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Browsing: Kenya
Looks like Kenya is in for a tough run in the coming financial year or maybe even for a longer span. Kenya needs to borrow to meet its budgetary needs. The International Monetary Fund (IMF) is willing to lend but wants structural and governance reforms for Kenyan state-owned enterprises. How did Kenya get into this tough spot? Officials blame it on Covid-19 and the global slowed-down economy that resulted from the pandemic. Granted, economies took a hit from the pandemic but despite that fact in mind, reason still begs to understand what of the IMF loans that were issued specifically to help countries muzzle down the negative effects of the pandemic?
Notably, at the onset of the pandemic in March 2020, Kenya received a whopping $739 million loan from the IMF. The money was specifically meant to help cushion the Kenyan economy from the adverse effects of the Covid-19 pandemic. Now the IMF says Kenya is being lax.
As of October last year, Tanzania, East Africa’s Largest producer of cement, was facing so much shortage that prices almost doubled.
A 50kg bag of cement that would, on normal market weather conditions go for about USD 6 the price shot up 30 per cent to a little over USD 8, show the National Bureau of Statistics data for October 2020.
It was a paradox, and the hardliner government wouldn’t have it, newly re-appointed into power, Tanzania’s Prime Minister Kassim Majaliwa was swift to act. He ordered a nationwide inspection of all known cement factories, warehouses, distribution points and even retail shops.
Africa’s vast lands have for a long time not been exploited for agricultural production. In fact, 61% of the world’s unused arable land is found in Africa. Little effort is being made to exploit this vast resource to feed the continent. On the flip side, the Food and Agriculture Organization says 239 million people in the region were undernourished as of 2018.
Since long before the COVID-19 pandemic, these chronic food crises have been driven by a variety of factors, including economic shocks, climate, and conflict, according to Brookings Institute.
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Kenya pension schemes are gearing up to undertake major infrastructural work, taking advantage of a growing need for capital both…
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Tanzania has announced plans to roll out its own tea auction, a move that would tap major players from the…
East Africa Data Centre (EADC) Asset Company has finalized a $1.2Million investment in design, installation, and maintenance of commercial and…