East Africa: COVID-19 invades banks, slows down earnings

“Banks’ performance was largely impacted by increased provision on loans and advances in the wake of increased risk of credit default associated with the COVID-19 pandemic.”

via The East African

COVID-19 new wave shuts European Union market for flower exporters

“Kenya’s flower industry stands to lose $7.3 million in sales in a second wave of massive losses as orders from key European Union markets slump due to a COVID-19 resurgence.”

via The East African

Lockdown flies global airlines into turbulence

“The shockwaves are being felt by East African airlines with Kenya Airways, the region’s biggest carrier, now forced to suspend plans for the resumption of services to New York until November 29 at least. The lockdowns in Europe has also forced an adjustment of the Nairobi-London service from four frequencies to two per week.”

via The East African

Foreigners pull $11m from NSE counters over COVID-19 jitters

“Foreign investors on Nairobi Securities Exchange turned net sellers in October, withdrawing Ksh1.13 billion ($11.3 million) on increased risk aversion due to a surge in COVID-19 infections and deaths, halting two months of net buying.”

via The East African

Burundi to reopen airport

“According to Burundian authorities, tests for departures will be free of charge but travellers will pay $4 for the certificate.”

via The East African

COVID-19 cited for contraction of East African economies

“Regional economies received a battering courtesy of the COVID-19 pandemic, and the numbers now just prove how damaging.”

via The East African

Zambia’s debt crisis worsens

“Zambia’s debt situation seems to be deepening with some commercial creditors ‘refusing’ to grant it some relief it has been seeking to ease the pressure.”

via The East African

How COVID-19 and low oil prices deferred South Sudan’s annual budget

“The COVID-19 pandemic coupled with low oil prices have drastically affected South Sudan’s financial calendar. For the past few months, South Sudan has been running without an annual budget as the Cabinet approved supplementary budgetary allocations to keep the country running.”

via The East African

Record-breaking $86bn debt leaves Nigerians stunned

“The pressure on the economy has caused an 8.31 percent increase in debt owed from the total of $79.3 billion recorded in March.The public debt spiralled as officials argued for funding budget deficits and critical infrastructure.”

via The East African

Ethiopian Airlines introduces COVID-19 medical insurance

“Sheba Comfort insurance includes costs for repatriation, evacuation, and quarantine for all passengers booked with the airline’s tickets on its international flights from October to March 2021.”

via The East African