Finance ministers across East Africa unveiled their 2026/27 budgets on Thursday, as investors assessed how governments plan to protect their economies from shocks linked to the ongoing Iran war while managing rising debt levels.
Kenya’s finance minister warned that global geopolitical tensions could limit efforts to reduce the fiscal deficit, while Uganda’s minister projected a return to double-digit growth, buoyed by the expected start of oil production.
The region is highly exposed to trade disruptions caused by the conflict, given its reliance on imported fuel and fertilisers. This prompted the African Development Bank to lower the regional growth forecast for 2026 from 5.3% to 5%.
Kenya set a budget deficit target of 5.5% for the current fiscal year, aiming to reduce it gradually to 3% by 2028/29. Finance Minister John Mbadi noted that both domestic and external risks could undermine these targets: climate shocks affecting agriculture and infrastructure, commodity price volatility, weaker global growth, and tighter financial conditions.
Recent protests over high fuel prices and repeated underperformance against budget targets have heightened investor scrutiny. Andrew Matheny, senior economist at Goldman Sachs, said investors will seek evidence of credible fiscal measures, such as spending cuts or realistic revenue plans.
Uganda raised its budget by 3.5%, with Finance Minister Henry Musasizi forecasting 10.2% growth in the new fiscal year, driven by the start of commercial oil production. He said the expansion would create jobs, raise household incomes, and generate resources to invest in education, healthcare, infrastructure, security and other public services.
Tanzania plans to prioritise domestic revenue collection, following a decline in aid from wealthier nations and rising debt pressures. Finance Minister Mussa Omar said this required accelerating efforts toward economic self-reliance.
The government expects growth to rise to 6.3% this year, up from 5.9% last year, with potential opportunities arising from the Iran war. Planning Minister Kitila Mkumbo highlighted prospects for transhipment services and investment in gas production, as investors seek alternatives to the Gulf region.
An adviser to the European Union’s top court said on Thursday that the European Commission’s appeal against a 2024 ruling, which required disclosu...
Migrants in the U.S. who were prevented from being sent back to their home country due to the risk of persecution are set to be deported to the war-to...
Finance ministers across East Africa unveiled their 2026/27 budgets on Thursday, as investors assessed how governments plan to protect their economies...
More than a third of Belgium’s population now has a foreign background, according to new figures released by the national statistics office, Statbel...
SpaceX has made history with the largest initial public offering ever in the United States, pricing its shares at $135 each and achieving a market val...
An adviser to the European Union’s top court said on Thursday that the European Commission’s appeal against a 2024 ruling, which required disclosure of information on COVID-19 vaccine contracts, should be dismissed.
Migrants in the U.S. who were prevented from being sent back to their home country due to the risk of persecution are set to be deported to the war-torn Central African Republic.
More than a third of Belgium’s population now has a foreign background, according to new figures released by the national statistics office, Statbel. The data show that around 4.34 million of the country’s nearly 11.7 million residents do not have an entirely Belgian background.
SpaceX has made history with the largest initial public offering ever in the United States, pricing its shares at $135 each and achieving a market valuation of $1.77 trillion.
Mexico and South Africa meet in Thursday’s World Cup opener in Mexico City, with both teams approaching the match from very different positions but facing their own pressures.
The Pakistani city of Karachi is struggling under severe heat and humidity as the country enters a prolonged heatwave period. The Pakistan Meteorological Department (PMD) has warned of above-normal temperatures across much of the country between 7 and 12 June.
Ukraine's military said it struck a Russian "shadow fleet" tanker in the Black Sea as part of ongoing efforts to disrupt Moscow's energy and logistics networks. The move underscores Kyiv's focus on targeting maritime assets it says are used to bypass sanctions on Russian oil exports.
U.S. forces say they have completed strikes on Iranian military sites near the Strait of Hormuz. Iran responded with missile attacks on an American base in Jordan, marking a sharp escalation in tensions between the two sides.
Mexico City has been hit by major disruption eight days before it hosts the opening match of the 2026 FIFA World Cup, as teachers, retired judges and other groups staged mass protests.
An adviser to the European Union’s top court said on Thursday that the European Commission’s appeal against a 2024 ruling, which required disclosure of information on COVID-19 vaccine contracts, should be dismissed.
Migrants in the U.S. who were prevented from being sent back to their home country due to the risk of persecution are set to be deported to the war-torn Central African Republic.
More than a third of Belgium’s population now has a foreign background, according to new figures released by the national statistics office, Statbel. The data show that around 4.34 million of the country’s nearly 11.7 million residents do not have an entirely Belgian background.
SpaceX has made history with the largest initial public offering ever in the United States, pricing its shares at $135 each and achieving a market valuation of $1.77 trillion.
North Korean leader Kim Jong Un has reaffirmed his country's close ties with Russia, sending a congratulatory message to President Vladimir Putin on Russia’s National Day and expressing full support for Moscow’s domestic and foreign policies, according to state broadcaster KCNA.
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