France has urged global financial institutions including the International Monetary Fund (IMF) and the World Bank to step up support for countries vulnerable to the economic shocks triggered by the ongoing Iran conflict that has adversely affected several economies including Kenya.

🇰🇪 Breaking It Down

The developments came as global finance leaders met in Paris for G7-linked discussions that also touched on inflation, trade instability and energy market volatility.

The appeal, made by French Finance Minister Roland Lescure during the Paris meetings, comes as advanced economies and emerging partners, including Kenya, grapple with rising pressure on fuel prices, supply chain disruptions and tightening fiscal space driven by global geopolitical tensions.

According to Reuters , Lescure said there was agreement among participating nations that multilateral lenders must “do more to help countries most vulnerable to the impact of the Middle East conflict,” warning that disruptions such as fertiliser shortages could deepen food insecurity and inflationary pressure across developing economies.

📌 What You Need to Know

The discussions in Paris brought together G7 finance ministers and central bank governors alongside representatives from countries including Kenya, Brazil and Gulf states, reflecting growing concern that the Iran war could trigger wider global economic fragmentation and energy market shocks .

Back home, the ripple effects of global oil volatility have been sharply felt through recent fuel price hikes that triggered nationwide protests, with motorists, matatu operators, boda boda riders and digital cab drivers grounding transport services in an unprecedented shutdown.

The protests, which erupted across Nairobi and other major towns, escalated into violent confrontations in some areas, and dozens injured as security agencies struggled to restore order amid widespread unrest.

In response to mounting pressure, the Energy and Petroleum Regulatory Authority (EPRA) held emergency consultations with public transport stakeholders before revising pump prices in a move aimed at calming tensions in the transport sector.

Under the latest EPRA review, diesel prices were reduced by Ksh10.06 per litre, kerosene increased by Ksh38.60 per litre, while petrol prices remained unchanged for a 25-day cycle, offering partial relief to transport operators while still leaving households exposed to high living costs.

The adjustment, however, has been widely viewed as a balancing act rather than a full reprieve, with transport operators arguing that diesel, critical for logistics and public transport, remains prohibitively expensive despite the reduction .

📰 Source: Kenyans.co.ke