Domestic debt has gone up to 6.8 trillion Shillings which is more than 1 percent of Gross Domestic Product Kampala, Uganda | THE INDEPENDENT | The government has acknowledged that it has broken its own domestic debt ceiling, to a level which it calls ‘unhealthy domestic borrowing.’ The amount of debt that …
Read More »IMF projects China’s economy to grow by 7.9% this year
Washington, US | XINHUA | China’s economy is projected to expand by 7.9 percent in 2021 following 1.9 percent growth in 2020, as economic activity continues to normalize and domestic COVID-19 outbreaks remain under control, the International Monetary Fund (IMF) said Friday. “The Chinese economy continues its fast recovery …
Read More »COVID-19 blurs Africa’s economic recovery in 2021
After lockdown, Uganda, Ghana and Senegal show early recovery signs Kampala, Uganda | RONALD MUSOKE | Dozens of African countries will experience subdued economic recovery next year, according to predictions shared by experts at a recent roundtable organized by the Nairobi-based Africa Trade Insurance Agency. The annual roundtable event which …
Read More »IMF wants COVID-19 debt relief initiative extended
Kampala, Uganda | THE INDEPENDENT | The International Monetary Fund, IMF, is proposing that the multi-lateral lenders extend the Debt Service Suspension Initiative to the end of 2021 because most of the countries burdened will not recover by early next year. COVID-19 has dealt a major blow to the world’s poorest …
Read More »Parliament approves UGX 5.4 trillion loan to finance budget deficit
Kampala, Uganda | THE INDEPENDENT | Parliament has approved up to 5.4 trillion Shillings loan to finance the budget deficit for the current financial year 2020/2021. This followed the adoption of Parliament’s National Economy Committee report in a plenary session chaired by Speaker of Parliament Rebecca Kadaga. The approved funds are …
Read More »IMF approves 6.5 bln USD loan for Ecuador: president
QUITO, Ecuador | XINHUA | Ecuadorian President Lenin Moreno on Wednesday announced the board of the International Monetary Fund (IMF) approved a 6.5-billion-U.S.-dollar loan agreement reached at the end of August. “A few minutes ago I had a conversation with people from the International Monetary Fund and I can tell you that …
Read More »IMF forecasts modest narrowing in current account imbalances in 2020
Washington, US | XINHUA | Global current account surpluses and deficits narrowed in 2019, and the COVID-19 pandemic could narrow the imbalances further in 2020, the International Monetary Fund (IMF) said in its annual External Sector Report released on Tuesday. In 2019, the global current account balance, the absolute sum …
Read More »IMF chief urges further policy agility, action for next phase of COVID-19 crisis
Washington, US | XINHUA | As many countries gradually reopen their economies, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva has called for further action to support a resilient recovery. “Many countries are gradually reopening, even as the (COVID-19) pandemic remains with us,” Georgieva wrote in a blog published …
Read More »Countries advised to change tax systems amid COVID uncertainty
Kampala, Uganda | THE INDEPENDENT | In the wake of the unprecedented COVID-19 crisis, tax systems should be reformed and tax avoidance and evasion reduced to ensure an economic recovery in which everyone pays their share, the International Monetary Fund (IMF) has said. Taxes pay for many of the things …
Read More »IMF says teleworking puts the poor, the young, women at disadvantage amid pandemic
Kampala, Uganda | XINHUA | Workers in food and accommodation, and wholesale and retail trade, are the hardest hit for having the least “teleworkable” jobs, with the poor, the young and women being more vulnerable than others, according to the International Monetary Fund (IMF). “Young workers and those without university …
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