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- Was Ruto's austerity push...a joke?
Was Ruto's austerity push...a joke?
Your daily dose of financial news
Good evening!
It's Brian from The Kenyan Wall Street.
On our top stories today :
▶️ A short-lived austerity push by the government.
▶️ Gender balance, loans, and financial progress - EIB survey
▶️ Climate activists want fossil fuels taxed for special reasons…
✂️ State Backtracks on Austerity as President Ruto Seeks More Economic Advisors
After the collapse of the Finance Bill 2024, Kenyans were optimistic that the government would consider fiscal discipline as inevitable. The President announced that his government will save KSh 177 million by reducing state corporations and doing away with the number of advisors by 50%. Everything seemed to be going as planned but now things are changing. State House wants taxpayers to take on a new burden. Economic consultants. Aren't there enough economic advisors at the House on the Hill? Perhaps that is what the government thinks because its Bottom-up economic strategy remains evasive. Who are these economic consultants State House wants to hire?
🏦 Female-Led Firms Default Less on Loans in Sub-Saharan Africa- EIB Report
About 72% African banks surveyed by the EIB have gender-specific strategies. This is especially because women-led firms are reportedly better at repaying loans. There is a glaring disparity between the amount of loans women and men take from African banks, a factor that definitely influences repayment habits. EIB also analysed some of the economic conditions that African banks consider pertinent for operations. The survey also trails the growth of fintechs in the continent's financial sphere. Here are some of the challenges that plague African lenders…
🌲 COP29: Climate Activists Push for ‘Damages Tax’ On Fossil Fuels
The COP29 in Baku, Azerbaijan kicked off on Monday and world leaders are preparing to make pledges and stake commitments on how they would support the climate agenda. Not everyone is happy though. Activists in Africa feel like this conference will replay the hypocrisies of the previous years, where climate financing remains on paper. Some activists from Greenpeace are calling for a ‘Climate Damages Tax’ that will be charged on the extraction of oil, gas, and coal. They also want the world's rich economies to ramp up their funding for renewable energy development in Africa. Read here to know why they want this tax on fossil fuels…
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Have a lovely evening!