a mounting humanitarian crisis

Cuba has loosened restrictions on private businesses to allow imports of foreign goods and medicines, a sector firmly controlled by the Communist-led government
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IPAC Commends Nigerian Court of Appeal for Upholding Political Party Rights

IPAC Commends Nigerian Court of Appeal for Upholding Political Party Rights

The Inter-Party Advisory Council (IPAC) has praised the Nigerian Court of Appeal for overturning a Federal High Court decision that ordered the proscription of five political parties. IPAC described the appellate court's ruling as a courageous reaffirmation of constitutional democracy and the rule of law. The decision restores confidence in the judiciary and underscores the importance of respecting constitutional provisions and judicial pronouncements. IPAC also called on the National Judicial Council to investigate judgments that are inconsistent with constitutional provisions, emphasizing the need for accountability and integrity within the judiciary.
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APC Dismisses Peter Obi's Debate Challenge Amidst Rising Political Tensions

APC Dismisses Peter Obi's Debate Challenge Amidst Rising Political Tensions

The All Progressives Congress (APC) has dismissed a challenge from Peter Obi, the Nigeria Democratic Congress presidential candidate, for a live televised debate with President Bola Tinubu. Obi criticized the Tinubu administration, claiming it lacks the capacity to address Nigeria's economic and security issues. The APC, however, insists that the current economic reforms require continuity rather than a change in direction. Obi's call for a debate comes as political tensions rise ahead of the 2027 general election, with the APC defending its record and dismissing Obi's criticisms as politically insignificant.
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IMF and Pakistan Agree on Privatization Model for Power Distribution Companies

IMF and Pakistan Agree on Privatization Model for Power Distribution Companies

The International Monetary Fund (IMF) and Pakistan have agreed on a privatization model for three power distribution companies (DISCOs) as part of a long-standing commitment to improve operational efficiency. The plan involves creating a Special Purpose Vehicle (SPV) to manage the assets and liabilities of the Faisalabad, Gujranwala, and Islamabad power distribution companies. This model, similar to the one used for Pakistan International Airlines, aims to present these companies with positive equity to potential buyers. The government has assured the IMF that investor concerns have been addressed, and the privatization process is expected to be finalized by early 2027.
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Somalia's Mobile Money System Thrives Amid Limited Banking Infrastructure

Somalia's Mobile Money System Thrives Amid Limited Banking Infrastructure

Somalia has developed a unique fintech ecosystem where mobile money services have become the primary financial infrastructure due to the country's limited formal banking system. Years of conflict left Somalia with minimal banking facilities, allowing telecommunications companies to fill the gap by providing mobile money services. This has enabled millions of Somalis to conduct financial transactions, making digital payments an integral part of daily life. The International Monetary Fund (IMF) projects Somalia's economy to reach $13.6 billion this year, with agriculture, livestock, fisheries, telecommunications, and trade as its economic backbone. The Central Bank of Somalia is implementing reforms to enhance financial system confidence and regulation, supported by the IMF and World Bank.
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Consumer Report Aims to Guide Nigerian Policymakers Amid Economic Shifts

Consumer Report Aims to Guide Nigerian Policymakers Amid Economic Shifts

Consumer Report Aims to Guide Nigerian Policymakers Amid Economic Shifts
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Nigerian Communications Commission and Rural Electrification Agency Partner to Reduce Telecom Diesel Costs with Renewable Energy

Nigerian Communications Commission and Rural Electrification Agency Partner to Reduce Telecom Diesel Costs with Renewable Energy

Nigerian Communications Commission and Rural Electrification Agency Partner to Reduce Telecom Diesel Costs with Renewable Energy