Kenya heads back into red zone after tax bill turmoil that complicates relations with IMF
Kenya’s sovereign dollar bonds slid after Ruto’s U-turn. Morgan Stanley said that with Eurobond yields back above 10 per cent, Kenya had limited access to international bonds, which could push them to borrow more locally.
Wealthy nations say debt crisis risk that overshadowed global economy for four years is receding
The Paris Club, made of 22 official creditor nations, said the return of Sub-Saharan African countries to Eurobond markets this year, a stabilisation in low-income country debt levels and a potential peak in global interest rates gave cause of optimism.
Millions of young Kenyans defy government warning and hold protests against punitive taxes
Organisers have also called for a general strike against the finance bill, which aims to raise an additional $2.7 billion in taxes as part of an effort to tame public debt that ballooned over the past decade.
Why Indians and Africans pay $72,000 to be smuggled to the US on chartered flights
Charter flights represent a new phase of illegal immigration to the US, five US officials said in interviews with Reuters. Increasingly, they said, migrants from outside Latin America are paying smuggling networks hefty fees for travel packages that can include airline tickets – on charter and commercial airlines – to fly to Central America and then bus rides and hotel stays en route to the US-Mexico border.
Uganda enters deal with UAE to build third international airport in Karamoja region
President Yoweri Museveni assured the Sharjah Chamber of Commerce and Industry that Uganda would exempt from tax. He further promised to mobilise the Uganda Hotel Owners Association to build hotels in the area that will accommodate passengers who will be using the Airport.
UN trade agency report shows global FDI to developing countries has dropped again
According to UNCTAD, the decrease was primarily due to rising geopolitical tensions and concerns over “greenwashing”, a marketing practice to make things seem more environmentally friendly than they actually are.
Police fire teargas, water cannons at tax protesters in Nairobi as demos sweep Kenya
Protesters say the tax rises will hurt the economy and raise the cost of living for Kenyans who are already struggling to make ends meet. A parliamentary panel urged the government on Tuesday to scrap some new taxes proposed in its finance bill, including new ones on car ownership, bread, cooking oil and financial transactions. The panel also recommended that a fuel tax towards road maintenance be increased.
India lays out plans for increased trade and medical technology cooperation with Kenya
Rohit Vadhwana revealed that very soon of some of the biggest hospitals in India would set base in Kenya triggering more investments of the Asian country. He said there was need for a roundtable between Kenya and India to explore more areas business cooperation particularly in the healthcare sector noting that India was the largest investor in Kenya and a systemic approach would enhance trade between the two countries.
Palpable public anger drives a finance committee into rushed removal of tax items in Kenyan budget
This year’s finance bill aims to raise an extra 346.7 billion Kenyan shillings ($2.71 billion) in additional revenue, finance minister Njuguna Ndung’u said last week.
JPMorgan analysts warn smaller African development banks Preferred Credit Status under threat
Afrexim’s exposure to Ghana and Malawi’s governments is also at risk, although this is less certain with Ghana’s big official sector creditors reportedly wanting Afrexim to take losses but the government also approaching the IMF in support of the bank.
