Browsing: Debt burden in Africa

During the time that former President Mwai Kibaki was in office, Kenya avoided taking out this kind of credit. Instead, the majority of the assistance that the country received from organisations such as the IMF and the World Bank came in the form of project funding.

The International Monetary Fund (IMF) stated that Kenya was on the right track to reaching its fiscal objective as part of the plan and that the country’s robust tax performance this year was helping its resilience in the face of disturbances on global shocks.

The fund stated that the completion of the study would enable Kenya to access around US$239 million at the current currency rates by the middle of July, as was predicted in April.

Despite improved tax collections by the Kenya Revenue Authority, Kenya is facing high expenses of refinancing dollar loans as it looks to tap global markets to plug the …

It is legal to say the world as we know it has been kidnapped by the novel coronavirus, which has left thousands dead and millions who have contracted it. The United Nations Industrial Development Organization (UNIDO) confessed that “the economic crisis unleashed by the outbreak of COVID-19 is hurting economies, regardless of income level”. 

According to its latest numbers, UNIDO indicated that both lower and upper–middle-income countries have been significantly impacted by COVID-19, with an average loss in industrial production across countries, standing at 18 per cent (high-income), 24 per cent (upper middle-income) and 22 per cent (lower middle-income). 

The pandemic has hurt a lot of economies but more importantly has taken a toll in some developing countries, such as Kenya and Tanzania who rely on travel and tourism dealing a huge slap on foreign receipts.  

The World Bank …