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Moody’s Maintains Egypt’s B2 Credit Rating

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Moody's Maintains Egypt's B2 Credit Rating

Egypt has maintained its B2 credit rating with Moody’s global credit rating agency.  That rating depicts a stable outlook.  The ratings agency says this was a result of the country’s diversified economy and adequate foreign exchange reserves.

Moody’s says Egypt has adopted policies that brought inflation under control and kept interest rates low, for a faster economic recovery.

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Egypt’s economic reform program of the past five years has been successful. The country is one of few countries in the northern African region that have managed to hold their own during the economic fallout caused by the COVID-19 pandemic.

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Experts say the country’s economic policies during the Coronavirus outbreak has kept interest rates low, thereby keeping prices and inflation rates low.

Moody’s forecasts, good performance in the medium term and predicts an impressive economic growth of five and a half percent next year, up from the current three percent.

READ:  Sudan: Eritrean President Concludes Visit To Sudan

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WFP Seeks Aid For South Sudan Flood Relief

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WFP Seeks Aid For South Sudan Flood Relief

Heavy seasonal rainfall, followed by devastating floods in South Sudan since June, have impacted more than 700,000 persons across the country. A large part of the nation is reported to be under water with the Nile River at its highest level in 50 years.

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South Sudan was already in a precarious situation due to food shortages from an overwhelming locust infestation and a health crisis from the global coronavirus pandemic.

The World Food Programme (WFP) says it has been providing food assistance to more than half a million persons in South Sudan’s flood-affected areas as the threat of famine increases within the country.

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A flood-displaced victim from Mathiang village says rains have destroyed everything, including houses, cattle, crops and sources of livelihood.

WFP spokesperson, Peter Smerdon says they are already under pressure in South Sudan because of conflict, high levels of displacement and, the added burden from flooding.

READ:  Nigeria Still Largest Rice Producer In Africa

World Food Programme is now seeking to raise 58 million dollars to continue providing relief.

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Libyans Protest Armed Militias In Tajoura City

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Libyans Protest Armed Militias In Tajoura City

Libyans have taken to the streets in the southeast of the capital Tripoli to protest against the presence of armed militias in the city of Tajoura.

Clashes broke out on Thursday between two militias loyal to the Tripoli-based and UN-recognized government of national accord. Militias used heavy weapons in a residential suburb that consequently resulted in the death of at least three persons. Several others were reported injured from the two camps and some private properties were damaged.

READ:  Ethiopia 'Disappointed' With US Mediation In Nile Dam Dispute

The United Nations support mission in the country had called for an urgent security reform on Friday as they reminded both parties of international humanitarian law obligations.

READ:  South Africa Drops To Seventh In COVID-19 Cases Globally

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Togo Appoints Its First Woman Prime Minister

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Togo Appoints Its First Woman Prime Minister

Togo has made an historic appointment of a female prime minister.  President Faure Gnassingbé has chosen the country’s first ever female to occupy the position.

Victoire Tomegah Dogbé, an economics and marketing graduate, has held a senior post in Gnassingbé’s office before the new role.

READ:  Sudan: Eritrean President Concludes Visit To Sudan

Prior to that, she spent a decade as minister of grass roots development and youth employment, and she had earlier worked for the United Nations Development Programme.

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Earlier on Friday, former Togolese prime minister Komi Selom Klassou and his government resigned, in an expected political reshuffle delayed by the coronavirus pandemic after Gnassingbe was re-elected in February for a fourth term in office after a constitutional change allowed him to run again.

READ:  Former Egyptian President Hosni Mubarak Dies At 91

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