Tag Archives: economy

  Absa has reacted swiftly to the COVID-19 pandemic by designing, offering and implementing smart solutions and offering significant financial respite during these times. COMMENT | Vimal Kumar | When a crisis of the magnitude of Covid-19 strikes, it is our role as a responsible lender to put forward various immediate and …

Kampala, Uganda | XINHUA | The International Monetary Fund (IMF) on Wednesday revised down its forecast for the global economy amid the mounting COVID-19 fallout, projecting a 4.9-percent contraction in 2020. The latest projection is 1.9 percentage points below the World Economic Outlook (WEO) forecast released in April, indicating a …

Kampala, Uganda | XINHUA | South Africa will use infrastructure development to recover from the COVID-19 impact, said the country’s President Cyril Ramaphosa on Tuesday. Ramaphosa made the remarks while addressing the sustainable infrastructure development symposium in Pretoria. He pointed out that COVID-19 has disrupted global financial markets, production, trade and …

Kampala, Uganda | THE INDEPENDENT | The National Economy committee of Parliament is investigating circumstances under which the Ministry of Finance failed to reconcile money amounting to 666 billion Shillings for the month of March 2020. According to a presentation by Parliament’s Budget Office to the National Economy Committee, up to …

Kampala, Uganda | XINHUA | The African Union (AU) on Monday said the ongoing COVID-19 pandemic has posed serious impacts on the African continent’s health, security, and socio-economic conditions. “The present COVID-19 pandemic has serious health, security, and economic impact for the continent,” the AU said in a statement issued on …

Kampala, Uganda | THE INDEPENDENT | Bank of Uganda (BoU) has warned that the rate at which Uganda’s public debt is increasing is a cause for worry as the country now hits 53 trillion Shillings in debt. BoU Governor Emmanuel Tumusiime Mutebile issued the warning on Thursday while appearing before …

London, United Kingdom | AFP | Stock markets extended gains Wednesday, although wins were far more modest than the strong rally seen in the previous session, as traders weighed coronavirus treatment and economic recovery hopes against fears of a second wave of COVID-19. In afternoon trading, London and Frankfurt were both up around half a percentage point, …

Hong Kong, China | AFP | Equities tumbled Monday, extending last week’s losses on fears of a second wave of virus infections around the world that could put the brakes on the easing of lockdowns and a budding economic recovery. While European nations press ahead with their reopening after months of …

Washington, United States | AFP | Global economic growth could rebound next year but the number of people living in extreme poverty is expected to remain unchanged, the World Bank warned Tuesday. The projection came after the Washington-based development lender said Monday the coronavirus pandemic could drive between 70 and 100 million people into extreme …

Kampala, Uganda | THE INDEPENDENT | The government will on Thursday announce the removal of Value Added Taxes on various products including liquefied petroleum gas (LPG) and the processed milk. The announcement is one of the measures contained in the 2020/21 financial year budget with an aim to boost the …