Kenya is set to gain from recent US tariff increases on some African and Asian countries, Trade Cabinet Secretary Lee Kinyanjui has said. Speaking on Capital FM , Kinyanjui noted that Kenya’s textile exports now enjoy a competitive edge due to lower US tariffs. This gap, he added, could attract companies from countries with higher tariffs, such as South Africa, Uganda, Vietnam, and Sri Lanka, to relocate operations to Kenya. Washington imposed a 10% tariff on Kenyan goods, while charging 15% and 30% for Ugandan and South African commodities, respectively. 

Kiambu MPs call for separate recognition from Mt Kenya region

Kiambu County legislators are pushing for the county to be recognised separately from the wider Mt Kenya bloc to secure a larger share of national resources. Speaking at a public forum in Karatu village on August 6, Gatundu North MP Elijah Njoroge Kururia said Kiambu’s high population justifies independent allocation of positions and funds.

Kenya steps up push to host UN global plastics treaty secretariat

Kenya is intensifying its bid to host the secretariat of a planned global plastics treaty at the UN Environment Programme (UNEP) headquarters in Nairobi. President William Ruto has led the lobbying effort. The country’s delegation, headed by Environment PS Festus Ng’eno, is advocating for a strong treaty addressing chemical additives, problematic plastics and plastic waste. Talks at the resumed Intergovernmental Negotiating Committee session in Geneva run until August 14, with over 3,700 participants from 184 countries. 

Kenya struggling to turn foreign investment into industrial growth

Foreign direct investment (FDI) in Kenya is failing to drive industrial growth due to misallocation of funds, a Kenya Institute for Public Policy Research and Analysis (KIPPRA) study showed. The report says most FDI bypasses manufacturing, mining and construction, instead going to services like retail, finance, ICT and hospitality. Even in industrial sectors, investment often takes the form of greenfield projects that are slow to deliver results or misaligned with local needs.

Kenya’s foreign exchange reserves fall by $509 million in 3 weeks

Kenya’s official foreign exchange reserves have declined by $509 million (KSh 65.8 billion) in three weeks, Central Bank of Kenya (CBK) data showed. The reserves fell from $11.2 billion (KSh 1.45 trillion) on July 10 to $10.69 billion (KSh 1.38 trillion) on July 31, largely due to external debt repayments and delays in securing new foreign currency loans. The decline highlights risks from Kenya’s rising public debt, now at KSh 11.51 trillion, with KSh 5.03 trillion owed to external lenders.

"We had barely set foot inside when they told me payment was in dollars," Michael told AFP, declining to provide his last name.

The state-owned supermarket, which opened in January, is the first of several planned dollar-denominated stores aimed at reviving Cuba’s struggling economy . While officials see these stores as a means to attract much-needed foreign currency, their existence highlights growing inequality, as many Cubans who earn in the local peso find themselves unable to shop in these exclusive outlets.

The recent surge in communal violence in Bangladesh has alarmed minority communities, prompting the Bangladesh Hindu Bouddha Christian Oikya Parishad (HBCOP) to call for a UN investigation. Acting General Secretary Monindro Kumar Nath reported that from August 4 to August 20 alone, there were 2,010 incidents of violence, culminating in nine fatalities and attacks on worship places and minority properties, ANI reports. Following this unrest, which contributed to the ousting of Prime Minister Sheikh Hasina, an interim government has been established, while the UN Human Rights Office has initiated a fact-finding mission to examine alleged human rights violations during the period.

Hindu minority faces threats

The Hindu minority in Bangladesh is facing intensified threats, as radical groups are reportedly extorting funds from Durga Puja committees, demanding Rs 5 lakhs ($5,989). According to the Organiser , the climate of fear has escalated since the government’s overthrow, with Islamist extremists threatening families and businesses and dissuading them from seeking help from authorities, thus exacerbating the tension as the festive season approaches.

Cricket competition

In the realm of sports, Bangladesh's cricket team encountered challenges during the Test match against India, scoring 112 for 8 at tea on day two. The team trails by 264 runs, with Jasprit Bumrah's return bolstering India's attack, notably dismissing Hasan Mahmud. The Business Standard reports that the Bangladesh captain, Shakib Al Hasan, and Liton Das have also succumbed to Jadeja's bowling, underscoring the team’s struggle to post a solid total and avoid a follow-on.

Bangladesh seeks to extradite former PM

Governance issues persist as Bangladesh's Interim Government is seeking to extradite former Prime Minister Sheikh Hasina, who fled to India amid student-led protests against her administration. According to the United News of India, legal proceedings are anticipated as the International Crimes Tribunal prepares to prosecute those implicated in alleged crimes against humanity arising from the recent civil unrest, with several officials facing serious charges.

Foreign exchange

Bangladesh is working on securing foreign exchange necessary to meet obligations to Indian power companies, reflecting the ongoing economic challenges faced by the nation, Money Control reports.

In Q1'24, Nigeria spent N2.46 trillion to service its N121.67 trillion ($91.46 billion) public debt, comprising N1.47 trillion ($991 million) in foreign debt service payments and N989.24 billion ($666 million) in domestic debt service payments. The domestic debt for the 36 states and the Federal Capital Territory stood at N4.07 trillion. The increase in domestic debt was from new borrowing to part-finance the 2024 budget deficit and securitisation of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria. The government expects improvements in revenue to enhance debt sustainability as reported by Vanguard .

Manufacturing regulatory functions

Manufacturing experts at the MAN CEO breakfast meeting in Lagos on Thursday, June 20 called for the adoption of good regulatory governance principles to address the impact of overlapping regulatory functions on business operations. They emphasised the need to minimise regulatory risk and harmonize regulations to reduce operational costs and promote business growth. MAN President, Otunba Francis, also noted the importance of harmonisation in creating a more coherent and business-friendly regulatory environment. NAN further reports that the Chairman of MAN Ikeja Branch, Elder Robert Ugbaja, called for collaborative efforts to develop practical strategies for regulatory harmonization to unlock the full capacities of Nigerian businesses and industries.

Cholera outbreak

The World Health Organisation has reported a global resurgence of cholera, with over 195,000 cases and 1,900 deaths in 24 countries in 2024. Nigeria is struggling to contain the spread, with 882 suspected cases and 16 deaths. The outbreak is most severe in Bayelsa State. Lagos State is also affected, with challenges in managing the disease due to poor access to clean water and sanitation facilities, reports NairaMetrics . Efforts to curb the spread of cholera have included improving water, sanitation, and hygiene practices, as well as deploying rapid diagnostic tests and enhancing surveillance. However, persistent challenges of urban slums, lack of potable water, and limited healthcare infrastructure hinder progress. The World Health Organisation has faced challenges in managing the outbreak, with a high demand for vaccines exceeding supply.

Foreign exchange gains

Nigeria's foreign exchange reserves have reached a three-month high, standing at $33.58 billion as of June 19, 2024. This milestone comes after a period of stability in the exchange rate and a surge in financial commitments from the World Bank. NairaMetrics reports that the Central Bank of Nigeria has seen a 5% increase in reserves in the last two months, with improved liquidity in forex turnover. Multiple loans and support from international organizations, such as Afrexim Bank and the World Bank, are expected to further stabilise the country's forex market and support its economy.

UK study visas issued to Nigerians fall by 38%

Recent statistics from the UK Home Office indicate a significant 38% reduction in the issuance of study visas to Nigerian nationals from March 2023 to March 2024. The report highlights a downturn in study visas granted to individuals from India and Nigeria, the two principal sources of study visa applicants for the UK. Indian nationals saw a 16% decrease in visa approvals during the same period. According to NairaMetrics , this downward trend is seemingly linked to the January 2024 policy amendment that limits international students from having dependents accompany them, except for those engaged in research-oriented postgraduate studies.

The reserves, which stood at $4.07 billion in June, plummeted to approximately $3.58 billion by the end of January, the equivalent of just over three months of import cover, excluding imports related to oil projects.

The Bank of Uganda (BoU) aims to maintain foreign exchange cover equivalent to at least four months of imports, excluding oil projects, as highlighted in an International Monetary Fund staff report released in March.

Uganda's mounting public debt, of which more than half is external, has been a cause for concern, devouring a growing portion of the country's revenues. This has negatively impacted other crucial sectors such as education and healthcare.

"Delayed disbursement of expected budget support loans, higher-than-projected government expenditure on imports, and ... tight global and domestic financial market conditions may disrupt the reserve build-up programme," the bank stated in the report.

By the end of 2023, total public debt had reached $24.7 billion, with external debt accounting for 60% of the total, according to figures from the Finance Ministry.

In February 2024, Mongolia issued 1,897 e-visas to foreigners, marking a significant increase from previous years. The Immigration Agency of Mongolia processed 8,607 requests and assisted 5,772 citizens, showcasing the effectiveness of digitalization in service delivery. Additionally, the agency granted residence permits to 23,555 foreign citizens and initiated the issuance of residence cards for foreign citizens independently, demonstrating Mongolia's commitment to enhancing accessibility for foreigners. The digital service system processed a total of 115,211 requests in 2023, indicating a streamlined and efficient process, VisaGuide reported.

Belarusian agricultural exchange plans

The Belarusian Universal Commodity Exchange is poised to expand its exports of dairy products and sugar to Mongolia, as evidenced by its first successful transaction of selling 1,400 tonnes of sugar to a Mongolian resident for $771,000. Efforts to attract buyers for milk powder and butter further highlight the growing trade relations between Belarus and Mongolia. Non-resident companies purchased substantial quantities of sugar and butter at exchange auctions in January-February 2024, underlining the increasing trade activity between the two nations, according to BelTA .

Cuba-Mongolia legal assistance agreement

Cuba and Mongolia are set to form a legal assistance agreement to enhance citizens' legal security and foster stronger bilateral relations during an upcoming visit by a Mongolian delegation to Havana. Prensa Latina reports that both parties have expressed keen interest in deepening cooperation, with the Mongolian Minister of Justice affirming the commitment to developing collaboration and the Cuban Embassy reiterating its willingness to strengthen bilateral ties.

Foreign exchange reserves

Mongolia's foreign exchange reserves reached $5.016 billion as of March 15. This growth can be attributed to improved foreign exchange inflows and successful management of foreign trade balance. The Central Bank of Mongolia's significant increase in the purchase of precious metals and successful refinancing of foreign bonds have contributed to reducing the country's external payment burden, positioning Mongolia favourably in the global economic landscape, AKIpress reported.

Forecasted mass deaths of livestock

The Mongolian government has forecasted a severe impact on the economy, with a prediction of 16 million livestock deaths due to harsh winter conditions. This prediction has significant implications for nomadic pastoralism, a crucial sector of Mongolia's economy, which currently supports 64.7 million livestock. According to AKIpress , nearly 4 million animals have perished due to dzud as of March 15, underscoring the severity of the situation and the need for strategic interventions to mitigate the economic impact.