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The East African : Dec 15th 2014
The EastAfrican BUSINESS DECEMBER 13-19,2014 EA COUNTRIES WILL MAKE SAVINGS IN FOREIGN EXCHANGE Economies to grow as global oil prices plummet The decline in oil p≥ices has helped keep inflation ≥ates and cost of living at manageable levels By JEFF OTIENO The EastAfrican higher growth rates next year if the global oil prices remain low in 2015. According to experts, the E decline in oil prices has been a boon to the region’s weak economies, helping keep inflation rates and cost of living at manageable levels. “Low oil prices will also enable East African countries to make huge savings in foreign exchange, which can be used to finance much needed development projects,” said Mwendia Nyagah, chief executive officer of Oil and En- ast African economies are expected to register ergy Services Ltd, a Nairobi consultancy. The price of oil has fallen to new five-year lows, and experts predict the trend will continue into next year. The price of Brent crude has fallen by 43 per cent since midJune, to around $60 a barrel, prompting mixed reactions from economists on whether the trend is good or bad for the global economy. While some economists view the low prices as a negative for overall global economic growth, others view it as a positive for the majority of developing countries that are non-oil producers. The International Monetary Fund is one of those and services falls. As a result, consumers have extra money to save and spend,” said Mr Nyagah. In fact, all East African countries have managed to maintain a single-digit inflation rate, a situation some economists associate with low oil prices. As of last month, Rwanda had the lowest inflation rate, which stood at 0.7 per cent, followed by Uganda at 2.1 per cent, Burundi at 3.5 per cent, Tanzania at 5.8 per cent and Kenya with the highest at 6.09 per cent. However, oil producing A fuel attendant in Nairobi. The cost of goods and services is influenced by oil prices. Pic: File viewing the decline as a positive for the global economy. Recently, at a meeting in Washington, IMF managing director Christine Lagarde said the decline will provide a net boost to the global economy, but pose a risk for oil-de- pendent countries in Africa, Asia and Europe. The IMF director said Middle East countries, Venezuela and oildependent African countries would be among those hit hard by the low prices. In East Africa, Mr Nyagah said the low oil prices will help keep the cost of living at manageable levels, saying energy prices were a major determinant of prices of goods and services. “Low oil prices are normally positive as the cost of production of goods countries like Nigeria and Angola are already experiencing difficulties in meeting their budgetary demands and have begun cutting back on expenditure. Last month, the Organisation of Petroleum Exporting Countries (OPEC) failed to agree on restricting output. 51 REPUBLIC OF KENYA REQUEST FOR PROPOSALS (RFP) TITLE: CONSULTANCY FOR THE FORMULATION OF STRATEGIC PLAN (2013-2017) FOR THE MINISTRY OF THE EAST AFRICAN AFFAIRS, COMMERCE AND TOURISM (MEAAC&T) NUMBER: PRQ20140589 The Ministry of East African Affairs, Commerce & Tourism with support from TradeMark East Africa (TMEA) seeks to engage individuals/firms to formulate Strategic Plan (2013-2017). Terms of reference for this consultancy and the Request for Proposals (RFP) document can be obtained at http://www.trademarkea.com/get-involved/procurement/ All queries quoting the above Tender Title and Number should be emailed to email@example.com The closing date for submission is 14 January, 2015. Interested and qualified individuals/firms must register and apply online ONLY on the TMEA procurement portal at the website: http://procurement.trademarkea.com and all attachments must be 10MB or less. TMEA cannot answer any query relating to this tender three days or less prior to the submission deadline. TITLE: REQUEST FOR PROPOSALS (RFP) CONSULTANCY SERVICES TO SUPPORT THE IMPLEMENTATION OF THE PORT OF MOMBASA CORRIDOR CHARTER NUMBER: PRQ20140678 TradeMark East Africa (TMEA) is an organisation funded by a range of development agencies to promote regional trade and economic integration in East Africa. TMEA has its main offices in Nairobi with branches in Arusha, Bujumbura, Dar es Salaam, Kampala, Kigali and Juba. TMEA is inviting bids from prospective individuals/firms to support the implementation of the Port of Mombasa Corridor Charter. Terms of reference for this consultancy and the Request for Proposals (RFP) document can be obtained at http://www.trademarkea.com/get-involved/procurement/ All queries quoting the above Tender Title and Number should be emailed to firstname.lastname@example.org The closing date for submission is 13 January, 2015. Interested and qualified individuals/firms must register and apply online ONLY on the TMEA procurement portal at the website: http://procurement.trademarkea.com and all attachments must be 10MB or less. TMEA cannot answer any query relating to this tender three days or less prior to the submission deadline.
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