<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-1604532165-820x547.jpg" alt="" class="wp-image-496333" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-1604532165-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-1604532165-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-1604532165-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-1604532165-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-1604532165-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-1604532165-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Vehicles and pedestrians make their way along a busy retail street in central Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, June 13 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s budget deficit&nbsp;is projected to rise to&nbsp;5.7% of gross domestic product (GDP) in the fiscal year that starts in July, up from 4.5% in the current fiscal year,&nbsp;its finance&nbsp;minister said on Thursday.



The economy of Africa&#8217;s biggest coffee producer has fared better than many of its peers since the COVID-19 pandemic.



It is expected to grow between 6.4% and 7% in the 2024/25 fiscal year, finance minister Matia Kasaija said in a budget speech.



&#8220;Uganda&#8217;s economy has fully recovered from the various external and internal shocks that impacted performance in the past four years,&#8221; Kasaija said.



The government will spend 72.1 trillion Ugandan shillings ($19.4 billion) in the next fiscal year, borrowing 8.97 trillion shillings domestically and helped by 1.4 trillion shillings in budget support, he said.



($1 = 3,725.0000 Ugandan shillings)



(Reporting by Elias Biryabarema; Writing by Hereward Holland; Editing by Alexander Winning)

Ugandan Economy Following Rate Cut

Uganda sees budget deficit rising to 5.7% of GDP next fiscal year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1247" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-scaled.jpg" alt="" class="wp-image-496274" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-1536x936.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">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</figcaption></figure>



NAIROBI, June 13 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s 2024/25 budget will aim to tackle its debt while protecting its fragile economic recovery at the same time, Finance Minister Njuguna Ndung&#8217;u said on Thursday.



In April, the finance ministry forecast economic growth to increase to 5.5% this year from 5.6% in 2023.



Ndung&#8217;u is due to present the budget later to parliament.



&#8220;The budget today is going to emphasise on the policies that we need to strength to implement &#8230; to support that fragile growth, that fragile economic recovery,&#8221; he told reporters.



&#8220;We want to make sure that we revive the economy so that it can generate jobs for the youth. We want to revive the economy so that we can pay our debt. We have been buffeted by that,&#8221; he added.



Total public debt stands at an estimated 68% of GDP for fiscal 2023/24, and is expected to fall to 64.8% in 2024/25, according to the World Bank.



The East African nation sold a $1.5 billion&nbsp;international bond&nbsp;in February at premium to fund the buyback of a large portion of a $2 billion bond maturing in June.



Before that, investors had feared Kenya might not be able to repay the bond due to its strained public finances.



Kenya&#8217;s economy is largely driven by agriculture, manufacturing, transport and storage, financial and insurance services and real estate.



Last week, parliament approved overall spending for the year at 4 trillion shillings ($31 billion), up from the 3.75 trillion shillings the minister presented last June for the 2023/24 year. That budget was later adjusted to 3.85 trillion shillings.



The 2024/25 budget will be accompanied by the Finance Bill 2024, a separate law outlining revenue-raising proposals which many critics say some could cripple sectors including financial and internet services, transport, manufacturing and retail.



Last week, the central bank governor said Kenya will use part of a $1.2 billion World Bank budget support loan to make a payment of roughly $500 million on a Eurobond maturing this month.



(Reporting by George Obulutsa; Editing by Bate Felix and Miral Fahmy)

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

Kenya budget to tackle debt, protect economy, finance minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-scaled.jpg" alt="" class="wp-image-496255" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Street scene, Dar es Salaam, Tanzania. (Photo by: Education Images/Universal Images Group via Getty Images)</figcaption></figure>



DAR ES SALAAM, June 13 (Reuters)&nbsp;&#8211;&nbsp;Tanzania&#8217;s economy is forecast to grow&nbsp;even&nbsp;faster this year&nbsp;than&nbsp;in 2023, Kitila Mkumbo, minister of state in the president&#8217;s Office for Planning and Investment, said on Thursday.



Mkumbo told parliament that the economy was projected to grow 5.4% this year from 5.1% in 2023, which was faster than the 4.7% a year earlier.



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



Mkumbo said the government expected&nbsp;the&nbsp;budget deficit in&nbsp;the coming fiscal year&nbsp;to not exceed 3% of gross domestic product.



Finance Minister Mwigulu Nchemba is due to present the 2024/25 (July-June) budget to parliament later on Thursday.



The World Bank said in March that Tanzania had sustained its economic growth&nbsp;despitethe&nbsp;increasing impact of climate change.



The bank said&nbsp;growth was&nbsp;due to stronger business&nbsp;confidence&nbsp;and improved trade balances which boosted aggregate demand, balancing the damaging impact of droughts and floods on household income.



In the last three years, President Samia Suluhu Hassan’s administration has&nbsp;undertaken&nbsp;various economic reforms with ambitions to return the country’s economic growth to the pre-pandemic real GDP growth rates of 6-7%.



Tanzania’s central bank raised its key interest rate to 6% in April for the quarter ending June 2024 from 5.5% in January to&nbsp;keep a lid on&nbsp;lingering inflationary pressure.



(Reporting by Nuzulack Dausen; writing by George Obulutsa; editing by Jason Neely and Christina Fincher)

Street scene, Dar es Salaam, Tanzania

Tanzania’s GDP to accelerate to 5.4% in 2024, minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-scaled.jpg" alt="" class="wp-image-496201" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Prime Minister of Rwanda Edouard Ngirente addresses Tallinn Digital Summit in Tallinn, Estonia October 10. 2022. REUTERS/Ints Kalnins/File Photo</figcaption></figure>



NAIROBI, June 13 (Reuters)&nbsp;&#8211;&nbsp;Rwanda has named statistics official Yusuf Murangwa as its new finance minister, Prime Minister Edouard Ngirente said, while the foreign minister will be Olivier Nduhungirehe, its ambassador to the Netherlands.



The appointments were unveiled in a statement on Wednesday, along with those of ministers holding the portfolios of public service and labour, gender and family promotion and the environment.



Murangwa, the new finance minister, was director-general of the government statistics office, the National Institute of Statistics of Rwanda, until his appointment.



The statement did not say where the former occupant, Uzziel Ndagijimana, had been reassigned, however, although Nduhungirehe&#8217;s predecessor will go to the interior ministry, Ngirente said in the statement.



Rwanda is set to hold its presidential election on July 15.



(Reporting by George Obulutsa; Editing by Jamie Freed and Clarence Fernandez)

Tallinn Digital Summit in Tallinn

Rwanda appoints new finance, foreign ministers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg" alt="" class="wp-image-493882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas</figcaption></figure>



NAIROBI, June 11 (Reuters)&nbsp;&#8211;&nbsp;Kenya has reached a staff level agreement with the International Monetary Fund on Tuesday, the organisation said, paving the way for the disbursement of about $976 million.



The fund said in a statement that if its Executive Board approves a second review of Kenya&#8217;s Resilience and Sustainability Facility, it would have immediate access to $120 million.



The lender also urged the East African nation to adjust its 2024/25 budget to include more revenue raising measures, as a worsening in the primary fiscal balance in the previous financial year and a tax collection shortfall was expected to keep domestic borrowing needs high.



Although Kenya has been facing liquidity challenges since 2022, it managed to sell a new $1.5 billion Eurobond from international markets in February, albeit at a steep price, to partly buy back another Eurobond that is maturing in June.



The issuance assuaged investor concerns about a potential default, restored foreign investors confidence in the economy and caused the shilling currency to strengthen against the dollar.



The fund said fiscal adjustments for 2024/25 could remedy the situation.



&#8220;Authorities have taken decisive steps towards fiscal consolidation by introducing several measures in the context of the draft 2024/25 Budget and the 2024 Finance Bill,&#8221; it added.



The finance minister is due to present the 2024/25 (July-June) budget to parliament on Thursday.



Parliament approved overall spending for the year at 4 trillion shillings ($31 billion), up from the 3.75 trillion shillings the minister presented last June for the 2023/24 year. That budget was later adjusted to 3.85 trillion shillings.



The 2024/25 budget will be accompanied by the Finance Bill 2024, a separate law outlining revenue-raising proposals which some critics say some could cripple sectors including financial services, transport, manufacturing and retail.



Kenya&#8217;s current IMF deal, which is for a total of $3.6 billion, was agreed in April 2021. The current review is the seventh under the program.



Last week, the central bank governor said Kenya will use part of a $1.2 billion World Bank budget support loan to make a payment of roughly $500 million on a Eurobond maturing this month.



($1 = 129.0000 Kenyan shillings)



(Additional reporting by Gursimran Kaur in Bangalore; Editing by Jacqueline Wong and Miral Fahmy)

IMF logo is seen outside the headquarters building in Washington

IMF reaches staff level agreement with Kenya, urges fiscal consolidation

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="756" height="426" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Power-lines-Reuters.png" alt="" class="wp-image-494651" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Power-lines-Reuters.png 756w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Power-lines-Reuters-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Power-lines-Reuters-160x90.png 160w" sizes="auto, (max-width: 756px) 100vw, 756px" /></figure>



KAMPALA, June 7 (Reuters)&nbsp;&#8211;&nbsp;Uganda suffered a rare nationwide electricity blackout for several hours on Friday, its state-run power grid operator said, adding that electricity was gradually being restored late in the afternoon.



The grid shutdown happened during the testing a newly completed, Chinese-built $1.5 billion 600 megawatt hydropower plant on the Nile river in the country&#8217;s north, Uganda Electricity Transmission Company Limited (UETCL) said in a post on X platform.



&#8220;Uganda Electricity Transmission Company Limited informs the general public that a national blackout has been registered following a load rejection test at the Karuma hydro power plant,&#8221; the company posted on X on Friday.



In another post about two hours later, it said the grid had been restored partially.



Uganda has an installed power generation capacity of 2,000 MW, according to the energy ministry. It generates more power than it consumes and has been exploring the possibility of exporting the surplus to neighbours like South Sudan and Kenya.



(Reporting by Elias Biryabarema; Editing George Obulutsa, William Maclean)

Power-lines-Reuters

Uganda hit by nationwide blackout for several hours, grid operator says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="566" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-820x566.jpg" alt="" class="wp-image-494648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-820x566.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-768x530.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-1536x1060.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sybil Esth, a Sierra Leonean migrant, repatriated from Algeria six months ago, looks on while holding her child in Agadez, Niger, April 23, 2024. REUTERS/Stringer</figcaption></figure>



NAIROBI, June 7 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s parliament has approved government spending of 4.00 trillion shillings ($31.01 billion) in the fiscal year that starts in July, up from the 3.75 trillion shillings it approved last June for the current fiscal year.



The finance ministry is due to present the final version of the budget next week, with slight variations expected to the proposed amount of spending.



&#8220;This house &#8230; will be approving a budget &#8230; of 4.006 trillion shillings,&#8221; Ndindi Nyoro, chairperson of parliament&#8217;s Budget and Appropriations Committee, said on Thursday ahead of the approval.



The 2024/25 budget will be presented alongside a highly contested piece of draft legislation, the Finance Bill 2024.



The bill proposes tax changes aimed at increasing revenue collection, but critics say it could cripple sectors ranging from financial services and manufacturing to retail.



President William Ruto defends the tax measures as necessary to curb the country&#8217;s reliance on borrowing and fund spending priorities.



($1 = 129.0000 Kenyan shillings)



(Reporting by George Obulutsa; Editing by Alexander Winning)

Migrants wait for their departure to Libya in Agadez

Kenya parliament approves $31 bln government spending next fiscal year

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-820x547.jpg" alt="" class="wp-image-494387" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Delegations are being seen at the World Bank Group exhibition booth at The 10th World Water Forum 2024 in Nusa Dua, Bali, Indonesia, on May 23, 2024. The 10th World Water Forum from May 18 to 25, 2024, is serving as a platform for dialogue to create solutions to global water management issues. (Photo by Johanes P. Christo/NurPhoto via Getty Images)</figcaption></figure>



NAIROBI, June 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya plans to use part of a World Bank budget support loan to make a payment of roughly $500 million on a Eurobond maturing this month, its central bank governor said on Thursday.



The East African country sold a $1.5 billion international bond in February at great cost to fund the buyback of a large portion of the $2 billion bond maturing in June.



Before that, investors had feared Kenya might not be able to repay the bond due to its strained public finances.



&#8220;We do expect some disbursements from the World Bank of about $1.2 billion related to the development policy operations. Part of that &#8230; will be used to settle the $500 million of the remaining Eurobond,&#8221; Central Bank of Kenya Governor Kamau Thugge told a news conference.



Asked about a World Bank report that said the government was planning another buyback later this year, Thugge said the bank was still in discussions with the Treasury.



He said the central bank was sticking to its economic growth forecast of 5.7% this year, despite recent flooding, as the services sector was resilient and agriculture performing well.



Kenya&#8217;s economy is estimated to have grown 5.8% in the first quarter of this year, after 2023 growth of 5.6%.



On Wednesday, the central bank held its benchmark lending rate KECBIR=ECI at 13.0%, saying the current stance would ensure that inflation remained stable around the mid-point of its target range in the near term.



In response to a questions about when rates would go down, Thugge said the bank would look at external developments before deciding what direction its benchmark rate would take at the appropriate time.



(Reporting by George Obulutsa; Editing by Alexander Winning)

The 10th World Water Forum In Bali

Kenya to use World Bank loan to make $500 mln bond payment this month

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



NAIROBI, June 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank is sticking to its 5.7% economic growth forecast for this year despite recent floods, its governor said on Thursday.



&#8220;Despite the recent flooding in some parts of the country, the economy is expected to remain strong in 2024 supported by the resilient services sector and robust performance of the agricultural sector,&#8221; Governor Kamau Thugge told a news conference.



Thugge added that the&nbsp;East African economy was&nbsp;estimated to have grown 5.8% in the first quarter of this year.&nbsp;Last year the economy grew 5.6%.



On Wednesday the central bank held its benchmark lending rate KECBIR=ECI at 13.0%, saying its current stance would ensure that inflation remained stable around the mid-point of its target range in the near term.



(Reporting by George Obulutsa; Editing by Tomasz Janowski and Alexander Winning)

XRWAJLZOAVK3DL2J5JMRWBBQ6A

Kenya’s central bank sticks to 5.7% growth forecast for this year despite floods

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/MZUR3KWFJZK6VCE3ZP6JUOG6AM-820x555.jpg" alt="" class="wp-image-494118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/MZUR3KWFJZK6VCE3ZP6JUOG6AM-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/MZUR3KWFJZK6VCE3ZP6JUOG6AM-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/MZUR3KWFJZK6VCE3ZP6JUOG6AM-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/MZUR3KWFJZK6VCE3ZP6JUOG6AM-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/MZUR3KWFJZK6VCE3ZP6JUOG6AM-1536x1039.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/MZUR3KWFJZK6VCE3ZP6JUOG6AM.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto delivers a national statement at the World Climate Action Summit during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. REUTERS/Thaier Al Sudani/File Photo</figcaption></figure>



NAIROBI, June 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya plans to carry out another Eurobond buyback this year, which would bring the total amount of debt it has bought back in 2024 to about $2.5 billion, the World Bank said.



In February, Kenya&#8217;s government said it would buy back more than $1.4 billion of its $2 billion Eurobond maturing in June via a tender offer launched that month for a new bond.



The government&nbsp;said at the time&nbsp;the new bond would amortise in three equal instalments in 2029, 2030 and 2031, giving a weighted average tenure of six years.



It means that, by the end of June, Kenya will have to pay another $557 million to clear the $2 billion Eurobond.



The World Bank said Kenya&#8217;s government would have to be proactive in its liability management and focus on concessional borrowing to reduce its interest costs and amortisation pressure, especially between 2028 and 2031, to forestall future liquidity squeezes.



&#8220;To this end, the GoK (government) is considering another Eurobond buyback in 2024, bringing the total 2024 buyback



to approximately $2.5 billion, smoothing the amortisation profile&#8230;&#8221; the World Bank said in a report released last week after approving a&nbsp;$1.2 billion loan&nbsp;for Kenya.



&#8220;In addition, the GoK is considering liability management by leveraging sustainability instruments like debt swaps and sustainability-linked bonds.&#8221;



The shilling and stocks on the Kenyan bourse rallied in February, helped by increased confidence after the government sold the new&nbsp;Eurobond.



In a separate economic update on Kenya released on Wednesday, the bank forecast the economy would expand 5% this year after growing 5.6% in 2023.



(Reporting by George Obulutsa; Editing by Christina Fincher)

MZUR3KWFJZK6VCE3ZP6JUOG6AM

Kenya plans second Eurobond buyback in 2024, 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/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg" alt="" class="wp-image-493882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas</figcaption></figure>



LUSAKA, June 4 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund (IMF) said on Tuesday that Zambia&#8217;s government had asked for its $1.3 billion loan programme to be increased to $1.7 billion to help it respond to a severe drought.



The IMF also said in a statement that it had reached a staff-level agreement on the third review of the southern African country&#8217;s Extended Credit Facility.



Once the latest review is approved by IMF&#8217;s executive board at a meeting expected by the end of June, Zambia will have access to roughly $573 million, the fourth disbursement under the facility.



Zambia is one of a handful of African countries grappling with a drought induced by the El Niño weather phenomenon that has plunged parts of the region into hunger.



The copper-rich country is close to emerging from a debt-restructuring process beset by delays after more than three and a half years.



Zambia&#8217;s finance ministry said last week that more than 90% of holders of its $3 billion in outstanding international bonds had accepted a restructuring proposal.



Finance Minister Situmbeko Musokotwane said the staff-level agreement announced on Tuesday was &#8220;testament to Zambia&#8217;s determination to rebuild macroeconomic and debt sustainability&#8221; and its efforts to finalise restructuring talks within the parameters of its IMF programme.



(Reporting by Chris Mfula in Lusaka and Karin Strohecker in London; Writing by Bhargav Acharya; Editing by Alexander Winning and Ros Russell)

Zambia asks for IMF loan to be increased to $1.7 billion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="543" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6KCGQMMDEVJIDD5EOT3T3XRWGQ-820x543.jpg" alt="" class="wp-image-493557" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6KCGQMMDEVJIDD5EOT3T3XRWGQ-820x543.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6KCGQMMDEVJIDD5EOT3T3XRWGQ-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6KCGQMMDEVJIDD5EOT3T3XRWGQ-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6KCGQMMDEVJIDD5EOT3T3XRWGQ-768x509.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6KCGQMMDEVJIDD5EOT3T3XRWGQ-1536x1018.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6KCGQMMDEVJIDD5EOT3T3XRWGQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Korean President Yoon Suk-yeol speaks during an inaugural dinner at a hotel in Seoul, South Korea, May 10, 2022. Jeon Heon-Kyun/Pool via REUTERS</figcaption></figure>



DAR ES SALAAM, June 3 (Reuters)&nbsp;&#8211;&nbsp;Tanzania and Ethiopia said they had signed accords with&nbsp;South Korea for loans of billions of dollars, part of broader deals that will give the Asian nation access to Africa&#8217;s crucial mineral resources and vast export market.



South Korea is hosting at least 30 heads of state, including Tanzania and Ethiopia, at a South Korea-Africa summit this week.



Tanzania said it will borrow $2.5 billion over the next five years from South Korea through concessional loans.



The East African country also signed two accords on Korean use of its ocean resources and minerals used in clean energy technologies such as nickel, lithium and graphite, presidential spokesperson Zuhura Yunus said on Sunday.



Ethiopia, a fast-growing economy with 126 million people, signed a $1 billion financing deal over four years for infrastructure, science and technology, health and urban development, the state-affiliated Fana media outlet said.



Tanzanian President Samia Suluhu Hassan is also seeking cooperation in sectors including sustainable use of ocean resources, development of natural gas deposits and creative industries, and for Tanzania to supply labour to South Korea, according to Yunus.



Since Friday, South Korean President Yoon Suk Yeol has held meetings with the leaders of Sierra Leone, Tanzania and Ethiopia and was due to meet separately with heads of other states including Zimbabwe, Togo, Rwanda and Mozambique on Monday.



(Reporting by Nuzulack Dausen; editing by Hereward Holland, Mrigank Dhaniwala and Mark Heinrich)

FILE PHOTO: U.S. Vice President Kamala Harris meets with Tanzania’s President Samia Suluhu Hassan inside the Eisenhower Executive Office Building at the White House in Washington

South Korea agrees to lend billions to Tanzania, Ethiopia

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-820x534.jpg" alt="" class="wp-image-491984" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-1536x1001.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



KIGALI, May 29 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s central bank cut its key interest rate&nbsp;RWREPO=ECI&nbsp;by 50 basis points to 7.0% on Wednesday, saying inflation was projected to remain within its target band at around 5% this year and next.



The rate cut followed two monetary policy meetings at which the Central Bank Rate was left unchanged.



In February, Governor John Rwangombwa said the bank could reduce the rate at upcoming meetings if inflation dynamics remained positive.



Annual inflation&nbsp;RWCPIY=ECI&nbsp;peaked at 21.7% in November 2022. It fell to 4.5% in April, well within policymakers&#8217; 2%-8% target range.



Rwangombwa told a news conference on Wednesday that risks to the inflation outlook included global geopolitical tensions that could affect international commodity prices and adverse weather conditions in Africa.



He said the economy continued to expand in the first quarter, helped by a strong performance by the agriculture, services and industry sectors.



This month Finance Minister Uzziel Ndagijimana reiterated the government&#8217;s economic growth forecasts of 6.6% this year, 6.5% in 2025, 6.8% a year later and 7.2% in 2027. The economy expanded 8.2% in 2023.



(Reporting by Philbert Girinema; Writing by George Obulutsa; Editing by Alexander Winning and Emelia Sithole-Matarise)

XBUX3KKTWRL4XAUGPJYRWVH7WQ

Rwanda central bank cuts key rate as inflation seen within target

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-820x547.jpg" alt="" class="wp-image-429146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Zambia&#8217;s Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 15, 2022. REUTERS/James Lawler Duggan/File Photo</figcaption></figure>



LONDON, May 28 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s ministry of finance said on Tuesday that more than 90% of holders of its $3 billion in outstanding international bonds had accepted its restructuring proposal so far, paving the way for the country to emerge from a lengthy default.



Voting on the proposal only finishes officially on May 30.



However, on the basis of the instructions the government had received by May 24, &#8220;Zambia expects that the meetings will be quorate and that each of the extraordinary resolutions in respect of each series of existing notes will be approved at the relevant meeting,&#8221; the ministry said in a regulatory statement.



Zambia defaulted more than three years ago and is reworking its debt under the Common Framework, a G20 platform to bring together big creditors like China and the traditional group of developed creditor nations, known as the Paris Club, to ensure swift and smooth debt overhauls for low-income countries.



Zambia was widely seen as a test case. But the process has been beset by long delays, which have hamstrung much-needed investments, curtailed economic growth and weighed on local financial markets. A devastating drought had worsened the situation.



Under the proposed plan, bondholders will swap three existing instruments due to mature in 2022, 2024 and 2027, into two amortising bonds, one of which would have higher repayments if the country&#8217;s economic outlook improved.



Zambia secured a $1.3-billion loan from the International Monetary Fund in 2022, which required it to restructure its debt with other creditors.



Zambia&#8217;s international bonds traded unchanged, with the 2024 bond indicated at 63.4 cents in the dollar and the 2027 maturity at 75.9 cents, according to Tradeweb data.&nbsp;XS1056386714=TE,&nbsp;XS1267081575=TE



(Reporting by Karin Strohecker, editing by Amanda Cooper)

FILE PHOTO: Zambia’s Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington

Zambia set to emerge from default after bondholders back $3 bln debt rework

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg" alt="" class="wp-image-433367" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



May 27 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s central bank cut its MIMO interest&nbsp;rate by 75 basis points to 15.00%, the third meeting in a row at which the rate has been reduced, the bank said on Monday.



The bank&#8217;s Monetary Policy Committee said in a statement that the decision was based on favourable forecasts while trying to keep inflation in single digits in the medium term.



The southern African country&#8217;s inflation edged up to 3.26% year on year in April&nbsp;MZCPIY=ECI&nbsp;from 3.03% in March, statistics agency data showed this month.



(Reporting by Tannur Anders; Editing by Alexander Winning)

PF3JNZQUQ5M65OD7XXTYURHSSI

Mozambique central bank cuts key rate for third meeting in a row

maxresdefault

Africa CEO Forum 2024: Invest Rwanda

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-820x538.jpg" alt="" class="wp-image-489997" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-820x538.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-1536x1007.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WASHINGTON, DC &#8211; MAY 23: U.S. President Joe Biden and Kenyan President William Ruto hold a joint press conference in the East Room at the White House on May 23, 2024 in Washington, DC. Biden welcomed Ruto for a state visit including a bilateral meeting, a joint press conference and a state dinner. Ruto’s visit is the first official state visit to the White House by a leader from an African country since 2008. (Photo by Anna Moneymaker/Getty Images)</figcaption></figure>



WASHINGTON, May 23 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe Biden and Kenyan President William Ruto on Thursday called for increased support for developing countries like Kenya, including through debt relief by major bilateral creditors like China.



Biden and Ruto, on a three-day state visit to the United States, issued a &#8220;Nairobi-Washington Vision&#8221; that includes detailed steps for addressing the staggering debt burden faced by many low-income countries, about half of&nbsp;which&nbsp;are in or close to debt distress.



Many countries are now paying the majority of their revenues to repay debts, limiting their ability to invest in development projects or climate.



&#8220;Countries willing to commit to ambitious reforms and high-quality plans for investments in sustainable development and in addressing global challenges like climate change, pandemics and health threats, and fragility and conflict should be buoyed not abandoned by the international community,&#8221; the statement for the Nairobi-Washington Vision said.



&#8220;High-ambition countries&#8221; should receive financial support from international financial institutions, it said, adding that creditor countries should provide reprieves.



China, the United States and other Group of 20 creditor countries set up the Common Framework for Debt Restructuring to help countries facing huge debt burdens during the pandemic, but the initiative has faced long delays.



A senior U.S. Treasury official said China &#8211; the largest official creditor &#8211; had taken some steps to aid debt-ridden countries, but more work was needed.



The U.S. and Kenya want a big push by the international financial institutions, China and other official bilateral creditors, and the private sector to ensure that debtor countries do not spend all their money servicing old debts.



&#8220;We can&#8217;t have official creditors free-riding on the rest of the system,&#8221; the senior Treasury official said.



Ruto told Reuters last month that Kenya expects a fresh $1 billion disbursement from the International Monetary Fund this month. Chinese loans to Kenya, which surged from around 2013-2022, now account for about 64% of Kenya&#8217;s current stock of external bilateral debt.



Commercial external lending also contributed to Kenya&#8217;s external debt problem, with a great focus on a $2 billion Eurobond maturing in June 2024.



The U.S. this week sent $250 million in fresh funding for crisis response by the World Bank&#8217;s International Development Association, and was working with Congress to provide $21 billion to the IMF&#8217;s Poverty Reduction and Growth Trust, the officials said. It is also urging Congress to approve $36 billion to the World Bank.



Washington, the official said, would also work with other Group of Seven advanced economies and Group of Twenty to push for more private investment, coordinated relief packages and reforms at the international financial institutions.



&#8220;It&#8217;s not just China. &#8230; The system needs to operate better,&#8221; the Treasury official said.



(Reporting by Andrea Shalal; editing by David Ljunggren and Leslie Adler)

East Africa

Uganda sees budget deficit rising to 5.7% of GDP next fiscal year

Kenya budget to tackle debt, protect economy, finance minister says

Tanzania’s GDP to accelerate to 5.4% in 2024, minister says

Rwanda appoints new finance, foreign ministers

IMF reaches staff level agreement with Kenya, urges fiscal consolidation

Uganda hit by nationwide blackout for several hours, grid operator says

Kenya parliament approves $31 bln government spending next fiscal year

Kenya to use World Bank loan to make $500 mln bond payment this month

Kenya’s central bank sticks to 5.7% growth forecast for this year despite floods

Kenya plans second Eurobond buyback in 2024, World Bank says

Zambia asks for IMF loan to be increased to $1.7 billion

South Korea agrees to lend billions to Tanzania, Ethiopia

Rwanda central bank cuts key rate as inflation seen within target

Zambia set to emerge from default after bondholders back $3 bln debt rework

Mozambique central bank cuts key rate for third meeting in a row

Africa CEO Forum 2024: Invest Rwanda

US, Kenya call for increased support for developing countries

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East Africa

Uganda sees budget deficit rising to 5.7% of GDP next fiscal year

Kenya budget to tackle debt, protect economy, finance minister says

Tanzania’s GDP to accelerate to 5.4% in 2024, minister says

Rwanda appoints new finance, foreign ministers

IMF reaches staff level agreement with Kenya, urges fiscal consolidation

Uganda hit by nationwide blackout for several hours, grid operator says

Kenya parliament approves $31 bln government spending next fiscal year

Kenya to use World Bank loan to make $500 mln bond payment this month

Kenya’s central bank sticks to 5.7% growth forecast for this year despite floods

Kenya plans second Eurobond buyback in 2024, World Bank says

Zambia asks for IMF loan to be increased to $1.7 billion

South Korea agrees to lend billions to Tanzania, Ethiopia

Rwanda central bank cuts key rate as inflation seen within target

Zambia set to emerge from default after bondholders back $3 bln debt rework

Mozambique central bank cuts key rate for third meeting in a row

Africa CEO Forum 2024: Invest Rwanda

US, Kenya call for increased support for developing countries

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