Kenya
President William Ruto directs Sh346 billion budget cut after Finance Bill rejection
President William Ruto has instructed the National Treasury to prepare a mini-budget for the fiscal year beginning in July after rejecting the Finance Bill 2024, which was anticipated to raise an additional Sh 346 billion.

He has signed the Appropriations Bill into law, allowing the national government and counties to continue spending. However, he referred the County Allocation and Revenue Bill back to Parliament, requesting reductions in allocations.
In his speech on Wednesday, when he rejected the Finance Bill, President Ruto called for expenditure cuts to address expected revenue shortfalls, including reductions in allocations to the Executive.
Source: Business Daily

Kenya, Tanzania forge deal on trade barriers
Kenya and Tanzania agreed to resolve at least 14 trade barriers that have hindered business between East Africa’s largest economies. Of the 14 issues discussed during the meeting in Kisumu, only three were fully resolved, with another bilateral meeting scheduled in Tanzania for July to address the remaining issues.

Under the latest agreement, Kenya will facilitate the clearance of Konyagi spirits, which had been detained by the Kenya Bureau of Standards at the Namanga border. At the eighth bilateral meeting, hosted by Kenya’s Trade Cabinet Secretary Rebecca Miano and her Tanzanian counterpart Ashatu Kijaji, Kenya also agreed to clear timber imports from Tanzania at the Lunga Lunga/Horohoro border.
Source: The East Africa

Tanzania
Tanzania meat export surged significantly in 2023
Tanzania’s meat exports have seen a significant increase, rising from 1,774.3 tonnes in 2022 to 14,701.2 tonnes in 2023, Minister of Livestock and Fisheries Abdallah Ulega announced on Monday.

Ulega attributed this growth to the government’s efforts to revitalize the livestock sector, including a substantial budget increase from Tsh32.1 billion (about $12.2 million) in the 2021/2022 fiscal year to Tsh112 billion (about $42.6 million) in the 2023/2024 fiscal year.

Speaking at the launch of the World Bank’s 21st Tanzania Economic Update Report in Dar es Salaam, which focuses on the livestock sector, Ulega emphasized the importance of developing critical infrastructure to improve the transportation of livestock and related products to both domestic and international markets. According to the World Bank, Tanzania currently has a cattle population of 36.6 million, making it the second largest in Africa after Ethiopia.
Source: The East Africa

Finance Bill 2024 sails through with key changes
The MPs passed amendments to the bill, introducing key changes to assist the government in implementing its revenue and expenditure plans for the next financial year.

The government has increased spending to 49.35 trillion shillings in the next financial year, up from 44.39 trillion shillings in the current year, marking an 11.2 per cent increase. This increase will finance strategic energy, transport, and water infrastructure, debt service, and preparations for the upcoming local government elections later this year and general elections next year.

The budget also includes provisions for hosting the Africa Cup of Nations (AFCON) tournament in 2027, as Tanzania is one of the countries selected to host the event.
Source: Daily News

Uganda
Uganda Airlines allocates $95m to promote local purchases
Uganda Airlines plans to spend $95 million on procurement during the 2024/25 fiscal year and is exploring ways to support local suppliers in securing a larger portion of this budget. The funds will be allocated among supplies, services, and works.

The national carrier also expects to reach the milestone of 700,000 passengers by the end of 2024, driven by increased capacity and frequency on key routes. These figures were announced this week at the airline’s first supplier forum in Kampala, where local suppliers were briefed on existing and emerging opportunities with the flag carrier.
Source: The East African

Uganda’s Oil Imports via Mombasa Port:
In a major move for Uganda’s oil industry, the country is about to receive its very first shipment of directly imported petroleum products. This comes after Uganda, which has traditionally relied on Kenyan firms for fuel imports, explored new options including using ports in Tanzania.

The new imports are part of an agreement between Uganda’s National Oil Company (Unoc) and Vitol Bahrain, aiming to bring down fuel prices at the pump.
Source: The East African

Rwanda
Rwandan businesses, Kenya Ports partner to ease global supply disruptions
Rwanda’s Private Sector Federation (PSF) and the Kenya Port Authority have committed to collaborating in addressing disruptions in global supply chains. This agreement was reached during a recent Golden Circle breakfast meeting held in Kigali.
The meeting, themed “The Future of Logistics vs. the Ongoing Global Dynamics,” was attended by bankers, policymakers, logistics professionals, business owners, government institutions, private sector representatives, delegations from Kenya, and staff from the Kenya Port Authority, among others.

The event aimed to provide a clear understanding of current global trends and establish initiatives to enhance logistics efficiency and resilience through strategic interventions and partnerships that address key challenges.
Source: The New Times

Rwanda, African Development Bank (AfDB) in talks to extend Pan-African youth bank to Kigali
If discussions between the African Development Bank (AfDB) and the Government of Rwanda proceed as planned, Rwanda will be among the countries to host one of the proposed youth entrepreneurship investment banks.

This was recently confirmed by AfDB President Akinwumi Adesina during the closing press conference of the AfDB Annual Meetings in Nairobi, Kenya.

The AfDB board of directors has already approved a $16 million youth investment bank in Liberia and $12 million for Ethiopia, with a few more in the pipeline.
Source: The New Times