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Kenya Reintroduces Tax Reforms Amid Leadership Changes

In a significant policy shift aimed at economic stabilization and boosting state revenue, Kenya’s government announced the reintroduction of tax reforms on Friday. This move follows the shelving of an earlier finance bill in June that incited widespread protests and civil unrest across the country. President William Ruto’s administration, which has faced mounting pressure to […]

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US Job Growth Slows Sharply in October; Unemployment Rate Unchanged at 4.1%

U.S. job growth witnessed a significant deceleration in October, with nonfarm payrolls rising by just 12,000 jobs, a stark drop from the revised figure of 223,000 in September. The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) released the data on Friday, signaling disruptions in job creation due to hurricanes and ongoing labor strikes. […]

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Nigeria Offers Tax Breaks in Bid to Boost Dollar Inflows Amid Economic Reforms

In a strategic move aimed at revitalizing the economy and addressing long-standing dollar shortages, Nigeria’s Finance Minister, Olawale Edun, announced a new programme designed to encourage Nigerians to repatriate assets and invest them within the country. The voluntary disclosure scheme, which will be in effect for nine months, aims to draw foreign currency assets into […]

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IMF Approves $606 Million Loan for Kenya: Aimed at Fiscal Stability, Economic Reforms, and Climate Resilience

The International Monetary Fund (IMF) recently approved a substantial loan of $606.1 million for Kenya, marking a critical step in supporting the East African nation’s fiscal health, economic reforms, and resilience against climate-related risks. This latest financing package comes at a time when Kenya is grappling with significant economic challenges, including rising debt, inflationary pressures, […]

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South Africa: Food Inflation Steady at 4.1% in September, but Monthly Pressures Persist

South Africa’s headline inflation eased to 3.8% in September 2024, marking a 42-month low. For consumers, this dip offers slight relief as inflation continues to fall below the South African Reserve Bank’s (SARB) target midpoint of 4.5%. However, food inflation held steady at 4.1% year-on-year in September, despite monthly pressures driven by rising fruit and […]

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IMF Board Approves Kenya’s Reviews, Unlocking Access to $606 Million

The International Monetary Fund (IMF) has approved the seventh and eighth reviews of Kenya’s economic program, enabling the country to access a $606 million loan tranche. This decision is a significant boost for the Kenyan government, which has faced liquidity constraints amidst a challenging socio-economic climate. The East African nation, struggling with high debt servicing […]

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BOJ Keeps Rates Steady, Focuses on Global Economic Risks

The Bank of Japan (BOJ) held its ultra-low interest rates steady during its latest policy meeting on Thursday, underscoring concerns about global economic uncertainties and the fragility of Japan’s domestic recovery. In a climate of high inflation and shifting interest rates globally, the BOJ emphasized the need for caution, particularly regarding the U.S. economy and […]

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Kenyan Exports to Bavaria, Germany Set to Hit Sh6.9 Billion in 2024

Kenya’s export volumes to Bavaria, Germany, are expected to reach Sh6.9 billion in 2024, marking an increase of Sh500 million compared to 2023. This surge highlights a strengthening of economic relations between the two regions, with Bavaria set to expand imports from Kenya, predominantly in agricultural products. Bavaria’s decision to raise imports from Kenya was […]

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Global Economic Growth Stagnates at 2.7%, Says UNCTAD

UN Trade and Development (UNCTAD) has released its latest Trade and Development Report, projecting global economic growth to hover at a stagnant rate of 2.7% for both 2024 and 2025. This marks a further dip from the average growth rate of 3% witnessed between 2011 and 2019, and is significantly lower than the 4.4% growth […]

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