Author: Martin Mwita

• DRC’s economy is rising with real GDP growth at 8.9 percent in 2022 and projected to 6.8 percent in 2023.
• Macroeconomic imbalances have, however, emerged piling inflationary pressures.
• The roiling conflict in the East and upcoming elections complicate macroeconomic management.

The International Monetary Fund (IMF) has outlined a number of tough measures for war-tone DRC as it seeks $200 million financing. The funds are part of the country’s Special Drawing Rights (SDR), the supplementary forex reserves maintained by the IMF. They are units of account for the IMF, and not a currency per se. What’s more, they represent a claim to currency held by IMF member countries and DR Congo can access about $200 million.

An IMF team led by Mercedes Vera Martin met with the authorities in Kinshasa between April 19–May 3. This was on the fourth review of the three-year arrangement under DRC’s Extended Credit Facility (ECF).

Macroeconomic

• KEPSA, Kenya’s private sector lobby, tables economic manifesto to spur jobs and wealth creation.
• The proposal seeks to deepen social transformation, bridge inequalities and enhance governance.
• The lobby group is also keen on investing in cutting-edge innovation and competitive human capital capabilities.

Kenya’s private sector plans to channel investments equivalent to 32 percent of the GDP each year, into key productive industries. The plan, which will be implemented in the next five years targets agribusiness, manufacturing, energy, financial services and infrastructure development.

According to the Kenya Private Sector Alliance (KEPSA) Chairperson Flora Mutahi, the initiative will spur business growth and create jobs.

A globally-competitive country

Ms Mutahi spoke when KEPSA hosted the Senate Liaison Committee Roundtable in Mombasa, bringing together the business community and the Legislators. The Committee is Chaired by the Deputy Speaker of the Senate Kathuri Murungi.

The forum sought to establish a partnership between KEPSA and the …

• 20 investments  in manufacturing, ICT, energy, health and agri-business have been signed in past two months.
• Latest Kenya-US trade ties place the East African country at a pole position on attracting more American dollars.
• Since President William Ruto took office in September 2022, Kenya-US engagements have been on a full throttle.

Deepening Kenya-US trade ties have started to pay dividends as American firms move to invest in East Africa’s largest economy. With modern infrastructure, and skilled labour force, Kenya offers one of the best opportunities for US investors eyeing the region.

Currently, Kenya is the second most preferred destination by Americans seeking to invest in Africa. The 2023 US government review shows Kenya hosts 142 American firms while Nigeria has 195 conglomerates.

Latest developments, however, place Kenya at a pole position in attracting more American investors in the short to medium-term.

Deepening Kenya-US bilateral ties

Since President William Ruto took …

Entering medical school in the USA is a dream for many aspiring healthcare professionals. However, before you can don that white coat and stethoscope, you must first navigate the rigorous medical school admission process, which often includes a crucial component: the admission interview. 

In this comprehensive guide, we’ll explore everything you need to know about preparing for medical school admission interviews in the USA, from understanding the interview format to mastering common interview questions and presenting yourself as a strong candidate.

Understanding the Medical School Admission Interview

Before focusing on preparation tips, it’s essential to understand the purpose and format of the medical school admission interview. Medical school interviews serve as an opportunity for admissions committees to assess candidates beyond their academic achievements. 

They aim to evaluate applicants’ interpersonal skills, communication abilities, ethical reasoning, and overall suitability for a career in medicine.

Preparing for the Interview

Preparing for a medical …

• African Development Bank tells Japanese investors putting their money in the continent is profitable.
•  Japan’s Foreign Direct Investments in Africa declined from $10 billion in 2016 to just $4.7 billion in 2020 during Covid-19, before picking up to $6 billion in 2021.
•  According to AfDB, Africa accounts for only 0.003 percent of Japan’s $2 trillion global Foreign Direct Investments.
• Japan’s Prime Minister Fumio Kishida announced during the TICAD 8 Summit in Tunis last year $30 billion for Africa, including support for startups.

Africa is keen to increase Japanese investment in the continent, the African Development Bank (AfDB) has indicated amid growing interest from other countries including China, Europe and the US.

The move comes after a slump in Japan’s Foreign Direct Investments (FDIs) in Africa, which declined from $10 billion in 2016 to just $4.7 billion in 2020 during Covid-19, before picking to $6 billion in 2021.

According to AfDB, …

• The pioneering accelerator programme aims to grow insurance coverage among low-income consumers by investing in innovative solutions in nine African countries.  
•  The expanded pan-African program is designed to support entrepreneurs in developing innovative solutions for the insurance sector.
•  It targets Insurtech (insurance technology) innovations from Egypt, Ethiopia, Kenya, Ghana, Morocco, Nigeria, Rwanda, Uganda, and Zimbabwe. 
•  The expansion of BimaLab is supported by $500,000 financing from the Swiss Re Foundation.

FSD Africa has partnered with the Swiss Re Foundation and the National Bank of Rwanda to launch BimaLab Africa Acceleration Programme to raise insurance uptake among low-income consumers in nine countries across the continent.

The expanded pan-African program is designed to support entrepreneurs in developing innovative solutions for Insurtech (insurance technology) innovations from Egypt, Ethiopia, Kenya, Ghana, Morocco, Nigeria, Rwanda, Uganda, and Zimbabwe.

The expansion of BimaLab is supported by $500,000 financing from the Swiss Re Foundation, which is among the …

• Project Management Institute’s recent Talent Gap report shows 2.3 million people will be needed each year to fill all project management-oriented (PMO) positions that are expected to open by 2030.
• To remain competitive, companies will need to hire problem solvers and relationship builders who can help drive change and deliver strategic value.
• During this decade, sub-Saharan Africa will witness a 40 percent growth in PMO employment opportunities.

African economies could be headed to a severe shortage of skilled project managers to implement critical infrastructure investments across the continent.

According to Project Management Institute’s most recent Talent Gap report, 2.3 million people will be needed each year to fill all project management-oriented (PMO) positions expected to open by 2030.

To remain competitive, companies will need to hire problem solvers and relationship builders who can help drive change and deliver strategic value.

During this decade, sub-Saharan Africa will witness a 40 percent …

• Competition for workers is rising significantly as populations age in rich and middle-income countries.
• In Sub-Saharan Africa, the Caribbean, and the Pacific, people with tertiary education are 30 times more likely to emigrate than those who are less educated.
• This migration can aggravate a shortage of skilled workers to provide essential services such as health care. And since governments cannot prevent people from leaving, they need to expand the training capacity for such skills, experts say.

Populations across the globe are aging at an unprecedented pace, turning many countries increasingly reliant on migration to realize their long-term growth potential, according to a new report from the World Bank.

The World Development Report 2023: Migrants, Refugees, and Societies, identifies this trend as a unique opportunity to make migration work better for economies and people.

Wealthy countries, as well as a growing number of middle-income countries—traditionally among the main sources of …

• Central Bank of Kenya (CBK) data shows remittance inflows in March hit $357.0 million compared to $309.2 million in February, an increase of 15.5 percent.
• Kenyans living and working abroad sent home $349.4 million in January, with the February figure being the lowest receipt since July last year. 
• The cumulative inflows for the 12 months to March 2023 totaled $4 billion compared to $3.9 billion in a similar period in 2022.

Kenyans in the diaspora sent home more money in the month of March compared to February and January, defying inflationary pressures being felt by households across the globe.

Central Bank of Kenya (CBK) data shows remittance inflows in March totaled $357.0 million compared to $309.2 million in February, an increase of 15.5 percent.

The inflows were $349.4 million in January, with the February figure being the lowest receipt since July last year.

The cumulative inflows for the 12 months …

• The GSMA’s State of the Industry Report on Mobile Money 2023 shows adoption rates are even more significant than expected.
• Registered accounts, transaction values, and deployments exceeded industry predictions. 
• In 2022, daily transactions via mobile money reached $3.45 billion, exceeding the $3 billion amount predicted in 2021.
• Total transaction value for mobile money grew by an incredible 22 percent between 2021 and 2022, from $1 trillion to around $1.26 trillion.  

Mobile money services are growing faster than predicted around the globe, as digital services continue to rise in popularity, according to the GSMA’s annual State of the Industry Report on Mobile Money 2023.

The report, published annually by the GSMA and funded by the Bill and Melinda Gates Foundation, demonstrates that rates of adoption are even quicker than expected, with the number of registered mobile money accounts growing by 13 percent year on year.

This is from 1.4 billion …