Ethiopia anticipates a budget deficit of 2.1% of its gross domestic product (GDP) for the upcoming fiscal year, according to Finance Minister Ahmed Shide. This projection comes as the nation strives to recover from multiple economic challenges. The Ethiopian economy has been significantly impacted by the COVID-19 pandemic, a two-year conflict in the Tigray region, […]
Kenya and the International Monetary Fund (IMF) have finalized a crucial agreement on a comprehensive set of policies and reforms. This agreement, reached following extensive discussions led by Ms. Haimanot Teferra and her IMF team, aims to complete the seventh reviews of Kenya’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, along with […]
The euro hit a one-month low on Monday, declining 0.44% to $1.0753, as political uncertainty surged following French President Emmanuel Macron’s call for a snap legislative election. This move comes in the wake of significant gains by far-right eurosceptic nationalists in the European Parliament elections, prompting Macron to seek a stronger mandate. This political upheaval […]
The surge in transportation costs in Nigeria is significantly driving up commodity prices, affecting the daily lives of citizens. The country’s reliance on land transport for haulage, coupled with the recent removal of fuel subsidies, has led to a sharp increase in the cost of moving goods. Paul Kyan, a transporter, noted a dramatic rise […]
In a significant move to bolster the coastal region’s fishing industry, the government has allocated Sh1.4 billion for the development of modern fish landing sites. Spearheaded by Salim Mvurya, the Cabinet Secretary for Mining, Blue Economy, and Maritime Affairs, this initiative aims to uplift local fishing communities and ensure sustainable economic growth. The funds will […]
The Food and Agriculture Organization of the United Nations (FAO) has projected that global cereal stocks will reach an unprecedented 897 million tonnes for the 2024/25 season, a 1.5% increase from their opening levels. This projection highlights a period of significant stability in the global cereal market. Global cereal production is anticipated to reach 2,846 […]
A pivotal moment unfolded at the Korea-Africa Summit in Seoul, where leaders from both regions converged to forge a mutually beneficial agreement on mineral supply. The joint declaration, endorsed by South Korean President Yoon Suk Yeol and AU Chairperson Mohamed Ould Ghazouani of Mauritania, signifies a landmark commitment to ensuring a stable and organized flow […]
The Kenyan government has revealed its plan to allocate part of the recently secured US$ 1.2 billion Development Policy Operations (DPO) loan from the World Bank to address an upcoming Eurobond repayment. With a portion of the Eurobond maturing on 24th June 2024, the government intends to utilize funds from the World Bank loan to […]
The European Central Bank (ECB) has announced a 0.25% cut in interest rates, marking its first reduction since 2019. This decision comes as the ECB aims to support the eurozone economy amid persistent inflation and slow growth. The rate cut adjusts the central bank’s deposit facility rate from 4% to 3.75%, the marginal lending facility […]
Senegal has successfully raised $750 million through a private placement in the international financial markets, according to the Ministry of Finance and Budget. This funding is aimed at meeting the country’s financial needs for 2024. As Senegal prepares to begin oil and gas production, it has mandated J.P. Morgan London to manage a $500 million […]
In a significant milestone for water security and community development in Kitui County, more than 2,500 residents have gained access...
Indian exports to the United States have experienced a dramatic downturn, plummeting by 37.5 percent over a four-month period following...
In a significant move to strengthen bilateral development cooperation, the Abu Dhabi Fund for Development (ADFD) has formalized a landmark...
The International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, has committed a comprehensive $62.5...
