Browsing: IMF

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.

A considerable gap exists between symbol and substance regarding an African climate change approach. Foreign leaders often nod to how Africa accounts for only four per cent of global emissions but bears the brunt of the devastating climate change effects. Rising temperatures, extreme weather conditions, and ecosystem disruptions threaten millions of Africans’ livelihoods.

For many communities across the continent, the climate threat is already existential. With 18 per cent of the global population, Africa has 16 of the 20 countries most vulnerable to climate change, according to Notre Dame Global Adaptation Initiative.

RBZ Governor John Mangudya revealed that as of July 21st, the bank had conducted 11 issuances of GBDT. The Governor…

IMF is attributing Sub-Saharan Africa’s growth slowdown to the ongoing rise of central bank policy rates aimed at tackling inflation.…