Development Digest: Africa's Week in Numbers

166.83%

Sudan's inflation rate reached 1666.83% in August, according to the CBS. The country's inflation rate passed the 100% mark in May, then surged to 143.78% in July and then to 166.83% last month.

Sudan declared an economic state of emergency on the 1oth of September triggered by what it termed a "systemic vandalism" of its currency.

10, 50, 100 & 200

The Ethiopian government unveiled a new set of Birr notes as a part of its efforts to curtail cash hoarding, tackle illegal activities, lower corruption and boost its ailing economy. The demonetization strategy will cost over $97 million.

Ethiopians have three months to replace their old notes with the new ones.

8.2%

The South African Central Bank forecasts the economy to shrink by 8.2% in 2020. This is a revised figure from the 7.3% which was predicted in July. Meanwhile, some forecasts predict a double-digit contraction.

This is South Africa's worst economic contraction since the Great Depression of the 1930s.

$1.75 Bn

The US International Development Finance Corporation (DFC), has approved transactions worth $1.7 billion to Mozambique to fund natural gas projects in the Southern African country.

Over the third quarter of 2020, the DFC has authorised investments totalling more than $3.6bn worldwide, with nearly half of this amount allocated to Mozambique.

$1 Bn

The International Monetary Fund has authorised an immediate $1 billion disbursement to Angola as its economy struggles with the attendant effect of the pandemic and global drop in oil prices.

The IMF also added $765 million to a three-year aid program for the Southern African nation to help it deal with the pandemic’s impact on the economy.

Thank you for reading,

Stephannie