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.”
COVID-19 new wave shuts European Union market for flower exporters
Latest Developments Kenya The East African Article/Blog post by John Schellhase“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.”
Lockdown flies global airlines into turbulence
Latest Developments Kenya The East African Article/Blog post by John Schellhase“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.”
Foreigners pull $11m from NSE counters over COVID-19 jitters
Latest Developments Kenya The East African Article/Blog post by John Schellhase“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.”
Burundi to reopen airport
Latest Developments Burundi The East African Article/Blog post by John Schellhase“According to Burundian authorities, tests for departures will be free of charge but travellers will pay $4 for the certificate.”
COVID-19 cited for contraction of East African economies
Latest Developments Burundi / Kenya / Rwanda / Tanzania / Uganda The East African by John Schellhase“Regional economies received a battering courtesy of the COVID-19 pandemic, and the numbers now just prove how damaging.”
Zambia’s debt crisis worsens
Latest Developments Zambia The East African Article/Blog post by John Schellhase“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.”
How COVID-19 and low oil prices deferred South Sudan’s annual budget
Analysis and Opinion South Sudan The East African Article/Blog post by John Schellhase“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.”
Record-breaking $86bn debt leaves Nigerians stunned
Latest Developments Nigeria The East African Article/Blog post by John Schellhase“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.”
Ethiopian Airlines introduces COVID-19 medical insurance
Latest Developments Ethiopia The East African Article/Blog post by John Schellhase“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.”
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