<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, July 31 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



*Kenya and Uganda statistics offices are due to release their respective consumer inflation data for July.



*Ethiopia&#8217;s lawmakers are due to hold an emergency session to discuss the country&#8217;s loans. On Monday, Ethiopia secured an agreement with the International Monetary Fund for a new financing program worth $3.4 billion.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks rose on Wednesday and the yen was volatile after the Bank of Japan raised interest rates, while investors assessed contrasting results from tech bellwether Microsoft and chipmaker AMD that suggested a divide in the AI landscape.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil futures rebounded more than $1 a barrel from 7-week lows on Wednesday after the killing of Hamas leader Ismail Haniyeh in Iran ratcheted up tensions in the Middle East, but prices stayed under pressure from concerns about weak China demand.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



The South African rand gained on Tuesday as markets waited on the outcome of a U.S. Federal Reserve meeting on Wednesday which could give hints on its rate-cut timeline.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling held steady on Tuesday, with traders projecting that dollar inflows from the tourism and agriculture sectors would bolster its strength.



<h2 class="wp-block-heading" id="h-ethiopia-economy">ETHIOPIA ECONOMY</h2>



Ethiopia&#8217;s new $3.4 billion financing deal with the International Monetary Fund paves the way for completion of its long-delayed debt restructuring in the next three to six months, a senior finance ministry official said on Tuesday.



<h2 class="wp-block-heading" id="h-liberia-central-bank">LIBERIA CENTRAL BANK</h2>



Liberia suspended its central bank governor on Tuesday after an audit found irregular loans to the government and unauthorised spending, the information minister and a spokesperson for the central bank said.



<h2 class="wp-block-heading" id="h-cameroon-mining">CAMEROON MINING</h2>



Cameroon on Tuesday signed a bauxite mining deal worth at least $2 billion with a subsidiary of Australia-based Canyon Resources, as the central African nation seeks to become an upper middle-income country by 2035.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 31

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1292" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
Johannes Christo | Reuters</figcaption></figure>



July 31 (Reuters)&nbsp;&#8211;&nbsp;The World Bank&#8217;s board has approved $1.5 billion in financing for its first ever budget support lending to Ethiopia, the lender said late on Tuesday as the east African nation tries to push ahead with a long-running debt restructuring.



Africa&#8217;s second-most populous country secured a four-year, $3.4 billion programme from the International Monetary Fund on Monday, hours after its central bank floated its birr currency, paving the way for its debt overhaul to move forward.



The World Bank will provide a grant of $1 billion and another $500 million in a low interest credit line, part of the first ever direct budgetary support facility provided to Ethiopia, the global lender said.



&#8220;This policy operation supports home-grown reforms that will ultimately help the country transition to a more inclusive economy that allows the private sector to contribute more strongly to growth,&#8221; the World Bank said.



The bank plans to &#8220;provide around $6 billion in new commitments over the next three fiscal years and support economic reforms through fast-disbursing budget support,&#8221; it said.



The funding is part of a $10.7 billion financing package by the IMF, World Bank and other creditors, according to Ethiopian officials.



The financial support, however, was conditional on the government implementing significant economic reforms, including the liberalisation of the foreign currency market.



Ethiopia&#8217;s birr  was down 3% against the dollar early on Wednesday, trading at 77.13. It was little changed on Tuesday after tumbling 30% on the day it was floated on Monday.



Ethiopia sought to restructure its sovereign debt in 2021, under the G20 Common Framework initiative to offer relief to developing nations, but progress was slowed by a civil war in the northern region of Tigray that ended the following year.



Ethiopia&#8217;s winding debt restructuring mirrors that of Chad and Zambia which completed their debt overhauls under the Common Framework. Ghana, another African country saddled with high debt, is nearing the finish line of its own restructuring under the initiative.



Ethiopia&#8217;s development partners have welcomed its move to a market-based foreign exchange rate, but some analysts have said the move could drive up inflation and the cost of living, especially for its poorest residents.



The country of 126.5 million people also faces a number of other challenges, including the impact of climate change and the post-war reconstruction of Tigray.



(Reporting by Urvi Dugar and Dawit Endeshaw; Writing by Duncan Miriri; Editing by Tomasz Janowski)

106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report

World Bank approves $1.5 billion in financing for Ethiopia

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1280" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg" alt="" class="wp-image-510152" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">President William Kipchirchir Ruto of Kenya speaks during a plenary session of the Summit on peace in Ukraine, in Stansstad near Lucerne, Switzerland, June 16, 2024. URS FLUEELER/Pool via REUTERS/File Photo</figcaption></figure>



NAIROBI, July 30 (Reuters)&nbsp;&#8211;&nbsp;A former head of Kenya&#8217;s main state-owned trading company was charged in court on Tuesday with abuse of office and other offences over a 2022 scheme to import edible oil that local media said cost more than $120 million.



The arraignment of Pamela Mutua is the first notable attempt by President William Ruto&#8217;s government to rein in Kenya&#8217;s rampant corruption, after more than 50 people were killed in deadly protests against tax hikes and the graft.



Mutua, who was managing director of the Kenya National Trading Corporation (KNTC), was accused of flouting procurement laws in the award of a contract to a company called Purma Holdings Limited at an anti-corruption court in the capital.



She and KNTC both deny the charges. The imports were worth 16 billion shillings ($123.55 million), domestic media outlets have reported, but there was no mention of the figure in the charges presented in court.



Mutua faces six charges and she was freed on bail until Aug. 12 when she will appear before the court again. She was charged alongside another official of the company.



The cooking oil import scheme was put in place by Ruto&#8217;s government after he got into office in late 2022, to lower the price of the commodity, but it has been criticised by the public and local media for only benefiting well-connected importers.



KNTC contracted private companies to import the oil, mainly from Asia. The government&#8217;s standards body initially said the oil was not fit for human consumption before rowing back and clearing the consignment.



Ruto, who is forming a new government after the protests forced him to fire all but one minister, has pledged to change the laws to allow for speedy prosecution of graft suspects.



($1 = 129.5000 Kenyan shillings)



(Reporting by Humphrey Malalo; Writing by George Obulutsa; Editing by Duncan Miriri and Andrew Cawthorne)

42CTWLL6LJPYDHMYIWIJ6ISWHI (1)

Kenya charges ex-state firm head over edible oil import graft

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-820x547.jpg" alt="" class="wp-image-484765" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The International Monetary Fund (IMF) headquarters during the spring meetings of the IMF and World Bank Group in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



ADDIS ABABA, July 30 (Reuters) &#8211; Ethiopia&#8217;s new $3.4 billion financing deal with the International Monetary Fund paves the way for completion of its long-delayed debt restructuring in the next three to six months, a senior finance ministry official said on Tuesday.



The announcement of the four-year, $3.4 billion programme on Monday came hours after Ethiopia had undertaken one of the IMF&#8217;s key recommendations and floated its currency, the birr.



&#8220;Debt restructuring should be finalised before the next IMF programme review,&#8221; State Minister of Finance Eyob Tekalign told Reuters, adding that would typically be between three and six months.



The IMF deal is expected to be followed by further financing of up to $7.3 billion from the World Bank and other creditors, Ethiopian officials have said.



The World Bank&#8217;s board was scheduled to meet later on Tuesday to approve its portion of the extra funds, Eyob said.



News of the IMF deal lifted the $1 billion government bond at the centre of the restructuring plan to its highest level since October 2021 on Tuesday. A more than 2 cents jump left it trading at almost 78 cents on the dollar or just over a 20% discount of its original face value.



In the foreign exchange market, leading commercial banks quoted the Ethiopian birr at 74.74 against the dollar. That was unchanged from where it had settled after Monday&#8217;s float announcement prompted it to drop 30% against the dollar.



Ethiopia&#8217;s development partners have welcomed the move to a market-based foreign exchange rate, but some analysts have said it could drive up inflation and the cost of living, especially for the poorest.



Ethiopia also faces other challenges including the impact of climate change and the need to reconstruct its northern Tigray region, which was ravaged by a two-year civil war that ended in late 2022.



(Reporting by Dawit Endeshaw in Addis Ababa and Marc Jones in London; Writing by Duncan Miriri; Editing by Andrew Cawthorne)

Spring Meetings Of The International Monetary Fund And World Bank

Ethiopia’s IMF deal paves way for debt restructuring, official says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="535" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-820x535.jpg" alt="" class="wp-image-512981" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-820x535.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-1536x1003.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">JOHANNESBURG, SOUTH AFRICA &#8211; SEPTEMBER 28: Gauteng MEC Parks Tau at the launch of the Thabo Mbeki Presidential Library at the Thabo Mbeki Foundation on September 28, 2021 in Johannesburg, South Africa. The new library will serve as an archive centre for historical data such as speeches and documents of the former President and will also receive special collections from other African historical figures. (Photo by Luba Lesolle/Gallo Images via Getty Images)</figcaption></figure>



CAPE TOWN, July 30 (Reuters) &#8211; South Africa&#8217;s trade minister said on Tuesday he is confident his country will maintain preferential trade status with the U.S. despite concerns in Washington over its foreign policy including a strong pro-Palestinian stance.



Parks Tau was in Washington last week to lobby for renewal of the U.S. African Growth and Opportunity Act (AGOA) and South Africa&#8217;s continued participation in the programme, which provides duty-free access to the U.S.



South Africa has come under fire by some U.S. lawmakers for its relationship with Russia and its criticism of Israel in the Gaza conflict. It could lose eligibility for AGOA if it were determined to be undermining U.S. foreign policy interests.



&#8220;I am confident that AGOA will continue and that South Africa will stay in AGOA,&#8221; Tau told a press briefing.



&#8220;We will keep a close eye on the process and will continue to lobby,&#8221; he said, adding that further engagements were needed even though they had received a &#8220;relatively warm reception&#8221;.



U.S. trade officials said on Monday that they had positive discussions with the South African delegation.



&#8220;I think it was clear that our partners in South Africa have heard the concerns that were raised and there has been close engagement on multiple levels,&#8221; said the U.S. State Department&#8217;s Deputy Assistant Secretary for African Affairs Joy Basu.



AGOA is due to expire next year and President Joe Biden supports its renewal, but the U.S. election in November and possibility of a Donald Trump presidency introduces uncertainty.



Tau said that ideally the legislation would be renewed before the vote though U.S. officials have said that is unlikely. An annual review of each country&#8217;s eligibility is underway.



Separately, the U.S. House of Representatives last month voted in favour of a bill that would require a full review of the U.S. relationship with South Africa, citing concerns about ties to Russia and China and accusing it of supporting Palestinian militant group Hamas.



The bill would still need to pass the Senate and be signed by the president to become law.



South Africa says that supporting Palestinians does not equate to supporting Hamas.



Western nations are also unhappy with South Africa for failing to condemn Russia&#8217;s invasion of Ukraine. It has sought to position itself as a neutral mediator.



(Reporting by Wendell Roelf and Nellie Peyton; Editing by Andrew Cawthorne)

Launch of the Thabo Mbeki Presidential Library in South Africa

S.Africa confident of U.S. trade status despite unease over foreign policy

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1530" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-scaled.jpg" alt="" class="wp-image-512977" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-300x224.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-820x613.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-768x574.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-1536x1148.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A person walks through a flooded street, following a heavy rainfall in Kassala, eastern Sudan, July 26, 2024. REUTERS/Mohammed Abdel Majid/File Photo</figcaption></figure>



CAIRO, July 30 (Reuters)&nbsp;&#8211;&nbsp;Thousands of people are stranded on the streets of the eastern Sudanese city of Kassala as a deluge of rain compounds the suffering of more than a million Sudanese who sought refuge in the region from a 15-month-old war.



The rainy season that began earlier this month has already damaged shelters, made roads unusable, and will put millions at risk of water-borne diseases across large areas of the country.



It comes as the number of displaced people within Sudan, currently more than 10 million, continues to tick up as the paramilitary Rapid Support Forces (RSF) expands its territory in the war with the national army.



The war erupted in April 2023 and has sparked warnings of famine and what the United Nations has labelled the world&#8217;s largest humanitarian crisis.



Some 765,000 people are sheltering in Gedaref state, and more than 255,000 people are in Kassala state, which saw the worst of the rains over the weekend, according to the United Nations.



The most recent wave of 165,000 people is from Sennar state, many arriving on foot in the rain in recent weeks. More than 10,000 who arrived in Kassala city were packed in the few remaining empty buildings, including a school courtyard and an empty hangar, which quickly flooded with water.



&#8220;We endured the sun beating down on us, but we can&#8217;t handle the rain,&#8221; said Nada Omer.



They now wait under store awnings or tarps in the street, with heavier than usual rains expected to continue until September. Some have rejected a plan to move them outside the city, a government official and aid workers said, where there would be few income opportunities.



&#8220;We are waiting in the street and have nowhere to settle,&#8221; said Hussein Abdo, another displaced person.



At least five people have reportedly been killed because of the rains, according to the United Nations.



Those who arrived earlier from Khartoum or El Gezira state, or in slightly drier al-Gedaref, are not much better off, sleeping on the floor in schools with few services and makeshift, shallow toilets that have also been flooded.



Little was done to prepare for the situation, said Plan International&#8217;s Mohammed Qazilbash. &#8220;We are coming up to 500 days of the war, and everybody is exhausted&#8230; It&#8217;s one tragedy over another over another,&#8221; he told Reuters.



The government and aid workers are bracing for the expected rise in water-borne diseases, including cholera, malaria, and dengue fever, with few medicines to treat them.



&#8220;We are sharing what is available, but it is above our capacity&#8221; said Dr Ali Adam, head of the state health ministry.



The rainy season impacts most of the country. Last week, more than 1,000 houses and 800 latrines were destroyed by rain at Zamzam camp in North Darfur, one of the locations in the country where experts say famine is likely.



Meanwhile, the RSF&#8217;s advance has not stopped, and on Monday it said it had reached an area about 180km (112 miles) from Gedaref, one of the states that has sheltered the most people.



Kassala, the only neighbouring army-controlled state, does not have capacity to absorb people from Gedaref, nor does the army&#8217;s de facto capital Port Sudan, on the Red Sea.



&#8220;People are scared, but there&#8217;s no options,&#8221; said a volunteer in the Gedaref emergency response room. &#8220;They are awaiting their fate, the other cities are full.&#8221;



(Reporting by Nafisa Eltahir, additional reporting by Mohammed Abdulmajid; Editing by Aidan Lewis, Alexandra Hudson)

FILE PHOTO: Heavy rainfall in Kassala, eastern Sudan

Rain and floods add to misery of Sudanese displaced by war

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, July 30 (Reuters) &#8211; The Ugandan shilling was little-changed on Tuesday, although it was forecast to strengthen due to a slowdown in importer demand for dollars, traders said.



At 0929 GMT, commercial banks quoted the shilling at 3,716/3,726, compared with Monday&#8217;s closing rate of 3,720/3,730.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling little-changed, to firm due to slow importer demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1254" height="836" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w" sizes="auto, (max-width: 1254px) 100vw, 1254px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



July 30 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks slipped while a gauge of currencies edged higher as investors awaited the outcome of key central bank meetings, while a slump in commodity prices on worries about demand in China kept sentiment cautious.



MSCI&#8217;s index tracking emerging market equities fell 0.3%, as rate decisions from the Bank of Japan and the U.S. Federal Reserve were awaited on Wednesday. The index is on track to fall by about 1% in July as a rout in U.S. tech stocks weighed on global stocks.



A currencies gauge edged up about 0.1% against a largely unchanged U.S. dollar.



Worries about demand from China, the world&#8217;s second-largest economy, also weighed after the country&#8217;s Politburo meeting. While pledging to support the economy, there were no specific new stimulus efforts announced.



&#8220;Most investors are waiting for central bank movements, with many trimming holdings, and as optimism wanes over China&#8217;s government stimulus plans,&#8221; said Ahmed Azzam, regional financial market analyst at Equiti Group.



Oil prices briefly touched their lowest since early June, and were last about flat on the day, while prices of iron ore, copper and other metals fell. 



The Federal Reserve is widely expected to keep rates on hold at its meeting on Wednesday, but investors will watch for a dovish tone from policymakers to gauge whether market bets on a September rate cut are on the right track.



Looser U.S. monetary policy would be a boon for riskier emerging market assets, brightening their relative appeal.



China&#8217;s blue-chip stocks and Hong Kong shares fell for a second straight day.



In Europe, the Czech crown was about flat and the Hungarian forint weakened 0.3% against the euro after weak economic data.



Weak foreign demand weighed on industry in both central European economies, with Hungary&#8217;s gross domestic product falling 0.2% on a quarterly basis, the first contraction since the first quarter of 2023. Versus the euro, the forint fell to a three-week low.



Meanwhile, in the Czech Republic, increasing domestic demand helped buoy the economy but both quarterly and annual growth figures were a touch below forecasts from analysts polled by Reuters.



The Czech central bank is expected to ease policy by 25 basis points at its meeting later this week.



&#8220;The Czech koruna remains our favourite currency for this week given our hawkish expectations from the CNB meeting,&#8221; analysts at ING said in a note.



Meanwhile, Ethiopia&#8217;s only international sovereign bond jumped to its highest level since 2021 after the country secured a long-awaited support programme with the International Monetary Fund for $3.4 billion in financing.



The $1 billion dollar bond, which is in the process of being restructured, rose more than 2 cents on the dollar to 77.7 cents, Tradeweb data showed.



South Africa&#8217;s rand regained ground against the dollar, strengthening about 0.7% to 18.32 versus the greenback after falling in the previous session.



(Reporting by Lisa Mattackal in Bengaluru; Editing by David Holmes)

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

Stocks, FX cautious as commodity slump and Fed jitters weigh

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 30 (Reuters) &#8211; Kenya&#8217;s shilling held steady on Tuesday, with traders projecting that dollar inflows from the tourism and agriculture sectors would bolster its strength.



Commercial banks quoted the shilling at 130.00/131.00 per dollar at 0800 GMT, unchanged from Monday&#8217;s closing rate.



(Reporting by George ObulutsaEditing by Bate Felix)

ANCK25OQIFMHTJYACOM5XU5T24

Steady Kenyan shilling eyes boost from dollar inflows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-820x518.jpg" alt="" class="wp-image-512885" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-1536x970.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Samples of different beer flavours are displayed at the East African Breweries&#8217; microbrewery as the company released its half-year results in Ruaraka, Nairobi, Kenya, January 26, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



AIROBI, July 30 (Reuters) &#8211; Kenya&#8217;s East African Breweries said on Tuesday its pretax profit dropped to 16.77 billion Kenyan shillings ($129.0 million) in its full year to end-June, down from 18.71 billion shillings in the previous year.



EABL, which also operates in Uganda and Tanzania, said net revenues were up 13% to 124.13 billion shillings, while foreign exchange losses rose to 3.87 billion shillings from 2.10 billion shillings.



Net finance costs rose 8.18 billion shillings from 5.49 billion shillings, it said.



($1 = 130.0000 Kenyan shillings)



(Reporting by George Obulutsa; Editing by Tom Hogue)

Kenya’s East African Breweries half-year results

Kenya’s East African breweries FY pretax profit falls to 16.77 bln shillings

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-820x515.jpg" alt="" class="wp-image-512882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-768x483.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1536x965.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Shoppers are seen outside the Shoprite store at the Garden City mall along Thika Road in Nairobi, Kenya November 13, 2020. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



JOHANNESBURG, July 30 (Reuters) &#8211; South Africa&#8217;s biggest supermarket group Shoprite said on Tuesday that total sales of merchandise for the full year jumped 12%, buoyed by new store openings and as the majority of its store brands reported double digit sales growth.



Shoprite&#8217;s total sales from continuing operations rose to 240.7 billion rand ($13 billion), including the hyperinflation impact in Ghana.&nbsp;Like-for-like sales growth for the period measured 6.3%, with the stores acquired from Walmart-owned Massmart included in like-for-like sales growth only for the second half period.



The group&#8217;s core business, Supermarkets South Africa, grew sales by 12.3%, contributing 81% to group sales, with its upmarket grocery chain Checkers growing sales by 12.3%. The Checkers Sixty60 online grocery delivery business grew sales by 58.1%.



Its discount grocery brands, Shoprite and Usave, which compete with Pick n Pay&#8217;s Boxer chain, reported sales growth of 10.7%.



The retailer, which also operates in nine countries across Africa, opened 292 stores during the period, including 63 new format, adjacent category specialist stores such as pet, baby and clothing, to a total of 3,639 stores from continuing operations, it said.



Grocery retailers are diversifying their revenue streams and aiming to capture a greater share of the retail consumer market, spanning outdoor gear to baby clothes, strollers and pet shops.



($1 = 18.4593 rand)



(Reporting by Shanima A in Bengaluru; Editing by Eileen Soreng and Louise Heavens)

Shoppers are seen outside the Shoprite store at the Garden City mall along Thika Road in Nairobi

South African grocery retailer Shoprite’s annual sales jump 12%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, July 30 (Reuters)&nbsp;&#8211;&nbsp;The South African rand pared the previous session&#8217;s losses in early trade on Tuesday, as markets waited on the outcome of a U.S. Federal Reserve meeting on Wednesday which could give hints on its rate-cut timeline.



At 0729 GMT, the rand traded at 18.38 against the dollar, about 0.3% stronger than its previous close, after tumbling against a stronger greenback on Monday.



Investors will focus on the Fed on Wednesday for insights into the future interest rate path in the world&#8217;s biggest economy. The Fed is expected to leave interest rates unchanged, but markets are betting on a cut at its September meeting.



Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. monetary policy in addition to domestic factors.



South Africa&#8217;s National Treasury will publish the country&#8217;s budget balance figures for June later on Tuesday.



On the Johannesburg Stock Exchange, the Top-40 index eased about 0.1% in early trade. South Africa&#8217;s benchmark 2030 government bond was slightly stronger, with the yield down 1.5 basis points at 9.49%.



(Reporting by Tannur Anders; Editing by Kirsten Donovan)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand pares losses, focus on Fed

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, July 30 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Oil traded near seven-week lows on Tuesday as a softening demand outlook weighed on commodities, while bond, currency and stock markets traded cautiously ahead of central bank meetings in the U.S. and Japan and a slew of major corporate earnings reports.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices fell on Tuesday, extending losses from the previous session, amid concerns about demand in China, the world&#8217;s largest crude importer, while the market shrugged off the risk of conflict escalating in the Middle East.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



South Africa&#8217;s rand slipped against a stronger dollar on Monday as markets looked towards a U.S. policy decision later this week, while concerns grew over a possible escalation in conflict in the Middle East.



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



Nigeria&#8217;s government gave approval on Monday for state oil company NNPC Ltd to sell crude in the naira currency to the mega Dangote refinery effective immediately to help ease foreign exchange pressure.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



The Kenyan shilling slightly strengthened early on Monday, and traders anticipate further gains backed by expected dollar inflows from tea exports.



<h2 class="wp-block-heading" id="h-kenya-east-african-breweries-results">KENYA EAST AFRICAN BREWERIES RESULTS</h2>



Kenya&#8217;s East African Breweries said on Tuesday its pretax profit dropped to 16.77 billion Kenyan shillings ($129.0 million) in its full year to end-June, down from 18.71 billion shillings in the previous year.



<h2 class="wp-block-heading" id="h-kenya-centum-investments-results">KENYA CENTUM INVESTMENTS RESULTS</h2>



Kenya&#8217;s Centum Investments Company said on Tuesday it swung into a pretax profit of 2.91 billion shillings ($22.38 million)in its full year to March-end from a loss of 6.25 billion shillings in the same period a year earlier.



<h2 class="wp-block-heading" id="h-ethiopian-airlines-results">ETHIOPIAN AIRLINES RESULTS</h2>



Ethiopian Airlines posted revenue of $7 billion for its 2023/24 financial year, up from $6.1 billion a year earlier, helped by higher passenger numbers, state-owned Ethiopian Broadcasting Corporation (EBC) reported on Monday.



<h2 class="wp-block-heading" id="h-ethiopia-currency">ETHIOPIA CURRENCY</h2>



Ethiopia&#8217;s central bank floated the birr currency on Monday, a move it hopes will secure International Monetary Fund (IMF) support and enable progress on a long-delayed debt restructuring.



<h2 class="wp-block-heading" id="h-ethiopia-imf">ETHIOPIA IMF</h2>



Ethiopia has secured an agreement with the International Monetary Fund for a new financing program worth $3.4 billion, the IMF said on Monday.



<h2 class="wp-block-heading" id="h-mozambique-bond">MOZAMBIQUE BOND</h2>



Mozambique has substantially won its $3.1-billion lawsuit at London&#8217;s High Court against Emirati-Lebanese shipbuilder Privinvest for allegedly paying bribes in relation to the decade-old &#8220;tuna bond&#8221; scandal.



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



Cocoa arrivals at ports in top grower Ivory Coast had reached 1.655 million metric tons by July 28 since the start of the season on Oct. 1, down 27.1% from the same period last season, exporters estimated on Monday.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on July 30

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, July 30 (Reuters)&nbsp;&#8211;&nbsp;The following economic events, equity and currency market moves may affect South African markets on Tuesday.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



South Africa&#8217;s government will hold its weekly auction of long-term bonds.



South Africa&#8217;s budget balance figures for June will be published.



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



South Africa&#8217;s rand slipped against a stronger dollar on Monday as markets looked towards a U.S. policy decision later this week, while concerns grew over a possible escalation in conflict in the Middle East.



On the Johannesburg Stock Exchange, the Top-40 index closed over 0.2% weaker.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Oil traded near seven-week lows on Tuesday as a softening demand outlook weighed on commodities, while bond, currency and stock markets traded cautiously ahead of central bank meetings in the U.S. and Japan and a slew of major corporate earnings reports.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The S&amp;P 500 closed barely higher after Monday&#8217;s choppy trading session as investors held their breath ahead of a raft of big technology company earnings, a Federal Reserve policy decision on interest-rate cuts and key US labor data, all due this week.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices held steady on Tuesday as investors looked for more cues on when the U.S. central bank will cut interest rates from this week&#8217;s Federal Reserve policy meeting and economic data releases.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Africa needs major advances for universal banking inclusion, says Standard Bank



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Alone in the water? Africa Energy the last man standing as TotalEnergies quits offshore gas finds



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 30

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-820x547.jpg" alt="" class="wp-image-512857" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the newly-commissioned Dangote petroleum refinery is pictured in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, July 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s government gave approval on Monday for state oil company NNPC Ltd to sell crude&nbsp;in the naira currency to&nbsp;the&nbsp;mega Dangote&nbsp;refinery effective&nbsp;immediately&nbsp;to help ease foreign exchange pressure.



The $20 billion Dangote refinery, Nigeria&#8217;s main oil refinery and billed to be the largest in Africa at full throttle, started production in January but has struggled to secure enough crude to meet its 650,000-barrel-per-day capacity.



Dangote previously had to buy oil on the international market, but it filed a complaint saying oil majors were blocking its access to locally produced crude by selling it above market price or claiming it was unavailable, forcing the refinery to rely on expensive imports.



The cabinet gave the nod for NNPC Ltd to start selling crude to Dangote and other local&nbsp;refineries&nbsp;immediately&nbsp;in naira to ease pressure on foreign exchange, Zacch Adedeji, a&nbsp;cabinet&nbsp;member&nbsp;who is chairman&nbsp;of&nbsp;Nigeria&#8217;s Federal&nbsp;Inland Revenue Service (FIRS), told reporters.



The refineries will also be able to sell refined fuels to local marketers in naira, he said.



&#8220;By this decision, the pressure on foreign exchange rates today will be reduced,&#8221; Adedeji said.



He explained that the previous scenario exerted a burden of $660 million in demand on foreign exchange per month, amounting to $7.92 billion annually. The new arrangement is projected to reduce this amount to around $50 million per month, or $600 million annually, leading to annual savings of $7.32 billion, Adedeji said.



Africa&#8217;s most populous country has suffered chronic dollar shortages that have forced authorities to devalue the naira twice within the past year.



Analysts say the decision to approve the crude sales in naira could reduce the need for the refineries to seek new loans from foreign lenders and help lower transportation costs.



&#8220;It is essentially a policy choice between substantial naira transactions versus Nigeria&#8217;s need for foreign currency,&#8221; said Ayodele Oni, energy lawyer and partner at Bloomfield, a Lagos-based law firm.



Local fuel marketers had been worried they would be unable to pay for supplies from the Dangote refinery when it starts pumping gasoline next month if priced in dollars.



Earlier this month, Nigeria&#8217;s oil regulator struck a deal with producers to allow sales of crude oil to domestic refiners at market prices as it sought to end a supply dispute that had strained relations with the oil majors.



(Additional reporting by Isaac Anyaogu; Writing by Elisha Bala-Gbogbo; Editing by Mark Potter, Susan Fenton and Paul Simao)

FILE PHOTO: A view of the newly-commissioned Dangote petroleum refinery is pictured in Ibeju-Lekki, Lagos

Nigeria allows state oil firm sales in local currency to mega refinery

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg" alt="" class="wp-image-493882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas</figcaption></figure>



WASHINGTON, July 29 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia has secured an agreement with the International Monetary Fund for a new financing program worth $3.4 billion, the IMF said on Monday.



Ethiopia&#8217;s central bank floated the country&#8217;s birr currency on Monday, a key step to secure IMF support, and to make progress on a long-delayed debt restructuring.



The Horn-of-Africa nation, which is struggling with high inflation and chronic foreign currency shortages, became the third economy on the continent in as many years to default on its debt at the end of last year.



It has been in talks with the IMF since last year to establish a new lending program, after the last fund-supported program agreed in 2019 was abandoned due to conflict in the northern region of Tigray that ended with a November 2022 peace deal.



Reuters previously reported Ethiopia was seeking to secure about $3.5 billion in a deal with the IMF.



The IMF said the agreement will enable an immediate disbursement of about $1 billion.



Africa&#8217;s second-most populous country requested a debt restructuring under the Group of 20&#8217;s Common Framework process in early 2021, but progress was slowed by the civil war in Tigray that lasted two years.



The government in Addis Ababa has unveiled some economic reforms, which analysts say are linked to the negotiations for a new IMF program, including the adoption of an interest rate-based monetary policy earlier this month.



(Reporting by Jasper Ward and Eric Beech; Writing by Duncan Miriri;)

IMF logo is seen outside the headquarters building in Washington

IMF, Ethiopia reach deal for $3.4 billion in financing

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="570" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-820x570.jpg" alt="" class="wp-image-512563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-820x570.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-768x534.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-1536x1068.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s former President Jacob Zuma, leader of the uMkhonto we Sizwe party, arrives to give an address on current political developments post-elections, in Sandton, South Africa, June 16, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, July 29 (Reuters) &#8211; Former South African president Jacob Zuma has been expelled from the African National Congress after backing a rival party in May&#8217;s parliamentary election, the ANC said on Monday.



Zuma was suspended from&nbsp;his long-time party&nbsp;in January after announcing he would&nbsp;support the&nbsp;new uMkhonto we Sizwe (MK) in the general election.&nbsp;He later became the leader and face of MK.



MK did better than expected in the poll and won about 15% of the vote, a major factor in the ANC&#8217;s loss of its majority for the first time since the apartheid era.



&#8220;Former President Jacob Zuma has actively impugned the integrity of the ANC and campaigned to dislodge the ANC from power, while claiming that he had not severed his membership,&#8221; ANC Secretary General Fikile Mbalula told the media.



&#8220;This conduct is irreconcilable with the spirit of organisational discipline and letter of the ANC Constitution.&#8221;



The ANC won 40.18% of the vote in the election, down from 57.50% it gathered in 2019, forcing it into a coalition government for the first time since it took power at the end of white minority rule in 1994. MK is now the official opposition.



MK responded to media reports that Zuma had been expelled in a statement earlier on Monday, criticizing the ANC&#8217;s process and condemning &#8220;grave injustices&#8221; against Zuma.



&#8220;President Zuma will engage his legal team to urgently determine the course of action,&#8221; it said.



Zuma will have 21 days to appeal the decision, the ANC said.



Zuma, whose nine years in office from 2009 were marked by corruption scandals and sluggish economic growth, has been at odds with the ANC&#8217;s leadership since he was forced to quit as party leader in 2018. He has repeatedly lashed out against his successor, President Cyril Ramaphosa.



(Reporting by Bhargav Acharya; Writing by Tannur Anders; Editing by Nellie Peyton and Peter Graff)

Reuters

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