debt

News

South Sudan: Government's Announcement of U.S.$8 Billion Loan From China Draws Skepticism
[Sudan Tribune] Washington - The announcement made by South Sudan last month of an $8 billion loan from China appears to have been overblown, according to officials in Juba as well as diplomats.
AllAfrica | 16-May-2012 12:02

ZRFU Choking With Debt
[Times of Zambia] THE Zambia Rugby Football Union (ZRFU) says that it incurred a staggering K452 million debt from the previous executive dating from 2007 to 2011.
AllAfrica | 16-May-2012 11:34

Zambia: DBZ Denies Writing Off K14 Billion Debt
[Times of Zambia] THE Development Bank of Zambia (DBZ) says it has never received instructions from any quarters to write off the money which is subject of a case involving the bank versus JCN Holdings Limited, Post Newspapers and Mutembo Nchito.
AllAfrica | 14-May-2012 12:02

Over a Billion Owed to National Health Laboratory Services By Provinces
[West Cape News] The National Health Laboratory Service (NHLS) yesterday complained in Parliament that the KwaZulu-Natal provincial health department is failing to pay R1,2 billion owed for laboratory tests.
AllAfrica | 11-May-2012 14:56

Uganda: Govt Owes Gulu Varsity One Billion
[Observer] The fate of Gulu University's 200 State House-sponsored students is still in balance with the varsity's top brass claiming that government has failed to pay an accumulated debt of Shs 1.1bn in tuition fees.
AllAfrica | 11-May-2012 14:30

PM - Foreign Debt Down By Two Billion
[Egypt Online] During a press conference following a Cabinet meeting on Wednesday 9/5/2012, Prime Minister Kamal el-Ganzouri said the government has taken 120 decisions related to many aspects of the life of Egyptian people.
AllAfrica | 10-May-2012 19:21

Kenya: Kilonzo Hammer Set to Fall On Mututho Property
[The Star] A Nairobi-based law firm has been given the go-ahead by the High Court to recover a debt of Sh5.2 million owed to them by Naivasha MP John Mututho. Kilonzo and Company advocates are claiming Sh5,253,656 as legal fees for representing the MP in an election petition filed against him by former Naivasha MP Jayne Kihara in 2008.
AllAfrica | 10-May-2012 18:00

Nigeria: Auto Firms Threaten to Withdraw Palliatives Buses Over Huge Debt
[Vanguard] Lagos - The Federal Government's inability to pay suppliers of the 2,500 high capacity buses it ordered as a palliative measure to cushion the effect of the January increment in fuel pump price may soon cause untold hardship for commuters nationwide as the automobile companies have threatened to withdraw their vehicles from the operators of the government mass assisted scheme.
AllAfrica | 10-May-2012 05:24

Kenya: Yongo Files Complaint Against Ahmednasir
[The Star] A Nairobi debt collector Brian Yongo wants Judicial Service Commission member Ahmednasir Abdullahi struck off the roll of advocates. He has written to the Advocates Complaints Commission at the State Law office and also filed a similar complaint with the disciplinary committee of the Law Society of Kenya.
AllAfrica | 09-May-2012 16:50

Cote d'Ivoire: Cote d'Ivoire Set to Achieve Completion of IMF-Backed Debt Relief Initiative By the End of June
[U.S. Embassy Abidjan] "Cote d'Ivoire is on track to achieve completion of the IMF-backed Heavily Indebted Poor Country (HIPC) scheme by the end of June," says a front-page headline in L'Intelligent d'Abidjan. According to the paper (p. 4), this was stated yesterday by World Bank Director in Cote d'Ivoire Madani Tall after a meeting with Prime Minister Jeannot Ahoussou Kouadio. "We talked about the achievement of the HIPC debt relief initiative. The World Bank's board of directors is set to work on the achievement of the HIPC on
AllAfrica | 09-May-2012 12:06

Africa: Partnership Launched to Improve Financial Services for Millions
[IFC] Johannesburg, South Africa, May 7, 2012 - IFC, a member of the World Bank Group, and The MasterCard Foundation today launched a partnership to increase access to financial services for an estimated 5.3 million people in Sub-Saharan Africa. Building on recent economic momentum and stability in many African economies, the project will create new opportunities for economically disa
AllAfrica | 07-May-2012 22:41

Zimbabwe: Council On Debt Recovery Exercise
[Zimbabwe Standard] Mutare - Several manufacturing companies owing Mutare City Council money because of unpaid rates and supplementary charges are set to appear in court soon after the local authority embarked on the a blitz on defaulters.
AllAfrica | 07-May-2012 13:58

Zambia: Country Clinches U.S$12 Million Loan for Kalabo-Sikongo Road
[Times of Zambia] THE Zambian Government has signed a loan agreement of US$12 million (about K63 billion) with the Saudi Fund for Development for the Kalabo-Sikongo-Angola border road project.
AllAfrica | 04-May-2012 14:44

Nigeria: Amcon to Recover Debts in Two Years - MD
[Daily Trust] The Asset Management Corporation of Nigeria (AMCON) is set to recovery all its debts in the next two years, its Managing Director and Chief Executive Mustapha Chike Obi said yesterday in Abuja.
AllAfrica | 04-May-2012 06:59

Kenya: Government Offices Owe Malindi Water Firm Sh12million
[The Star] Three government institutions owes Malindi Water and Sewerage Company more than Sh12 million.
AllAfrica | 02-May-2012 05:59

Nigeria: Country Least Indebted Developing Country - PDP
[Leadership] The Peoples Democratic Party (PDP) has said that Nigeria, against what it termed the misinformation by the Action Congress of Nigeria, ACN, is still one of the least indebted countries amongst developing countries.
AllAfrica | 01-May-2012 11:20

Nigeria: Media Disinformation On Government Debt Accumulation
[Vanguard] In the same manner that the Judiciary is regarded as the last hope of the common man, so also the Media has often been described as the voice of the people, but the role of the Media exceeds the mere expression of public expectations.
AllAfrica | 30-Apr-2012 11:48

The Toxic Debt Overhang
[Financial Gazette] Borrowing, or leveraging as it is known in business circles, is a timeless means by which a party without current means is able to consume or acquire something, with the intention that when they are more capable, they can repay whatever it is they may have got for free in the past.
AllAfrica | 29-Apr-2012 15:18

Nigeria: NNL Recover N12 Million Debts
[Daily Trust] Lagos - The Nigeria National League (NNL) have recovered about 12 million Naira owed players and coaches by clubs, officials have announced.
AllAfrica | 27-Apr-2012 10:27

Mozambique: Government Cannot Force Treasury Debtors to Pay
[AIM] Maputo - The Mozambican government has no mechanism whereby it can force companies who owe money to the Treasury to pay up, claims Finance Minister Manuel Chang.
AllAfrica | 26-Apr-2012 17:58

Cote d'Ivoire: Finance Minister Pleads for Debt Relief and Investors
[U.S. Embassy Abidjan] An article in Le Nouveau Courrier (p. 4) informed readers that Ivorian Finance Minister Charles Diby Koffi is heading a delegation attending the IMF and the World Bank annual meetings in Washington.
AllAfrica | 26-Apr-2012 14:15

Zimbabwe: ZESA Pays U.S.$10 Million to Hydro Cahora Bassa
[The Herald] ZESA Holdings yesterday paid US$10 million to Hydro Cahora Bassa as the power utility battles to clear its debt to the Mozambican company.
AllAfrica | 26-Apr-2012 13:00

Uganda: KCCA Denies Owing Makerere Sh578 Million
[New Vision] The Kampala Capital City Authority (KCCA) has dismissed claims that it owes Makerere University sh577.9m which was purportedly wrongfully deducted from the university's account as property taxes from July 2006 to June 2008.
AllAfrica | 25-Apr-2012 18:57

The Street Lights and Council Debts
[Foroyaa] The availability of street lights is a sign of modernization which many Gambians find attractive. However, few people know that the lights are costing the councils millions of dalasis and the operating cost is leading to added indebtedness to NAWEC. Some of the lights are being dismantled. This reporter visited the councils to find out the scale of the indebtedness of the Councils to NAWEC.
AllAfrica | 25-Apr-2012 15:47

Man Killed Over Sh20 Debt
[The Star] A man who allegedly killed another over a Sh20 debt at Chebara village in Marakwet West has been arrested. The 34-year-old man is alleged to have followed his victim after he was informed that he had not paid for Sh20 chang'aa. Shadrack Kipkoech Koimur,55, is said to have been seen entering the compound of the suspect's girlfriend at the weekend where he allegedly took the drink and left without paying. The area police boss Philip Opiyo said: "The suspect followed Koimur and had a fight with him over the m
AllAfrica | 24-Apr-2012 19:08

Nigeria: Experts Express Worry Over Country's Rising Debt Profile
[Leadership] Some financial experts have advised the Federal Government to stem the rising debt profile of the country.
AllAfrica | 24-Apr-2012 13:24

Kenya: State Won't Forgive Farmers' AFC Debt
[The Star] Farmers who have taken loans from the Agricultural Finance Corporation will not be forgiven of their debts this time round.
AllAfrica | 24-Apr-2012 06:34

National Debt to Soar Above U.S.$8 Billion
[Zimbabwe Standard] ZIMBABWE's penalties and arrears to bilateral and multilateral creditors continue to accumulate, with the external debt projected to grow to over US$8 billion by the end of this year, a Cabinet minister has said.
AllAfrica | 23-Apr-2012 16:18

Nigeria: Rising Debt, Oil Price As Impediments to 2012 Budget
[This Day] The 2012 budget has finally been passed. But managers of the economy caution that factors like the growing domestic debt and possible decline in oil price, among others, pose a serious challenge to the budget's implementation, reports Festus Akanbi
AllAfrica | 23-Apr-2012 16:10

Nigeria: ACN Decries Country's Rising Debt Profile
[This Day] The Action Congress of Nigeria (ACN) Sunday decried the country's rising external debt, saying it negates everything the Federal Government told Nigerians when it paid 12 billion dollars to get a debt relief of $18 billion in 2005.
AllAfrica | 23-Apr-2012 13:15

Zimbabwe: IMF Demands Action On Debt
[Zimbabwe Independent] THE International Monetary Fund (IMF), whose delegation jets into the country next month, is expected to push Zimbabwean authorities to effectively deal with the country's external debt, estimated at more than US$7 billion.
AllAfrica | 20-Apr-2012 15:06

Gov't Sued for Over U. S. $100,000 Debt Payment
[Heritage] Ahead of President Ellen Johnson-Sirleaf's visit to Sinoe County in 2011, during her nationwide tour, the General Services Agency (GSA) supervised the renovation of the Greenville Presidential Palace as a part of the Special Presidential Project. To ensure that this responsibility was executed properly, using the best materials and services, the General Services Agency (GSA) then acting Director-General, Mr. G. Alphonso Gaye, now Senator of Grand Gedeh County, wrote the Building Materials Center (BMC) on M
AllAfrica | 19-Apr-2012 12:02

Cameroon: Informal Lending Booms
[Cameroon Tribune] Usury or the practice of lending money and charging the borrower interest, especially at an exorbitant or higher than normal rate, is an old business whose dealers are increasingly making fast returns in Cameroon.
AllAfrica | 18-Apr-2012 22:59

Gold Demand to Surge On Debt Crisis
[The Herald] THE debt crisis that has shaken the foundation of economies in Europe might soon explode just like the housing crisis that hit the world markets in 2008. Governments, corporates and investors are likely to turn to gold to protect their savings and balance sheets if that happens. A Canadian-based gold icon sees significant gains in gold ahead, the CEO of Goldcorp Rob McEwen says he expects gold to hit US$5 000 an ounce, a 300 percent increase from the current prices.
AllAfrica | 18-Apr-2012 11:08

Tunisia: Jean-Luc Mélenchon Promises Moratorium On Debt Payments to France
[Tunisia Live] French presidential candidate Jean-Luc Mélenchon recently expressed his commitment to aid the faltering Tunisian economy by offering a moratorium on its French debts if elected President of France. Mélenchon made his campaign promise at a rally, comprised of over 50,000 cheering supporters, in the French coastal city Marseilles.
AllAfrica | 17-Apr-2012 13:55

Nigeria: Country's Domestic, External Debts Now U.S.$44 Billion
[This Day] Abuja - The Federal Government declared yesterday that it was worried by the domestic debt stock and was working towards cutting it down from the current N5.96 trillion to about N500 billion by 2015.
AllAfrica | 17-Apr-2012 13:40

Nigeria: Domestic and External Debt Stands At N6.8 Trillion - Okonjo-Iweala
[Vanguard] Abuja - Dr Ngozi Okonjo-Iweala, Coordinating Minister for the Economy, on Monday in Abuja said the growth collectible revenue estimated in 2012 budget was N9.692 trillion.
AllAfrica | 16-Apr-2012 21:45

Ghana: Country External Debt Drops to $7.6 Billion
[Ghanaian Chronicle] Ghana's external debt stock at the end of the first two months of 2012 dropped marginally by 3.3 per cent to $7.6 billion compared with $7.8 billion at the end of December last year, according to statistics from the Bank of Ghana (BoG).
AllAfrica | 16-Apr-2012 15:50

Nigeria: World Bank Okays U.S.$75 Million Support Credit for Edo State
[This Day] World Bank Board of Executive Directors has approved a $75 million concessional credit to the Edo State Government for its Growth and Employment Support Programme.
AllAfrica | 16-Apr-2012 15:26

Finance Minister Charles Koffi Says Nation Is On Track for Debt Relief in June
[U.S. Embassy Abidjan] A report by Le Patriote (p. 12) noted that Cote d'Ivoire is on a good track to achieve debt relief accord under the Heavily Indebted Poor Countries Initiative (HIPC). The information, the paper said, was given in the course of a meeting yesterday between the Ivorian Minister of Finance, Charles Koffi Diby and officials from the International Monetary Fund (IMF).
AllAfrica | 16-Apr-2012 13:02

Nigeria: Recognizing Policy and Institutional Reforms for Growth and Employment Creation
[World Bank] Washington - The World Bank Board of Executive Directors on March 29, 2012 approved a US$75 million concessional credit to the Federal Republic of Nigeria for a First Edo State Growth and Employment Support Program.
AllAfrica | 16-Apr-2012 09:33

Namibia: Caught in the Debt Trap
[Namibia Economist] Namibians continue to be caught in "a debt trap" as some banks continue to add costs to money owed to them, while the original debt is already sky high.
AllAfrica | 13-Apr-2012 13:47

Namibia: U.S. Debt Gets Downgraded but Is Ignored Again, Until the Big Gun Fires
[Namibia Economist] A while before Standard & Poors rating agency downgraded US government debt last year August, another ratings agency, Egan Jones, had already done so. Egan Jones Rating Company is not an obscure backyard operator, but its opinion does not carry the same weight as that of S&P. So the markets hardly noticed this event, and it was not mentioned widely in financial publications.
AllAfrica | 13-Apr-2012 13:44

Nigeria: Growing Concern About Country's $35bn Debt
[Daily Trust] Lagos - Economic expert, Dr Abiodun Adedipe, has expressed worry over the alarming increase in Nigeria's debts which within seven years has grown to $41.55bn, far above $35 billion before the Paris Club debt write-off in 2007.
AllAfrica | 13-Apr-2012 07:28

Mozambique: Zimbabwe Promises to Slash HCB Debt
[AIM] Maputo - The Zimbabwean authorities have promised to pay "at least 40 million US dollars" this month to Hidroelectrica de Cahora Bassa (HCB), the company that operates the Cahora Bassa dam on the Zambezi River, in Mozambique's western province of Tete.
AllAfrica | 13-Apr-2012 07:26

Namibia: Soaring Household Debt Worries IMF
[New Era] Windhoek - The International Monetary Fund (IMF) is sounding alarm bells of an elevated household debt burden, asking governments to roll out policies similar to those of the 1930's Great Depression, to reduce economic costs.
AllAfrica | 12-Apr-2012 15:06