A recent report by the Institute of Public Finance (IPF) has sounded the alarm bells for Kenya’s economic future, citing significant risks of a debt crisis. Despite years of substantial borrowing, Kenya has struggled to translate these financial injections into tangible economic growth and employment opportunities. During the unveiling of the MacroFiscal Analytic Snapshot (MFAS) […]
NEW YORK/LONDON – Global stocks edged up marginally on Friday following the release of US inflation data by the Federal Reserve. The MSCI world equity index, tracking shares from 49 nations, recorded a slight 0.08% gain, reflecting cautious optimism among investors amidst concerns over government debt. The US Federal Reserve’s preferred inflation gauge, the Personal […]
In a recent statement, Maxim Rybnikov of S&P Global Ratings raised concerns about Israel’s sovereign credit rating amidst the ongoing conflict with Hamas. Rybnikov warned that if the conflict expands beyond Gaza, it could prompt a downgrade in Israel’s credit rating. The decision to shift Israel’s outlook to “negative” from “stable” in October reflects apprehensions […]
President William Ruto’s affordable housing initiative faced a hurdle today as the Court of Appeal declined the government’s request to continue collecting the housing levy. The panel of judges cited public interest in awaiting the resolution of legal issues before extending the levy. Undeterred by the setback, President Ruto reaffirmed his commitment to the housing […]
Egypt and Hong Kong are set to deepen their economic ties with a focus on pragmatic collaboration in key financial areas. Egypt’s Minister of Finance, Mohamed Maait, and Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, convened during the Asian Financial Forum to discuss avenues for mutual growth amidst global economic uncertainties. […]
Kenya’s banking sector faces a significant challenge as loan defaults soar to a record high of Sh634 billion, marking a 26% increase over the past year, according to data from the Central Bank of Kenya. This surge in non-performing loans, amounting to an additional Sh129.8 billion within just one year, reflects the strain on the […]
Turkey’s central bank announced the conclusion of its series of interest rate hikes, settling at a policy rate of 45 percent, up from 42.5 percent. This decision, aimed at combating record inflation and addressing the country’s cost of living crisis, marks a significant milestone in the bank’s efforts. Under the leadership of Governor Hafize Gaye […]
In a move widely anticipated by economists, South Africa’s Reserve Bank opted to keep its benchmark interest rate unchanged at 8.25% during its latest meeting. This decision marks the fourth consecutive hold on rates, reflecting the central bank’s cautious approach amidst ongoing economic uncertainties. Governor Lesetja Kganyago announced the unanimous decision, highlighting the continued commitment […]
In a noteworthy development, Kenya’s exports to Uganda have exceeded Sh100 billion, marking a significant milestone attributed to the weakened state of the Kenyan shilling against its Ugandan counterpart. Official data for November 2023 reveals that Kenya exported goods valued at Sh105 billion to Uganda during that month alone. The Kenyan shilling experienced a considerable […]
In the face of seismic global economic shifts, a recent study by the Association of Chartered Certified Accountants (ACCA) has unveiled critical challenges confronting small and medium enterprises (SMEs). The study, focusing on escalating costs, workforce dilemmas, and the evolving Environmental, Social, and Governance (ESG) reporting landscape, paints a stark picture of the current SME […]
The financial pulse of East Africa is beating with a mix of historic achievements, profound digital transformations, and critical institutional...
The European Central Bank (ECB) finds itself navigating a precarious economic landscape, caught between a strengthening euro and the looming...
In a pivotal moment for South Africa's economic future, the African Development Bank (AfDB) has approved a substantial $474.6 million...
In a landmark moment for bilateral relations, Kenyan President William Ruto and United Kingdom Prime Minister Sir Keir Starmer on...
