# 2026 Macro Outlook

An episode of [The Mwango Capital Podcast](https://invisiblenetwork.ai/podcast/1583367792), 26 Feb 2026, 1 h 12 min.

Audio: https://api.substack.com/feed/podcast/189011607/15d29be2b8678895112045ab935bff41.mp3

In this episode recorded on January 26, 2026, we break down what lies ahead for markets and the economy in 2026. Guests:— Churchill Ogutu - Economist, IC Group— Stephanie Kimani - Economist— Stellar Swakei - Senior Research Analyst, Kingdom Securities Limited Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:01:25 2025 Macro Highlights 00:10:15 IMF Programs, China Debt, and Liability Management 00:14:57 Corporate Borrowing and MSME Access to Finance 00:18:19 Debt, Securitization, Equity Markets, and the NSE Rally 00:32:53 Domestic Debt, External Borrowing, and Crowding Out 00:38:49 The Budget Cycle 00:45:57 FX and Interest Rates 00:50:02 Kenya Pipeline IPO and Gov’t’s Sale of Safaricom Stake 01:02:05 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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