The purchasing power of Kenyans has seen a significant decline owing to some economic challenges. In the past year, citizens of the East African country have been faced with rising commodity prices, while their incomes stagnated. As a result, Kenyans could scarcely purchase goods the same way they may have been accustomed to. A report […]
The monthly inflation rate in South Africa eased again in December, dropping 0.4 percentage points to 5.1 percent as food price hikes slowed, official data showed Wednesday. The average inflation rate for 2023 was 6.0 percent, 0.9 percentage points lower in 2022 and matching the upper limit of the central bank’s official target range, national […]
South Korea is set to increase its visa quota for non-professional foreign workers to a record high and expand the sectors in which they can work to alleviate chronic labor shortages due to the low birthrate and aging in Asia’s fourth-largest economy. The government on Monday decided to raise the quota of E-9 visas for […]
Malawi needs nearly $1 billion in debt relief from its creditors by 2027, according to the International Monetary Fund’s announcement on Wednesday. The country is faced with severe shortages of essential items such as medicine, fuel, and fertilizers, primarily attributed to chronic foreign currency shortages. The IMF report specifies that Malawi requires $887 million in […]
The UK Supreme Court decided on Wednesday that an asylum agreement with Rwanda was illegal, noting the likelihood that refugees transported to Kigali may be repatriated to the countries from which they fled, subjecting them to even more harsh treatment. The five members of the Supreme Court ruled unanimously on Wednesday that the Court of […]
The Nigerian government has revealed that Nigerians will be required to spend between N300,000 and N600,000 for the conversion of their petrol vehicles to Compressed Natural Gas (CNG). This was revealed by the Chief Executive Officer of the Presidential Compressed Natural Gas Initiative (P-CNGi) Steering Committee, Engr. Michael Oluwagbemi in an interview with Daily Trust. […]
The Israel-Hamas war could have a significant impact on economic growth and inflation in the euro zone unless energy price pressures remain contained, according to Goldman Sachs . The ongoing hostilities could affect European economies via lower regional trade, tighter financial conditions, higher energy prices and lower consumer confidence, Europe Economics Analyst Katya Vashkinskaya highlighted […]
Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund (PIF) and Chairman of Saudi Aramco, said governments and businesses are unable to sustain the level of spending that they did in the past and they must now reduce spending to embrace new realities. “As central banks have tightened monetary policy to slow inflation, businesses […]
The private sector must get involved in tackling global crises as governments alone as governments alone do not have the multiple trillions of dollars required, Ajay Banga, the President of the World Bank, said on Tuesday. The worlds’ crises, including climate change and future pandemics, are now intertwined, and that the growing gap between the […]
When COVID-19 presented a global health emergency more than three years ago, it also exposed weaknesses in health financing that led to delays and inequities in distributing essential vaccines, tests, and treatments for low- and middle-income countries. This week, DFC and leading development finance institutions announced a sweeping collaboration to address those challenges and ensure […]