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"The definition requires broadening because businesses are indulging in activities that, while not criminal, significantly impact domestic resource mobilization." The world lacks a clear, universally agreed-upon explanation of illegal financial flows (IFFs), resulting in a myriad of interpretations. Illicit financial flows encompass unauthorized or unethical financial exchanges across borders, including money laundering, tax dodging, and the financing of terrorism. These flows seriously threaten, particularly impacting…

In a significant move, President Joe Biden has unveiled over $8 billion in military aid aimed at assisting Ukraine in its struggle against Russian aggression. This announcement coincided with a visit from Ukrainian President Volodymyr Zelensky, marking a pivotal moment in the U.S.'s commitment to supporting Ukraine's defense efforts. The package features the debut shipment of a precision-guided glide bomb, known as the Joint Standoff Weapon (JSOW), which boasts an impressive range of up to 130 kilometers. This medium-range…

Kenya’s administration is on the cusp of securing a hefty $1.5 billion loan from the United Arab Emirates at an 8.2% interest rate, aiming to address the financial shortfall plaguing the East African nation, a source in the know told Reuters. "Kenya is broadening its budget support sources," noted the insider, hinting that "the deal is practically in the bag." The finance ministry and central bank of the UAE didn't immediately respond to requests for a statement. Kenya's Finance Minister John Mbadi and top ministry…

Kenya's foreign exchange reserves have hit an all-time peak of $7.85 billion as of Thursday, notching up gains for the third week in a row, according to the Central Bank of Kenya (CBK) in its latest financial market update unveiled on Friday evening.Folks gather at the International Floriculture Trade Expo in Nairobi, Kenya, on June 5, 2024. (Photo by John Okoyo/Xinhua)Kenya's foreign exchange reserves have hit an all-time peak of $7.85 billion as of Thursday, notching up gains for the third week in a row, according to the…

Public Health and Professional Standards PS Mary Muthoni in Nairobi on September 18, 2024. Image: HANDOUT Kenya's proposed Sh6.7 billion Mpox response fund has been flagged as insufficient and misprioritized, according to various advocacy groups. Critics have pointed out a glaring omission: there's no budget allocation for vaccine procurement. Speaking in Nairobi, these groups urged the government to reallocate funds towards crucial areas like vaccine acquisition, advanced diagnostics, and community education. The…

President William Ruto during an event at the Kenya School of Government on September 16, 2024. Image: PCS During an event brimming with anticipation yesterday, President William Ruto unveiled an ambitious plan requiring Sh106 billion to invigorate the National Police Service, Kenya Prisons Service, and the National Youth Service with much-needed reforms. Originally envisioned by a task force helmed by ex-Chief Justice David Maraga, these sweeping policing reforms were long-awaited. With palpable sincerity, Ruto shared…

China Commits $51 Billion to Africa: A Pledge for Jobs, Infrastructure, and Sustainable Energy In a significant address to representatives from over fifty African nations, Xi Jinping declared, "We have built roads, railways, schools, and hospitals together, transforming countless lives." This statement underscores China's determination to forge a "shared future" with Africa while advancing development across the Global South. Chinese state media reports that the colossal $51 billion commitment includes about $29.6 billion…

Thursday's China-Africa forum produced a myriad of agreements between China and more than 50 African countries in areas ranging from industry and agriculture to natural resources and investment, including a pledge by Chinese leader Xi Jinping that the economic powerhouse would allocate $50 billion to the continent over the next three years.

Abiy Ahmed visited Ankara on Wednesday, August 19, where he met his Turkish counterpart Recep Tayyip Erdogan. A visit organized on the 125th anniversary of diplomatic relations between the two countries. The program of the meeting included military relations around the Tigrayan conflict but also obstacles to rebirth, economic…