Senegal’s budget deficit, weaker fiscal and debt position prompts Moody’s to lower it to B1 rating
Ratings agency Moody’s on Friday downgraded Senegal’s long-term ratings to B1 from Ba3, citing significantly weaker fiscal and debt position than expected. Senegal is in talks with the International Monetary Fund (IMF) for corrective measures after an audit ordered by newly elected President Bassirou Diomaye Faye revealed the 2023 budget...
Solar power companies are growing fast in Africa, where 600 million still lack electricity
The International Energy Agency, in a report earlier this year, said small and medium-sized solar companies are making rapid progress reaching homes but more needs to be invested to reach all African homes and businesses by 2030.
Kenya asks IMF to review corruption issues after Western push, sources say
The countries themselves must request the IMF’s so-called “governance diagnostic”, which investigates whether corruption and governance vulnerabilities are draining revenue or creating other problems in state finances.
Kenyan private sector conditions weaken in September after showing recovery in August
Business expectations for the coming year remained subdued, with only 4 per cent of survey respondents expecting an upturn.
Kena inflation eases to 3.6 per cent in September and stabilised consumer prices of staples
The Central Bank of Kenya (CBK) bank is due to announce its next interest rate decision on October 8.
Wary of sluggish economic turnaround after bloody anti-tax protests, lenders prescribe IMF review of Kenya’s recovery plan
Kenyan authorities are looking for fresh revenue-raising measures after rescinding the tax increases.
Finance Minister John Mbadi said in August that the government would have to restore some measures from the scrapped bill. However, last month Mbadi said he would seek public opinion on new legislation to boost revenue.
How remittances from Gambians in Europe are a lifeline for families, but the sacrifices take a toll
Almost 10 per cent of Gambia’s population of 2.7 million has left the country, most of them young men from rural areas. The money they send is an economic lifeline for their families but their absence weighs heavily on their communities.
Kenya is on the verge of sealing $1.5 billion loan from UAE to bridge financing gap
Nairobi has had to pay a high price for the financial support it has received. In February Kenya issued a $1.5 billion Eurobond to help it manage maturities, but it paid a steep 10.375 per cent yield for the seven-year bond.
Kenya’s largest telecoms operator raises $117 million with local sustainability-linked loan
The four participating banks in the transaction are KCB, ABSA, Standard Chartered Kenya and Stanbic, Safaricom said, adding that Standard Chartered acted as the lead arranger and bookrunner.
Singapore opens first graft trial in half a century for minister who accepted 10 bottles of whisky, 12 bottles of wine gifts
Singapore ministers are among the most well-paid in the world. Although the amount involved in Iswaran’s case appeared to be relatively minor, his indictment is an embarrassment to the PAP, which prides itself on a clean image. The last cabinet minister charged with graft was Wee Toon Boon, who was found guilty in 1975 and jailed for accepting gifts in exchange for helping a businessperson. Another cabinet minister was investigated for graft in 1986, but died before charges were filed.
