Tag Archives: debt

Palma, Mozambique | AFP |  The small, palm-fringed fishing town of Palma was meant to become a symbol of Mozambique’s glittering future, transformed by one of the world’s largest liquefied natural gas projects. But construction has fallen far behind schedule and the town’s fate is uncertain after gas prices fell …

Kawempe South Member of Parliament (MP) Mubarak Munyagwa Sserunga alias “Mugaati gwa Bata” has been committed to civil prison for failure to pay sh100 million he owes one John Baptist Maali. Munyagwa was arrested on Monday and taken  to cCourt by Kyalula Edward Aipha Court bailiffs. He was sent to Luzira Prison …

Nairobi, Kenya | AFP |  Kenya, a pioneer in mobile money, on Thursday began selling the first ever government bonds via mobile phone, allowing anyone from teachers to shop owners to invest and fund infrastructure projects. The bond is named M-Akiba, which means “mobile savings” in Swahili, and was launched …

Hearing of a case in which city businessman and former treasurer of NRM Entrepreneurs’ League, Arvind Patel sued the ruling party over a debt of sh5.4billion, has failed to take off today. Patel says he borrowed the money, and gave it to the NRM to cleanup the party register in …

Cairo, Egypt | AFP |  IMF chief Christine Lagarde said Thursday that Egypt is going through a currency “crisis,” suggesting a quick devaluation to tackle a widening gap between the official and black market rates. Egypt has been struggling to shore up its foreign currency reserves in the political and …

Beijing, China | AFP |  A key gauge of China’s debt has reached its highest level on record, setting off alarm bells of imminent risk to the banking system, a Swiss banking watchdog reported. China’s credit-to-GDP gap reached 30.1 percent in the first quarter of 2016, its highest level ever …

Maputo, Mozambique | AFP | Mozambique on Tuesday said most of $1.4 billion in previously hidden loans had been used to fund maritime security and shipyards, a week after the IMF suspended the country over the undisclosed sum. The Washington-based International Monetary Fund last Wednesday called off a staff mission …