Kenya.

Treasury eyes Sh78bn in new IMF budget support

The Government is eying a drawdown of about $600 million (Sh77.9 billion) from the International Monetary Fund (IMF) when the institution’s executive board approves the seventh review of Kenya’s medium – term funding programme.

(Business Daily)

Tanzania.

The National Business Policy.

Tanzania recently launched its new trade policy. Tanzania has had a 2003 policy that has since been overtaken by events and the new one, among other things, is expected to increase the competitiveness of Tanzania’s products.

(The Citizen)

Uganda 

Banks prefer land as security

Majority of business loan applicants stake land as collateral to access credit, according to the Bank of Uganda Credit Demand Survey Report for the 12 months to June. The report, which surveyed 90 business entities out of the targeted 109 within and around the Kampala Metropolitan Area, representing a response rate of 82.6 percent, indicates that in the four Charters between June 2023 and June 2024, land dominated collateral options for most loan applications. During the period, land formed 43.8 percent of collateral options in three of the four quarters, but reduced to 36.4 percent in the three months to April 2024, which represented an annual average of 42 percent.

(Monitor)

Ethiopia

Ethiopia to Save $4.9bn from debt restructuring, Finance minister says.

Ethiopia will enjoy $4.9 billion in relief from debt repayments when it completes a long-delayed restructuring, State Finance Minister Eyob Tekalign said, adding that he hopes to sign deals with creditor nations in the coming months. The East African country, which became the third economy on the continent in as many years to default on its debt at the end of 2023, wants to put the debt overhaul back on track, after agreeing a new International Monetary Fund financing programme this week. “We will sign and finalise with each individual (creditor) country over the course of the next few months,” Eyob told Reuters, referring to the estimated savings to Ethiopia as a result of the restucturing.

(Reuters)