Kenya

IMF Begins Review of Financing Program in Kenya

7 months ago

The International Monetary Fund (IMF) has sent its experts to Kenya to commence the latest review of the existing financing program aimed at aiding the fragile economy of the country. This review will be a significant step in determining the effectiveness of measures taken by the government in light of the current economic challenges.

Kenya Struggles with Financial Difficulties After Tax Protests

7 months ago

Kenya continues its efforts to stabilize public finances following mass protests triggered by tax hikes. The government has faced growing public opposition for several weeks as new tax measures have outraged citizens already suffering from economic hardships. Workers, students, and civil society representatives have organized demonstrations calling on authorities to reconsider tax policies and implement economic reforms.

Kenya Faces Record High Local Borrowing Costs

7 months ago

In Kenya, the costs associated with local borrowing are nearing record highs last seen in 2015. This situation is exacerbated by the halt of funding from the International Monetary Fund (IMF). The rising borrowing costs have significantly impacted the country's economy, misleading investors and increasing burdens on the national budget.

Kenya Faces Rising Inflation: Cost of Living Continues to Climb

7 months ago

Kenya is experiencing an increase in inflation, which reached a two-month high in August 2024, linked to rising costs of essential goods. According to the latest data, inflation in the country rose to 5.1% year-on-year, surprising economists as there had been a steady decline in inflation rates previously.

S&P Downgrades Kenya: Deeper into Junk After Tax Hike Repeals

7 months ago

According to the latest news, S&P Global Ratings has decided to downgrade Kenya's credit rating to junk status. This decision follows the recent repeal of tax hikes that the government had implemented as part of its economic reforms. The downgrade comes amid concerns over worsening financial metrics and a rising debt burden on Kenya's economy.

Kenya's Supreme Court Suspends the Finance Act 2023

8 months ago

The Kenyan Supreme Court has delivered a significant ruling regarding the Finance Act 2023. The court has ordered that the implementation of this law be temporarily suspended until a full hearing on the matter is conducted. This news marks a critical moment in the financial sector of the country, as the Finance Act encompasses numerous key aspects of Kenya's economic policy.