• 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 …

• 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 credit seeks to restore external sustainability, and strengthen debt management while creating fiscal space for accelerated and inclusive growth.
• The staff-level agreement is subject to IMF management approval and consideration by the Executive Board.
• Burundi’s reform program aims to support economic recovery from shocks.

The International Monetary Fund (IMF) has agreed to dispatch a $261.7 million loan to crisis-saddled Burundi, its first in nearly a decade, as the country moves to bolster economic recovery and reforms.

The IMF boost to the poverty-stricken nation follows “a staff-level agreement on economic policies and reforms” that was struck for a new 40-month arrangement under the Extended Credit Facility (ECF) after the lender’s Mission Chief for Burundi, Mame Astou Diouf, visited Bujumbura in February.

Burundi’s reform program aims to support economic recovery from shocks, restore external sustainability, and strengthen debt management while creating fiscal space for accelerated and inclusive growth.

Since 2015, Burundi…

• Africa is at the center of global sustainability transitions such as decarbonization of production systems.
• The continent is also seeing electrification of transportation infrastructure and accelerated use of renewable energy.
• African Continent Free Trade Area (AfCFTA) is an opportunity to bridge the inequality and vulnerability gap while fostering recovery and transformation in Africa.

Africa – pummeled by a combination of crises – should swiftly invest in and implement people-centered strategies to mobilize financial resources and accelerate continental economic recovery, the Economic Commission for Africa now says.

Speaking during the opening of the ministerial segment of the 55th Session of ECA’s Conference of African Ministers of Finance, Planning and Economic Development, in Ethiopia, Executive Secretary Antonio Pedro said Africa was at the center of global sustainability transitions, such as decarbonization of production systems, electrification of transportation infrastructure and accelerated use of renewable energy, which he said should underpin its recovery from …