<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-820x547.jpg" alt="ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions" class="wp-image-365501" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions</figcaption></figure>



JOHANNESBURG, June 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was slightly stronger in early trade on Tuesday, building on gains after unity government members were confirmed last week and ahead of talks by U.S. Federal Reserve officials later in the day.



At 0641 GMT, the rand traded at 18.2350 against the dollar, about 0.15% stronger than its previous close.



South Africa&#8217;s National Assembly sat for the first time on Friday after last month&#8217;s election. Cyril Ramaphosa of the African National Congress (ANC) was re-elected as president.



Five political parties have signed up to join a government of national unity after the ANC lost its majority in the vote, including the pro-business Democratic Alliance which is favoured by markets.



&#8220;The formation of a government of national unity is being liked by investors as the new government sets a platform for accelerated infrastructure and other reforms, to get the economy back on track after years of low growth and high unemployment,&#8221; Rand Merchant Bank analysts said in a research note.



Traders will on Tuesday look for hints from Fed officials on the future interest rate path of the world&#8217;s biggest economy.



Like other emerging market economies, the risk-sensitive rand often takes cues from global factors.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 3 basis points to 10.095%.



(Reporting by Tannur Anders; Editing by Andrew Heavens)

ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions

South African rand extends gains after unity government confirmed, Fed talks ahead

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1024" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1.jpg" alt="" class="wp-image-497710" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1.jpg 1024w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1-300x150.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1-820x410.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1-160x80.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1-768x384.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Photo: via Flickr</figcaption></figure>



LONDON, (Reuters) &#8211; Some of Africa&#8217;s smaller multilateral development banks, including the Africa Export-Import Bank (Afrexim) and the Trade and Development Bank (TDB), could be stripped of their Preferred Credit Status, JPMorgan analysts warned.



Preferred Creditor Status (PCS) is a widely accepted principle under which MDBs are given priority for repayment of debt when a country or company they have lent to experiences financial stress.



It is at the heart of why the banks are able to provide cheaper financing to developing countries. However, larger MDBs have suggested that some smaller regional ones, especially in Africa, may not provide enough concessional loans to justify the privilege.



It is something that has been source of tension in debt restructurings taking place in Zambia, Ghana and Malawi where there is uncertainty about what happens to the loans Afrexim, TDB and others have provided to the countries.



JPMorgan&#8217;s analysts said in a research note on Monday that it, &#8220;looks more likely to us now that PCS gets tested negatively in a few sovereign restructurings for smaller MDBs.&#8221;



&#8220;This could result in their claims being treated as part of overall restructured debt,&#8221; adding that if that was the case it would raise the riskiness of their bonds.



They estimated that TDB’s exposure to the governments of Malawi and Zambia was likely to be included in both countries debt restructurings.



Afrexim’s exposure to Ghana and Malawi&#8217;s governments is also at risk, although this is less certain with Ghana&#8217;s big official sector creditors reportedly wanting Afrexim to take losses but the government also approaching the IMF in support of the bank.&#8221;Taking this risk and banks’ loan concentrations in mind and also bond valuations, we position underweight Afrexim and TDB,&#8221; JPMorgan&#8217;s analysts said, underweight effectively being a recommendation to sell or avoid a bond.



Afrexim primarily makes direct loans to central banks, commercial banks and central governments. Its big shareholders include Nigeria&#8217;s government and Egypt&#8217;s central bank which both have a 15% stake but it has some private shareholders too.



TDB focuses on trade and project financing in Eastern and Southern Africa. The African Development Bank has a 9% shareholding. Egypt, Ethiopia, Kenya and Tanzania have 5-7% each and, like Afrexim, it has some private ownership as well.



(Reporting by Marc Jones; Editing by Sharon Singleton)

AFREXIMBANK-HQ-scaled-1

Smaller African development banks Preferred Credit Status under threat, JPMorgan warns

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<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/EGXY342QSRKIDPZSVUXAGVBH4I-820x547.jpg" alt="" class="wp-image-496612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/EGXY342QSRKIDPZSVUXAGVBH4I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/EGXY342QSRKIDPZSVUXAGVBH4I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/EGXY342QSRKIDPZSVUXAGVBH4I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/EGXY342QSRKIDPZSVUXAGVBH4I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/EGXY342QSRKIDPZSVUXAGVBH4I-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/EGXY342QSRKIDPZSVUXAGVBH4I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of a hall in the Cape Town International Convention Center (CTICC), which has been designated a precinct of parliament, ahead of the first sitting of the National Assembly following elections in Cape Town, South Africa, June 14, 2024. REUTERS/Nic Bothma</figcaption></figure>



CAPE TOWN, South Africa, June 14 (Reuters) &#8211; The African National Congress and its largest rival, the white-led, pro-business Democratic Alliance, agreed on Friday to work together in South Africa&#8217;s new government of national unity, a step change after 30 years of ANC majority rule.



Once unthinkable, the deal between two sharply antagonistic parties is the most momentous political shift in South Africa since Nelson Mandela led the ANC to victory in the 1994 elections that marked the end of apartheid.



&#8220;Today, South Africa is a better country than it was yesterday. For the first time since 1994, we&#8217;ve embarked on a peaceful and democratic transfer of power to a new government that will be different from the previous one,&#8221; DA leader John Steenhuisen said in a televised address.



&#8220;From today, the DA will co-govern the Republic of South Africa in a spirit of unity and collaboration,&#8221; he said, adding that multi-party government was the &#8220;new normal&#8221;.



The ANC lost its majority for the first time in an election on May 29 and has spent two weeks locked in intensive behind-the-scenes talks with other parties, which came down to the wire on Friday morning as the new parliament was convening.



The DA&#8217;s entry into national government is a big moment for a country still processing the legacy of the racist colonial and apartheid regimes. The party has struggled to shake off its image as a defender of rich white people and convince a broad spectrum of South Africans that it reflects their aspirations.



Two smaller parties, the socially conservative Inkatha Freedom Party and the right-wing Patriotic Alliance, will also take part in the unity government, they said.



&#8220;Today marks the beginning of a new era where we put our differences aside and unite for the betterment of all South Africans,&#8221; said Sihle Zikalala, a member of the ANC&#8217;s governing body, in a post on X.



Meeting in a Cape Town convention centre because its permanent home was damaged by fire in 2022, the newly elected National Assembly began proceedings with the swearing-in of lawmakers. The chamber was then due to elect its speaker and deputy speaker,&nbsp;and the country&#8217;s president.



President Cyril Ramaphosa, the 71-year-old ANC leader, is expected to win a new term in office with support from the other parties in the unity government pact.



A DA source said the party would receive the post of deputy speaker of the National Assembly as part of the deal.



<h2 class="wp-block-heading" id="h-investors-welcome-deal">INVESTORS WELCOME DEAL</h2>



Long seen as unbeatable in national elections, the ANC lost support in recent years as voters wearied of persistently high levels of poverty, inequality and crime, rolling power cuts and corruption in party ranks.



The ANC won 159 of 400 seats in the National Assembly, while the DA got 87. The populist uMkhonto we Sizwe (MK) party led by former President Jacob Zuma has 58, the hard-left Economic Freedom Fighters 39 and the Inkatha Freedom Party 17.



The ANC&#8217;s central dilemma since the election has been whether to work with the DA, which investors like because of its free-market policies but is unpopular with ANC voters who see it as a defender of the privileged white minority&#8217;s interests.



The inclusion of the IFP, with its ethnic Zulu base, may help sweeten the DA pill for ANC voters. The Patriotic Alliance draws its support from the coloured (mixed-race) community.



The News24 website published details from a draft statement of intent it said had been circulated to party negotiators by ANC Secretary-General Fikile Mbalula. Reuters saw the document but could not immediately confirm its authenticity.



Among the &#8220;basic minimum programme of priorities&#8221; outlined in the document were rapid, inclusive and sustainable economic growth, the promotion of fixed capital investment and industrialisation, job creation, land reform, infrastructure development, structural reforms and fiscal sustainability.



London-based research firm Capital Economics said in a note that the prospect of a coalition involving the ANC and DA was being well received by investors because there was expected to be policy continuity or an acceleration of reforms.



It said another reason was that the EFF and MK, which it said had set out &#8220;radical agendas, including rapid land redistribution, widespread nationalisations and increased welfare support&#8221;, would be excluded from policymaking.



Zuma&#8217;s MK, new to the political scene, came a strong third in the election but alleged it was robbed of victory by vote-rigging, and is boycotting the new parliament.



The Constitutional Court rejected MK&#8217;s application to stop parliament sitting on grounds of fraud, saying it had no merit. The Independent Electoral Commission said the election was free and fair and other parties have accepted the results.



(Additional reporting by Alexander Winning, Tannur Anders, Bhargav Acharya and Sfundo Parakozov; Writing by Estelle Shirbo; Editing by Gareth Jones, William Maclean abd Timothy Heritage)

First sitting of parliament in Cape Town

White-led DA party joins ANC in South African unity government

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, June 14 (Reuters)&nbsp;&#8211;&nbsp;The following political and economic events, equity and currency market moves may affect South African markets on Friday.



<h2 class="wp-block-heading" id="h-political-events">POLITICAL EVENTS</h2>



South Africa&#8217;s National Assembly will hold its first sitting after last month&#8217;s election, where new lawmakers will be sworn in and the next president elected.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



The South African rand edged lower on Thursday as talks to try to form a government of national unity continued.



On the stock market, the Top-40 index closed 1% lower.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Japanese shares rose on Friday, outperforming weaker Asian markets, and the yen slid broadly after the Bank of Japan said it would start trimming its huge bond purchases in the future, dashing some expectations it would begin the process sooner.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The S&amp;P 500 and Nasdaq registered record closing highs for a fourth session in a row on Thursday as technology shares extended their recent rally.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices edged up on Friday and were on course for their first weekly gain in four, as U.S. economic data indicated a softening of price pressures, fuelling optimism that a rate cut from the Federal Reserve might be forthcoming.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



BUSINESS DAY



&#8211; S&amp;P says lack of consensus in ANC to govern with DA risks an unstable government



&#8211; ANC pushes to secure Ramaphosa&#8217;s re-election ahead of parliament sitting



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on June 14

<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>



NAIROBI, June 14 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks fell on Friday as investors pondered the outlook for U.S. rates after the Federal Reserve tempered its rate-cut views even as inflation came in softer than expected, while the yen was shaky before the Bank of Japan&#8217;s policy meeting.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



The South African rand edged lower on Thursday as talks to try to form a government of national unity continued.



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



The Kenyan shilling is forecast to firm against the dollar over the next week to Thursday while Ghana&#8217;s cedi is expected to weaken and Zambia&#8217;s kwacha to hold steady, traders said.



<h2 class="wp-block-heading" id="h-nigeria-world-bank">NIGERIA WORLD BANK</h2>



The World Bank has approved a total of $2.25 billion loan for Nigeria to help stabilise its economy following reforms and scale up support for the poor, it said in a statement on Thursday.



<h2 class="wp-block-heading" id="h-nigeria-dangote-refinery">NIGERIA DANGOTE REFINERY</h2>



Nigerian billionaire Aliko Dangote says his petroleum refinery on the outskirts of Lagos owes $2.7 billion in loans taken out to help build the 650,000 barrels per day plant.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling was steady on Thursday and was expected to gain ground, helped by dollar inflows from the agriculture and tourism sectors, traders said.



<h2 class="wp-block-heading" id="h-kenya-budget">KENYA BUDGET</h2>



Kenya&#8217;s 2024/25 budget aims to tackle the country&#8217;s debt while protecting its fragile economic recovery, with growth estimated at 5.5% in 2024 and 2025, Finance Minister Njuguna Ndung&#8217;u said on Thursday.



<h2 class="wp-block-heading" id="h-uganda-budget">UGANDA BUDGET</h2>



Uganda hopes to limit rising debt by focusing on concessional borrowing and curbing commercial loans next fiscal year, its finance minister said on Thursday, after a credit rating downgrade last month.



<h2 class="wp-block-heading" id="h-tanzania-budget">TANZANIA BUDGET</h2>



Tanzania&#8217;s budget will rise 11.2% to 49.35 trillion Tanzanian shillings ($18.90 billion) in the 2024/25 financial year starting in July, largely aimed to help the government service its debts, the finance minister said on Thursday.



<h2 class="wp-block-heading" id="h-burundi-budget">BURUNDI BUDGET</h2>



Burundi&#8217;s budget will rise 15.9% to 4.4 trillion Burundi francs ($1.5 billion) in the 2024/25 financial year starting in July, largely because of the unfreezing of civil servants&#8217; salary bonuses, Finance Minister Audace Niyonzima said on Thursday.



<h2 class="wp-block-heading" id="h-rwanda-politics">RWANDA POLITICS</h2>



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.



<h2 class="wp-block-heading" id="h-ghana-debt">GHANA DEBT</h2>



Ghana and its bondholders will restart talks next week to hash out a debt restructuring deal on $13 billion of international bonds, four sources told Reuters, on the heels of a deal finalised with official creditors earlier this week.



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



Ivory Coast&#8217;s cocoa regulator has suspended purchase and export of cocoa beans for the month of June, sources said on Thursday, in a bid to retain sufficient stock for local grinders to keep their factories running.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on June 14

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, June 14 (Reuters) &#8211; The South African rand gained on Friday after local media reported that a deal had been struck between the African National Congress and the pro-business Democratic Alliance to form a unity government.



At 0946 GMT, the rand traded at 18.3850 against the dollar, around 0.3% stronger than its previous close.



The ANC, which lost its parliamentary majority in a May election, agreed to enter into a government of national unity with parties including the DA, the Inkatha Freedom Party and the Patriotic Alliance, public broadcaster SABC reported.



The ANC&#8217;s Cyril Ramaphosa is likely to be re-elected as the president.



A deal with the DA will be welcomed by investors, Capital Economics economist Jason Tuvey said in a note.



&#8220;If confirmed, President Ramaphosa&#8217;s broad policy agenda, centred around fiscal tightening and addressing infrastructure problems, is likely to remain intact. But the coalition is likely to prove fragile,&#8221; he said.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded up around 1%. South Africa&#8217;s benchmark 2030 government bond was down, with the yield up 4 basis point to 10.165%.



(Reporting by Tannur Anders; Editing by Gareth Jones)

Illustration photo of South African rand

South African rand gains after reports ANC, DA struck unity government deal

<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, June 13 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s 2024/25 budget aims to tackle the country&#8217;s debt while protecting its fragile economic recovery, with growth estimated at 5.5% in 2024 and 2025, Finance Minister Njuguna Ndung&#8217;u said on Thursday.



Presenting the budget in parliament, Ndung&#8217;u said the fiscal deficit was expected to be 3.3% of gross domestic product (GDP), compared with a revised deficit of 5.7% for 2023/24.



Economic growth is expected to be in line with the ministry&#8217;s expectation of 5.5% this year from 5.6% in 2023.



&#8220;Kenya&#8217;s economy is unwinding from layers of negative and persistent shocks,&#8221; Ndung&#8217;u said, citing the effects of pandemic, and climate change related events such as devastating floods in 2023 and 2024.



He said policy efforts have reduced the cost of living and created vibrancy in an economy that is showing signs of a strong recovery.



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



Ndung&#8217;u told journalists earlier on Thursday that the budget would put emphasis on policies needed to strengthen and to support the fragile growth and recovery.



&#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 said.



<h2 class="wp-block-heading" id="h-debt-management">DEBT MANAGEMENT</h2>



Kenya&#8217;s 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.



Ndung&#8217;u said total spending for the fiscal year 2024/35 is seen at 3.992 trillion Kenyan shillings ($31.19 billion). To finance the budget, Kenya aims to borrow 333.8 billion shillings from external sources, and 263.2 billion from the domestic market.



&#8220;The government will slow down uptake of new external commercial debt and undertake liability management operations through debt swaps and other innovative solutions,&#8221; he said.



The East African country sold a $1.5 billion international bond in February at a 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.



Last week, parliament approved overall spending for the year at 4 trillion shillings, 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 that will come before parliament next week. The bill is a separate law outlining proposed tax increases on various goods and services, which critics say could cripple some sectors, including financial and internet services, transport, manufacturing and retail.



Ndung&#8217;u said measures in the bill are expected to bring in an extra 346.7 billion shillings in additional revenues.



The proposals have drawn strong resistance from the public, bankers and manufacturers, as well as from the Law Society of Kenya, which stated its views to a parliamentary committee reviewing the measures.



President William Ruto has said the measures are aimed at reducing Kenya&#8217;s reliance on borrowing to fund its budget.



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 = 128.0000 Kenyan shillings)



(Reporting by George Obulutsa; Editing by Bate Felix, Miral Fahmy, Hugh Lawson and Jane Merriman)

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

Kenya budget sees deficit at 3.3%, seeks to protect economic recovery

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<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="1325" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-scaled.jpg" alt="" class="wp-image-496289" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-1536x994.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A building of the Bank of Botswana is seen in the capital Gaborone in Botswana, in this November 26, 2015 file photo. REUTERS/Siphiwe Sibeko</figcaption></figure>



GABORONE, June 13 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s central bank lowered its key lending rate&nbsp;by 25 basis points to 2.15% on Thursday.



Governor Cornelius Dekop told a news conference that there was scope to ease monetary policy as the economy was forecast to operate below full capacity and not generate any demand-driven inflationary pressures.



The southern African country&#8217;s consumer inflation rose to 3.1% year on year in April from 2.9% in March, at the bottom end of the bank&#8217;s 3% to 6% medium-term objective range.



Inflation is expected to remain within the objective range in the medium term, averaging 3.6% in 2024 and 4.5% in 2025, Dekop added.



The central bank&#8217;s Monetary Policy Rate is based on a seven-day instrument. It was lowered to 2.40% in December, before which it had been at 2.65% for over a year.



(Reporting by Brian Benza; Writing by Tannur Anders; Editing by Alexander Winning)

File photo of building of the Bank of Botswana in the capital Gaborone in Botswana

Botswana central bank cuts key rate by 25 basis points

<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

Inside Neuroelectrics

Inside Neuroelectrics, the brain science start-up hoping to curb epilepsy and depression

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1280" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1.png" alt="" class="wp-image-496259" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1.png 1280w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1-820x461.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1-768x432.png 768w" sizes="auto, (max-width: 1280px) 100vw, 1280px" /></figure>



What a privilege to have been part of the 2024 WomenLift Health Global Conference! It was an honor to have over 1,000 delegates from more than 40 countries. I <a>can’t</a> capture all my observations and learnings in a short article, but here are some highlights:



First, what delighted me. The warmth and the joy of human connection in our global health community. Seeing women and men allies bond across disciplines, sectors, backgrounds, and lived experiences. Dancing in a room full of women and men allies after three days of listening, learning, and sharing.&nbsp;



Second, what made me reflect. These are my top takeaways from three days of plenaries, sessions, and workshops.



<ol class="wp-block-list">
<li>Unpack the jargon. We think <a>we’re</a> saying one thing, but the recipients of our words might either tune us out or hear an entirely different thing. What do words like “empowerment,” “<a href="https://www.vox.com/the-highlight/2019/5/20/18542843/intersectionality-conservatism-law-race-gender-discrimination">intersectionality</a>,” and “<a href="https://www.samhsa.gov/dtac/disaster-planners/diversity-equity-inclusion/key-dei-terms">Diversity, Equity, and Inclusion</a>” really mean? How much gets lost in translation when working across disciplines, languages, and cultures? Do we care more about impressing our readers or about getting <a href="https://apolitical.co/solution-articles/en/for-clear-communication-cut-the-jargon">the heart of our message across</a>?</li>
</ol>



<ul class="wp-block-list">
<li>Build bridges. How do we balance <a href="https://www.thelancet.com/journals/lansea/article/PIIS2772-3682(23)00099-9/fulltext">local and global</a> initiatives? We need leaders and organizations with a global focus to understand and respect the power and expertise of those who get the local or regional context. <a>Perhaps we</a> also need to find new ways for leaders around the globe to <a href="https://www.youtube.com/watch?v=12bSY66PZuU">work together</a> and share learnings. <a>Perhaps this</a> needs to happen in a context where no one is trying to “save” anyone. <a>Maybe we</a> would all benefit from creating systems for equitable collaboration and partnership. Does the flow of ideas always have to be subject to the flow of money? Is it naïve to imagine otherwise?</li>
</ul>



<ul class="wp-block-list">
<li>Culture is the key. Policy change is important, and we should invest in it. But unless we change the culture of organizations and society at large, we will not see paradigm shifts. So, how do we do this? Culture is built by people. It starts with buy-in at the top, but for it to be ingrained into the DNA of an organization, it must pervade through every level. To me, the critical question is: how do we <a href="https://www.womenlifthealth.org/article/role-of-leadership-in-achieving-gender-equality-and-health-for-all/">invest</a> in our people? How do we ensure that people—at every level—are consistently informing, sustaining, and leading the evolution of our culture, no matter who is at the top?</li>
</ul>



<ul class="wp-block-list">
<li>We need to talk about caregiving. Caregiving is unofficially built into many women’s lives. An example is the idea of the “<a href="https://youtu.be/pDVW7EAlUEo?si=tM0shX5FdkVm2yc1">sandwich generation</a>”: many working adults end up being caregivers of both their children and their parents. They are not only working parents, but also working children. I found myself in this very place in 2019, with a 2-year-old child and a father dying of cancer. I was wracked with the guilt that I was not doing enough for either of them, despite working in the most enabling environment possible and having the strongest ally one could have in a life partner. What is it like for those who have no institutional or familial support?</li>
</ul>



<ul class="wp-block-list">
<li>Everyone needs emotional intelligence training. Emotional intelligence is much more than a skill or tool—it is fundamental to being a good human and a good leader. Fortunately, it can be learned, and <a>it’s</a> never too late. The alumna- and partner-led emotional intelligence workshop at the conference was incredibly well attended. Panelists in other sessions also expressed how important it is for men to cultivate emotional intelligence, so that they can not only become better allies to women but also do the same for each other.&nbsp;</li>
</ul>



<ul class="wp-block-list">
<li>Reframe the ideal professional and ideal mother.</li>
</ul>



What is an “ideal professional”? Is she someone who works on nights and weekends, answers every email within 24 hours, and responds to all messages within an hour?



What is an “ideal mother”? Is she someone who stays at home, cooks every meal, attends all school events, and drives her kid to as many extracurricular activities as possible?



Women are expected to be ideal professionals while taking care of their children and elderly parents.&nbsp;Women are expected to be ideal mothers and caretakers while working a full- or part-time job.&nbsp;



Oy, I am exhausted from just writing this!



How can anyone live up to these unattainable standards? What role can institutional leaders play in reframing these expectations and role modeling new behaviors?&nbsp;We need cultural paradigm shifts, and the solutions must come from both men and women, at work and at home. How can <a href="https://speakingofmedicine.plos.org/2022/04/28/walking-the-path-to-gender-equality-together/">male allies</a> amplify their efforts in their homes? How can mothers reframe expectations of themselves and shed the layers of guilt heaped on their existing burdens and responsibilities?



Third, what motivates me to push even harder. These are the things that keep the fire in my belly burning:



<ol class="wp-block-list">
<li>The growing anti-rights movement around the globe is scary. LGBTQIA+ rights <a>seemed to be</a> advancing around the world—including in <a href="https://time.com/5388231/india-decriminalizes-homosexuality-section-377/">India</a> and parts of <a href="https://asia.nikkei.com/Spotlight/Asia-Insight/LGBT-rights-in-Asia-Small-steps-forward-and-big-steps-back">Southeast Asia</a>. We welcomed our first African American president in the U.S. We were starting to see more women as heads of state around the world, albeit at a frustratingly slow pace (<a href="https://www.holoniq.com/notes/the-2024-global-state-of-womens-leadership">4 in 1995 to 17 in 2024</a>). But now, <a>we’re</a> seeing even this marginal progress being eroded by actions like the <a href="https://www.womenlifthealth.org/article/overturning-roe-vs-wade-will-reverberate-globally/">reversal of Roe v Wade in the United States</a>, a global pushback against equity and inclusion, and a rise in <a href="https://www.hrw.org/sitesearch?search=xenophobia">xenophobia</a>. How can we find common ground? Whatever the strategy, we must fight to protect fundamental human dignity, safety, and rights, especially for marginalized groups. We must do this collectively, systematically, and on a grand scale. The time is NOW.&nbsp;</li>
</ol>



<ul class="wp-block-list">
<li>The climate crisis is <a href="https://www.weforum.org/publications/global-risks-report-2024/digest/">already happening.</a> <a>In</a> this month alone there are <a href="https://www.bbc.com/news/articles/c72plp66g5no">devastating floods in Kenya</a>, and in <a href="https://www.cbsnews.com/news/heat-wave-asia-2024-deaths-india-severe-weather-climate-change/">Asia</a> and <a href="https://www.cbsnews.com/news/maps-extreme-summer-heat-us-forecast/">the U.S</a> <a>we’re</a> bracing for record heat waves. Where is our sense of urgency? Where are women leaders in this fight? At WomenLift Health, we are keen to invest in the leadership skills of women who work at the intersection of health, climate, and gender. Institutions have been investing billions of dollars in technological solutions and products for a long time. They have achieved a lot of success, but <a>we’re</a> still way behind global health targets. Why? How do we ensure that the monumental resources being spent on lifesaving technologies get through layers of bureaucracy to that precious last mile? How do we ensure that the diverse leaders who understand these complex contexts are included at decision-making tables? How do we ensure that when uncertainty and fear inevitably arise, we have leaders who can handle volatility and lead with <a href="https://www.cfr.org/article/womens-power-index">agility and resilience</a>?</li>
</ul>



Last, what excites me about the future. The collective power of WomenLift Health community and the desire to pay it forward.The ideas that germinate after these conferences and the belief that when we put our heads, hearts, and hands together, there is no ceiling too high, no barrier too daunting. There are big challenges, and together, we will <a>overcome</a>!&nbsp;



Connect with <a href="https://www.womenlifthealth.org/profile/shereen-bhan/">Shereen</a> on <a href="https://www.linkedin.com/in/shereenbhan/">https://www.linkedin.com/in/shereenbhan/</a>

IMG_3920 (1)

The Power of Human Connection

<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)

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

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