Thursday, April 18, 2024
Wardheer News

IMF approves new $941m loan for cash-strapped Kenya

Kenya is grappling with a host of economic challenges including a vast debt mountain, cost of living crisis and tumbling currency. The IMF said in a statement published on Wednesday that its executive board had approved the $941.2 million loan, … Continued

Shilling officially crosses 160 mark against US dollar

The shilling has officially crossed the 160 units points against the US dollar, the lowest level on record. On Monday, the Central Bank of Kenya (CBK) quoted the local currency trading at 160.23 units against the greenback, compared to 159.85 … Continued

Why Ethiopia’s Red Sea Port Deal With Somaliland Has Somalia On Edge

By Fasika Tadesse and Mohamed Omar Ahmed Ethiopia has been landlocked since 1993, when Eritrea gained independence after a three-decade war, leaving it reliant on its neighbors’ ports. In 2023, Prime Minister Abiy Ahmed identified regaining ocean access as a strategic objective and warned that failure to … Continued

$6m fraud enquiry at centre of AfDB staff assault in Addis Ababa

Premier lender African Development Bank (AfDB) on Wednesday announced that it was pulling out international staff from Ethiopia, after a “serious diplomatic incident” in which its employees were attacked by security officers. The Abidjan-headquartered lender said that existing Ethiopian staff … Continued

Somali to sign Treaty of Accession with EAC today

The Federal Republic of Somalia is inching closer to joining the East African Community, as it moves to sign a Treaty of Accession with the bloc at State House, Entebbe, Uganda today.   The Treaty of Accession will be signed … Continued

Ethiopia Is About to Become Africa’s Next Debt Defaulter

(Bloomberg) — Ethiopia looks set to miss an interest payment due later on Monday on its December 2024 dollar bond, becoming the latest emerging-market sovereign to default on debt.  The country’s finance ministry said on Friday, it was “not in … Continued