1 00:00:02,520 --> 00:00:08,480 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,600 --> 00:00:13,360 Speaker 2: At a gloomy IMF Spring meeting in foggy bottom, President 3 00:00:13,360 --> 00:00:17,120 Speaker 2: Trump's tariffs are putting more pressure on African economies trying 4 00:00:17,160 --> 00:00:20,520 Speaker 2: to negotiate new help from the fund. If you balance 5 00:00:20,560 --> 00:00:22,800 Speaker 2: your baja now, you loat offer services to the people, 6 00:00:23,000 --> 00:00:25,239 Speaker 2: and no one will accept to pay taxes if they're 7 00:00:25,239 --> 00:00:28,840 Speaker 2: not receiving services. While ghanem and Zambia have turned their 8 00:00:28,840 --> 00:00:33,640 Speaker 2: economies around with IMF help, Kenya, Mozambique and Senegal find 9 00:00:33,680 --> 00:00:38,000 Speaker 2: themselves having to try and negotiate new IMF programs at 10 00:00:38,000 --> 00:00:40,240 Speaker 2: a time when there's less help to be found. 11 00:00:40,400 --> 00:00:45,279 Speaker 1: We are downgrading our forecasts for almost all countries as 12 00:00:45,320 --> 00:00:47,640 Speaker 1: a result of trade pensions. 13 00:00:48,000 --> 00:00:50,959 Speaker 2: On this week's Next Africa Podcast, we look at what 14 00:00:51,000 --> 00:00:53,600 Speaker 2: the mood is like at the Spring meetings and what 15 00:00:53,720 --> 00:00:56,640 Speaker 2: African governments can hope to get from the IMF and 16 00:00:56,680 --> 00:01:03,600 Speaker 2: whether they can sell that back home. I'm Jennifer Zabasaja, 17 00:01:03,880 --> 00:01:06,920 Speaker 2: and this is the Next Africa Podcast, bringing you one 18 00:01:07,000 --> 00:01:10,319 Speaker 2: story each week from the continent driving the future of 19 00:01:10,360 --> 00:01:16,200 Speaker 2: global growth with the context only Bloomberg can provide. Joining 20 00:01:16,319 --> 00:01:19,080 Speaker 2: us to discuss this week is our reporter Matthew Hill. 21 00:01:19,240 --> 00:01:22,040 Speaker 2: He's based in Cape Down that has been following these 22 00:01:22,120 --> 00:01:25,280 Speaker 2: IMF proceedings very closely this week and also for the 23 00:01:25,319 --> 00:01:28,520 Speaker 2: past few years. Matthew, thank you so much for joining us. 24 00:01:28,560 --> 00:01:29,839 Speaker 2: Great to have you on the pod. 25 00:01:30,480 --> 00:01:32,920 Speaker 1: Hi Jen, Yeah, thanks very much for having me. I'm 26 00:01:32,920 --> 00:01:34,920 Speaker 1: doing well. How about you? Good? Good? 27 00:01:35,319 --> 00:01:39,960 Speaker 2: And you know, really fascinating times to be talking to 28 00:01:40,040 --> 00:01:43,160 Speaker 2: you and to be watching how finance ministers and central 29 00:01:43,200 --> 00:01:46,479 Speaker 2: bank governors are navigating a lot of the discussions right 30 00:01:46,480 --> 00:01:50,240 Speaker 2: now around the Spring meetings. Let's just start with the 31 00:01:50,280 --> 00:01:54,560 Speaker 2: backdrop of the Spring meetings. It's it's been based on 32 00:01:54,800 --> 00:01:56,360 Speaker 2: some of the studies that have been coming out over 33 00:01:56,360 --> 00:01:59,760 Speaker 2: the past few days, quite a gloomy outlook on the 34 00:01:59,720 --> 00:02:03,720 Speaker 2: glove glible economy. What exactly have we heard from the 35 00:02:03,760 --> 00:02:08,200 Speaker 2: IMF about where we're at right now and potentially where 36 00:02:08,200 --> 00:02:09,280 Speaker 2: they're expecting us to go? 37 00:02:11,680 --> 00:02:13,560 Speaker 1: Just to set the scene a little bit, every year, 38 00:02:13,800 --> 00:02:17,880 Speaker 1: during the Spring Meetings in Washington, the IMF announces its 39 00:02:17,960 --> 00:02:22,519 Speaker 1: latest World Economic Outlook that has all kinds of forecasts 40 00:02:22,520 --> 00:02:27,120 Speaker 1: about growth, commodity prices, and other numbers that investors and 41 00:02:27,200 --> 00:02:32,320 Speaker 1: governments pay very close attention to. This month, just a 42 00:02:32,360 --> 00:02:36,400 Speaker 1: couple of weeks ahead of the meetings, President Trump dropped 43 00:02:36,440 --> 00:02:41,560 Speaker 1: his tariff bondshell at the White House Rose Garden, and 44 00:02:41,680 --> 00:02:47,000 Speaker 1: that's basically changed everything. You can imagine the IMF economists 45 00:02:47,080 --> 00:02:50,440 Speaker 1: just a couple of blocks away scrambling to revise all 46 00:02:50,480 --> 00:02:55,400 Speaker 1: their numbers and get the World Economic Outlook redone to 47 00:02:55,480 --> 00:03:01,200 Speaker 1: reflect the outsized impact. The result, in short is slower growth. 48 00:03:01,720 --> 00:03:06,680 Speaker 1: And for Sub Saharan Africa, the Fund cut its expansion 49 00:03:06,720 --> 00:03:11,959 Speaker 1: forecast for twenty twenty five by more than the global average, 50 00:03:12,520 --> 00:03:16,399 Speaker 1: to three point eight percent from the four point two 51 00:03:16,400 --> 00:03:19,320 Speaker 1: percent it saw as recently as January. 52 00:03:19,639 --> 00:03:22,760 Speaker 2: So three point eight percent growth for twenty twenty five 53 00:03:23,080 --> 00:03:25,080 Speaker 2: for Sub Saharan Africa is that what you're saying? 54 00:03:25,560 --> 00:03:29,440 Speaker 1: That's right? In January this year, the IMF gave an 55 00:03:29,480 --> 00:03:33,320 Speaker 1: update to its World Economic Outlook that saw growth at 56 00:03:33,600 --> 00:03:37,600 Speaker 1: four point two percent for twenty twenty five. So cutting 57 00:03:37,680 --> 00:03:42,320 Speaker 1: that now to three point eight percent in its outlook 58 00:03:42,360 --> 00:03:45,360 Speaker 1: that it released this week, that's a pretty sharp cut. 59 00:03:45,480 --> 00:03:49,960 Speaker 2: What does that say, Matt about the Sub Saharan African 60 00:03:50,000 --> 00:03:53,800 Speaker 2: economy right now? What more should we expect the IMF 61 00:03:53,880 --> 00:03:57,000 Speaker 2: to expand on based on these numbers that you were 62 00:03:57,000 --> 00:03:57,880 Speaker 2: just outlining there. 63 00:03:59,280 --> 00:04:03,960 Speaker 1: The main thing I guess are what the lower commodity 64 00:04:04,040 --> 00:04:09,760 Speaker 1: prices and slower global growth mean for African economies. For 65 00:04:09,840 --> 00:04:15,400 Speaker 1: oil exports like in Golan Nigeria, the impact is quite pronounced. 66 00:04:16,080 --> 00:04:20,400 Speaker 1: On the other hand, gold prices keep hitting new highs, 67 00:04:21,120 --> 00:04:26,599 Speaker 1: and for the continent's biggest producer of gold, Garner, it 68 00:04:26,640 --> 00:04:31,479 Speaker 1: will benefit from that. Oil importers like South Africa will 69 00:04:31,600 --> 00:04:35,960 Speaker 1: also benefit because of low inflation. And I'm also watching 70 00:04:36,000 --> 00:04:40,760 Speaker 1: out for what all of this means for debt sustainability 71 00:04:40,800 --> 00:04:43,479 Speaker 1: on the continent. That's been a big theme in recent 72 00:04:43,560 --> 00:04:48,520 Speaker 1: years after the pandemic, and we've already seen Zambia, Garner, 73 00:04:48,880 --> 00:04:54,279 Speaker 1: and Ethiopia defaulting on their debt and seeking debt restructuring. 74 00:04:54,800 --> 00:04:58,839 Speaker 1: With slower global growth and lower commodity prices, that means 75 00:04:58,880 --> 00:05:02,120 Speaker 1: that the risks are are only growing for other countries. 76 00:05:02,920 --> 00:05:07,640 Speaker 1: And we've already seen the continents governments were on average 77 00:05:07,680 --> 00:05:11,800 Speaker 1: spending twenty seven percent of their revenue, so that's more 78 00:05:11,839 --> 00:05:15,839 Speaker 1: than a quarter of their total revenues on interest payments 79 00:05:16,000 --> 00:05:20,800 Speaker 1: last year. So this really just makes the strings much higher. 80 00:05:21,360 --> 00:05:24,719 Speaker 2: Well, let's talk more about that, Matt, because you have 81 00:05:24,839 --> 00:05:29,000 Speaker 2: been following some of these IMF programs very closely, in 82 00:05:29,040 --> 00:05:33,719 Speaker 2: particular Zambia. Of course, as far as Zambia and Ganna 83 00:05:33,800 --> 00:05:37,120 Speaker 2: Go and their IMF programs, maybe let's start with the 84 00:05:37,200 --> 00:05:40,440 Speaker 2: assessment of these two countries and how these programs have 85 00:05:40,520 --> 00:05:42,920 Speaker 2: gone with the IMF at this point. 86 00:05:43,160 --> 00:05:47,120 Speaker 1: Yeah, that's an interesting question. I interviewed the Zambian Finance 87 00:05:47,200 --> 00:05:50,119 Speaker 1: minister just a few days ago and he spoke quite 88 00:05:50,160 --> 00:05:55,560 Speaker 1: glowingly about how Zambia's IMF program has worked out for them. 89 00:05:55,720 --> 00:05:59,640 Speaker 1: The government essentially had to get on an IMF program 90 00:06:00,040 --> 00:06:03,320 Speaker 1: when it defaulted on its debt back in twenty twenty 91 00:06:03,480 --> 00:06:07,000 Speaker 1: and announced that it needed to restructure it. It sought 92 00:06:07,080 --> 00:06:10,640 Speaker 1: to do that using the Group of Twenties Common Framework, 93 00:06:10,680 --> 00:06:14,200 Speaker 1: which is basically a set of guidelines for poor countries 94 00:06:14,240 --> 00:06:18,480 Speaker 1: to use to restructure their debt that requires an IMF 95 00:06:18,600 --> 00:06:22,880 Speaker 1: program to be in place. But with that IMF program, 96 00:06:23,240 --> 00:06:26,360 Speaker 1: the country's economy has done quite well. Even with the 97 00:06:26,360 --> 00:06:30,360 Speaker 1: worst drought in decades that it suffered last year, growth 98 00:06:30,640 --> 00:06:34,880 Speaker 1: was still at four percent, which was much higher than 99 00:06:35,040 --> 00:06:39,799 Speaker 1: what the initial expectations were, and the government still sees 100 00:06:40,160 --> 00:06:44,479 Speaker 1: the economy expanding by six point six percent this year, 101 00:06:45,160 --> 00:06:49,719 Speaker 1: which would be the best outcome for Zambia since twenty twelve. 102 00:06:49,960 --> 00:06:55,120 Speaker 1: Copper production, which is Zambia's main export, is booming and 103 00:06:55,200 --> 00:06:58,440 Speaker 1: the government's forecasting that it could reach a million tons 104 00:06:58,440 --> 00:07:02,760 Speaker 1: this year for the first time. And though the debt 105 00:07:02,800 --> 00:07:06,520 Speaker 1: restructuring process has taken years and it's still not one 106 00:07:06,600 --> 00:07:11,400 Speaker 1: hundred percent complete, the economy really does seem to have 107 00:07:11,480 --> 00:07:14,320 Speaker 1: turned a corner. We're also seeing inflation coming down. The 108 00:07:14,320 --> 00:07:17,160 Speaker 1: government expects that it's going to be within its target 109 00:07:17,200 --> 00:07:20,280 Speaker 1: band of four to eight percent for the first time 110 00:07:20,920 --> 00:07:23,640 Speaker 1: in years by the end of the year, and the 111 00:07:23,680 --> 00:07:27,280 Speaker 1: government's restored budget credibility. It's also at the same time 112 00:07:27,520 --> 00:07:32,360 Speaker 1: managed to boost spending in crucial areas like education two 113 00:07:32,560 --> 00:07:38,560 Speaker 1: even with the pretty strict targets that the IMFs set right. 114 00:07:38,280 --> 00:07:40,720 Speaker 2: And we've talked about the Common Framework and some of 115 00:07:40,760 --> 00:07:44,840 Speaker 2: the criticisms around that in the past, Matt, can you 116 00:07:44,880 --> 00:07:47,080 Speaker 2: talk to us about then Ghana and how that story 117 00:07:47,120 --> 00:07:47,560 Speaker 2: is different. 118 00:07:48,160 --> 00:07:51,280 Speaker 1: Gan has also done quite well. It's performed better under 119 00:07:51,320 --> 00:07:56,240 Speaker 1: its economic program, its IMF program, though we did see 120 00:07:56,320 --> 00:08:01,600 Speaker 1: some slippage last year as the government increase spending ahead 121 00:08:01,640 --> 00:08:06,600 Speaker 1: of very elections. The new administration has committed to bringing 122 00:08:06,600 --> 00:08:11,120 Speaker 1: the program back on course by returning to a primary 123 00:08:11,160 --> 00:08:15,120 Speaker 1: budget surplus this year after a deficit last year. And 124 00:08:15,880 --> 00:08:20,120 Speaker 1: for both Zambia and Ghana, they both made big strides 125 00:08:20,720 --> 00:08:24,600 Speaker 1: in restructuring their debt, thanks in part to support from 126 00:08:24,640 --> 00:08:25,360 Speaker 1: the IMF. 127 00:08:25,680 --> 00:08:28,040 Speaker 2: And stick with us, Matthew. When we come back, we'll 128 00:08:28,080 --> 00:08:29,880 Speaker 2: talk about some of the countries that are having a 129 00:08:30,000 --> 00:08:32,880 Speaker 2: bit tougher over time with the IMF and the programs, 130 00:08:33,280 --> 00:08:37,040 Speaker 2: and what hope there might be for renegotiation. We'll be 131 00:08:37,120 --> 00:08:46,360 Speaker 2: right back and welcome back. 132 00:08:46,440 --> 00:08:46,720 Speaker 1: Today. 133 00:08:46,760 --> 00:08:50,400 Speaker 2: We're looking into the IMF Spring meetings that happened in 134 00:08:50,640 --> 00:08:54,320 Speaker 2: Washington over the past two days. Matthew Hill, our Bloomberg reporter, 135 00:08:54,480 --> 00:08:57,040 Speaker 2: is joining us. So, Matthew, we've talked about some of 136 00:08:57,080 --> 00:09:00,640 Speaker 2: the winners, so called winners from the IMF programs, but 137 00:09:00,720 --> 00:09:03,880 Speaker 2: it's not all good news for Sub Saharan African economies, 138 00:09:04,240 --> 00:09:08,200 Speaker 2: especially Kenya and Mozambique, both which have had to scrape 139 00:09:08,240 --> 00:09:12,200 Speaker 2: their IMF programs. How do these compare to some of 140 00:09:12,200 --> 00:09:14,400 Speaker 2: these other countries that you just outlined. 141 00:09:14,000 --> 00:09:18,880 Speaker 1: For us, the difference has been pretty significant and violent 142 00:09:19,160 --> 00:09:24,960 Speaker 1: in the cases of Kenya and Mozambique. I mean, for Kenya, 143 00:09:25,559 --> 00:09:29,560 Speaker 1: the big problem has been to meet the targets of 144 00:09:29,600 --> 00:09:36,040 Speaker 1: its IMF program. After massive resistance from citizens against tax increases, 145 00:09:36,080 --> 00:09:40,760 Speaker 1: the government tried to push through last year and ultimately 146 00:09:41,200 --> 00:09:46,080 Speaker 1: the government had to withdraw the proposed legislation that would 147 00:09:46,160 --> 00:09:52,640 Speaker 1: significantly increase the tax burden on citizens. Last month, the 148 00:09:53,080 --> 00:09:59,120 Speaker 1: IMF announced that Kenya wouldn't complete its existing program and 149 00:09:59,280 --> 00:10:02,760 Speaker 1: the government had instead asked for a new one, and 150 00:10:03,040 --> 00:10:06,520 Speaker 1: our colleagues in Nairobi have done some great reporting around 151 00:10:06,559 --> 00:10:10,360 Speaker 1: that and the reasons why, and largely because it missed 152 00:10:10,679 --> 00:10:15,320 Speaker 1: revenue benchmarks that had agreed to with the IMF. We've 153 00:10:15,320 --> 00:10:20,960 Speaker 1: seen a similar situation with Mozambique. The IMF last Friday 154 00:10:21,720 --> 00:10:27,120 Speaker 1: announced that its program with the Southeast African nation would 155 00:10:27,200 --> 00:10:30,800 Speaker 1: also end prematurely and talks on a new one would 156 00:10:30,840 --> 00:10:37,000 Speaker 1: start soon. Mozambique is in a really tight spot economically 157 00:10:37,040 --> 00:10:43,240 Speaker 1: at the moment. We've seen unprecedented protests after its elections 158 00:10:43,280 --> 00:10:48,880 Speaker 1: in October. Those really hit the economy hard and government 159 00:10:48,960 --> 00:10:55,120 Speaker 1: revenues with it, and the government had already been struggling 160 00:10:55,200 --> 00:10:58,880 Speaker 1: to keep in line with its IMF program even before 161 00:10:58,920 --> 00:11:03,800 Speaker 1: the elections. There were big problems with the civil servants 162 00:11:03,840 --> 00:11:11,079 Speaker 1: wageable especially and now social tensions are still really fragile 163 00:11:11,360 --> 00:11:16,480 Speaker 1: after the election protests, and debt servicing is placing huge 164 00:11:16,520 --> 00:11:22,920 Speaker 1: strain on the government's finances. So it is a really, 165 00:11:23,080 --> 00:11:26,960 Speaker 1: really tough time for the government to be trying to 166 00:11:27,000 --> 00:11:32,319 Speaker 1: push through any aggressive reforms that could come with a 167 00:11:32,360 --> 00:11:33,720 Speaker 1: fresh iron left program. 168 00:11:34,080 --> 00:11:37,520 Speaker 2: Yeah, and I mean many people probably remember some of 169 00:11:37,559 --> 00:11:42,800 Speaker 2: those pictures from Mozambika, Maputo and also in Nairobi. When 170 00:11:42,840 --> 00:11:47,280 Speaker 2: you think about what these governments are facing, are they 171 00:11:47,320 --> 00:11:49,720 Speaker 2: stuck between a rock and a hard place? Because on 172 00:11:49,760 --> 00:11:52,280 Speaker 2: the one hand, they do see some of these other 173 00:11:52,320 --> 00:11:55,200 Speaker 2: countries like Ghana and Zambia who have at least been 174 00:11:55,240 --> 00:11:58,000 Speaker 2: able to usher in some new policies and make some changes, 175 00:11:58,400 --> 00:12:01,640 Speaker 2: But then when these governments try to do so, they're 176 00:12:01,679 --> 00:12:06,000 Speaker 2: met with resistance. So have we heard anything from them 177 00:12:06,679 --> 00:12:09,800 Speaker 2: about negotiations, whether or not that's even on the table 178 00:12:10,440 --> 00:12:11,600 Speaker 2: during these spring meetings. 179 00:12:12,120 --> 00:12:15,800 Speaker 1: Yeah, that's a very important point. Obviously. Now with the 180 00:12:16,840 --> 00:12:21,920 Speaker 1: global economic backdrop becoming like Gloomia, that also makes it 181 00:12:21,960 --> 00:12:26,080 Speaker 1: even more difficult. In both of these countries, the governments 182 00:12:26,120 --> 00:12:31,479 Speaker 1: are faced with incredibly difficult decisions. Both need the financing 183 00:12:31,720 --> 00:12:36,840 Speaker 1: from what's known as the lender of last resort, and 184 00:12:37,000 --> 00:12:43,120 Speaker 1: with the soarrowing borrowing costs in commercial debt markets, those 185 00:12:43,240 --> 00:12:49,000 Speaker 1: have made it unattractive to borrow for now, maybe even impossible. 186 00:12:49,520 --> 00:12:54,559 Speaker 1: And another element is that the IMF deals usually bring 187 00:12:54,720 --> 00:13:00,640 Speaker 1: with them more concessional financing from others like the Bank 188 00:13:00,800 --> 00:13:05,760 Speaker 1: and the African Development Bank too. But to agree to 189 00:13:05,880 --> 00:13:09,840 Speaker 1: the frameworks that the governments can sell to both their 190 00:13:09,840 --> 00:13:14,200 Speaker 1: own populations as well as the IMF back in Washington 191 00:13:15,320 --> 00:13:18,880 Speaker 1: is not an easy task. And I think some of 192 00:13:18,920 --> 00:13:22,319 Speaker 1: those tough discussions are taking place this week. 193 00:13:23,320 --> 00:13:27,000 Speaker 2: And Matt, what if any impact does the US's pullback 194 00:13:27,080 --> 00:13:30,960 Speaker 2: in aid to Sub Saharan Africa have to do with 195 00:13:31,000 --> 00:13:35,280 Speaker 2: some of these negotiations. Could it play into these discussions. 196 00:13:35,240 --> 00:13:39,280 Speaker 1: A very important point. It's easy to forget that before 197 00:13:39,320 --> 00:13:43,800 Speaker 1: the tariffs, we had this huge pullback in aid from 198 00:13:43,880 --> 00:13:49,160 Speaker 1: the US, which really just adds to pressures and complexities 199 00:13:49,240 --> 00:13:52,839 Speaker 1: of these talks and adds to the headache that governments 200 00:13:52,960 --> 00:13:57,640 Speaker 1: like Mozambique face when drawing up their budgets. There's millions 201 00:13:57,679 --> 00:14:00,200 Speaker 1: of dollars tens or hundreds of millions of dollars that 202 00:14:00,400 --> 00:14:03,320 Speaker 1: used to be that simply aren't anymore, and of course 203 00:14:03,360 --> 00:14:06,000 Speaker 1: it's not just the US. We've seen the UK also 204 00:14:06,040 --> 00:14:10,040 Speaker 1: announcing that it plans on cutting its aid budget in 205 00:14:10,120 --> 00:14:13,240 Speaker 1: favor of defense spending, and there's other European countries that 206 00:14:13,280 --> 00:14:19,480 Speaker 1: are following suit too. So rarely for low income African 207 00:14:19,480 --> 00:14:22,840 Speaker 1: countries that were relying on all of this aid, they 208 00:14:22,840 --> 00:14:27,320 Speaker 1: have to either cut spending or try find the money elsewhere. 209 00:14:28,320 --> 00:14:30,840 Speaker 2: Matt, Before I let you go, I wanted to ask 210 00:14:30,920 --> 00:14:34,480 Speaker 2: this question that I think has been up for debate 211 00:14:34,560 --> 00:14:36,840 Speaker 2: for quite a while when it comes to the IMF 212 00:14:37,240 --> 00:14:40,080 Speaker 2: and some of these programs, and you mentioned it earlier, 213 00:14:40,120 --> 00:14:43,760 Speaker 2: the Common Framework. Do you expect this to continue to 214 00:14:43,880 --> 00:14:47,760 Speaker 2: be the framework that is used to support some of 215 00:14:47,760 --> 00:14:50,920 Speaker 2: these Sub Saharan African economies. Are we seeing enough good 216 00:14:50,960 --> 00:14:56,040 Speaker 2: examples of how this could potentially work or could we 217 00:14:56,080 --> 00:14:59,840 Speaker 2: potentially get some new discussions in place for other options, 218 00:15:00,080 --> 00:15:03,440 Speaker 2: especially when you look at the global backdrop right now? 219 00:15:03,880 --> 00:15:06,520 Speaker 1: Yeah, I guess that's quite a difficult question that some 220 00:15:06,640 --> 00:15:10,400 Speaker 1: governments are going to be grappling with in the coming months. 221 00:15:10,760 --> 00:15:17,160 Speaker 1: For now, the G twenty Common Framework for Restructuring debt 222 00:15:17,440 --> 00:15:22,280 Speaker 1: is basically all that low income countries have to work with. 223 00:15:22,640 --> 00:15:26,240 Speaker 1: We've seen that in gn A, Zambia now Ethiopia, which 224 00:15:26,280 --> 00:15:30,200 Speaker 1: is also defaulted and is restructuring its debt using the 225 00:15:30,200 --> 00:15:34,600 Speaker 1: Common Framework. The process has taken years, it has improved 226 00:15:34,760 --> 00:15:37,760 Speaker 1: as things have gone along, and there have been efforts 227 00:15:37,960 --> 00:15:42,520 Speaker 1: under the IMF. They've got what is known as the 228 00:15:42,560 --> 00:15:47,400 Speaker 1: Global Sovereign Debt Round Table, which seems to make sure 229 00:15:47,440 --> 00:15:52,440 Speaker 1: that processes are expedited and work more efficiently. But for now, 230 00:15:52,520 --> 00:15:55,640 Speaker 1: the Common Framework is what we have. I mean, there's 231 00:15:55,680 --> 00:15:59,000 Speaker 1: also an expectation that a lot well, that more countries 232 00:15:59,560 --> 00:16:04,800 Speaker 1: might be going to the International Monetary Fund for financial 233 00:16:04,800 --> 00:16:09,640 Speaker 1: assistance this year amid all this uncertainty on lower revenues, 234 00:16:10,120 --> 00:16:13,560 Speaker 1: and of course for countries already in discussions with the IMF, 235 00:16:13,880 --> 00:16:17,520 Speaker 1: the economic shock that we're seeing right now could inject 236 00:16:17,520 --> 00:16:20,240 Speaker 1: a new sense of urgency into those talks. 237 00:16:20,720 --> 00:16:22,560 Speaker 2: And you can read all of our coverage on the 238 00:16:22,600 --> 00:16:28,160 Speaker 2: IMF Spring meetings across Bloomberg platforms. Now here's some of 239 00:16:28,200 --> 00:16:31,440 Speaker 2: the other stories we've been following across the region this week. 240 00:16:32,240 --> 00:16:35,400 Speaker 2: Traders raise their bets that South Africa's Central Bank will 241 00:16:35,440 --> 00:16:39,480 Speaker 2: resume its rate cutting cycle next month after inflation slowed 242 00:16:39,520 --> 00:16:42,560 Speaker 2: to its lowest level in almost five years in March, 243 00:16:42,960 --> 00:16:46,920 Speaker 2: taking it below the floor of the central Bank's target range. 244 00:16:47,000 --> 00:16:50,480 Speaker 2: The annual inflation rate fell to two point seven percent 245 00:16:50,560 --> 00:16:53,800 Speaker 2: last month. That was less than the three percent median 246 00:16:54,040 --> 00:16:58,840 Speaker 2: estimate of fifteen economists in a Bloomberg survey. And South 247 00:16:58,840 --> 00:17:02,160 Speaker 2: Sudan will send on to Washington in the coming days 248 00:17:02,200 --> 00:17:04,840 Speaker 2: to discuss the return of one hundred and thirty seven 249 00:17:04,920 --> 00:17:09,080 Speaker 2: nationals the US intends to deport. Earlier this month, the 250 00:17:09,200 --> 00:17:13,679 Speaker 2: US suspended visas for all South Sudanese nationals after the 251 00:17:13,720 --> 00:17:17,640 Speaker 2: East African nation refused to receive a deportee who it 252 00:17:17,800 --> 00:17:22,440 Speaker 2: insisted wasn't a citizen. South Sudan later reversed its decision. 253 00:17:23,560 --> 00:17:26,840 Speaker 2: And you can follow these stories across Bloomberg, including the 254 00:17:26,880 --> 00:17:29,600 Speaker 2: Next African Newsletter. We'll put a link to that in 255 00:17:29,640 --> 00:17:35,760 Speaker 2: the show notes. This program was produced by Adrian Bradley. 256 00:17:35,880 --> 00:17:38,560 Speaker 2: Don't forget to follow and review this show wherever you 257 00:17:38,680 --> 00:17:42,680 Speaker 2: usually get your podcasts. I'm Jennifer's Abasaja. Thanks as always 258 00:17:42,720 --> 00:17:43,320 Speaker 2: for listening.