<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="542" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/MWJNRTIKPBIWTA3IJGUOFSGGVQ-820x542.jpg" alt="" class="wp-image-564438" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/MWJNRTIKPBIWTA3IJGUOFSGGVQ-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/MWJNRTIKPBIWTA3IJGUOFSGGVQ-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/MWJNRTIKPBIWTA3IJGUOFSGGVQ-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/MWJNRTIKPBIWTA3IJGUOFSGGVQ-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/MWJNRTIKPBIWTA3IJGUOFSGGVQ-1536x1016.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/MWJNRTIKPBIWTA3IJGUOFSGGVQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Locals walk past barricades that were used by protesters after the ruling Frelimo party was declared the winner of this month&#8217;s disputed election, in Maputo, Mozambique, October 25, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Dec 10 (Reuters) &#8211; South32 has withdrawn its output forecast for its Mozal Aluminium smelter in Mozambique amid post-election civil unrest, the Australian company said on Tuesday.



October&#8217;s disputed election results sparked protests from opposition supporters and there has been escalating violence since.



South32, which has a 63.7% stake in the Mozal Aluminium smelter, said the unrest had led to road blockages that have hampered the delivery of raw materials to the plant.



It had previously estimated output of 360 kilotonnes from the smelter this fiscal year. The project contributed about 28% of South32&#8217;s total aluminium output in fiscal 2024.



South African mining companies that ship minerals including chrome through the port of Maputo in Mozambique have also been hit by the unrest, which has on some days led to the closure of the main border between the neighbouring countries.



South African companies have grown increasingly reliant on routing cargo via the Maputo port as state-owned logistics group Transnet struggles to provide adequate freight rail and port services.



A spokesperson for miner Tharisa, which ships chrome via Maputo, told Reuters that the company had been affected by the latest border closure.



&#8220;It&#8217;s a significant amount of trucks that we have on the road,&#8221; said Ilja Graulich, adding that Tharisa may consider declaring a force majeure to its customers if the latest border closure is prolonged.



(Reporting by Felix Njini in Johannesburg and Sherin Sunny in Bengaluru. Editing by Savio D&#8217;Souza and Mark Potter)

Mozambique’s ruling party retains power in contested election

Mozambique’s post-election protests hit South32 plant, chrome exports

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-820x547.jpg" alt="" class="wp-image-564339" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The World Bank Group headquarters during the spring meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, Dec 10 (Reuters)&nbsp;&#8211;&nbsp;The World Bank downgraded Kenya&#8217;s economic growth estimate for this year to 4.7% on Tuesday, from an initial 5.0%, citing the impact of floods, anti-government protests and flailing fiscal consolidation efforts.



The East African nation has managed to stabilise its foreign exchange rate, boost hard currency reserves held by the central bank and lower inflation this year, but it still faces a high risk of debt distress, the World Bank said in a new report.



&#8220;Debt vulnerabilities including elevated debt servicing costs, accumulated pending bills, and missing revenue targets remain key challenges,&#8221; the bank said in the Kenya Economic Update report, which is usually published twice a year.



Although the growth estimate for this year is lower than last year&#8217;s rate of 5.6%, it will still be higher than the sub-Saharan Africa average of 3.0%, the bank said.



Kenya&#8217;s growth will, however, inch up to 5.1% in the medium term, it said, if the government successfully deals with the fiscal challenges.



&#8220;Revenue shortfalls resulted in additional spending cuts, and rising financing needs resulted in increased domestic borrowing,&#8221; the World Bank said.



Apart from the problems caused by a high debt load, the attendant servicing costs and flagging government revenues, the economy faces social unrest and financial risks, the report found.



Deadly protests in June forced President William Ruto to abandon tax hikes meant to raise more than $2 billion in additional revenue, which dampened investor sentiment.



The protests came hot on the heels of widespread flooding in April and May, which also caused disruptions.



Non-performing loans in the banking sector have also been growing, the report said, as borrowers struggle to service their loans amid high interest rates and a slowdown in economic activity.



The bank urged the government to tackle &#8220;structural imbalances&#8221; that &#8220;hinder Kenya&#8217;s goal of sustained and inclusive growth&#8221; that creates higher quality jobs for the people.



(Reporting by Duncan Miriri; Editing by Ros Russell)

Spring Meetings Of The International Monetary Fund And World Bank

World Bank cuts Kenya’s 2024 growth estimate to 4.7% on fiscal challenges

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-820x547.jpg" alt="" class="wp-image-564033" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">PORT LOUIS, MAURITIUS &#8211; MAY 30: Prime Minister Navin Ramgoolam of Mauritius speaks during the opening ceremony of the 63th FIFA Congress at Swami Vivekananda International Convention Centre on May 30, 2013 in Port Louis, Mauritius. (Photo by Alexander Hassenstein &#8211; FIFA/FIFA via Getty Images)</figcaption></figure>



PORT LOUIS, Dec 9 (Reuters)&nbsp;&#8211;&nbsp;The state of Mauritius&#8217; economy is &#8220;much worse than we imagined&#8221;, its new prime minister said, as an audit he launched into the Indian Ocean archipelago&#8217;s public finances neared completion.



Navin Ramgoolam announced the audit days after his coalition won a resounding election victory in November, alleging the previous government had manipulated data to put a positive spin on the country&#8217;s economic prospects.



The former finance minister, Renganaden Padayachy, has not responded to requests for comment about Ramgoolam&#8217;s allegations since the launch of the audit. Padayachy did not respond to further calls and a message seeking comment on Monday.



&#8220;We are almost completing our audit of the economy. It&#8217;s shocking what we have seen. It&#8217;s much worse than we imagined. Mauritians will soon discover the exact situation of the economy,&#8221; Ramgoolam said in comments broadcast on Mauritian television and radio stations on Saturday.



Ramgoolam, who is also the&nbsp;new&nbsp;finance minister, did not provide any figures to back up his weekend comments.



The country of about 1.3 million people is seen as one of Africa&#8217;s most stable democracies.



Mauritius&nbsp;markets itself as a link between Africa and Asia, deriving most of its revenue from a flourishing offshore financial sector, tourism and textiles.



Economic growth was 7% last year, but the rising cost of living was a key issue in the election, colouring voters&#8217; views on the previous government led by Pravind Jugnauth.



(Reporting by Villen Anganan; Writing by George Obulutsa; Editing by Alexander Winning and Kate Mayberry)

63rd FIFA Congress – Opening Ceremony

Mauritius economy ‘much worse than we imagined’, new prime minister 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/2024/12/GettyImages-2188369249-820x547.jpg" alt="" class="wp-image-563928" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ABU DHABI, UNITED ARAB EMIRATES &#8211; DECEMBER 05: Max Verstappen of the Netherlands and Oracle Red Bull Racing looks on in the Paddock during previews ahead of the F1 Grand Prix of Abu Dhabi at Yas Marina Circuit on December 05, 2024 in Abu Dhabi, United Arab Emirates. (Photo by Mark Thompson/Getty Images)</figcaption></figure>



ABU DHABI, Dec 8 (Reuters)&nbsp;&#8211;&nbsp;Formula One world champion Max Verstappen will serve a penalty for swearing when he visits Rwanda next week to collect his winner&#8217;s trophy, the governing FIA said on Sunday.



Verstappen, who secured his fourth successive championship in Las Vegas last month, was ordered to do &#8220;work of public interest&#8217; after swearing during a Singapore Grand Prix press conference in September.



The FIA&#8217;s prize-giving gala is in Kigali next week, a first for the governing body.



It said after the season-ending Abu Dhabi Grand Prix that the Red Bull driver &#8220;would undertake some work with junior competitors as part of the grassroots development programme organised by the Rwanda Automobile Club&#8221;.



The activity will involve an FIA Affordable Cross Car built locally from blueprints provided by the governing body.



The Dutch driver collected a 10-second penalty in Sunday&#8217;s season-ending Abu Dhabi Grand Prix after a first-lap collision with McLaren&#8217;s Oscar Piastri.



While Verstappen apologised to Piastri, he was less complimentary about the stewards who gave him the time penalty and two penalty points on his licence.



The 27-year-old now has a total of eight points for the 12-month period, with 12 triggering an automatic one-race ban.



&#8220;Could we ask for 20 seconds, stupid idiots,&#8221; he said over the radio, a reference to the two 10-second penalties he received in Mexico in October.



The&nbsp;Piastri collision&nbsp;could have been disastrous for McLaren, who were fighting Ferrari for the constructors&#8217; title and emerged on top thanks to Lando Norris winning from pole position.



&#8220;I apologised to Oscar. I never want to crash with anyone, especially not Oscar who is a great guy,&#8221; Verstappen told Sky Sports television.



&#8220;I went up the inside because we had a really good launch but then I realised that it was going to be tight at the apex.



&#8220;I tried to stay on the kerb but unfortunately we clipped with the tyres, hooked each other and both spun. It&#8217;s not great, as simple as that.&#8221;



Piastri fought back to 10th and McLaren&nbsp;became&nbsp;champions for the first time in 26 years,&nbsp;by 14 points.



(Reporting by Alan Baldwin, editing by Toby Davis and Clare Fallon)

F1 Grand Prix of Abu Dhabi – Previews

Motor racing-Verstappen to serve swearing penalty in Rwanda

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-820x547.jpg" alt="" class="wp-image-562831" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Souvenir vendors wait for customers at a market place in Nairobi, Kenya December 3, 2018. REUTERS/Ahmed Jadallah</figcaption></figure>



NAIROBI, Dec 5 (Reuters) &#8211; Kenya&#8217;s central bank cut its benchmark lending rate by a larger-than-expected 75 basis points to 11.25% on Thursday, saying there was room for looser policy to support economic growth as inflation was under control.



It is the third policy meeting in a row where the Central Bank of Kenya has lowered the interest rate. In October it also cut by 75 basis points (bps) after a 25-bps cut in August.



A Reuters poll of eight economists had a median forecast of a 50 bps rate cut on Thursday.



The bank&#8217;s Monetary Policy Committee (MPC) said in a statement that &#8220;inflation was expected to remain below the midpoint of the target range in the near term, supported by low fuel inflation, stable food inflation, and exchange rate stability&#8221;.



Kenya&#8217;s inflation edged up to 2.8% year on year in November, from 2.7% a month earlier, but it remains well within the government&#8217;s preferred band of 2.5%-7.5% in the medium term.



&#8220;The MPC noted economic growth in the first half of 2024 had decelerated, and therefore concluded that there was scope for a further easing of the monetary policy stance.&#8221;



Kenya&#8217;s umbrella banking association had called for a significant cut to the central bank&#8217;s policy rate to provide a strong signal to the market and enable a drop in market interest rates.



The MPC&#8217;s statement observed that short-term rates on government securities had declined sharply in line with its key rate, but it said banks had not responded by lowering their rates proportionately.



&#8220;The MPC, therefore, urges the banks to take necessary steps to lower their lending rates in order to stimulate credit to the private sector.&#8221;



The bank reiterated its previous growth forecasts for the next two years, 5.1% and 5.5% respectively.



The East African nation&#8217;s government, which has been struggling with heavy debt, has been looking for new financing after mass protests in June forced it to scrap planned tax hikes worth more than 346 billion shillings ($2.68 billion).



($1 = 129.0000 Kenyan shillings)



(Reporting by George Obulutsa; Editing by Alexander Winning, Alexandra Hudson and Andrew Heavens)

FILE PHOTO: Souvenir vendors wait for customers at a market place in Nairobi

Kenya cuts main rate more than expected to stimulate growth

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="721" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/I7IV7WCMLBKQBBJ2HO44Y2YBEI.avif" alt="" class="wp-image-562344"/><figcaption class="wp-element-caption">A woman uses a donkey cart to transport a barrel of water in drought affected areas in Higlo Kebele, Adadle woreda, Somali region of Ethiopia, in this undated handout photograph. Michael Tewelde/World Food Programme/Handout via REUTERS/ File Photo</figcaption></figure>



LONDON, (Reuters) &#8211; Multilateral lender Climate Investment Funds will back a $500 million plan to help drought-prone Ethiopia restore degraded land, protect its forests and bolster food security, it said on Wednesday.



CIF&#8217;s board said it had agreed a $37 million investment from its Nature, People, and Climate programme that it expects to mobilise $492 million in co-financing from other investors, including the World Bank and African Development Bank.



Most Ethiopians live in rural areas and rely on agriculture yet more than half of the country is experiencing some level of land degradation and around 11 million hectares are in danger of turning into desert, CIF said.



The funding is expected to help restore more than 320,000 hectares of wild Arabica coffee forests, farmlands, and rangelands in the Amhara, Oromia, South Ethiopia, and Somali regions and create an online registry of the country&#8217;s forests.



&#8220;This programme is really trying to get at how climate change and land degradation are undermining the livelihoods of millions of smallholder farmers and pastoralists in Ethiopia,&#8221; said Paul Hartman, the lead for CIF&#8217;s nature programmes.



As well as helping reduce poverty and increase economic sustainability, the plan, created by the government, aims to increase agricultural productivity and improve food security.



As countries gather in the Saudi Arabian capital of Riyadh for global talks on the issue of land degradation, Hartman said it was important for countries to weave the issue through their plans to combat climate change and biodiversity loss.



While around half the money targeted by Ethiopia had already been allocated by co-investors to projects, the rest would likely come from private and philanthropic investors in the months ahead, Hartman added.



Projects to receive funding will include those focused on afforestation and reforestation, regeneration of soil health and water conservation, and sustainable farming.



(Reporting by Simon Jessop; Editing by Christina Fincher)

I7IV7WCMLBKQBBJ2HO44Y2YBEI

Climate Investment Funds board backs $500 mln Ethiopia nature plan

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-820x547.jpg" alt="" class="wp-image-559648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Bank of Uganda, Uganda&#8217;s central bank, in Kampala, Uganda, on Wednesday, May 17, 2023. Uganda estimates that it will need $28.1 billion to adapt to the effects of climate change and cut emissions until the end of the decade. Photographer: Katumba Badru Sultan/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, (Reuters) &#8211; The Bank of Uganda said it was awaiting a police investigation into a news report that offshore hackers stole 62 billion Ugandan shillings ($16.8 million) from the central bank.



Uganda&#8217;s state-owned New Vision newspaper reported on Thursday that hackers, identifying themselves as &#8220;Waste,&#8221; reportedly accessed the Bank of Uganda&#8217;s IT systems and illicitly transferred the funds earlier this month.



The hacking group based in Southeast Asia, sent part of the stolen money to Japan, New Vision said, citing unnamed sources at the bank.



In an emailed response to a Reuters query the Bank of Uganda neither confirmed nor denied the incident, but said it was &#8220;waiting for the police report on the reported incident&#8221;.



Police did not immediately respond to a Reuters request for comment on the matter.



New Vision said the central bank had successfully recovered over half of the money from the hackers. In response to the cyber attack, President Yoweri Museveni has ordered an investigation, it said.



Separately Uganda&#8217;s biggest independent newspaper, Daily Monitor, reported that the theft may have involved collusion by insiders.



Cyber thefts from banks and other financial service providers, including telecom firms, have occurred many times in Uganda. However, police officials have said that some banks are hesitant to publicly acknowledge such incidents due to fears of alienating customers. ($1 = 3,685.0000 Ugandan shillings)



(Reporting by Elias Biryabarema; Editing by George Obulutsa, Angus MacSwan and Michael Perry)

Katumba Badru Sultan/Bloomberg

Bank of Uganda awaiting police report on alleged $17 mln hacking theft

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/6A7M3AO7TJLVNGKEVN2F6TDGYE.avif" alt="" class="wp-image-559324"/><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/File Photo</figcaption></figure>



NAIROBI, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;International Monetary Fund staff and Ethiopia&#8217;s government have reached agreement on the second review of the country&#8217;s $3.4 billion financing programme, the IMF said on Wednesday.



The East African country secured the programme in July, hours after it followed one of the IMF&#8217;s key recommendations and floated its birr currency.



Upon completion of the review by the IMF&#8217;s Executive Board, Ethiopia will have access to a disbursement of roughly $251 million, the IMF said in a statement.



&#8220;Ethiopia&#8217;s economic reform programme, including the transition to a market-determined exchange rate, continues to advance well,&#8221; the statement said.



&#8220;With macroeconomic stability supported by prudent policy and a so far muted FX reform impact on inflation, conditions for economic growth in the period ahead appear promising.&#8221;



The first programme review, which focused on aspects like foreign exchange reserves and external debt, was agreed with staff in September and approved by the board last month.



After unusually fast reviews of Ethiopia&#8217;s programme to date that were aimed at closely monitoring the impact of reforms including the liberalisation of the foreign exchange market, the IMF is now moving to a six-month review schedule.



(Reporting by Hereward Holland. Additional reporting by Gursimran Kaur. Writing by Duncan Miriri. Editing by Alexander Winning and Mark Potter)

6A7M3AO7TJLVNGKEVN2F6TDGYE

IMF, Ethiopia reach staff agreement on second programme review

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2NA7VEUYPROEDENMDXO2R4YJQ4.avif" alt="" class="wp-image-559231"/><figcaption class="wp-element-caption">A general view shows Haifa Port in Haifa, Israel July 24, 2022. REUTERS/Ilan Rosenberg/File Photo</figcaption></figure>



DAR ES SALAAM, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;Tanzania plans to honour its contracts with an Adani Group unit despite a U.S. indictment of its billionaire chairman Gautam Adani on accusations of bribery and fraud, a senior official at the ports authority said.



Adani was indicted for fraud last week and arrest warrants were issued for him and his nephew for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals. Adani Group has denied the accusations.



In May, Tanzania entered into a 30-year concession agreement with Adani Ports, a unit of Adani Group, to operate a container terminal in its Dar es Salaam port, known as Container Terminal 2.



Adani Ports also struck a share purchase agreement for a 95% stake in state-owned Tanzania International Container Terminal Services for $95 million.



&#8220;We don&#8217;t have any problems with anyone. Everything we are doing is according to our laws and agreements,&#8221; Tanzania Ports Authority Director General Plasduce Mbossa told Reuters late on Tuesday when asked about the contracts&#8217; status.



&#8220;For contracts we have, we don’t have such claims (of wrongdoing). If there are other people who are taking actions, then they are doing so according to their reasons.&#8221;



Last week in neighbouring Kenya, President William Ruto scrapped a deal signed with a unit of Adani to build power transmission lines.



He also cancelled a proposal to add a second runway at the Jomo Kenyatta international airport and upgrade the passenger terminal in exchange for a 30-year lease.



(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Bhargav Acharya and Jan Harvey)

2NA7VEUYPROEDENMDXO2R4YJQ4

Tanzania to keep agreement with Adani for container terminal, official says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="626" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-820x626.jpg" alt="" class="wp-image-558823" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-820x626.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-768x586.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-1536x1173.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ADDIS ABABA, ETHIOPIA &#8211; OCTOBER 1: Ethiopian Minister of Finance and Economic Development Ahmed Shide (L-2) delivers a speech after signing cooperation agreement between Ethiopia and Slovakia, in Addis Ababa, Ethiopia on October 1, 2016.
 (Photo by Minasse Wondimu Hailu/Anadolu Agency/Getty Images)</figcaption></figure>



ADDIS ABABA, Nov 26 (Reuters)&nbsp;&#8211;&nbsp;Ethiopian lawmakers on Tuesday approved the government&#8217;s plan to increase spending by an additional 581.98 billion Ethiopian birr ($4.8 billion) for the 2024/25 fiscal year, a parliament broadcast showed.



The extra spending approved by cabinet last week, supplements the already announced expenditure of 971.2 billion birr for 2024/25, marking a 21% increase from the previous year. Ethiopia&#8217;s fiscal year begins on July 8 and ends on July 7.



Finance Minister Ahmed Shide told lawmakers that a portion of the additional funds would be allocated to subsidise costs of fertiliser, oil, fuel, and medicine.



The East African nation is coming out of several economic shocks including the impact of the COVID-19 pandemic, a devastating two-year war in the northern Tigray region, and extreme weather events.



It secured a four-year, $3.4 billion programme from the International Monetary Fund shortly after floating its currency on July 29. This move laid the groundwork for a long-awaited debt restructuring.



($1 = 122.6389 birr)



(Reporting by Dawit Endeshaw; Writing by George Obulutsa; Editing by Bate Felix)

Cooperation agreement between Ethiopia and Slovakia

Ethiopia’s parliament approves extra $4.8 bln spending in 2024/25

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SDAAY3GYBFPKXCU7CME3NEZC3Y.avif" alt="" class="wp-image-558459"/><figcaption class="wp-element-caption">Konkola mine in Chililabombwe,500km (300miles) north of the capital Lusaka, Zambia, file. REUTERS/SALIM HENRY</figcaption></figure>



LUSAKA, Nov 24 (Reuters)&nbsp;&#8211;&nbsp;Zambia suffered a nationwide power outage on Sunday following a &#8220;power system disturbance&#8221;, the southern Africa nation&#8217;s state utility Zesco said.



The utility said the incident occurred our 1815 GMT, leading to loss of power supply that affected the whole country.



It said it was working to resolve the unplanned outage, and power supply restoration was underway.



(Reporting by Chris Mfula Writing by Bate Felix; Editing by Ros Russell)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SDAAY3GYBFPKXCU7CME3NEZC3Y

Zambia suffers nationwide power outage, state utility Zesco 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/2024/08/GettyImages-1556188599-820x547.jpg" alt="" class="wp-image-521585" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The headquarters of the National Bank of Rwanda, Rwanda&#8217;s central bank, in the Nyarugenge district of Kigali, Rwanda on Thursday, July 20, 2023. The World Bank cut Rwanda&#8217;s GDP growth estimate to 5.8% from 6.2%, as it expected flooding during April and May to result in slowed economic expansion. Photographer: Bing Guan/Bloomberg via Getty Images</figcaption></figure>



KIGALI, Nov 21 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s central bank held its key interest rate at 6.5% on Thursday after cutting it at the last two rate decisions this year.



Governor John Rwangombwa told reporters that the decision was based on uncertainties in the performance of the agriculture sector and that the central bank felt its policy stance could keep inflation within its 3%-8% target range.



&#8220;We think for now (the rate) is good enough to maintain inflation within our band,&#8221; he told a news conference.



Annual inflation has remained under 6% this year and stood at 3.8% in October.



The decision follows a 50-basis-point cut to the National Bank of Rwanda&#8217;s Central Bank Rate in August, and a similar-sized cut in May.



(Reporting by Philbert Girinema; Writing by Hereward Holland; Editing by Alexander Winning)

Rwandan Economy as World Bank Cuts Growth Estimate on Floods

Rwanda central bank maintains key rate, sees inflation within target

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg" alt="" class="wp-image-534014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-768x402.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 21 (Reuters) &#8211; The Kenyan shilling was steady on Thursday as dollar inflows from exports matched rising demand from the manufacturing sector, one trader said.



The shilling traded at 129.00/130.00 at 06:52 GMT, according to LSEG data, the same as Wednesday&#8217;s closing rate.



The East African currency weakened slightly in the past week, after remaining rangebound since early August.



(Reporting by Sonia Rao; Editing by Hereward Holland)

LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenyan shilling steady as export dollar inflows match rising demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 19 (Reuters) &#8211; The Kenyan shilling was unchanged on Tuesday as dollar inflows from exports matched demand from the manufacturing sector, one trader said.



The shilling traded at 128.75/129.75 at 07:00 GMT, according to LSEG data, the same as Monday&#8217;s closing rate.



The East African currency depreciated slightly in the last week, after holding steady since early August, but should stay stable towards the end of the month as companies convert dollars into local currencies to make statutory payments, the trader said.



(Reporting by Sonia Rao; Editing by Hereward Holland)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling steady as dollar supply meets manufacturing demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in 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, Nov 19 (Reuters) &#8211; The Ugandan shilling was firmer on Tuesday, strengthened by foreign currency inflows from remittances and exports of commodities like coffee, traders said.



At 0719 GMT commercial banks quoted the shilling at 3,667/3,677, compared to Monday&#8217;s close of 3,674/3,684.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan Economy Following Rate Cut

Ugandan shilling stronger on remittance, commodity FX inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 14 (Reuters) &#8211; The Kenyan shilling weakened on Thursday due to increased demand for dollars across various sectors in the economy, one trader said.



At 0704 GMT, commercial banks quoted the shilling at 129.30/129.50 to the dollar, compared with Wednesday&#8217;s closing rate of 128.75/129.75.



(Reporting by Sonia Rao; Editing by George Obulutsa)

Kenyan shilling weakens due to increased FX demand from various sectors

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg" alt="" class="wp-image-524644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Nov 13 (Reuters) &#8211; The Ugandan shilling stable on Wednesday, although it was expected to strengthen, lifted by dollar inflows from remittances, traders said.



At 0719 GMT, commercial banks quoted the shilling at 3,665/3,675, compared with Tuesday&#8217;s closing rate of 3,668/3,678.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

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Ethiopia’s parliament approves extra $4.8 bln spending in 2024/25

Zambia suffers nationwide power outage, state utility Zesco says

Rwanda central bank maintains key rate, sees inflation within target

Kenyan shilling steady as export dollar inflows match rising demand

Kenyan shilling steady as dollar supply meets manufacturing demand

Ugandan shilling stronger on remittance, commodity FX inflows

Kenyan shilling weakens due to increased FX demand from various sectors

Ugandan shilling stable; to firm due to remittance inflows

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East Africa

Mozambique’s post-election protests hit South32 plant, chrome exports

World Bank cuts Kenya’s 2024 growth estimate to 4.7% on fiscal challenges

Mauritius economy ‘much worse than we imagined’, new prime minister says

Motor racing-Verstappen to serve swearing penalty in Rwanda

Kenya cuts main rate more than expected to stimulate growth

Climate Investment Funds board backs $500 mln Ethiopia nature plan

Bank of Uganda awaiting police report on alleged $17 mln hacking theft

IMF, Ethiopia reach staff agreement on second programme review

Tanzania to keep agreement with Adani for container terminal, official says

Ethiopia’s parliament approves extra $4.8 bln spending in 2024/25

Zambia suffers nationwide power outage, state utility Zesco says

Rwanda central bank maintains key rate, sees inflation within target

Kenyan shilling steady as export dollar inflows match rising demand

Kenyan shilling steady as dollar supply meets manufacturing demand

Ugandan shilling stronger on remittance, commodity FX inflows

Kenyan shilling weakens due to increased FX demand from various sectors

Ugandan shilling stable; to firm due to remittance inflows

News Tips

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