Africa Deep Dive
Macroeconomic stability improves but still faces vulnerabilities due to tight funding conditions amid debt maturities and risks from social, political, insecurity, and climate factors
Improving macroeconomic conditions, including past-peak inflation, more stable currencies, and higher growth, are seen in most countries. However, their recoveries lack momentum, being susceptible to both domestic and external shocks. Social and political instability, security concerns, and climate events heighten this vulnerability. Additionally, tough borrowing access and decelerating global growth pose external risks. Yet, in some nations, structural reforms foster a more optimistic outlook.
Discussion Topics:
- What is the outlook for South Africa’s growth, fiscal position and electricity sector reform?
- How will the foreign exchange liquidity evolve in Nigeria and Egypt; and what are the implications for the macroeconomic outlook, as well as the banking and corporate segments?
- How much fiscal adjustment capacity do African sovereigns have amid a constrained backdrop?
- What is the outlook for debt restructuring progress in some African countries?
To view the details for the global event click here.
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SpeakersLucie Villa Senior Vice President, Sovereign Risk Moody's Ratings
Constantinos Kypreos Senior Vice President - Financial Institutions Group Moody's Ratings
Graham Taylor Senior Vice President - Infrastructure Finance Moody's Ratings
Mik Kabeya Vice President - Senior Analyst, Financial Institutions Group Moody's Ratings
Artem Frolov Vice President - Senior Analyst, Corporate Finance Group Moody's Ratings
Lisa Jaeger Vice President - Senior Analyst Moody's Ratings
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Event Manager
If you have any questions about the event, please contact Veronica Corsiero at Veronica.Corsiero@moodys.com.
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Lucie is the lead analyst for several Sub-Saharan African sovereigns and supranational issuers and is a senior member of Moody’s Africa Sovereign Ratings team. Prior to January 2015, she covered a variety of advanced and emerging market European sovereign credits, having joined the Sovereign Risk Group in early 2011 from Moody’s Sub-Sovereign Group.
Prior to joining Moody’s in 2007, Lucie spent two years at the French Ministry of Finance in the Forecast division, responsible for projections and analyses of France’s government finances.
Lucie holds a postgraduate degree in Probability and Statistics from a French Engineering School (ENSAI) and a Master’s degree in Economics from the Panthéon-Sorbonne University in Paris.
Constantinos is a Senior Vice President and leads a team of analysts covering banks in Africa, the Middle East and the Balkans.
Since joining Moody’s Limassol-based banking team in 2005, Constantinos has followed banks as lead analyst in South Africa, Egypt, Ghana, Israel, Greece, Bulgaria, Romania, Montenegro, Saudi Arabia and Qatar. He has authored numerous articles covering the African and Balkan banking systems and is a regular speaker at regional conferences.
Prior to joining Moody’s, Constantinos worked for PricewaterhouseCoopers in London, both in audit and advisory. He holds a BSs in Economics from Queen Mary, London University and is a member of the Institute of Chartered Accountants in England and Wales.
Graham Taylor is a Vice President – Senior Credit Officer in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charter holder. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than11,000 corporate issuers and 135 sovereign nations.
Mik Kabeya is a Vice President - Senior Analyst in the Financial Institutions Group, based in London. Mik covers financial institutions across the African continent. Prior to relocating to London, Mik was based in Dubai where he covered financial institutions based in the Middle East. Before joining Moody’s, Mik worked at Fullerton Financial Holdings and at BNP Paribas.
Artem Frolov is a Vice President – Senior Analyst in the Dubai office, covering a portfolio of mining companies in South Africa and the Commonwealth of Independent States (CIS) and real estate companies in Saudi Arabia.
Artem joined Moody’s in 2011 in Moscow where he at different times covered several portfolios of Russian and CIS corporates in different sectors, primarily steel and mining, and oil and gas.
Prior to joining Moody’s, he had worked for Fitch Ratings and several large banks in Moscow. Artem holds a PhD in Economics from the Finance Academy in Moscow.
Lisa Jaeger is a Vice President – Senior Analyst in Moody’s Corporate Finance Group based in Dubai. She is responsible for a diversified portfolio of issuers across the Middle East, Turkey and South Africa, including Investment Holding Companies and Conglomerates, Telecoms and Diversified Industrials. Lisa joined Moody’s in 2020 after spending 5 years at Goldman Sachs in London, where she was an Executive Director and senior credit risk manager, covering leveraged lending to corporates as well as real estate and structured finance lending and investing transactions. Prior to that, Lisa spent 6 years at J.P. Morgan in London, where she started her career with the bank’s credit risk graduate program in 2009, covering a wide range of different clients and products, including financial institutions, private equity sponsors and diversified investment grade and non-investment grade corporates. During her time at J.P. Morgan, she also spent one year in the leveraged finance origination team. Lisa holds a Master’s degree in Finance and Strategy from Sciences Po Paris. She speaks fluent English, German and French and is learning Arabic.