Latest news with #2025FinanceBill
Yahoo
24-03-2025
- Business
- Yahoo
Kenya Failed Final IMF Program Review May Delay World Bank, UAE Funds, S&P Says
(Bloomberg) -- Kenya's failure to meet key targets in its final review under an International Monetary Fund program that led it to forfeit a disbursement of about $850 million may lead to delays in it obtaining other external financing, S&P Global Ratings said. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says Why Did the Government Declare War on My Adorable Tiny Truck? LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs New York Subway Ditches MetroCard After 32 Years for Tap-And-Go 'Since IMF funding often serves as a catalyst for other official and private flows, we expect there might be delays to World Bank — about $800 million — and United Arab Emirates — $1.5 billion — funding in first-half 2025,' the ratings agency said Monday. Kenya failed to reach key benchmarks under the $3.6 billion IMF funding program signed in 2021 including slashing its fiscal deficit and increasing revenue-raising measures. Its attempts to introduce new taxes last year were abandoned after deadly protests. S&P also said Kenya's request for a new IMF funding program could be finalized ahead of the next fiscal year starting July, contingent upon the nature of reforms passed under the 2025 Finance Bill. In the meantime, it could 'plug immediate concessional financing shortfalls with domestic funding or other commercial facilities, albeit at a much higher cost,' it said. The agency also warned that the missed IMF disbursements may complicate the government's efforts to lower its debt-servicing costs. Last month, Kenya bought back some of its eurobonds and issued longer dated securities, and said it will use the balance of about $950 million to retire expensive syndicated loans owed to the Trade and Development Bank. It also plans to lower the portion of foreign loans to about 18% of the total on lower IMF receipts in its next fiscal year. It projects a budget gap of about 4.9% of gross domestic product this year and 4.3% in the next one. A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? Tesla's Gamble on MAGA Customers Won't Work One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream ©2025 Bloomberg L.P. Sign in to access your portfolio
Morocco World
30-01-2025
- Business
- Morocco World
Morocco Allocates $100 Million to Curb Rural Unemployment
Rabat - Morocco\u2019s government is set to launch a new program to tackle unemployment in rural areas, allocating MAD 1 billion ($100 million) to support job seekers outside big cities.<\><\> Minister of Economic Inclusion Younes Sekkouri announced the initiative to Parliament on Tuesday, saying that the government has been developing the plan for the past five months.\u00a0<\><\> The program, expected to roll out in the coming days, seeks to provide direct assistance to those struggling to find <\> employment<\><\> in remote regions.\u00a0<\><\> The 2025 Finance Bill sets aside MAD 14 billion ($1.4 billion) for employment initiatives, signaling the government\u2019s broader effort to reduce unemployment.<\><\> Sekkouri acknowledged that ANAPEC, Morocco\u2019s national employment agency, cannot accommodate all job seekers, so other solutions are necessary.\u00a0<\><\>\>\> \>\> \>\> \>\> \> \>\> \>\> Click allow to get notifications on every article we post.
