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Vol 62 No 13

Published 24th June 2021

Banking on a fast recovery

East Africa’s three leading economies say they’ll rebound quickly from the pandemic, but borrowing is ballooning

More spending to secure the post-pandemic recovery was the message of the finance ministers from Kenya, Uganda and Tanzania as they announced their annual budgets on 11 June. The three countries plan to borrow at least US$16 billion between them, though that will do little to ameliorate the economic pain and drop in living standards that businesses and workers have suffered since the start of the pandemic. Nor will projected growth rates of 4.3%, 5.6% and 6.6% for Uganda, Tanzania and Kenya, respectively.

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