Browsing: economic crisis

Sierra Leone's economic crisis has sparked protests

xternal and domestic economic shocks disrupted Sierra Leone’s post-pandemic recovery, exacerbating existing macro-fiscal vulnerabilities and plunging Sierra Leone into a severe economic crisis. In Sierra Leone’s presidential poll today, the citizens will look to choose the best promise for an economic rebuild.…

Currency depreciation in Africa

The Kwacha is the official currency of Zambia. The country’s foreign exchange rate remained unsettled for a very long time. However, Zambia has made substantial steps in recent years to strengthen its currency through economic measures and foreign support.

Zambia has set an example for other African nations by efficiently controlling its currency. While facing numerous economic issues, such as a drop in copper prices and a large debt, the Kwacha exchange rate has remained reasonably constant.…

Agriculture driving Côte d’Ivoire’s economy

Côte d’Ivoire’s economy remains on a favourable trajectory. The economy needs bolstering to expedite the structural change of its economy as envisioned by the new 2030 plan. To achieve this, the nation needs to raise its investments in new sectors with considerable potential for wealth generation and improvement in quality of life. These sectors would enable the inclusion and realisation of benefits for women and the most disadvantaged populations in society, especially those residing in the most isolated rural areas.…
  • Sri Lanka is facing the worst economic crisis since independence that has led to shortages of basic commodities such as fuel and medicine 
  • The country will receive a US$1 billion loan from India to ease the crisis amid ongoing protests by tens of thousands of citizens 
  • Over the past few months, India has provided Sri Lanka with loans amounting to US$500 million to purchase fuel and a currency swap of US$400 million under the Saarch facility

India and Sri Lanka will finalise a US$1 billion line of credit on Thursday, March 17, 2022.

According to Hindustan Times, the funds by India are expected to help Sri Lanka cope with the ongoing economic crisis, which is the worst that the island nation has faced in decades.

Sri Lanka will use the funding to acquire essentials such as food and medicine.

Read: With AfCFTA, what’s in Africa for India?

The funds follow …