In Kenya, economic growth has long been hailed as a beacon of progress, yet the latest insights from the World Bank’s Africa Pulse Report reveal a sobering reality: poverty remains entrenched despite strides in GDP expansion. While the period between 2005 and 2015 saw promising reductions in poverty and inequality, recent years have ushered in […]
Concerns over the economic stability of low-income countries have taken center stage as the International Monetary Fund (IMF) sheds light on the daunting fiscal hurdles they face. During recent IMF shareholder meetings, Managing Director Kristalina Georgieva underscored the imperative of addressing unsustainable debt burdens and fiscal challenges gripping these nations, exacerbated by the lingering effects […]
Akinwumi Adesina, President of the African Development Bank (ADB), sounded an alarm at the Semafor World Economy Summit regarding Africa’s mounting debt crisis. With the continent’s debt soaring to $824 billion in 2021, Adesina underscored the urgent need for transparency and accountability in managing these financial obligations. During the event, held on the sidelines of […]
In a bid to stimulate economic growth and attract investment, Machakos County has identified avocado, coffee, and cotton as key sectors for development. Cabinet Secretary for Investment, Trade, and Industry, Rebecca Miano, commended Machakos’ strategic focus on becoming an investment hub, aligning with the government’s economic agenda. During a roundtable discussion at the Machakos International […]
The International Monetary Fund (IMF) has revised its growth forecast for Saudi Arabia’s economy, predicting a robust expansion of six percent in 2025, up from the previous projection of 5.5 percent made in January 2024. This marks the second consecutive upward adjustment in the IMF’s forecast for Saudi Arabia’s economic growth in 2025. The Kingdom’s […]
Egypt’s financial landscape witnessed a significant shift as the central bank reiterated its dedication to maintaining a flexible exchange rate regime, ensuring a steady flow of foreign currency reserves. This announcement stands as a crucial component of Egypt’s $8 billion loan program with the International Monetary Fund (IMF). The decision to allow the Egyptian pound […]
The International Monetary Fund (IMF) has adjusted Kenya’s GDP growth forecast downwards, citing external pressures as the primary cause. In their April 2024 world economic outlook report, the IMF lowered Kenya’s projected growth rate from 5.5% to 5.0% due to various factors including disruptions in global trade and escalating tensions in key regions. Impact of […]
In a remarkable year marked by an influx of national elections worldwide, the International Monetary Fund (IMF) is advocating for fiscal prudence. With a staggering 88 countries, representing over half of the global population, currently undergoing or having completed national elections in 2024, the IMF’s message resonates with urgency. The IMF’s Fiscal Monitor publication underscores […]
Addressing the pressing issue of energy poverty in Africa, the World Bank has announced an ambitious plan to connect over 250 million Africans to the electricity grid by 2030. This marks a significant increase from its initial target of 100 million, reflecting the severity of the challenge at hand. World Bank President Ajay Banga revealed […]
The Kenya Private Sector Alliance (KEPSA) has partnered with The World Bank to introduce the Carbon Market Guidebook for Kenyan Enterprises in Nairobi. This guidebook offers comprehensive assistance to Kenyan enterprises across various sectors, including agriculture, waste management, forestry, manufacturing, energy, transportation, and hospitality. Dr. John Wandaka, Vice-Chair of KEPSA’s Environment, Water, and Natural Resources […]
Kenya has enacted sweeping cybercrime legislation that imposes penalties of up to Sh20 million ($155,000) in fines or ten years...
Amazon Web Services (AWS) experienced a massive cloud infrastructure failure on Monday that cascaded across the globe, disrupting thousands of...
South Africa's luxury retail sector is poised for exceptional growth, with projections indicating a remarkable 15% expansion by 2025, positioning...
In a significant development for East Africa's telecommunications landscape, Atlas Tower has secured substantial backing from STOA, a French infrastructure...
