By Business Daily Africa The International Monetary Fund (IMF) Executive Board has approved the disbursement of Sh109.8billion ($684.7 million) to Kenya. The approval made on Wednesday follows the completion of the sixth review of Kenya’s multi-year arrangement with the fund under the Extended Fund Facility (EFF) and Extended Fund Facility (ECF) and the first review

File – Shoppers walk along Oxford Street during the Boxing Day sales in London, Tuesday, Dec. 26, 2023. Inflation across the United Kingdom increased unexpectedly last month as a result of sharp hike in tobacco and alcohol prices. The Office for National Statistics said on Wednesday, Jan. 17, 2024, that inflation, as measured by (AP

A view of the newly-commissioned Dangote Petroleum refinery in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. Photographer Temilade Adelaja By Reuters Nigeria’s Dangote oil refinery has begun producing diesel and aviation fuel, the company said on Saturday, after years of construction delays at the 650,000 barrel per day (bpd) plant. The refinery, Africa’s largest, was built

By Anadolu Agency In the face of persistent sanctions, Russia’s economic landscape at the year’s end presents a compelling narrative of resilience and growth. Despite the challenges posed by external pressure and earlier negative forecasts, Russia’s GDP growth in 2023 is expected to be 3.5%, Russian President Vladimir Putin said during a live broadcast on

A general view shows the cityscape of Ethiopia’s capital Addis Ababa, January 29, 2017. Photographer Tiksa Negeri/File Photo By Reuters Ethiopia became Africa’s third default in as many years on Tuesday after it failed to make a $33 million “coupon” payment on its only international government bond. Africa’s second most populous country announced earlier this

By Anadolu Agency Crude oil prices stayed in a narrow range on Tuesday’s light trade over the Christmas holiday as markets weighed the prospect of supply disruptions in Red Sea trading routes. The international benchmark crude Brent traded at $78.99 per barrel at 0659 GMT, a 0.24% increase from the closing price of $78.80 a

File Photo: People walk over London Bridge looking at a view of Tower Bridge in the City of London financial district in London, Britain, October 25, 2023. Photographer Susannah Ireland/File Photo By Reuters Britain’s economy might be in a recession, according to data that showed it shrank between July and September, shortly after finance minister

Oil pumps are seen, as oil and gas activity dips in the Eagle Ford Shale oil field due to the coronavirus disease (COVID-19) pandemic and the drop in demand for oil globally, in Karnes County, Texas, U.S., May 18, 2020. Picture taken May 18, 2020. Photographer Jennifer Hiller/File Photo By Reuters Oil rose on Monday

The recovery of prices of Kenya’s inaugural Eurobond has reduced potential savings the country may make. Photo/Shutterstock By Business Daily Africa The recovery of prices of Kenya’s inaugural Eurobond which matures in June next year, has reduced potential savings the country may make from an early partial redemption of $300 million (Sh46.1 billion) this month.

Dangote Refinery By The African Exponent A milestone moment unfolded for the Nigerian mega-refinery developed by billionaire Aliko Dangote as it received its initial shipment of crude oil, marking a significant advancement in a project marred by delays. The refinery aims to entirely fulfill the country’s fuel demands, as announced by the company on Saturday.