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Posts published in “Finance”

EU Approves EUR 20.5 Million Budget Support to Somalia

In a significant boost to Somalia's ongoing efforts towards development and stability, the European Union (EU) has approved a generous budget support payment of EUR 20.5 million to the Federal Government(FGS). This financial assistance comes as part of the EU's Somalia State and Resilience Building Contract and Support to Debt Relief Action (SRBC). Coinciding with this allocation, the FGS and EU have jointly launched the Joint Operational Roadmap, which sets out their shared priorities for the next two years.

IGAD Urges Harmonization of Diaspora Transaction Fees to Boost Inflows

The Inter-Governmental Authority for Development (Igad) has called upon its member countries to align diaspora transaction fees in an effort to increase remittance inflows. During a meeting with central bank governors from Igad member states in Nairobi, Igad executive secretary Workneh Gebeyehu highlighted that despite the region receiving substantial remittances from abroad, transaction rates remain significantly higher than the global average.

World Bank Halts $1 Billion Funding for Projects in DR Congo

The World Bank has made the decision to suspend funding for humanitarian and development projects in the Democratic Republic of Congo (DR Congo), valued at over $1 billion. The suspension comes in response to the sudden dissolution of the project fund by the Congolese government, catching the lender off guard. The move will have a significant impact on more than 600,000 beneficiaries, including victims of sexual violence, according to a letter sent by the World Bank to Congo's finance minister.

IMF and Senegal Forge $1.85 Billion Deal to Boost Economy and Tackle Climate Change

The International Monetary Fund (IMF) and Senegalese authorities have reached a staff-level agreement on economic and financial policies, paving the way for a new financing arrangement. The agreement includes a 36-month Extended Fund Facility (EFF) and Extended Credit Facility (ECF) with access to approximately US$1.526 billion. Additionally, Senegal will receive support from the Resilience and Sustainability Facility (RSF) amounting to around US$327.1 million. The agreement is subject to approval by IMF Management and consideration by the Executive Board, scheduled for mid-June 2023.

Central Bank of Kenya Launches Standardized QR Code for Digital Payments

On Wednesday, the Central Bank of Kenya (CBK) announced the release of the Kenya Quick Response (QR) Code Standard 2023, which is a set of guidelines for Payment Service Providers, banks, and other regulated institutions on issuing QR codes for digital payments. The launch was done in collaboration with Safaricom, Equity Bank, ABSA, KCB, Co-operative Bank, Visa, Mastercard, PesaPal, and FSD Kenya.

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