IMF Lowers Global Economic Growth Forecast

Jul 30 , 2022

The International Monetary Fund (IMF) has lowered its global economic growth forecast to 3.2pc. The forecast comes against the backdrop of an ongoing global economical crisis due to combination of factors such as inflation, COVID-19, and political instability. The IMF predicts there will be 2.5pc economic growth for developed countries, and 3.6pc for developing countries The updated forecast is 0.4 percentage points lower that the Fund's initial forecast in the world economic outlook released in April 2022. The IMF says that the United States and major European countries are experiencing higher than expected inflation, which is putting financial activity around the world in a dilemma. Similarly, China has been stretched by the pandemic and is facing challenges from a slowdown in its financial institutions' resource mobilisation efforts. The Fund says the conflict between Russia and Ukraine has been an added burden on the ongoing global economic crisis.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...