Editor's note: This story was sponsored by U-LEAD (Ukraine – Local Empowerment, Accountability and Development Program), a partnership of the Ukrainian government and the European Union and its member states Germany, Poland, Denmark, and Sl…Continue Reading
The International Monetary Fund (IMF) has reached a preliminary agreement with Ukraine to provide Kyiv with about $1.1 billion in financial assistance, the IMF announced on Sept. 10.The IMF team led by Gavin Gray held week-long negotiations with the Uk…Continue Reading
The inflation rate in Zanzibar has shown a notable decrease, reaching 5.26% for the year ending in July 2024. This is down from the 5.65% recorded in June of the previous year. According to a report released on August 13, 2024, by Hassan Jamal Hassan from the Division of StatisticsContinue Reading
Shilling Remains Stable Throughout the Week The Uganda shilling remained steady throughout the week, starting at 3693/3703 and trading at 3690/3700 on Friday morning. The currency did not show significant movement in either direction as strong inflows continued to meet the demand for dollars. By the end of Friday, theContinue Reading
On August 8, 2024, widespread youth protests erupted across several African countries, driven largely by rising debt levels and their impact on economic conditions. The protests have highlighted the growing discontent among young people over the high cost of living and perceived mismanagement by governments struggling with substantial debt obligations.Continue Reading
Kenya’s central bank has reduced its main interest rate for the first time in four years, a move linked to decreasing inflationary pressures. On Tuesday, the bank’s monetary policy committee (MPC) cut the rate by a quarter percentage point to 12.75 percent. The decision reflects a broader effort to stabilizeContinue Reading
Fitch’s Latest Downgrade Poses Risks for Kenyan Financial Markets On Saturday, Fitch Ratings downgraded Kenya’s credit rating further into junk status, marking the second major rating agency to express concern over the country’s debt. This downgrade adds to Kenya’s growing fiscal challenges and could lead to a broader market sell-off.Continue Reading
Mbadi Unveils Economic Recovery Plan if Confirmed as Treasury CS John Mbadi, the nominee for Treasury Cabinet Secretary, has outlined his strategy to address Kenya’s economic challenges. Key components of his plan include revising parts of the rejected Finance Bill 2024, overhauling the tax body Kenya Revenue Authority (KRA), andContinue Reading
Odinga’s Plan: Elevate African Currencies and Trade Veteran opposition leader Raila Odinga has voiced strong support for the Pan-African Payment and Settlement System (PAPSS), citing its potential to enhance continental trade. Odinga, who is vying for the position of African Union Commission (AUC) Chairman in the upcoming election in February,Continue Reading
Tanzania to Address Tax System Challenges with New Committee The Tanzanian government has announced plans to form a new committee aimed at resolving issues within the country’s tax system. This development comes as businesses continue to face various challenges related to taxation. President Samia Suluhu Hassan disclosed the creation ofContinue Reading