KENYA
Growth to top 6%, says IMF
Kenya’s economy would grow by 5.9 percent this fiscal year before accelerating to 6.3 percent in 2014/15, helped by better tax collection and credit growth, the International Monetary Fund (IMF) said yesterday. But it cautioned that any fresh political uncertainty might hamper growth and deter capital inflows, while the higher-than-expected cost of a newly devolved government could reverse gains in controlling the fiscal deficit. “Buoyant tax collections and accelerating credit growth to the private sector, particularly in the service and construction sectors, point to strong domestic activity with growth likely to get close to 6 percent in 2013/14,” it said. – Reuters
SOUTH SUDAN
Black Rhino to build refinery
Black Rhino Group, a New York-based infrastructure development company, may build a $3 billion (R31bn) refinery in South Sudan. Black Rhino had signed a “framework agreement” in August with South Sudan’s government for the proposed 50 000 barrel-a-day facility, company President Dan O’Shea said this week. The refinery, in the northern Upper Nile state, would take about three years to build and cost $2bn to $3bn, he said. It “is intended to fill the gap to supply the local market in full”. – Bloomberg
NAMIBIA
Lower growth of 4% forecast
Namibia’s economic growth forecast for this year had been lowered to 4 percent as drought cut farming output and uranium production fell, central bank governor Ipumbu Shiimi said in Windhoek yesterday. The projection was reduced from 4.7 percent, he said. The economy expanded 5 percent last year. Namibia is the biggest offshore diamond producer and the fourth-largest uranium producer. It is in the grip of the worst drought in 30 years and many farms do not have grazing for cattle, or water, according to the Namibia Agricultural Union. “In 2014, we are still hopeful that economic growth will pick up and we expect growth to be in the region of 5 percent,” Shiimi said. The Bank of Namibia left its benchmark interest rate unchanged at 5.5 percent yesterday to support the economy. – Bloomberg