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- Kenya, Tanzania braces for torrential floods as Cyclone Hidaya approaches
- EAC monetary affairs committee to discuss single currency progress in Juba talks
- Transport and food prices drive down Kenya’s inflation to 5% in April
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- History beckons as push for Kenya’s President Ruto to address US Congress gathers pace
- IMF’s Sub-Saharan Africa economic forecast shows 1.2 percent GDP growth
- The US Congress proposes extending Agoa to 2041, covering all African countries
- Millions at risk of famine as fuel tax row halts UN aid operations in South Sudan
Browsing: Fiscal deficit
- There is a debt crisis in Africa as countries struggle to repay international loans.
- According to the World Bank, nine African countries entered 2024 in debt distress, with another 15 at high risk of distress and 14 more categorised as moderate risk.
- According to the United Nations, Africa’s public debt will stay above pre-pandemic levels in 2024 and 2025.
At 4 per cent, Africa is projected to be the second fastest-growing economic region in the world in 2024, according to a report by the International Monetary Fund (IMF). However, behind the headline figure is a less optimistic reality.
Many African countries have suffered from slow post-COVID-19 recovery, climate change shocks, worsening food security situation, political instability, weak global growth, and high-interest rates. These economic shocks have pushed over 55 million people into poverty since 2020. The situation is increasingly alarming as more than half of the continent’s countries are in …
FDI dropped by a third, to US$1.0 billion from US$1.5 billion in the three years between 2015 and 2018.…