Browsing: Extended Fund Facility (EFF)

• Kenya’s Political Instability has seen calls for President Ruto’s impeachment, a demand likely to persist soon. 
• Reduced capital inflows suggest limited foreign exchange reserves at the central bank’s disposal to support the currency in the near term.
• The analysist say tensions will likely de-escalate in the coming weeks, but expect market sentiments towards Kenya to remain bearish

The Kenyan shilling is expected to face pressure in July due to anticipated declines in capital inflows caused by political instability experts have warned.

The analysist from pan African market insights firm Stears are now saying that following the protests from June 18 to June 27, the currency depreciated by 0.29 per cent slightly dimming economic outlook.

This downward trend is likely to continue amid uncertainties surrounding the President’s push to step down and an upcoming IMF review.

Reduced capital inflows suggest limited foreign exchange reserves at the central bank’s disposal to support …

• The IMF has approved an expansion of the original economic rescue program for Egypt by $5 billion.
• Spillovers from the recent conflict in Gaza and Israel aggravated the shaky economic situation in Egypt.
• Egypt has recently taken difficult but necessary reforms to correct the country’s microeconomic imbalance.

IMF’s Economic Rescue Program for Egypt

The Executive Board of the International Monetary Fund (IMF) has completed the first and second reviews of Egypt’s Extended Fund Facility (EFF)arrangement, approving an expansion of the original economic rescue program by $5 billion.

The IMF had initially approved a $3 billion loan in December 2022 but has …