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<p>The International Monetary Fund (IMF) and the World Bank&#8217;s International Development Association have determined that Somalia has taken the necessary steps to begin receiving debt relief under the enhanced Heavily Indebted Poor Countries Initiative. Prime Minister of Somalia, Hassan Ali Khaire joins CNBC Africa for more.</p>


Somalia to receive financial aid under World Bank’s HIPC initiative


<p>NAIROBI (Reuters) &#8211; Kenya’s government plans to seek help from the International Monetary Fund, pay pending bills to suppliers and quickly process company tax refunds to support the economy in the face of the coronavirus crisis, officials said.</p>



<p>Patrick Njoroge, the central bank governor, told a news conference on Tuesday that the government is seeking emergency assistance from the IMF of up to $350 million. </p>



<p>“This is assistance that doesn’t have the conditionalities of programs &#8230; a lot of this could be directed towards budget support,” Njoroge said, adding that more support will be sought from the World Bank.  </p>



<p>Kenya has 16 confirmed cases of COVID-19, and the disease is hurting crucial tourism and farm exports. </p>



<p>The government expects revenue collection to be hit as both imports and domestic consumption slow, Finance Minister Ukur Yatani told Reuters late on Monday. </p>



<p>“We are looking at underperformances as a result of just COVID-19, of about 70 billion (shillings) &#8230; in terms of revenue for the remaining three months (of this financial year),” he said, adding that situation was evolving fast. </p>



<p>Yatani said the government would shift planned spending towards urgent development projects. </p>



<p>It plans to release 49 billion shillings ($460 million) to suppliers for the unpaid bills and expedite the payment of close to 10 billion shillings in value-added tax refunds to businesses in the next two to three months, he said. </p>



<p>The World Bank is making $60 million available to Kenya’s health sector to help it deal with the outbreak. </p>



<p>President Uhuru Kenyatta, who has been meeting business executives, said on Monday that fiscal stimulus measures would be will be announced later this week.  </p>



<p>Kenya’s central bank has already implemented stimulus measures, cutting interest rates by a heftier than expected 100 basis points on Monday and reducing the amount of cash that banks are required to hold as reserves. </p>



<p>It is also letting borrowers restructure loans if they enter into difficulties due to the outbreak. </p>



<p>Yatani said the government and firms were seeking new sources of raw materials imports to keep industries going during the crisis. </p>



<p>“We already have challenges with the inflow of (materials) inputs&#8230; inputs are either delayed or are not moving in as required,” he said. </p>



<p>($1 = 106.6000 Kenyan shillings) </p>



<p>(Additional reporting by Omar Mohammed; editing by John Stonestreet)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21B1A7-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21B1A7-OZABS</a> and is republished with its permission.</p>


Kenya to seek IMF help, pay arrears, speed tax refunds over coronavirus, officials say


<p>WASHINGTON (Reuters) &#8211; The World Bank’s executive board is expected to consider later this week the first fast-track funds to help Afghanistan and Ethiopia respond to the coronavirus pandemic, the Bank’s president said on Sunday.</p>



<p>In a blog posted on LinkedIn on Sunday, David Malpass said funding for the projects could come out of a $14 billion Fast Track Facility (FTF) approved last week to help countries deal with the health and economic impact of the coronavirus. </p>



<p>The respiratory disease has infected more than 305,000 people around the world, and killed more than 13,000, according to the latest Reuters tally. </p>



<p>In the blog, Malpass said World Bank teams were preparing projects in 40 countries for up to $1.7 billion under the FTF.  </p>



<p>Projects in Afghanistan and Ethiopia were the most advanced and would be presented to the board this week, he said, teeing them up for formal approval. Work was also advancing on projects in 14 other countries, he said, without naming them. </p>



<p>These projects could then be quickly replicated in other parts of the same country, through funding from other multilateral development banks, or in other countries. </p>



<p>In addition, the Bank and the International Finance Corporation, the private sector arm of the Bank, were working to free up $1.5 billion in COVID-19 funding in 24 countries by restructuring existing projects, he said, without naming them. </p>



<p>The IFC was also working to start extending trade finance and working capital lines to clients, with regular board action expected on those efforts in the next two to four weeks.</p>



<p>Malpass said Bank officials were in close touch with finance ministers and central bankers from around the world to discuss their needs and responses to the crisis.  </p>



<p>Bank officials had also identified ways to support countries as they race to procure much-needed medical equipment and upgrade medical facilities. </p>



<p>(Reporting by Andrea Shalal; Editing by Peter Cooney)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21A0O6-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21A0O6-OZABS</a> and is republished with its permission.</p>


World Bank moving forward on first $1.7 bln in pandemic aid projects

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<p>Uganda’s Central Bank said it would provide liquidity to commercial banks among other actions it was taking to cushion them from the negative effects.</p>


COVID19: Uganda to seek loan from World Bank

COVID19: Uganda to seek loan from World Bank, Central Bank to provide liquidity


<p>Report by Elias Biryabarema</p>



<p>KAMPALA (Reuters) &#8211; Uganda will request the World Bank for a loan of $190 million to help cushion its economy from the impact of the coronavirus pandemic, its finance minister said.</p>



<p>The government has cut its economic growth forecast this fiscal year to 5.2–5.7% from an initial projection of 6%, the minister, Matia Kasaija, said in a statement late on Thursday. </p>



<p>The disruption caused by the coronavirus are expected to cut industrial output, tourism earnings and the government’s tax collections.  </p>



<p>The government will seek a $100 million budget support loan for this financial year and a further $90 million for the next financial year , Kasaija said.   </p>



<p>It will also approach the International Monetary Fund for help with a projected decline in foreign exchange reserves from 4.2 months worth of imports to 3.5 months.  </p>



<p>The Ugandan shilling  declined sharply this week, prompting the central bank to intervene three times in a row to sell dollars and offer support. </p>



<p>Kasaija said as a result of the economic upheaval from the outbreak, Uganda’s imports were expected to decline 44% in the four months to June. The expected widespread loss of jobs was likely to push an estimated 780,000 people into poverty, he said.    </p>



<p>Uganda has not reported any cases of the coronavirus, which emerged in China late last year and has been spreading around the world. </p>



<p>Nevertheless, on Wednesday, the government ordered the closing of schools, bars and it banned public gatherings to prevent any outbreak. </p>



<p>($1 = 3,835.0000 Ugandan shillings) </p>



<p>(Editing by Duncan Miriri and Robert Birsel)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2171ED-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2171ED-OZABS</a> and is republished with its permission.</p>


Uganda to seek $190 mln from World Bank to cushion coronavirus blow

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<p>As the world copes in quarantine, the Kenyan private sector is making moves to alleviate customers&#8217; experience during this time with Safaricom waiving transfer fees and increasing daily M-Pesa transaction limits, to large supermarket chains like Tuskys providing home delivery services. Journalist, Joseph Bonyo joins CNBC Africa for more.</p>


Kenya increases transaction limits

Kenya increases transaction limits, encourages delivery services to halt COVID-19 spread


<p>NAIROBI (Reuters) &#8211; The World Bank said on Monday it had committed $60 million to Kenya to help the East African nation battle the coronavirus outbreak that has spread to at least 30 countries on the continent.  </p>



<p>The funding will improve surveillance, laboratory services, isolation units, equipment, supplies and communication to help mitigate the virus in Kenya, the World Bank said on Twitter. </p>



<p>Kenya, East Africa’s richest economy, has confirmed three cases of the COVID-19 disease thus far. </p>



<p>(Reporting by Omar Mohammed; editing by George Obulutsa; Editing by Alex Richardson)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2132KN-OZATP">https://af.reuters.com/article/topNews/idAFKBN2132KN-OZATP</a> and is republished with its permission.</p>


World Bank offers $60 mln to Kenya to fight coronavirus outbreak

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Loss of jobs and wealth inequality due to automation are issues of concern to some while on the other hand, new industries and jobs in the technology sector outweigh the economic effects of workers being displaced by automation according to World Bank. James Kanyangi, Group Head of Robotic Process Automation at Technobrain joins CNBC Africa for more.</p>


How Africa can prepare for the disruptive impact of automation

How Africa can prepare for the disruptive impact of automation, robotics on the future of work

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The Global Association for the Off-grid Solar Energy Industry, the World Bank Group’s Lighting Global program, in partnership with Kenya’s Ministry of Energy are hosting a three-day international conference of the off-grid sector. During the conference, the Global Off-grid Solar Market Trends Report provides an opportunity to step back for reflection on long-term trends, challenges, and opportunities illuminating a path forward for the sector. Itotia Njagi of Lighting Global joins CNBC Africa for more.</p>


Lighting Global: How African govts should respond to the huge demand for energy access

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<p>By the end of 2019, Rwanda Stock Exchange (RSE) had surpassed $1 billion in trading marking a major milestone in its eight-year history. According to RSE, some $761 million have been raised in the primary market while $306 million has been traded on the secondary market. Also, the Rwandan government and the World Bank announced during the summit that they will be launching a 3-year, fixed-rate, RWF-denominated bond worth $40 million at the London Stock Exchange. Celestin Rwabukumba, CEO of Rwanda Stock Exchange joins CNBC Africa for more.</p>


RSE hits $1bn mark – Here’s how it plans to increase domestic growth by 20%

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<p>Kenya has secured $1.7 billion from the UK in investments deals during the UK-Africa Investment Summit. Furthermore, UK signed a new Memorandum of Understanding (MoU) to collaborate on mobilizing private finance into Kenyan projects. Also, the Rwandan government and the World Bank announced during the summit that they will be launching a 3-year, fixed-rate, RWF-denominated bond worth $40 million at the London Stock Exchange. Analyst Ted Kaberuka, joins CNBC Africa to make light of the deals and look into the UK-Africa relations.</p>


Kenya secures $1.7bn investment deals at UK-Africa Investment Summit


<p>NAIROBI (Reuters) &#8211; Kenya is in advanced talks with the World Bank for “a fairly priced” loan of up to 100 billion shillings ($991.57 million), nearly half of its required external funding this fiscal year, a senior Treasury official said on Friday.</p>



<p>The East African nation wants to cut debt from overseas capital markets, after a borrowing binge in recent years, including Eurobond offerings, a package of Chinese loans and syndicated commercial loans.</p>



<p>The World Bank, which has multiple development funding programs with Kenya worth billions of dollars, is seen as one of the viable alternatives to commercial debt.</p>



<p>The Washington D.C.-based financier lent money straight to the Kenyan ministry of finance for the first time last year, changing past practice where it channelled cash straight to the projects, bypassing the Treasury.</p>



<p>The size of the loan from the World Bank will be determined by how much its own funders can put together, said Julius Muia, the principal secretary in the ministry of finance.</p>



<p>“We are thinking something between 50-100 billion (shillings) depending on what kind of interest there will be,” he told Reuters.</p>



<p>The loan will be cheaper than commercial debt, the official said, in line with the government’s policy of cutting its funding costs.</p>



<p>“It is very competitive, it is fairly priced,” Muia said, adding it was likely to be just above the bank’s concessional rate of 200 basis points in interest.</p>



<p>Kenya became a middle-income country in 2014 after it rebased the economy, meaning it cannot secure funds from the World Bank at the concessional rates offered to low-income states.</p>



<p>The finance ministry has set a budget deficit of 6.3% of GDP for this financial year to the end of June and Muia said about 213 billion shillings is expected from external sources.</p>



<p>The balance of the funds will be raised through Kenya’s first sovereign green bond, he said, with the country taking advantage of next week’s UK-Africa investment summit in London to gauge investor demand for the potential issue.</p>



<p>“It is taking shape as we go,” Muia said.</p>



<p>The Treasury projects that the budget deficit will shrink to 5.7% of GDP in 2020/21. The gap, which peaked at 9.1% of GDP in 2016/17 financial year, is expected to narrow further to the desired level of 3.3% in 2023/24.</p>



<p>Muia said he was confident that this year’s deficit will be fully covered through affordable loans.</p>



<p>“We are very clear in our minds that we want to keep the cost of debt down.”</p>



<p>($1 = 100.8500 Kenyan shillings)</p>



<p>Editing by Muralikumar Anantharaman &amp; Shri Navaratnam<br></p>


Kenya is in talks with World Bank for $1 billion loan

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<p>According to World Bank, South Sudan&#8217;s economy recovered with a growth rate estimated at 3.2 during the financial year 2018/2019 from a contraction of 3.5 per cent during the 2017/2018 financial year. These developments reflect activity in the oil sector which rebounded strongly. Also, the country&#8217;s total public debt during the fiscal year 2018/2019 was estimated at 34.2 of Gross Domestic Product (GDP) of which external debt is 30.2 per cent. Parek Maduot, Director of Economic Development &#038;Regional Integration at ICGLR joins CNBC Africa for more.</p>


South Sudan’s rebounding oil sector the catalyst behind growing economy

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<p>The World Bank is projecting a 7 per cent economic growth for Cote d’Ivoire this year. Meanwhile, the world’s largest cocoa producer will hold its Presidential election this year. Ayalanesh Tafesse, Country Risk Analyst at RMB joins CNBC Africa for an outlook on Cote d’Ivoire’s economy.</p>


RMB’s economic outlook for Cote d’Ivoire ahead of polls

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<p>Rwanda registered $2.46bn in investments for the year 2019, on the other hand the government has returned to the capital markets with a $15.8mn Bond and we also take a look at the highlights of the World Bank global economic prospect’s report. Journalist of The New Times Rwanda, Julius Bizimungu joins CNBC Africa for more.</p>


Julius Bizimungu reflects on Rwanda’s economic growth in 2019

Julius Bizimungu reflects on Rwanda’s economic growth in 2019, forecasts 2020

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<p>Alfred Zeufack, Chief Economist, Africa at the World Bank was one of the more than 2200 delegates who attended the Africa Investment Forum, held in Sandton from the 11th to the 13th of November.</p>


Africa Investment Forum: Alfred Zeufack on what opportunities Africa’s free trade deal brings to the continent

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<p>Addressing the constraints for private sector development at national and sectoral levels is a critical element of the Government of South Africa’s plan to scale-up investment over the next five years. Joining CNBC Africa to discuss this is Gabriel Goddard, the World Bank Lead Economist and co- Author of the Country Private Sector Diagnostic.</p>


World Bank

Somalia to receive financial aid under World Bank’s HIPC initiative

Kenya to seek IMF help, pay arrears, speed tax refunds over coronavirus, officials say

World Bank moving forward on first $1.7 bln in pandemic aid projects

COVID19: Uganda to seek loan from World Bank, Central Bank to provide liquidity

Uganda to seek $190 mln from World Bank to cushion coronavirus blow

Kenya increases transaction limits, encourages delivery services to halt COVID-19 spread

World Bank offers $60 mln to Kenya to fight coronavirus outbreak

How Africa can prepare for the disruptive impact of automation, robotics on the future of work

Lighting Global: How African govts should respond to the huge demand for energy access

RSE hits $1bn mark – Here’s how it plans to increase domestic growth by 20%

Kenya secures $1.7bn investment deals at UK-Africa Investment Summit

Kenya is in talks with World Bank for $1 billion loan

South Sudan’s rebounding oil sector the catalyst behind growing economy

RMB’s economic outlook for Cote d’Ivoire ahead of polls

Julius Bizimungu reflects on Rwanda’s economic growth in 2019, forecasts 2020

Africa Investment Forum: Alfred Zeufack on what opportunities Africa’s free trade deal brings to the continent

World Bank’s Gabriel Goddard on how SA can get back to growth

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World Bank

Somalia to receive financial aid under World Bank’s HIPC initiative

Kenya to seek IMF help, pay arrears, speed tax refunds over coronavirus, officials say

World Bank moving forward on first $1.7 bln in pandemic aid projects

COVID19: Uganda to seek loan from World Bank, Central Bank to provide liquidity

Uganda to seek $190 mln from World Bank to cushion coronavirus blow

Kenya increases transaction limits, encourages delivery services to halt COVID-19 spread

World Bank offers $60 mln to Kenya to fight coronavirus outbreak

How Africa can prepare for the disruptive impact of automation, robotics on the future of work

Lighting Global: How African govts should respond to the huge demand for energy access

RSE hits $1bn mark – Here’s how it plans to increase domestic growth by 20%

Kenya secures $1.7bn investment deals at UK-Africa Investment Summit

Kenya is in talks with World Bank for $1 billion loan

South Sudan’s rebounding oil sector the catalyst behind growing economy

RMB’s economic outlook for Cote d’Ivoire ahead of polls

Julius Bizimungu reflects on Rwanda’s economic growth in 2019, forecasts 2020

Africa Investment Forum: Alfred Zeufack on what opportunities Africa’s free trade deal brings to the continent

World Bank’s Gabriel Goddard on how SA can get back to growth

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