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- President William Ruto who is attending the third Belt and Road Forum in Beijing is urging Chinese investors to target energy, water and housing sectors in Kenya.
- He said Kenya will support investors who will add value to the country’s abundant raw materials.
- The President witnessed the signing of a Memorandum of Understanding between the Ministry of Energy and Petroleum and Energy China.
Kenya is seeking more investments from China amid a slow return to borrowing for development, which could see the East Asian country continue with its dominance in Kenya’s infrastructure space.
President William Ruto, who is attending the third Belt and Road Forum in Beijing, has urged Chinese investors to exploit opportunities in the fields of energy, water and housing in Kenya. He said Kenya will support investors who will add value to the country’s abundant raw materials.
“Kenya presents real opportunities for investment especially in transformative areas …
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.…
- IMF is attributing Sub-Saharan Africa’s growth slowdown to the ongoing rise of central bank policy rates aimed at tackling inflation.
- However, the IMF expects a rebound to 4.1 per cent in 2024 on easing monetary tightening.
- The IMF projects Kenya’s economic prospects to improve to 5.4 per cent growth in 2024.
The International Monetary Fund (IMF) has downgraded its projection for Sub-Saharan Africa GDP growth in 2023 to 3.5 per cent, from 3.9 per cent set in April.
However, the IMF expects the region’s economy to rebound to 4.1 per cent growth in 2024. This revision represents a 100 basis points downgrade for both years.
A steady rise of central bank policy rates aimed at tackling inflation are to blame for the slowdown, IMF said. IMF is hopeful that a rebound in 2024 will be driven by the expected global economic recovery, subsiding inflation, and easing of monetary policy tightening.…
- Kenya is among countries that are heavily indebted with the loan stock at staggering 67.3 per cent of GDP.
- Total debt stood at $67.7 billion (Ksh9.6 trillion) as of April, Central Bank of Kenya data shows.
- This comprised $35.9 billion external debt and $24.6 billion borrowed from the domestic market.
President William Ruto is calling for “urgent” redesigning of global financial institutions to ensure fairness in financing of economies, as he continues to lash out at the West over debt traps in poor states.
In what seems to be a swing at the International Monetary Fund and the World Bank, Dr Ruto is pointing to a post-colonial Africa where development has stalled due to limited resources to liberate economies.
Lenders placing debt traps in poor States
This is from what Dr Ruto terms institutions that were extractive by design; only placing debt traps in poor states. Over the years, Kenya’s …
xternal and domestic economic shocks disrupted Sierra Leone’s post-pandemic recovery, exacerbating existing macro-fiscal vulnerabilities and plunging Sierra Leone into a severe economic crisis. In Sierra Leone’s presidential poll today, the citizens will look to choose the best promise for an economic rebuild.…
France will host, in Paris, on June 22 and 23, 2023, the Summit for a new global financing pact. The Summit seeks to rethink the contract between the countries in the Global North and the Global South. The organisers aim to formulate a new pact to address the global economic crisis and climate change.…