<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="524" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-820x524.jpg" alt="" class="wp-image-438354" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-820x524.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-1536x981.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People shop at a public market, ahead of the parliamentary and presidential elections that are scheduled for December 20, in Kinshasa, the Democratic Republic of Congo December 19, 2023. REUTERS/Zohra Bensemra</figcaption></figure>



KINSHASA/GOMA, Democratic Republic of Congo, Dec 20 (Reuters) &#8211; Democratic Republic of Congo was holding presidential and legislative elections on Wednesday after a chaotic campaign marred by opposition allegations of fraud, electoral violence, and logistical setbacks that could prevent many from voting.



At stake is not just the legitimacy of the next administration. Congolese election disputes often spark violent unrest with potentially far-reaching consequences. Congo is the world&#8217;s third largest copper producer, and the top producer of cobalt, a battery component needed for the green transition.



Delays were reported in several towns in Congo&#8217;s rebel-plagued east and in the capital Kinshasa, voting materials had not arrived at polling stations and voter lists were not published.



In the eastern cities of Goma and Beni, some people struggled to find their names on voter lists, which were only made available at their polling stations on Wednesday morning, according to Reuters witnesses.



&#8220;The last (election) wasn&#8217;t like this. We could find our names following an alphabetical order. But this time trying to verify your name is a headache for some of us who did not study. If we don&#8217;t get any help, we&#8217;ll go home,&#8221; resident Kahindo Katsotyo said.



In Bunia, also in eastern Congo, security forces fired warning shots to disperse protesters after a voting centre was vandalised and kits destroyed, a Reuters reporter said.



A provincial election commission official told journalists that people displaced by violence in the region had protested because they wanted to vote in their home towns.



For months, Congo&#8217;s national election commission has insisted it would deliver a free and fair vote as promised across Africa&#8217;s second-largest country, even as independent observers and critics flag irregularities they say will jeopardise the legitimacy of the results.



About 44 million Congolese are registered to take part in the voting, which also includes regional ballots.



As voting day neared, the authorities sought extra helicopters, raising concerns about the commission&#8217;s ability to open polling stations in areas otherwise unreachable due to bad roads or a lack of security.



Full provisional results are expected by Dec. 31.



ELECTORAL TRANSPARENCY



President Felix Tshisekedi is competing against 18 opposition challengers in the hope of a second term running the mineral-rich yet poverty-stricken nation.



&#8220;I have asked you to give me strength to continue the work that we have started,&#8221; Tshisekedi said in his final rally on Monday, promising to expand a free education policy if elected.



Opposition candidates have wooed voters with pledges to bring stability, peace, and the economic development they say was absent from Tshisekedi&#8217;s first term.



They and religious and civil society electoral observers have sounded the alarm about electoral transparency, highlighting issues including the voter list and illegible ID cards.



&#8220;It is evident that the greatest electoral fraud of the century is taking place,&#8221; Nobel Laureate and opposition candidate Denis Mukwege said on Monday. The election commission has repeatedly rejected the opposition&#8217;s allegations of fraud.



The election will be decided in a single round, requiring a simple majority of the vote to win. The final run-up to the vote has been particularly fraught.



Two parliamentary candidates were killed in separate incidents on Dec. 15 &#8211; part of a spate of election-related violence condemned by human rights groups and the European Union.



Ahead of election day in Kinshasa, some locals were not convinced their vote would count. &#8220;Every time we vote, we are disappointed, but if I had to vote, it would be for a change,&#8221; said 43-year-old Lucie Mpiana, who is unemployed.



Polls are due to close at 1600 GMT.



(Additional reporting by Sonia Rolley, Yassin Kombi, Fiston Mahamba, Erikas Mwisi Kambale and Crispin Kyala; Writing by Alessandra Prentice and Bate Felix; Editing by Sandra Male, Gerry Doyle, Sofia Christensen and Alison Williams)

People shop at a public market, ahead of the parliamentary and presidential elections that are scheduled for December 20, in Kinshasa

Congo holds presidential election, opposition alleging fraud

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="592" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-820x592.jpg" alt="" class="wp-image-423201" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-820x592.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-300x217.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-768x554.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-1536x1109.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">General view of the flag of Kenya at Shiokaze Park on the fourteenth day of the Tokyo 2020 Olympic Games in Japan. Picture date: Friday August 6, 2021. (Photo by Mike Egerton/PA Images via Getty Images)</figcaption></figure>



NAIROBI, Dec 20 (Reuters) &#8211; Kenya&#8217;s economy is likely to expand by 4.5%-5.2% in 2024 from an estimated 5% this year, the World Bank said on Wednesday.



The East African nation has been growing at one of the fastest annual paces on the continent in recent years but a heavy debt load and a weakening currency have emerged as risks.



&#8220;Debt related vulnerabilities persist, and rising debt costs constrain government&#8217;s ability to address development challenges,&#8221; the bank said in a statement on its latest Kenya economic update report.



Policymakers will need to balance between the short-term macroeconomic challenges and longer-term growth considerations, said Naomi Mathenge, a senior economist at the World Bank. (Reporting by Duncan Miriri; Editing by Jacqueline Wong)

Tokyo 2020 Olympic Games – Day Fourteen

Kenya’s economy to grow 4.5%-5.2% next year, World Bank says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571-820x547.jpg" alt="" class="wp-image-431887" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Attendees arrive at the Blue Zone on day three of the COP28 climate conference at Expo City in Dubai, United Arab Emirates, on Saturday, Dec. 2, 2023. More than 70,000 politicians, diplomats, campaigners, financiers and business leaders will fly to Dubai to talk about arresting the world&#8217;s slide toward environmental catastrophe. Photographer: Annie Sakkab/Bloomberg via Getty Images</figcaption></figure>



LONDON, Dec 19 (Reuters) &#8211; After winning a fraught bid to host next year&#8217;s United Nations climate talks in Baku, a senior Azerbaijani official promoted the country&#8217;s gas reserves in aiding the global the energy transition.



&#8220;Azerbaijan is also a gas exporting country, and gas &#8211; if you compare it with some other sources of energy &#8211; is a much cleaner sort of energy,&#8221; said Hikmet Hajiyev, foreign policy adviser to President Ilham Aliyev, in a meeting with reporters on Tuesday. &#8220;Azerbaijan has quite serious potential of gas,&#8221; he said.



The country has an estimated 2.5 trillion cubic metres of natural gas reserves, according to the 2021 BP Statistical Review of World Energy.



While the global warming emissions from burning natural gas are lower than those from coal or oil, they remain much higher than green energy sources.



Climate scientists have said that rising production of natural gas is emerging as one of the biggest drivers of climate change, and could cripple efforts to limit warming to 1.5 degrees Celsius above preindustrial levels.



The decision this month at COP28 talks in the UAE to host COP29 in Baku resolved months of geopolitical deadlock over the location of the 2024 U.N. climate summit.



Azerbaijan&#8217;s bid received approval from nearly 200 countries, including longtime adversary Armenia, which have recently agreed to basic peace treaty principles after decades of conflict.



&#8220;I am glad that we found a way out of the situation,&#8221; said Hajiyev. &#8220;Now, we can build a coalition between climate action and the peace agenda&#8221;.



But climate campaigners have raised concerns about again holding the U.N. climate talks in another oil producing nation.



Asked to respond to such criticisms, Hajiyev said oil-exporting nations should lead by example and that hosting the summit was complementary, not a paradox.



He added the country, which is a member of OPEC+, supported a &#8220;transitional approach&#8221; to moving away from fossil fuels, rather than an immediate phase out.



&#8220;When will we stop (drilling)? I don&#8217;t have a clear answer for that,&#8221; said Hajiyev, noting the country had to meet standing contracts with business partners. BP is Azerbaijan&#8217;s largest foreign investor.



Hajiyev said there was still a need for fossil fuels beyond energy demand, including their use in plastics &#8211; which are also the subject of an international treaty under negotiation that could curtail their use.



&#8220;We should be very realistic and have a broader vision with regards to fossil fuels,&#8221; he said.



Hajiyev also highlighted the country&#8217;s new investments in green energy, including wind and solar, and efforts to construct an electric cable under the Black Sea to transfer green Azeri energy from planned Caspian Sea windfarms to Europe. (Reporting by Gloria Dickie; editing by David Evans)

Day Three of COP28 Climate Conference

COP29 climate summit host Azerbaijan touts country’s gas potential

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-820x547.jpg" alt="" class="wp-image-423316" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas/</figcaption></figure>



WASHINGTON, Dec 18 (Reuters) &#8211; The International Monetary Fund&#8217;s governing body has approved a 50% increase in quota resources to be contributed by member countries in proportion to their current IMF shareholding, bringing total quotas to $960 billion, the IMF said on Monday.



Governors representing nearly 93% of the total voting power of the fund voted for the 50% increase the IMF&#8217;s executive board recommended last month, exceeding the 85% required. The voting deadline ended on Friday.



The quota increase, which follows years of extensive discussions among members, will become effective by Nov. 15, 2024 once member countries agree to their respective quota changes, which requires legislative approval in many cases.



The decision largely follows a U.S.-backed plan that would enhance IMF lending resources but delay any IMF shareholding increases for China, India, Brazil and other fast-growing emerging market economies.



But the governors asked the IMF to develop possible approaches for a new quota formula by June 2025, in line with the executive board&#8217;s recommendation.



The 50% increase in quota funding &#8212; equivalent to about $320 billion at current exchange rates &#8212; will not increase the fund&#8217;s overall lending firepower of about $1 trillion, but would shift the composition to about 70% more permanent resources while reducing reliance on borrowed resources, the IMF said.



IMF Managing Director Kristalina Georgieva called the decision &#8220;a strong vote of confidence for the work of the Fund. It will reduce the reliance of the Fund on borrowed resources, restore the primary role of quotas in our lending capacity and reinforce the role of the IMF at the center of the Global Financial Safety Net,&#8221; she said.



Georgieva said the move would strengthen the IMF’s capacity to help &#8220;safeguard global financial stability and respond to members’ potential needs in an uncertain and shock-prone world.&#8221;



Currently, the IMF relies on bilateral borrowing arrangements and pledges to a crisis lending fund called the New Arrangements to Borrow. The executive board will discuss proposals for reducing the crisis lending fund in early 2024. Zuzana Murgasova, deputy director of the IMF&#8217;s finance department, told Reuters that work on the guidance for a further quota realignment would begin very soon, but declined to provide further details since the discussions were confidential.



&#8220;What is really important is that the membership has recognized that this is an urgent priority, and the work will start very soon,&#8221; she said.



Murgasova said the governors&#8217; votes were also confidential, and declined to say which country or countries did not approve the quota increase. (Reporting by Andrea Shalal, Editing by Franklin Paul and Josie Kao)

FILE PHOTO: Man walks past the IMF logo at HQ in Washington

IMF governors approve 50% increase in lending resources with no shareholding changes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-820x547.jpg" alt="" class="wp-image-420940" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China&#8217;s national flag in Hong Kong. Photographer: Paul Yeung/Bloomberg</figcaption></figure>



BEIJING, Dec 19 (Reuters) &#8211; China is able to achieve economic growth of 5% in 2024, Wang Yiming, a policy adviser to the central bank, said on Tuesday.



China&#8217;s economy is likely to grow 5% next year, if investment rises 4-5%, consumption rises 6-7%, and exports return to growth, Wang told an economic forum in Beijing.



China has space to step up support for the economy, given that its central government debt burden is relatively low and consumer prices are also low, Wang said.



China&#8217;s consumer prices fell at the fastest rate in three years in November.



Wang said China may be able to cut interest rates as the Federal Reserve has likely stopped raising its own rates, although a wide interest rate gap between the two countries and worries about the impact on banks could act as constraints.



At the annual Central Economic Work conference held from Dec. 11-12, Chinese leaders pledged to adjust policy to support an economic recovery in 2024.



China&#8217;s growth is expected to hit the government&#8217;s target of around 5% this year. (Reporting by Albee Zhang and Kevin Yao; Editing by Kirsten Donovan)

Chinese National Flag

China can achieve 5% economic growth in 2024, c.bank adviser says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="463" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/NENDO62V3ZLP5MPGSLW3PPS3G4.jpg" alt="" class="wp-image-437940" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/NENDO62V3ZLP5MPGSLW3PPS3G4.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/NENDO62V3ZLP5MPGSLW3PPS3G4-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/NENDO62V3ZLP5MPGSLW3PPS3G4-142x90.jpg 142w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">A general picture shows the skyline of Tanzania&#8217;s port city of Dar es Salaam, File. REUTERS/Andrew Emmanuel</figcaption></figure>



NAIROBI, Dec 19 (Reuters)&nbsp;&#8211;&nbsp;Tanzania&#8217;s economy is expected to grow by about 5.5% in 2024, up from about 5% in 2023,&nbsp;but it faces risks from external geopolitical factors, its&nbsp;finance minister and central bank governor said in a letter to the International Monetary Fund.



In June, Finance Minister Mwigulu Nchemba said the East African nation&#8217;s economy was forecast to grow 5.2% this year.



&#8220;Intensification of geopolitical conflicts, increased commodity price volatility, abrupt global slowdown or recession, and natural disasters related to climate change could weigh negatively on the near-term outlook of the Tanzanian economy,&#8221; Nchemba and Central Bank Governor Emmanuel Tutuba said in the letter, made public late on Monday.



Nchemba and Tutuba said in the Nov. 27 letter that the central bank had sold $353.9 million on the foreign exchange market between July and October and had reduced the frequency and amounts of interventions.



&#8220;Going forward, forex interventions will be limited to addressing disorderly market conditions while the exchange rate will be allowed to be flexible to cushion the economy against external shocks,&#8221; Nchemba and Tutuba said.



Tanzania&#8217;s economy largely relies on tourism, mining, agriculture and manufacturing.



(Reporting by George Obulutsa; Editing by Edmund Klamann and Gerry Doyle)

NENDO62V3ZLP5MPGSLW3PPS3G4

Tanzania GDP to grow about 5.5% in 2024 – finmin, cenbank gov

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="542" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/3HWZWVIRAVPBBEMBWDXTXH6RCE-1-820x542.jpg" alt="" class="wp-image-437936" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/3HWZWVIRAVPBBEMBWDXTXH6RCE-1-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/3HWZWVIRAVPBBEMBWDXTXH6RCE-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/3HWZWVIRAVPBBEMBWDXTXH6RCE-1-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/3HWZWVIRAVPBBEMBWDXTXH6RCE-1-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/3HWZWVIRAVPBBEMBWDXTXH6RCE-1-1536x1016.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/3HWZWVIRAVPBBEMBWDXTXH6RCE-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker prepares a garment at the the Utexrwa garment factory in Kigali, Rwanda April 17, 2018. REUTERS/Jean Bizimana</figcaption></figure>



NAIROBI, Dec 19 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s economy is expected to grow 6.6% in 2024, up from this year&#8217;s figure of 6.2%, the finance minister and central bank governor told the International Monetary Fund in a letter.



In February, Finance Minister Uzziel Ndagijimana had forecast economic growth of about 7.5% for the East African country in 2024 and 2025. The economy grew 8.2% in 2022.



&#8220;We foresee a temporary softening of economic growth, driven by needed tighter fiscal and monetary policies,&#8221; Ndagijimana and Central Bank Governor John Rwangombwa said in the Nov. 29 letter, made public late on Monday.



&#8220;On the demand side, private consumption and investment are expected to be the main growth drivers in the medium term as



fiscal consolidation ensues.&#8221;



In November, Rwanda&#8217;s central bank held its key lending rate at 7.5% RWREPO=ECI, saying it saw inflation falling towards its target range of 2% to 8% by year-end.



External factors could cloud the outlook for growth, however, Ndagijimana and Rwangombwa said.



&#8220;A further deepening of geopolitical fragmentation, another spike in global energy, food, and fertiliser prices, or a steeper decline in trading partners growth would weigh on the outlook,&#8221; they said.



(Reporting by George Obulutsa; Editing by Jacqueline Wong and Clarence Fernandez)

A worker prepares a garment at the the Utexrwa garment factory in Kigali

Rwanda says GDP growth expected to rise in 2024, still below 2022 figure

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/TP5R6HBNPZIGTOANNA35PFUUUM-820x547.jpg" alt="" class="wp-image-421437" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/TP5R6HBNPZIGTOANNA35PFUUUM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/TP5R6HBNPZIGTOANNA35PFUUUM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/TP5R6HBNPZIGTOANNA35PFUUUM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/TP5R6HBNPZIGTOANNA35PFUUUM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/TP5R6HBNPZIGTOANNA35PFUUUM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, September 28, 2022. REUTERS/Yves Herman</figcaption></figure>



NAIROBI, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Kenya and the European Union moved closer to sealing an Economic Partnership Agreement that will grant the East African nation&#8217;s exports duty-free status and unlimited access to the bloc, officials said on Monday.



Both sides had initialled a draft deal in June after seven months of negotiations. The EU is one of Kenya&#8217;s biggest export markets.



The deal was approved by the European Union Council last week. It will now be presented to the parliaments of both sides for ratification before it comes into force.



&#8220;Today&#8217;s agreement heralds a new dawn where Kenyan goods gain immediate duty- and quota-free access to the European market,&#8221; Rebecca Miano, Kenya&#8217;s trade minister, said before signing the agreement at a ceremony in Nairobi.



&#8220;Over time, European goods will also gain preferential access to the Kenyan market.&#8221;



Kenya is a major exporter of tea, coffee, flowers, fruits and vegetables to the EU, which accounts for 21% of its overall exports. It buys machinery, pharmaceuticals and other chemicals from the EU.



Bilateral trade between the two stood at a total of 3.3 billion euros in 2022, EU and Kenya government data showed, making it the East African nation&#8217;s second largest trade partner.



Kenya signed an initial trade deal with the EU in 2016, alongside its partners in the then six member nation East African Community trade bloc, but it was not signed by most of the EAC countries and therefore did not fully come into effect.



The EAC has since expanded to eight member nations, who will all be welcome to join the new deal, Kenya&#8217;s President William Ruto said.



&#8220;This agreement that we are signing today leaves the door open, and I say, wide open, for our EAC partners to join,&#8221; President William Ruto said at the ceremony.



While the other EAC members are classified as least developed countries, meaning their exports could continue to get access without the deal, Kenya is middle income and therefore had to seek a stand-alone arrangement.



&#8220;We encourage the other Eastern African countries to join,&#8221; EU Commission President Ursula von der Leyen said.



(Reporting by George Obulutsa; Editing by Duncan Miriri and Michael Perry)

TP5R6HBNPZIGTOANNA35PFUUUM

Kenya, EU advance economic partnership agreement to boost trade

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Dec 14 (Reuters)&nbsp;&#8211;&nbsp;Emerging markets currencies and stocks hit two-week highs on Thursday after the U.S. Federal Reserve tilted to a dovish policy stance, while Argentina&#8217;s inflation hit 161%, underscoring the challenges for the new government.



MSCI&#8217;s gauge of emerging markets stocks&nbsp;.MSCIEF&nbsp;jumped 1.6%, while a basket of currencies&nbsp;.MIEM00000CUS&nbsp;advanced 0.8% against the dollar by 0927 GMT.



The Fed left interest rates unchanged on Wednesday, with Chair Jerome Powell saying the historic tightening of monetary policy is likely over with a discussion of cuts in borrowing costs coming &#8220;into view.&#8221;



&#8220;The Fed acknowledged the better inflation outlook and the employment slowdown but was careful not to give totally in to market expectations of a quick pace of rate cuts,&#8221; said Paolo Zanghieri, senior economist at Generali Investments.



&#8220;Chair Powell sounded rather optimistic on inflation and not particularly worried about the last leg of disinflation being particularly difficult,&#8221; Zanghieri added.



In South America, the focus remained on Argentina as data on Wednesday showed annual inflation rate hit 161% in November, faster than expected and the highest monthly figure this year.



The data reflected the daunting challenges new President Javier Milei faces in navigating the country&#8217;s turbulent economic waters and is the first inflation report since Milei took office last Sunday.



Most regional stocks across Asia jumped, with equities across Turkey and South Africa also advancing.



The only outlier was China, as the Shanghai Composite Index .SSEC and the blue-chip stocks .CSI300 fell 0.3% and 0.5% respectively after data showed new bank lending in China jumped less than expected in November.



However, the Chinese offshore yuan&nbsp;CNH=D3&nbsp;hit more than a one-week high and was last seen at 7.1435 to the dollar.



Elsewhere in Asia, both the central banks of Philippines and Taiwan kept interest rates steady unchanged.



South African rand&nbsp;ZAR=&nbsp;was little changed ahead of local economic data.



Russia&#8217;s rouble&nbsp;RUBUTSTN=MCX&nbsp;rose to a near two-week high and was last trading at 89.5250 per dollar after the Fed decision, while investors awaited the domestic central bank&#8217;s policy decision on Friday.



In Central and Eastern Europe, both the Hungarian forint&nbsp;EURHUF=&nbsp;and Polish zloty&nbsp;EURPLN=&nbsp;were down 0.2% versus the euro after rising slightly, while the Czech crown&nbsp;EURCZK=&nbsp;held steady.



The European Commission said on Wednesday that Hungary could start claiming up to 10.2 billion euros ($11.00 billion) in refunds on projects after finding it had fulfilled conditions on the independence of its judiciary.



Brazil&#8217;s central bank lowered its benchmark interest rate by 50 basis points on Wednesday for the fourth time in a row and signaled that it would keep cutting rates at that pace beyond its next meeting.



The central bank decisions of Mexico and Peru and Brazil&#8217;s retail sales are due later in the day.



(Reporting by Siddarth S in Bengaluru; Editing by Varun H K)

World map with charts and graphs as symbols of global finance

EM assets hit two-week highs on dovish Fed tilt; Argentina’s CPI hits 161%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg" alt="" class="wp-image-412999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of the headquarter of the embattled South African main electricity provider ESKOM is pictured on February 4, 2015 in Johannesburg. South Africa power supply was under &#8220;extreme&#8221; pressure on February 2, 2015 and likely to remain so until end of the week after a technical fault at the country&#8217;s sole nuclear plant, electricity utility Eskom said. AFP PHOTO/GIANLUIGI GUERCIA (Photo by Gianluigi GUERCIA / AFP) (Photo by GIANLUIGI GUERCIA/AFP via Getty Images)</figcaption></figure>



Dec 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s struggling state power company Eskom said on Wednesday it made a 1.6 billion rand ($84 million) profit after tax in the first six months of its financial year to the end of September.



The debt-laden utility has this year implemented the worst power cuts on record in Africa&#8217;s most industrialised economy.



&#8220;Eskom cautions that despite achieving a profit in the first six months, an after-tax loss of 23.2 billion rand is expected by the end of the financial year,&#8221; it added in a statement.



Eskom cited poor generating plant performance, tariffs which it says do not allow it to fully recover its costs, high debt servicing costs and non-payment by some customers among reasons for the projected full-year loss.



($1 = 19.0557 rand)



(Reporting by Alexander Winning; Editing by Mark Potter)

SAFRICA-ELECTRICITY-NUCLEAR-ECONOMY-ENERGY

South Africa’s Eskom makes H1 profit but sees full-year loss

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GTR4FRR34RIYHMTLPBM4CQTLEI-820x547.jpg" alt="" class="wp-image-435831" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GTR4FRR34RIYHMTLPBM4CQTLEI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GTR4FRR34RIYHMTLPBM4CQTLEI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GTR4FRR34RIYHMTLPBM4CQTLEI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GTR4FRR34RIYHMTLPBM4CQTLEI-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GTR4FRR34RIYHMTLPBM4CQTLEI-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GTR4FRR34RIYHMTLPBM4CQTLEI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Firefighters tackle fire in a field as forest fires ravage the Bolivian Amazon, in San Buenaventura, Bolivia November 22, 2023. REUTERS/Claudia Morales//File Photo</figcaption></figure>



DUBAI, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;How to adapt to the impacts of climate change was one of the many difficult questions addressed at the COP28 talks in Dubai &#8211; and how to pay for it has yet to be answered.



The final deal from the U.N. climate summit in Dubai on Wednesday was vague on where much-needed finance would come from &#8211; a topic picked up by a number of countries as they commented on the deal.



&#8220;Adaptation is really a life and death issue,&#8221; the Bangladesh climate envoy Saber Hossain Chowdhury said. &#8220;We cannot compromise on adaptation. We cannot compromise on lives and livelihoods.&#8221;



So finance should be &#8220;geared to delivering the resources that we need,&#8221; he said. &#8220;It&#8217;s absolutely fundamental.&#8221;



A source involved in the talks said a push for firmer action had been hampered by the need to agree a new overall climate finance target next year. The current $100 billion annual target &#8211; which had been missed in the past &#8211; expires in 2025.



Despite that, the source said delegates had increasingly acknowledged adaptation finance was not just about moving &#8220;chunks of money north to south&#8221;, but part of a wider discussion about what a country&#8217;s economy would look like in the future.



As a result, a requirement in the final deal for countries to deliver a national adaptation plan by 2030 &#8211; 51 countries have already done so &#8211; should, in theory, help the available money get to where it is needed most.



<h2 class="wp-block-heading" id="h-significant-start">&#8216;SIGNIFICANT START&#8217;</h2>



Despite concern around the lack of commitment to provide more money, Singapore&#8217;s environment minister said she was glad the topic had risen up the agenda.



&#8220;As a small island state we struggled with adaptation for many editions of COP,&#8221; said Grace Fu, so the inclusion of more focused language in the final deal text was &#8220;a very significant start for us&#8221;.



The sharper focus followed a landmark November U.N. report showing that developing nations would need up to 18 times more funding than they currently receive to build resilience into their economies to withstand the impacts of climate change.



The annual financing shortfall for adaptation was as much as $366 billion, compared with the $25 billion provided during the 2017-2021 period, the U.N. Environment Programme (UNEP) said.



David Nicholson, chief climate officer at humanitarian NGO Mercy Corps, called the report a &#8220;wake-up call&#8221;.



Yet money flows remain sluggish. The biggest news announced at COP28 was a commitment of $3 billion in new money from the United States to the Green Climate Fund, which aims to put at least half of its investment dollars into adaptation projects.



&#8220;At COP28, the international community made progress in righting the scales,&#8221; GCF chief Mafalda Duarte told Reuters, pointing to a total of $12.8 billion in new capital raised for the fund to support climate action across the developing world.



&#8220;It must mobilise global solidarity with those countries least prepared to safeguard communities from climate impacts.&#8221;



A U.N. Adaptation Fund, though, had only raised around half of the $300 million it had hoped to reach in 2023 by the end of the conference.



<h2 class="wp-block-heading" id="h-hurdles">HURDLES</h2>



For many private investors, the hurdles include working out how to make a profit from projects, even though failure to finance adaptation could ultimately impact their other investments.



&#8220;Lenders are finding it challenging to see the returns that can be made in this sector. There are insufficient incentives for lenders at the moment,&#8221; John Shum, partner at law firm King &amp; Wood Mallesons, said.



The areas where investors could do more include helping to bolster natural ecosystems in exchange for valuable carbon credits or building climate-resilient infrastructure. Others are also investing in bonds linked to protecting nature.



Regulators also need to force companies to disclose their exposure to the physical risks of climate change and to reward those taking action to reduce their exposure through better credit ratings and lower capital requirements, said Rowan Douglas, CEO, at Howden Climate Risk and Resilience.



&#8220;Without it, there is limited economic rationale or reward for investing in adaptation.&#8221;



For Yvonne Aki-Sawyerr, mayor of the Sierra Leone capital Freetown, among the most vulnerable cities in Africa as it faces floods and coastal erosion, adaptation and mitigation, such as greening energy supplies, needed to be considered together.



&#8220;Making too fine a distinction just makes for division. We&#8217;re at the point now where we should be addressing the climate crisis and the funding should be what it is.&#8221;



(Reporting by Simon Jessop, David Stanway, Kate Abnett; Editing by Katy Daigle and Barbara Lewis)

FILE PHOTO: Firefighters tackle fire in a field as forest fires ravage the Bolivian Amazon, in San Buenaventura

COP28 calls for adapting to warmer world without resolving how to pay

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2NYL26N5I5JW3NDSK4SNUHQ7QM-820x521.jpg" alt="" class="wp-image-435811" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2NYL26N5I5JW3NDSK4SNUHQ7QM-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2NYL26N5I5JW3NDSK4SNUHQ7QM-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2NYL26N5I5JW3NDSK4SNUHQ7QM-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2NYL26N5I5JW3NDSK4SNUHQ7QM-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2NYL26N5I5JW3NDSK4SNUHQ7QM-1536x977.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2NYL26N5I5JW3NDSK4SNUHQ7QM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Union for Democracy and Social Progress (UDPS) party supporters gather as they wait for the arrival of Democratic Republic of the Congo&#8217;s President Felix Tshisekedi for a campaign rally at the Afia stadium in Goma, North Kivu province of the Democratic Republic of Congo December 10, 2023. REUTERS/Stringer/File Photo</figcaption></figure>



KINSHASA, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;Democratic Republic of Congo&#8217;s government has asked the United Nations to allow its peacekeeping mission to help with the logistics of organising national elections next week, according to a letter seen by Reuters.



There have been challenges in the distribution of voting materials in Africa&#8217;s second-largest country due to a lack of paved roads and conflict in rebel-plagued eastern provinces, where a U.N. peacekeeping mission is deployed.



The mission, known as MONUSCO, has already helped deliver voting materials in the eastern provinces of Ituri, North Kivu and South Kivu. Its mandate is currently limited to those areas.



In a letter dated Dec. 12, the Kinshasa government asked the U.N. Security Council to allow MONUSCO to extend its logistical support to other provinces.



The mission&#8217;s spokesperson, Ndeye Khady Lo, confirmed the letter and said the mission was waiting for the Security Council&#8217;s reply.



Congo&#8217;s government and its national electoral commission (CENI) did not immediately respond to requests for comment.



Some analysts and civil society groups have raised concerns that the election on Dec. 20 could be delayed. In 2018, Congo postponed the vote by one week just three days before it was set to take place.



The CENI last week asked the presidency to provide aircraft urgently to help distribute voting materials in hard-to-reach areas.



The government has meanwhile asked neighbouring Angola to lend it some planes for the election period. But its request was refused because it came too late, a diplomatic source said.



(Reporting by Sonia Rolley; Writing by Sofia Christensen; Editing by Nellie Peyton and Mark Heinrich)

UDPS party supporters gather as they wait for the arrival of Democratic Republic of the Congo’s President Felix Tshisekedi for a campaign rally at the Afia stadium in Goma

Congo asks U.N. to help with challenging election logistics

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XGW2VAJGGVKTZOIMO2U27VMREE-820x518.jpg" alt="" class="wp-image-435757" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XGW2VAJGGVKTZOIMO2U27VMREE-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XGW2VAJGGVKTZOIMO2U27VMREE-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XGW2VAJGGVKTZOIMO2U27VMREE-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XGW2VAJGGVKTZOIMO2U27VMREE-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XGW2VAJGGVKTZOIMO2U27VMREE-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XGW2VAJGGVKTZOIMO2U27VMREE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s Finance Minister Njuguna Ndung&#8217;u presents the Government Budget for the 2023/24 fiscal year inside the Parliament building in Nairobi, Kenya June 15, 2023. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;Kenya is searching for ways to bring its budget deficit for this financial year close to its original target after a slump in its currency forced its upward revision, a finance ministry official said on Wednesday.



The East African nation&#8217;s government revised its spending plans for the 2023/24 financial year to June 2024 in late October, after currency weakening increased foreign debt repayments by 1% of gross domestic product.



In the revised budget, the fiscal deficit was increased to 5.5% of GDP from the initial 4.4%, eliciting concerns about the government&#8217;s ability to stabilise public debt.



&#8220;We are still looking around to see how we can bring this 5.5 to 4.7% as a minimum,&#8221; Musa Kathanje, the director macro and fiscal affairs at the ministry, told an event convened to prepare the budget for the 2024/25 financial year.



Kenya&#8217;s central bank raised its benchmark lending rate by 200 basis points to its highest level in more than a decade last week, to try to stabilise the exchange rate.



The tighter monetary stance will work, Finance Minister Njuguna Ndung&#8217;u told the same budget preparation forum, helping to stabilise the macroeconomic fundamentals.



Officials also want to bring down the inflation rate, which has been stuck at close to 7% for the last three months, to around 5%.



The government expects the economy to grow by 5.5% this year and by a similar rate next year, finance ministry officials said.



The economy grew 4.8% in 2022.



(Reporting by Duncan Miriri; Editing by George Obulutsa and Tomasz Janowski)

FILE PHOTO: Kenya’s Finance Minister Njuguna Ndung’u presents the Government Budget for the 2023/24 fiscal year in Nairobi

Kenya eyes return to lower deficit this year, Treasury official says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YU3SW7PWBVPE3AVFYSDN7VQI5Q-820x507.jpg" alt="" class="wp-image-435753" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YU3SW7PWBVPE3AVFYSDN7VQI5Q-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YU3SW7PWBVPE3AVFYSDN7VQI5Q-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YU3SW7PWBVPE3AVFYSDN7VQI5Q-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YU3SW7PWBVPE3AVFYSDN7VQI5Q-768x474.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YU3SW7PWBVPE3AVFYSDN7VQI5Q-1536x949.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YU3SW7PWBVPE3AVFYSDN7VQI5Q-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A customer compares prices while shopping at a Pick and Pay shop in East London, in the Eastern Cape province, South Africa, March 17, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;South African inflation slowed for the first time in four months in November thanks to cooling fuel prices which overpowered still-rising food costs.



Headline consumer inflation fell to 5.5% year on year in November from 5.9% in October&nbsp;ZACPIY=ECI, data from the statistics agency showed on Wednesday, a slightly bigger fall than the 5.6% predicted by analysts polled by Reuters.



South Africa&#8217;s central bank, the South African Reserve Bank (SARB) targets inflation between 3% and 6%.



Independent economist Elize Kruger said at 9.0% year on year food price inflation was higher than expected but that overall the data left her expectations intact that the SARB would stay cautious and keep interest rates at elevated levels in the coming months.



The SARB kept its main interest rate unchanged for the third policy meeting in a row last month, with Governor Lesetja Kganyago reiterating that the bank saw inflation stabilising around the mid-point of its target band by 2025.



Razia Khan, chief economist for Africa and the Middle East at Standard Chartered Bank, said headline inflation would probably fall further in December as more fuel price cuts were expected.



&#8220;With the inflation outlook improving &#8211; we think current rand weakness is temporary &#8211; the SARB should be in a position to roll back some of these hikes,&#8221; Khan said, adding the first interest rate cut could come in March.



Wednesday&#8217;s inflation figures had little effect on the rand, which was last trading&nbsp;ZAR=D3&nbsp;around 0.5% weaker against the dollar on the day.



Core inflation&nbsp;ZACPYY=ECI, which excludes food and fuel prices, rose to 4.5% year on year in November from 4.4% in October.



(Editing by Alexander Winning and Alison Williams)

FILE PHOTO: South Africans face more interest rate hike pain as inflation sticks

South African inflation back on downward path thanks to fuel

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg" alt="" class="wp-image-420118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new economic measures laid out by the U.K. government “will likely increase inequality”, according to a spokesperson from the International Monetary Fund.
Yuri Gripas | Reuters</figcaption></figure>



BLANTYRE, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;The World Bank has approved $137 million of budget support for Malawi, with an immediate disbursement of $80 million, the bank said in a statement.



The funding will help the southern African country enhance fiscal sustainability, stimulate private sector-led growth, and increase resilience to shocks, the World Bank said.



After the initial $80 million, the remaining $57 million can be triggered in the event of a crisis, it added.



The support comes as Malawi battles chronic foreign-currency shortages that have led to a lack of fuel, medicines and fertilisers.



Malawi devalued its kwacha currency by 30% against the dollar last month.



&#8220;The Bank is now able to respond with a substantial budget support operation that supports an ongoing program of reforms,&#8221; said Nathan Belete, World Bank country director for Malawi, Zambia, Zimbabwe and Tanzania.



The International Monetary Fund, which approved a loan of about $178 million to Malawi in November, has said the country needs almost $1 billion in debt relief by 2027.



(Reporting by Frank Phiri; Writing by Bhargav Acharya; Editing by Alexander Winning and Alison Williams)

107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico

World Bank approves $137 million budget support for Malawi

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-820x615.jpg" alt="" class="wp-image-435695" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People carry bags of relief grains at a camp for the Internally Displaced People in Adadle district in the Somali region, Ethiopia, January 22, 2022. Picture taken January 22, 2022. Claire Nevill/World Food Programme/Handout via REUTERS/File Photo</figcaption></figure>



DAKAR, Dec 12 (Reuters)&nbsp;&#8211;&nbsp;A record 49.5 million people are expected to go hungry in West and Central Africa next year due to a combination of conflict, climate change and high food prices, the United Nations said on Tuesday.



The figure is 4% higher than in 2023. In coastal countries, the number of people facing acute hunger is expected to reach 6.2 million in 2024, up 16% from this year, according to a new regional food security analysis released by the U.N. World Food Programme (WFP) and other humanitarian agencies.



&#8220;Acute hunger remains at record levels in the region, yet funding needed to respond is not keeping pace,&#8221; said Margot Vandervelden, WFP&#8217;s acting regional director for Western Africa.



&#8220;Insufficient funding means the moderately hungry will be forced to skip meals and consume less nutritious food, putting them at risk of falling back into crisis or emergency phases, perpetuating the cycle of hunger and malnutrition,&#8221; she said.



More than two out of three households in West and Central Africa cannot afford healthy diets, the analysis found.



The cost of a daily nutritious diet in the central Sahel countries Burkina Faso, Mali and Niger is 110% higher than the daily minimum wage in the region, it said.



Sahel countries are facing an Islamist insurgency that has displaced some four million people from their homes and farms, according to U.N. figures. Democratic Republic of Congo also has multiple ongoing conflicts that have displaced nearly seven million.



The Sahel crisis has pushed people to seek refuge in neighbouring coastal countries such as Ivory Coast, Togo and Ghana, which is grappling with its worst economic crisis in a generation.



&#8220;Almost 80% of people who are currently in a difficult food situation are in areas affected by conflict,&#8221; said Ollo Sib, a senior research adviser for the WFP.



He warned that without intervention, the situation could deteriorate further in certain areas as over 2.6 million people were at risk of falling into famine.



(Reporting by Ngouda Dione; Writing by Nellie Peyton; Editing by Mark Potter)

WFP warns millions facing hunger as driest weather in decades ravages Horn of Africa

Nearly 50 mln facing hunger in West, Central Africa as conflict spreads

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/CF2RV5HLG5PE5DNAIYXHUWLNVE-820x547.jpg" alt="" class="wp-image-435417" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/CF2RV5HLG5PE5DNAIYXHUWLNVE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/CF2RV5HLG5PE5DNAIYXHUWLNVE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/CF2RV5HLG5PE5DNAIYXHUWLNVE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/CF2RV5HLG5PE5DNAIYXHUWLNVE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/CF2RV5HLG5PE5DNAIYXHUWLNVE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/CF2RV5HLG5PE5DNAIYXHUWLNVE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s President William Ruto looks on during his swearing-in ceremony at Moi International Stadium in Nairobi, Kenya September 13, 2022. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Dec 12 (Reuters)&nbsp;&#8211;&nbsp;Visitors to Kenya from across the world will no longer require a visa from January, President William Ruto said on Tuesday.



Ruto said his government had developed a digital platform to ensure all visitors would receive an electronic travel authorisation in advance, instead of needing to apply for a visa.



&#8220;It shall no longer be necessary for any person from any corner of the globe to carry the burden of applying for a visa to come to Kenya,&#8221; he said in a speech in the capital Nairobi at an event to mark 60 years of independence from Britain.



Ruto has long advocated for visa-free travel within the African continent.



At a conference in the Republic of Congo in October he said people from African countries would not require a visa to visit Kenya by the end of 2023.



The tourism industry plays a vital role in Kenya&#8217;s economy, offering beach holidays along its Indian Ocean coastline and wildlife safaris inland.



&#8220;Kenya has a simple message to humanity: Welcome Home!&#8221; he said.



(Reporting by Duncan Miriri; Writing by Bhargav Acharya; Editing by Alexander Winning, Kirsten Donovan)

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Reuters

Congo holds presidential election, opposition alleging fraud

Kenya’s economy to grow 4.5%-5.2% next year, World Bank says

COP29 climate summit host Azerbaijan touts country’s gas potential

IMF governors approve 50% increase in lending resources with no shareholding changes

China can achieve 5% economic growth in 2024, c.bank adviser says

Tanzania GDP to grow about 5.5% in 2024 – finmin, cenbank gov

Rwanda says GDP growth expected to rise in 2024, still below 2022 figure

Kenya, EU advance economic partnership agreement to boost trade

EM assets hit two-week highs on dovish Fed tilt; Argentina’s CPI hits 161%

South Africa’s Eskom makes H1 profit but sees full-year loss

COP28 calls for adapting to warmer world without resolving how to pay

Congo asks U.N. to help with challenging election logistics

Kenya eyes return to lower deficit this year, Treasury official says

South African inflation back on downward path thanks to fuel

World Bank approves $137 million budget support for Malawi

Nearly 50 mln facing hunger in West, Central Africa as conflict spreads

Kenya to scrap visas for all visitors, president says

News Tips

Advertise With Us

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