Browsing: World Bank

• Kenya’s business conditions weakened slightly in March despite easing inflation.
• Kenyan firms reduced their purchases of inputs in line with weaker sales.
• Most businesses remain optimistic about their workforce size and revenue growth in the year’s second quarter (April-June).

The latest Stanbic Bank Kenya Purchasing Managers’ Index indicates that Kenya’s business conditions weakened slightly in March despite easing inflation.

The deterioration in operating conditions was witnessed across the private sector as order book volumes and output levels contracted. The downturn contrasted with February, which saw an improvement in the private sector for the first time in six months.

Despite the decline, the survey data provided some positive signals for Kenyan businesses. Staffing and inventories showed further growth, indicating potential expansion opportunities.

Additionally, input cost inflation slowed to its lowest level in over three years amid a recovery in the shilling against the US dollar and other major currencies, including those …

• The BRICS-owned New Development Bank (NDB) was established in 2015 by Brazil, Russia, India, China, and South Africa.
• The multilateral lender plans to disburse about $5 billion in loans this year.
• The bank has an initial verified capital of $100 billion and a subscribed capital of $50 billion.

Emerging economies could give the superpowers a run in the lending sector with the the BRICS alliance planning to disburse about $5 billion in loans this year. This was announced by the bloc’s New Development Bank (NDB) Vice President Zhou Qiangwu on Tuesday, March 26.

As China, one of Africa’s closest trade partners, experiences …

• Remittance inflows amounted to $385.9 million in February, compared to $309.2 million in February 2023, an increase of 24.8 per cent.
• The cumulative inflows for the 12 months to February 2024 totaled $4.33 billion compared to $4.03 billion in a similar period in 2023, an increase of 7.5 per cent.
• The US remained the largest source of remittances to Kenya, accounting for 54 per cent in February 2024.

Remittances to Kenya continued on a growth trajectory in February, latest Central Bank of Kenya (CBK) data shows, as easing inflation in the United States saw the country maintain its position as the leading source of inflows.

This comes amid a positive projection for the year where World Bank has forecast a 2.5 per cent increase on inflows to Sub-Saharan Africa, with Nigeria, Ghana and Kenya as leading recipients in the continent.

Remittance inflows in Kenya amounted to $385.9 million in February, …

• Eight Kenyan universities have been selected as part of the World Bank’s $55.8 million SME formalisation project.
• In the World Bank plan, 267 young innovators’ students, 10 incubators, 10 accelerators, and 4 tech boot camp providers will be funded.
• The SKIES initiative started with a call for applications that attracted a total of 142 incubators.

Eight Kenyan universities have been selected as part of the World Bank’s $55.8 million (KES7.5 billion) SME formalisation project to provide business development services to micro, small and medium enterprises. Kenya Industrial Entrepreneurship Project will implement the program through the Strengthening Kenya’s Innovation Ecosystem (SKIES).

The government, through SKIES, a subcomponent of the Sh7.5 billion (KIEP) project, seeks to streamline the delivery of professional business development services, thereby enabling innovators of small and medium enterprises to get the proper business training when required.

The absence of a uniform platform to oversee the start-up ecosystem in …

• Tanzania’s population is expected to reach 140 million people by 2050.
• The World Bank estimates that Tanzania’s population will double every 23 years.
• Tanzania set to become one of Africa’s and the world’s most populated countries.

Tanzania’s population is expected to reach 140 million people by 2050 given the current high fertility rate of 3.0 per cent. At this rate, the World Bank estimates that Tanzania’s population will double every 23 years henceforth.

In its latest Tanzania Economic Update that was launched in the country’s port city of Dar es Salaam this March, the World Bank says when it comes to population control, the East African country is facing a delicate balance act.

On the one hand, Tanzania has managed to lower its mortality rates and raise its life expectancy but as a result, it is now facing the effects of high birth rates and, they are not all good.…

• As national debts grow, many African countries find themselves spending more on debt than on health.
• IMF says the debt ratio in Sub-Saharan Africa surged to 60% from 30% of the countries’ GDP between 2013 and December 2022.
• Kenya is for instance using nearly 60% of its annual revenues on paying debt obligations.

As the Africa debt crisis roils, over half of the countries have found themselves spending more money in servicing their loan obligations than even the amount they have budgeted for health services to their citizens.

This unfolding scenario is further burdening millions of their citizens who have little choice but to shoulder heavy tax burdens to settle mountains of debt.

Prof Danny Bradlow, a Senior Research Fellow at the Centre for the Advancement of Scholarship in Pretoria, South Africa, captures the dire situation, stating: “over the  last three years (2019/22), more than 25 African governments allocated …

• Nigeria’s cost of living crisis has been the worst in decades, exacerbated by worsening food insecurity and record inflation. 
• The lack of enough resources has led to insecurity in Nigeria as people fight for scarce resources and food.
• In response to Nigeria’s cost of living crisis, Tinubu announced a state of emergency in July and intends to begin grain distribution in the coming weeks.

Tinubu’s Reforms worsen Nigeria’s cost of living crisis

Nigeria, Africa’s largest economy, is grappling with the worst cost of living crisis in decades and a worsening food security situation. A significant portion of the population is experiencing extreme food insecurity. After assuming power in May 2023, Bola Tinubu’s administration adopted bold but unpopular reforms that further strained the already-battered economy.

Nigeria imports food and fuel and was buffeted by rising commodity prices due to a glim global economic situation in the last two years. President Tinubu …

• Agriculture is one of the leading causes of climate change.
• Without action, emissions from food systems will rise even further, with increasing food production.
• Climate-smart agriculture offers a holistic approach to end food security.

It may surprise many that agriculture and its activities are, in fact, one of the leading causes of climate change. Agriculture is reported to be responsible for some of the highest emissions of greenhouse gases, making the sector one of the main contributors to global warming.

It strikes the environment with a double-edged sword, emitting greenhouse gases on one hand and destroying forests and marine ecosystems on the other.

According to the World Bank, agriculture is the primary cause of deforestation, threatening pristine ecosystems such as the Amazon and the Congo Basin. With the global population exploding, there is an inevitable need to increase food production, which can only be achieved by expanding agricultural activities.

This …

• Egypt’s economy has recently been on life support as the national debt continued to mount.
• The investments from Saudi Arabia and further funds anticipated from the World Bank and IMF will give Egypt enough cash to meet its debt obligations and maintain stability in its recently floated currency.
• The significant official and bilateral support announced and marked policy steps that Egypt has taken will, if maintained, support macroeconomic balancing.

Egypt’s economy on life support

Egypt’s economy has recently been on life support as the national debt continued to mount. The Egyptian currency has weakened against the US dollar, with rising inflation rates close to 30 per cent, occasioning a capital flight. Moreover, the overlapping global shocks and the domestic supply of bottlenecks have adversely impacted the country’s economic activity.

Egypt has also suffered from rising global interest rates and soaring commodity prices in international markets. These overlapping factors widen the …

• Official data shows that diaspora remittances to Kenya increased to $412.4 million in January 2024, compared to $372.6 million in December 2023.
• This represents an 18% jump compared to similar month in 2022 as well as 10.7% month-on-month increase in inflows.
• The cumulative inflows for the 12 months to January 2024 totalled $4.3 billion compared to $4 billion in the same period in 2023, an increase of 5.3 per cent.

Kenyans in the diaspora sent home more money in January compared to December, as the strong start of the year signals easing inflationary pressures, mainly in key sourcejock strap brock bowers jersey jordan max aura 4 nike air jordan 1 elevate low oregon football jerseys black friday wig sale best human hair wigs for black females latex hood custom stitched nfl jersey sit top kayak nike air max 90 futura jock strap jock strap air max 270 women alpinestars …