CORD, an organization helmed by opposition leader, Raila Odinga, intends to negate an official mandate banning protests after demonstrations have resulted in damaged property and loss of life, according to Reuters.
Rallies have occurred each Monday since April as demonstrators object to the electoral commission’s alleged favoritism toward incumbent President, Uhuru Kenyatta. Kenyan elections take place on August 2017.
Kenyan officials obtained a $1.5 billion credit line with the International Monetary Fund (IMF) as a safeguard against drastic economic downfall, according to Reuters. The International Monetary Fund notes that such factors as diminished security, inclement weather, and unfavorable international markets could destabilize Kenya’s stable economy. The Kenyan shilling gained steady ground in 2016, and the economy achieved solid expansion in 2015.
In an attempt to curb radicalization, Kenyan authorities plan to build a separate prison for jihadists to prevent the spread of extremism throughout the prison system, according to Reuters. Security has been an increasing concern for Kenya in recent years, especially as Somali terrorist organization, al-Shabaab, wreaks havoc throughout the East African nation. Many officials fear that terrorism will destabilize many parts of the country and scare away foreign investors.
According to Kenya’s central bank, the current account deficit dropped to 8.5 percent of GDP in 2015, a further fall from 10.4 percent in 2014, and the deficit could grow smaller for 2016, notes Reuters. Such factors as infrastructure spending and lower oil prices have bolstered the economy, and the central bank stabilized the banking sector after one of its banks collapsed. Overall, the economy expects to grow 6.5 percent in 2016.
Kenya’s economy grew 5.8 percent in the third quarter as authorities failed to meet their original growth target of 7 percent, according to Reuters. The government lowered the forecast in reaction to heavy rainfall and a smaller budget, but the overall state of the economy has remained stable. The construction and agriculture sectors contributed most to Q3 expansion, but the economy contracted due to a fall in tourism caused by an onslaught of Islamic militants.
After six years of a long wait, the US President and “son of Kenya” is “coming back home” on July 24th 2015. When he was sworn in as the 44th President of the United States of America on 20th January 2009, every Kenyan went into jubilation with high expectations of increased economic ties between the US and Kenya. Whether their expectations were met is a discussion for another day; but Barrack Obama is jetting into Kenya this month for the Global Entrepreneurship Summit to be hosted in Nairobi.
According to the latest figures from the National Bureau of Statistics, Kenyan GDP rose by 4.9 percent year-on-year in the first quarter, but tourism was a factor that slowed down the economy. Terrorist organization al-Shabaab is to blame for terrorism in the East African nation, which has kept many tourists at bay. The International Monetary Fund expects 6.0 percent growth in Kenya for 2015, due to such factors as infrastructure investments and declining oil prices, but the government expects 6.9 percent growth for the year.
Global oil prices are experiencing a free fall with the ultimate bottom resistance point predicted at $40 per barrel. Increased supply from all leading world oil producers is termed to be the core reason why we are experiencing the downward slide of the “black gold” prices. The ripple effect this has on the global economy has been accurately predicted to be a fall in fuel prices; which then leaves millions of consumers with additional savings to spend.
Barely one year has passed since oil was first struck in Kenya. But with over $100 million in deals pouring into the country from major oil companies, Kenya could be pumping its first commercial oil as early as next year – an astonishing achievement helped by a hundred percent success rate for drilling in various parts of the country so far.
Kenya and China on Monday signed deals worth $5 billion to construct a new railway line and fund an energy project, with Kenyan President Uhuru Kenyatta calling the deals a “massive boost” to the East African nation.
The money would be spent on energy projects, a standard gauge railway linking the port of Mombasa to border town of Malaba, meant to provide faster access from Kenya’s port to markets in the region, the presidency’s media service said in a statement on Monday.
