Credit rating agency S&P downgrades Kenya on weaker fiscal and debt trajectory
The IMF board is expected to convene next month to approve a $600 million disbursement under Kenya’s $3.6 billion lending programme, which expires next year.
Floating of Ethiopian currency sets off volatility as hotel menus warn of ‘new price for every meal at any moment’
Many supermarkets in Addis Ababa are hoarding products in warehouses and only selling small quantities in their stores to escape punishment by city authorities, who have vowed to crack down on hoarders. Consumers who want to buy in bulk must pay inflated prices for products they are told to pick from warehouses.
Humanitarian aid trap: Somali official calls for state control over aid funds as ‘aid community actors are only accountable to themselves’
Budget support is justified, Ainte said, because the government is responsible for what happens in Somalia, even if the conflict means it does not control all of the country’s territory. Ainte did not specify which institutions might work with the government to programme any redirected money, though he mentioned it could be done by UN agencies.
Treasury: New economic repair plan submitted by Kenya to IMF set for review in August
The IMF did not immediately comment. The East African nation has a $3.6 billion IMF programme and the Fund had reached a staff level agreement on the seventh review of Kenya’s programme in early June.
- 1
- 2
