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Browsing: IMF
The IMF’s support fund refers to the designated Special Drawing Right (SDR), which serves as an international reserve asset to…
Africa will be the second fastest-growing regional economy in 2024. Over 10 African countries will experience substantial GDP growth. In October 2024, the International Monetary Fund emphasized Africa’s pivotal role in global economic development and resilience.
Africa could face economic headwinds this year. However, some of the continent’s brightest spots are lighting up the economic prospects. According to the International Monetary Fund, six of the top 10 performing nations globally are projected to come from Africa in 2024.
Since Covid-19 struck, developing nations have been battered by global external forces further dampening their growth prospects. Under the World…
Burundi is the other country projected to record one of the fastest growing economies in 2024, according to the IMF.…
World Bank foresees $12 billion in support for Kenya between 2023 and 2026. This financing is subject to approval as…
The International Monetary Fund (IMF) has committed an additional $938 million to Kenya as part of a strategy to stabilise the country’s economy.
The International Monetary Fund (IMF) has agreed to lend $938 million to Kenya, pending management approval and consideration by the Executive Board. The board is expected to make its decision in January 2024.
Haimanot Teffara, the IMF Mission Chief to Kenya, stated that the move aims to shield the country from liquidity problems and economic difficulties resulting from the adverse impacts of COVID-19, the Ukraine War, and drought.
South Africa is set to topple Nigeria and Egypt as Africa’s biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF’s World Economic Outlook, South Africa’s gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria’s GDP will reach $395 billion, with Egypt’s GDP reaching $358 billion.
South Africa, the continent’s most industrialised nation, is expected to maintain the top spot as Africa’s biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF’s World Economic Outlook, a report released last week.
President William Ruto who is attending the third Belt and Road Forum in Beijing is urging Chinese investors to target…
Nairobi will continue purchasing fuel on credit from three state-owned Gulf oil marketers until December 2024 in a plan the government is banking on to ease piling pressure on Kenya’s forex reserves.
The move comes in the wake of high expenditure on oil imports even as Kenya remains a net importer grappling with a widening trade deficit that hit $10.8 billion last year. Last year, Kenya’s expenditure on imports rose by 17.5 per cent to $16.9 billion (KSh2.5 trillion), despite growing export volumes.