Kenya’s economic outlook for 2024 shows a projected slowdown, with growth expected to reach 5%, a slight dip from the 5.6% recorded in the previous year, according to the latest report from the World Bank. The report attributes this moderation in growth to several factors, including ongoing efforts towards fiscal consolidation, a tightened monetary policy […]
In a strategic move to rejuvenate its automotive industry and stimulate economic growth, China has announced new trials for autonomous vehicle (AV) technology. The Ministry of Industry and Information Technology (MIIT), along with three other government agencies, revealed on Tuesday that they would allow leading car manufacturers to test AV technologies on restricted roads. This […]
Egypt’s Ministry of Finance has announced the disbursement of $104 million in export subsidy dues to 360 companies. This financial support is part of the Export Development Fund’s initiative to enhance liquidity for exporting companies, helping them to overcome challenges and boost their production and export activities. Since the inception of the lump-sum export subsidy […]
Negotiations between Kenya and the United States for the Strategic Trade and Investment Partnership (STIP) have reached their sixth round, with Mombasa playing host to the discussions from June 3-7. Assistant U.S. Trade Representative Constance Hamilton is leading the American delegation, while Principal Secretary for Trade Alfred K’Ombudo heads Kenya’s team. The agenda for this […]
Turkey is preparing to introduce taxes on profits from stocks and cryptocurrencies, aiming to strengthen the country’s budget, according to a Bloomberg report. This proposal, led by Treasury and Finance Minister Mehmet Simsek, was discussed in a recent meeting with the ruling AK Party members. The initiative is part of a broader fiscal tightening strategy […]
The International Monetary Fund (IMF) announced on Tuesday that it has reached a “staff-level agreement” to unlock $574 million in financial assistance for Zambia, which has been severely impacted by a recent drought. This agreement, pending approval by the IMF’s executive board, follows a review of the $1.3 billion loan originally granted to Zambia in […]
Nigeria is gripped by a significant labor strike as the nation’s main labor unions, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), launch an indefinite strike in response to the government’s failure to reach an agreement on a new minimum wage. This marks the fourth major strike since President Bola Tinubu assumed […]
Russia’s finance ministry has updated its 2024 budget deficit projection to 2.12 trillion roubles ($23.76 billion), equating to 1.1% of GDP. This adjustment, part of budget amendments submitted to the State Duma, represents an increase from the previous estimate of 1.595 trillion roubles or 0.9% of GDP. Increased Defense Spending This revision is primarily driven […]
Kenya experienced a 4.3% decline in mineral production value, falling from Ksh 35.2 billion in 2022 to Ksh 33.7 billion in 2023, according to the latest data from the Kenya National Bureau of Statistics (KNBS). This decrease was primarily driven by a significant drop in the value of titanium ores, which fell by over Ksh […]
President Ruto is set to embark on a significant journey to the Republic of Korea, aiming to secure a substantial Ksh. 40 billion investment to bolster Kenya’s creative economy. This visit, scheduled to commence on Sunday evening, marks a crucial milestone in strengthening ties between Kenya and Korea and fostering economic growth. The upcoming Korea-Africa […]
In a significant milestone for water security and community development in Kitui County, more than 2,500 residents have gained access...
Indian exports to the United States have experienced a dramatic downturn, plummeting by 37.5 percent over a four-month period following...
In a significant move to strengthen bilateral development cooperation, the Abu Dhabi Fund for Development (ADFD) has formalized a landmark...
The International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, has committed a comprehensive $62.5...
