Kenya

Why Kenya trimmed appetite for IMF debt

Kenya has cut back on its planned borrowing from the International Monetary Fund (IMF) by 7.2 percent to Sh465.4 billion ($3.6 billion) after partial repayment of the debut Eurobond that unnerved global investors.

This comes weeks after the country’s budget support from the World Bank was reduced in size by 20 percent to Sh155.2 billion ($1.2 billion).

The IMF has attributed this reduction in the size of the credit facility earmarked for Kenya to the February partial refinancing of the Sh258.7 billion ($2 billion) Eurobond due for maturity on June 24. (Business Daily)

Uganda

Uganda to be 2nd fastest growing economy in EAC in 2024, says World Bank

Prospects released in Washington, DC, on June 11 reveal that Rwanda will be the fastest-growing economy in East Africa (7.6 percent) in 2024.

With a growth rate of 5.4 percent, Tanzania follows Uganda and DR Congo, while Kenya is set to grow at a 5.0 percent rate.

Burundi’s economy is projected to register a 3.8 percent growth with Somalia at 3.7 percent and South Sudan at 2.0 percent. (Monitor)

Tanzania

UN to remove Tanzania from LDCs list: A mixed bag of marked improvements in several key areas

In a significant development, Vice President Dr Philip Mpango announced at the first National Conference on the preparation of Tanzania’s National Vision and Development 2050 that the United Nations plans to remove Tanzania from the list of least-developed countries. The announcement, made at the University of Dar es Salaam on June 8, 2024, highlights the nation’s progress across various development indicators from 2000 to 2018.

Dr Mpango emphasised the marked improvements in several key areas. “This year, 2024, the United Nations has begun the process of removing our country from the group of least developed countries. Regarding specific development indicators, the rate of basic needs poverty has decreased from 36 percent in 2000 to 26.4 percent in 2018,” he stated. (IPP Media)

Rwanda

Rwanda, AfDB in talks to extend Pan-African youth bank to Kigali

If conversations between the African Development Bank (AfDB) and the Government of Rwanda go as planned, Rwanda will be among the countries to host one among the many proposed youth entrepreneurship investment banks. This was recently confirmed by the President of the AfDB, Akinwumi Adesina, during the closing press conference of AfDB’s Annual Meetings in the Kenyan capital Nairobi. (The New Times)

Ethiopia 

Ethiopia: Government proposes Birr 971.2 billion budget for upcoming fiscal year

Ethiopia’s government has proposed a budget of Birr 971.2 billion for the upcoming fiscal year, a significant increase of 21.1% compared to the 2023/24 budget. This draft plan was presented to the parliament by Finance Minister Ahmed Shide.

The proposed budget outlines how the government intends to spend its resources. The largest portion, 46.5% or Birr 451.3 billion, is allocated to the regular budget, which covers ongoing government operations. This represents a 21.9% increase from the budget for the current fiscal year. (2merkato)

Somalia 

ATMIS police conduct intensive trainer workshop for Somali police officers

ATMIS police trainers are conducting a 5-day intensive Trainer of Trainers (TOT) workshop on Human Rights for 12 Somali police force officers at the Bay Regional Police headquarters in South West State. According to ATMIS, the training aims to equip the officers with knowledge and skills on best policing practices and internationally accepted rules and standards for policing.