Browsing: Covid-19 pandemic

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.…

• A Boston University report published on Thursday  ,indicates that a Debt reductions of US$500 billions must be written off to assist developing countries that are most at risk of default get back on a better financial footing
• Developing nations’ sovereign debt rose by 178% due to the global financial crisis, reaching US$3.9 trillion by 2021
• Fitch Ratings reported a substantial amount of sovereign debt defaults this year, whereas the International Monetary Fund reported that 25% of developing nations and sixty per cent of developing nations are in or approaching debt distress

Countries in Sub-Saharan Africa (SSA) are dealing with two issues that are reducing productivity and undoing decades of economic progress: increasing levels of debt and an uptick in the frequency and intensity of climate shocks.

Countries now have declining public finances, low resilience to climate shocks, and constrained ability to fund adaptation due to the cumulative nature of these …

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.…

Namibia has made progress on structural changes to foster economic diversification and boost productivity. Improving the business environment, promoting access to capital, improving governance, and decreasing skills mismatches are crucial for stimulating growth and achieving long-term debt sustainability.…

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.…

Wachira’s dream was propelled by the Covid-19 pandemic which saw many schools closed and thus left many pupils with a lot of time in their hands.

To make the most out of the situation, Wachira kept himself busy fixing computers and other electronic devices for his peers so they could be able to learn online. He also conducted sharing sessions among underprivileged student communities in Kenya during the pandemic.

At the same time, Wachira completed advanced level training in robotics and various STEM disciplines under the mentorship of the STEM.org-accredited Unique World Robotics in Dubai.…

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.…

KQ has also increased the number of flights to Dar es Salaam and Entebbe from 14 to 16 while Kinshasa has seen an increase from 5 to 8.
Some Western countries like the UK and the US have issued travel advisories to their citizens, against travelling to Ethiopia.
The British Embassy has advised its citizens to leave Ethiopia while commercial flight opportunities are still available. The European nation has said that leaving Ethiopia may be difficult or even impossible in the coming days. …

• Zimbabwe used the Covid-19 opportunity to re-engineer its investment to rise to the occasion.
• The country was able to utilise its local abilities and opportunities.
• Zimbabwe’s local industrial sector also witnessed a renewed investment and growth.

Africa suffered major economic impacts as a result of Covid-19. Or is it? Well, most of these impacts are largely a consequence of the preventive measures adopted by the respective African governments to curtail the spread of coronavirus.

Key measures adopted by most countries to curtail the spread include the closing of their frontiers and partial or complete lockdowns of economies which among other things, have seen the temporary closure of businesses, schools and social services.

First, being the last region to register COVID-19 cases, Africa was already experiencing the consequences mainly through its trade links with the European union (EU), United States of America (USA) and China, resulting in
dwindling markets for African …