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Browsing: Covid-19 pandemic
- Africa received loans worth $4.6 billion from China last year, an increase from what economies across the continent received in 2022.
- This amount is, however, a far cry from Beijing’s massive infrastructure financing witnessed before the Covid-19 pandemic.
- Beijing will host African leaders for the Forum on China-Africa Cooperation between September 4th-6th.
A total of nine countries in Africa received Chinese loans worth $4.6 billion last year, an increase from what economies across the continent received in 2022. However, this amount is a far cry from Beijing’s massive infrastructure financing that was witnessed before the Covid-19 pandemic.
The new statistics from the Boston University Global Development Policy Centre come just days before Beijing hosts African leaders for the Forum on China-Africa Cooperation, scheduled for September 4th-6th.
In 2023, lenders from China processed approximately 13 loans targeting various projects across the continent with the biggest beneficiary being players in the financial …
The United Nations (UN) has called for major reforms for two institutions considered key players in the new world order. Antonio Guterres, the UN secretary-general, is pushing for major changes in the IMF and the World Bank.
According to Guterres, the International Monetary Fund has profited the rich nations at the expense of the developing ones. The UN secretary-general describes the response by IMF and the World Bank towards the COVID-19 pandemic as a “glaring failure” that left most developing nations significantly indebted.…
Côte d’Ivoire’s economy remains on a favourable trajectory. The economy needs bolstering to expedite the structural change of its economy as envisioned by the new 2030 plan. To achieve this, the nation needs to raise its investments in new sectors with considerable potential for wealth generation and improvement in quality of life. These sectors would enable the inclusion and realisation of benefits for women and the most disadvantaged populations in society, especially those residing in the most isolated rural areas.…
The aviation industry in Kenya has recovered from the COVID-19 pandemic that led to the halting of operations as planes were grounded to curb the spread of the virus.
Data by IATA revealed that global airlines suffered cumulative losses of almost $190 billion (KSh 22.5 trillion) between 2020 and 2022.
In Kenya, local airlines were not spared, but the resumption of flights provided a ray of hope.
List of private airlines in Kenya and their owners.…
Since the beginning of the Russia-Ukraine crisis, fertilizer prices have risen by 21 per cent.
It was noted that “the recovery of Africa has been impeded by greater inflation and tighter global financial conditions as well as rising interest rates,”
To counter external shocks, such as the Ukraine crisis, she urged public and private sector partnerships to enhance intra-African agri-food, industry, and service trade. She also urged the continent’s recovery from Covid-19 to get back on track.
When asked if Africa needs a second Marshall Plan, Keita said that Africa already has an effective one, in the AfCFTA, that may help it prepare for unpredictable times.…
The World Bank released the country’s 18th Economic update in the first week of this month.
According to the institution, the change was majorly impacted by improvement in road and bridge building, the acquisition of additional aircraft for the continued revival of Uganda Airlines, and large classified investments.
Uganda has in the recent past heavily deployed and channelled its national cake towards improving its shambled infrastructure especially the road, railway, water and air transport systems.…
The Covid-19 pandemic continues to rage. African countries have so far recorded fewer cases than most other continents. However, a new, more infectious variant of the virus has surfaced in South Africa. This new strain is a significant threat to continental health. Given that the bulk of African countries’ health systems leave a lot to be desired, this is a heavy blow.
That said, the effects of Covid-19 on African economies extend beyond the immediate impact on health. It goes to the effects of lockdown measures, interference with external trade as well as interruption of foreign inflows particularly, remittances from the diaspora, that have a considerable effect on most economies.
Diaspora remittances to Africa
Driven by economic and other challenges, a sizeable number of Africans are living and working in different countries across the world. According to research by the Pew Research Center, over 25 million sub-Saharan Africans were living …