Germany’s economic outlook for 2023 has taken a somber turn, with the government revising its growth forecast downward, indicating a contraction in the European economic powerhouse. The Ministry of Economy now projects a 0.4 percent shrinkage in the German economy for the year, marking a notable departure from the more optimistic 0.4 percent growth estimated […]
The IMF’s annual meeting with the World Bank in Marrakech unveiled substantial financial commitments and discussed the ever-pressing issue of debt sustainability. At the heart of the announcement was the revelation by the director of the IMF’s Middle East and Central Asia Department, who highlighted the institution’s rapid response to the challenges faced by countries […]
In a bid to enhance private financing opportunities for developing countries, the World Bank is actively exploring the expansion of its guarantees for commercial loans. This strategic move comes in response to escalating global interest rates and the uncertainty surrounding the conclusion of the U.S. Federal Reserve’s current tightening cycle. Recent market turbulence led to […]
M-Shwari, Safaricom’s mobile lending platform, experienced a significant drop in deposits during the year ending March 2023. Deposits plummeted by 44.1 percent, decreasing from Sh745 billion in the same period in 2022 to Sh416.7 billion. This marks the first decline in deposits since the platform’s launch in November 2013. On average, Kenyan users deposited Sh1.14 […]
In a bid to address mounting economic concerns and prevent a return to dollarization, Zimbabwe has unveiled a gold-backed digital currency, named Zimbabwe Gold (ZiG). This initiative comes amidst growing worries over the stability of the country’s economy under President Emmerson Mnangagwa’s administration. Zimbabwe’s central bank has launched ZiG, a digital token denominated in milligrams, […]
Kenya’s imports have experienced a notable decline of almost 14% during the initial eight months of this year. This downturn underscores the significant impact of the weakening Kenyan shilling on the nation’s purchasing power. The Kenyan shilling has witnessed a substantial depreciation of 17% against the US dollar. This depreciation has made imports more expensive, […]
In a recent address, IMF Chief Kristalina Georgieva provided an overview of the current state of the global economy, highlighting both positive and concerning factors. She pointed out that while there are some positive developments, such as increased demand for services and progress in tackling inflation, there are also significant fiscal and financial risks that […]
Niger, one of the world’s poorest nations, has been compelled to make substantial budget cuts following international sanctions imposed in the aftermath of a military coup that occurred in July. In a televised statement, the junta-led government announced that the initial budget of 3.29 trillion CFA francs ($5.3 billion) for 2023 has been significantly reduced […]
The Kenyan government has embarked on a strategic plan to reduce recurrent spending by Ministries, Departments, and Agencies (MDAs), with the aim of saving an estimated Sh130.2 billion. This move, approved by the Cabinet on Tuesday, underscores the government’s commitment to fiscal responsibility. In a press statement, the Cabinet explained that the decision to streamline […]
In a webinar held on Thursday, South Africa’s central bank Governor Lesetja Kganyago delivered a clear message – the South African Reserve Bank (SARB) will not intervene to bolster the ailing rand. Kganyago asserted that the rand’s recent decline is part of a broader global currency realignment, and defending it would be an exercise in […]
Kenya's fiscal deficit is projected to widen by 10.23 percent in the 2026/27 financial year (FY), signaling renewed pressure on...
Financial markets are experiencing a significant shift as the benchmark US 10-Year Treasury Yield has decisively fallen below the critical...
A comprehensive demographic research study conducted by the International Labour Organisation (ILO) has revealed alarming statistics about Nigeria's employment landscape,...
Africa's electric mobility story has long been characterized by unfulfilled promise rather than tangible progress. Infrastructure remains scarce across the...
