“Tighter monetary conditions are pushing government interest rates for local currency borrowing to higher levels, from an average of 12.8% in 2023 to 19.7% between January and May 2024. As the government is predominantly borrowing in domestic markets, this will have a significant impact on interest spending, which we expect will increase by 1 percentage of GDP in 2024 and consume 36% of government revenue.”
Browsing: Moody’s
The African Export-Import Bank (Afreximbank), says it has received a set of strong credit rating affirmations and “Positive” outlooks from Moody’s,…