The International Monetary Fund (IMF) has approved a disbursement of $10 million to Somalia under its Extended Credit Facility (ECF). This funding, part of a larger program aimed at fostering economic development and reducing poverty, brings Somalia’s total disbursement under the ECF to approximately $60 million. The announcement comes as Somalia continues to face significant […]
The Kenyan government, under President William Ruto’s administration, has announced transformative changes to the Hustler Fund, a flagship program aimed at empowering low-income earners and small-scale entrepreneurs. The adjustments are intended to expand credit accessibility for borrowers who demonstrate timely repayment behavior and to integrate more Kenyans into the formal financial sector. Creation of a […]
The global economy faces mounting risks from soaring government debt levels, with the Bank for International Settlements (BIS) cautioning that an impending debt glut could disrupt financial markets in 2025. Claudio Borio, the BIS’s head of monetary and economic research, highlighted the potential for destabilizing bond market reactions that might spill over into other asset […]
The Nigerian government has committed over $450 million to its Presidential Compressed Natural Gas Initiative (PCNGi), which aims to transform the nation’s energy and transportation sectors by promoting Compressed Natural Gas (CNG) as a cleaner, more affordable alternative to petrol. This investment reflects the government’s broader strategy to leverage Nigeria’s abundant natural gas reserves, which […]
The World Bank has revised Kenya’s economic growth projection for 2024 to 4.7%, down from its earlier estimate of 5.0%. This adjustment highlights the toll of fiscal challenges, social unrest, and environmental disruptions on East Africa’s largest economy. While Kenya remains a regional leader with growth outpacing the Sub-Saharan Africa average of 3.0%, the report […]
The World Bank Group has unveiled a historic $100 billion replenishment of the International Development Association (IDA), marking a pivotal milestone in global efforts to tackle poverty and bolster economic resilience in low-income countries. The announcement, following a year-long replenishment campaign, comes as the World Bank aims to streamline and accelerate its operations, ensuring that […]
The Abu Dhabi Fund for Development (ADFD) has signed an agreement to finance the first phase of Côte d’Ivoire’s Social Housing Program, marking its initial venture in the West African nation. This ambitious initiative, valued at AED 183.5 million (US$50 million), will focus on the construction of 25,000 housing units in Abidjan, aiming to address […]
The Kenya Revenue Authority (KRA) has released a series of draft statutory instruments to refine the country’s tax framework, signaling a significant step toward modernizing and streamlining tax compliance in Kenya. This initiative is in line with KRA’s mission to create a more inclusive, transparent, and efficient tax system that aligns with the evolving economic […]
The United Nations Conference on Trade and Development (UNCTAD) has projected that global trade will reach an unprecedented $33 trillion in 2024, marking a $1 trillion increase from the previous year. This growth, representing a 3.3% annual increase, highlights the resilience of global trade amidst ongoing economic challenges, including geopolitical tensions, supply chain disruptions, and […]
The Nigerian Federal Government has unveiled a groundbreaking N20 billion ($12.4 million) consumer credit fund aimed at boosting demand for locally assembled automobiles. Set to launch in January 2025, this initiative is part of President Bola Ahmed Tinubu’s broader economic agenda to stimulate industrial growth and create job opportunities across related sectors. A Catalyst for […]
Aquaculture, the fastest-growing segment of the global food system, now produces more than half of the world's fish. In Kenya,...
The Gulf Cooperation Council (GCC) has experienced significant growth in its debt capital markets, with a year-on-year increase of 11%...
The Nigeria Labour Congress (NLC) has strongly criticized the National Assembly over its exclusion of workers and trade unions in...
HF Group Plc, a leading financial solutions provider in Kenya, has achieved a remarkable milestone with the successful completion of...