African Development Bank approves $1billion loan to South Africa’s rail and ports company
The African Development Bank said on Thursday it had approved a $1 billion loan to South Africa’s state-owned rail and ports company, Transnet. The 25-year loan was wholly guaranteed by the South African government and will help finance the first phase of a $8.1 billion investment plan for Transnet to...
‘Tuna bond’ scandal that spurred $2 billion debt crisis in Mozambique economy lands ex-finance minister in US court
A key prosecution witness was on the stand on Wednesday as Chang followed along closely via a Portuguese language interpreter. Between 2013 and 2016, three Mozambican-government-controlled companies quietly borrowed $2 billion from major overseas banks – and the government, with Chang’s signature, assured repayment.
Human rights actvists start piling pressure on IMF to force Kenya to account for public funds
Kenya’s debt pressures spurred the IMF to approve $941 million for the country in January, bringing the total amount loaned to the East African nation by the financial agency to $3.9 billion. Kenyans have raised concerns about such heavy borrowing, saying it has done little to improve their lives. At the same time, protesters say, citizens are paying more taxes so Kenya can repay the loans.
‘New era’ in malaria control begins with vaccination of children in Ivory Coast
In 2021, WHO endorsed the first malaria vaccine, known as Mosquirix, made by GSK. But that vaccine requires four doses and protection fades within months. GSK also previously said it would only be able to make about 15 million doses.
S&P Global doesn’t expect recent protests in Kenya to derail IMF plans, will make rating call in August
Under pressure, Kenyan President William Ruto’s government took a step on Monday to try and keep the IMF on side, saying it would cut 2024-25 spending by 1.9 per cent to claw back some of the money that it had hoped to bring in from the now-scrapped tax hikes.
Hard times fall on Kenyans as treasury cuts spending in revised budget after tax-hike rollback
Public demonstrations began last month against the now-binned tax hikes, but went on to demand Ruto’s resignation and deep-rooted political changes to tackle corruption and poor governance.
Strucural adjustments: IMF assesses recent Kenya developments as part of programme review
On Thursday, President William Ruto followed up the move with the dismissal of his entire cabinet and attorney general.
Moody’s pushes Kenya’s credit rating deeper into junk upon withdrawal of planned tax hikes
Moody’s said that while the spending cuts should narrow fiscal deficit, it would be at a more gradual pace than previously assumed, and as a result expect Kenya’s debt affordability to remain weaker for longer.
Boeing pleads guilty to criminal fraud conspiracy to resolve investigations into 737 MAX fatal crashes
Pentagon spokesperson Air Force Major General Patrick Ryder told reporters the agency would make an assessment to decide the impact of the guilty plea on Boeing’s contracts. He did not address whether the agency was in talks with the planemaker.
Austerity: Subdued Kenya’s President Ruto caves in to nationwide protests against state extravagance
Austerity measures will include the dissolution of 47 state corporations, a 50 per cent reduction in the number of government advisers, the suspension of non-essential travel by public office bearers and the removal of budget lines for the president and deputy president’s spouses, he said.
