Sri Lanka has successfully negotiated a historic agreement with a consortium of major international creditors, including economic powerhouses China, India, and Japan. The restructuring deal, amounting to approximately $6 billion, represents a key milestone in the nation’s efforts to navigate its financial challenges. This agreement is pivotal for Sri Lanka as it positions itself to […]
In response to growing concerns about potential funding reductions for crucial government initiatives, the South African Reserve Bank (Sarb) has entered into discussions with the National Treasury to explore the utilization of the Gold and Foreign Exchange Contingency Reserve Account. The Institute for Economic Justice, along with economists, academics, and civil society organizations, is advocating […]
President William Ruto’s financial plans faced a setback as a Kenyan court declared the 1.5-percent housing levy on taxpayers, aimed at funding an affordable housing program, illegal. The ruling, delivered by a three-judge panel at the High Court in Nairobi, emphasized the absence of a comprehensive legal framework for the tax and criticized its exclusion […]
In an unprecedented move, the International Monetary Fund (IMF), the World Bank, and the Bank for International Settlements (BIS) are joining forces for the first time to explore “tokenization,” a novel approach to enhance their global financial operations. The collaboration extends beyond these institutions, encompassing Switzerland’s central bank, recognized for its pioneering work in tokenization. […]
Mozambique is embarking on a transformative journey with the approval of an $80 billion energy transition plan, set to reshape its energy landscape until 2050. The comprehensive document, greenlit by Mozambique’s Council of Ministers, reflects a strategic commitment to renewable energy and climate action. Scheduled for official presentation on Dec. 2 at the COP 28 […]
In a surprising development, the Russian central bank has disclosed its intention to resume interventions in the domestic foreign exchange market starting January 2024. This decision, aimed at stabilizing the rouble, follows a temporary halt in purchasing foreign currency implemented in August to curb the currency’s depreciation, which had seen it fall below 100 to […]
Somalia has successfully secured its place as the eighth member of the East African Community (EAC), signifying a significant advancement in the push for expanded free trade across the region. The announcement came at a summit in Tanzania, where outgoing EAC Chair Evariste Ndayishimiye confirmed Somalia’s admission under the treaty of accession. President Hassan Sheikh […]
In a significant development, the Kenya Revenue Authority (KRA) has reported an impressive revenue collection of Sh18.7 billion as of October 2023, attributed to the flourishing trade activities between Kenya and Japan. Commissioner General Humphrey Wattanga highlighted Japan’s growing importance in Kenya’s economic landscape, noting a substantial increase in trade volume during 2023. Detailing the […]
In an interview, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva emphasized the urgency for Italy, France, and Spain to address their mounting debt and deficit levels. Georgieva’s concerns stem from the aftermath of the Covid-19 pandemic, which has resulted in “very modest” economic growth in the Eurozone. Highlighting the robust fiscal responses of […]
Tanzania’s Foreign Direct Investment (FDI) witnessed a significant upswing in Q1 2023, reaching an impressive $1.05 billion. This figure, nearly doubling from the same period last year, indicates a notable economic shift. China emerged as the primary contributor, injecting $614 million into Tanzania’s economy. Singapore, Germany, India, and Mauritius also played substantial roles, contributing $138.9 […]
Canada's government bond market made history when Export Development Canada (EDC) issued the country's first tokenised bond using distributed ledger...
Bitcoin (BTC) has demonstrated a remarkable degree of resilience holding near the $74,100 level despite a geopolitical environment characterised by...
A landmark new report from the Organisation for Economic Co-operation and Development (OECD) has placed digital technology at the centre...
South Africa is entering the final and most consequential phase of one of the most significant transformations in its financial...
