The International Monetary Fund (IMF) has advised Morocco to establish a clear inflation target for its central bank, Bank Al Maghrib, amidst a backdrop of easing inflationary pressures. Morocco saw a reduction in annual inflation to 6.1% in 2023 from 6.6% in 2022, with further moderation expected to 2.4% in the current year. This decline […]
In a bid to enhance regulatory precision and accountability within the banking sector, the Central Bank of Kenya (CBK) has introduced specific fines for breaches in banking rules. Departing from previous practices of applying blanket fines, the CBK’s latest move aims to enforce discipline and adherence to regulatory standards. Under the newly published Draft Banking […]
Turkish-Russian trade faces tumultuous times as a new wave of U.S. sanctions threatens to disrupt financial transactions between the two nations. The executive order, issued in December by the United States, has cast uncertainty over the stability of trade relations, particularly in the energy sector. While the sanctions were not explicitly aimed at energy trade, […]
The Arab Organization for Industrialization (AOI) and a Saudi-Egyptian consortium, including Alupco “Olayan Group,” Okta International, and City Edge Developments, have signed a crucial Memorandum of Understanding (MoU) to support real estate projects in Saudi Arabia. Key figures attending the ceremony included Saudi Ambassador Osama bin Ahmed Nugali, AOI President Major General Eng. Abdel Rahman […]
Kenya has successfully priced a $1.5 billion Eurobond with a 9.75% interest rate, due in 2031. Treasury CS Njuguna Ndung’u hailed the issuance as a crucial step in the nation’s financial planning. Investor demand exceeded $6 billion, allowing Kenya to secure favorable pricing and increase the issuance volume beyond initial expectations. Proceeds will be used […]
The World Governments Summit 2024 (WGS) commenced with a keynote address by Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), offering insightful perspectives on global economic trends. Georgieva commended the UAE’s proactive stance in embracing artificial intelligence (AI) and stressed the imperative for responsible AI adoption worldwide, particularly emphasizing support for developing nations. […]
Moody’s Investors Service has downgraded Niger’s long-term foreign and local currency issuer ratings from Caa2 to Caa3, with a stable outlook. This decision follows the continued accumulation of payment arrears on debt service due to sanctions from ECOWAS and WAEMU, stemming from a military coup in July 2023. The downgrade reflects concerns about Niger’s ability […]
Kenya is embarking on an ambitious mission to achieve Sh1 trillion in annualremittances from its diaspora by 2027. The State Department for Diaspora Affairs (SDDA) is leading the charge by initiating a survey to inform strategic planning aimed at bolstering remittance inflows. Despite a steady increase in remittances over the past five years, reaching an […]
At the onset of the World Government Summit (WGS) in Dubai, Mohammed Abdullah Al Gergawi, UAE’s Minister of Cabinet Affairs, delivered a striking revelation regarding the economic ramifications of global conflicts. Surpassing the entire revenue generated by the world’s logistics sector, which stands at $8 trillion, Al Gergawi disclosed that disputes and violence inflict a […]
Egypt and the International Monetary Fund (IMF) are on the brink of concluding evaluations for Egypt’s $3 billion loan program, with discussions signaling a significant boost in funding. At the World Governments Summit in Dubai, IMF Managing Director Kristalina Georgieva disclosed progress in formulating a policy package aimed at economic reforms and addressing financial gaps. […]
Ethiopia has firmly established itself as Africa's second-largest destination for foreign direct investment, trailing only Egypt, in a development that...
India-based diversified conglomerate DCM Shriram Ltd has secured $90 million in financing from the International Finance Corporation (IFC) through the...
Chinese electric vehicle manufacturer BYD is preparing to launch its premium electric vehicle Denza Z9GT in Europe, introducing a new...
Japan has begun releasing oil from its emergency reserves as the global energy market faces renewed turmoil following the effective...
