ECONOMY – KMAUPDATES

May292020 by Kayongo Brian TimothyNo Comments

UGANDA: Details of how the Government plans to revive the economy

Government technocrats have finalised a Shs4.7 trillion stimulus package to revive the economy which has slumped from the effects of the Covid-19 pandemic. Finance Minister Matia Kasaija is expected to unveil the raft of measures as early as Tuesday if approved by Cabinet on Monday, although the announcement could also be held back to the State of the Nation address on June 4 or Budget Day on June 11, sources told this newspaper. The plan seeks to help struggling businesses stay afloat, create jobs and provide tax breaks for struggling companies to encourage spending and investment. Although the plan is yet to be made public, interviews with different senior government officials familiar with the planning shared insights of what is contained in the stimulus package. They include ...

May272020 by Kayongo Brian TimothyNo Comments

BUSINESS: Uganda to export beef to China, income to expand.

AFRICA, Business, ECONOMY, UGANDA

KALUNGU – The Minister of Agriculture, Animal Industry and Fisheries (MAAIF), Hon. Vincent Bamulangaki Ssempijja said that soon after Covid-19, government will sign an agreement to start exporting Ugandan beef to China. While addressing cattle farmers at Katonga River-Lwabenge Sub County in Kalungu District on Tuesday, on possible ways to eliminate tsetse flies that have affected their animals, the minister said by the time Covid-19 attacked the World, Uganda and China were due for signing an agreement intended at expanding the Country`s beef market to Asia. “We are going to sign the agreement soon after covid-19. Our biggest challenge now is to ensure a disease free animal sub-sector to improve the quality of our meat.” He added that “MAAIF selected sub-counties from more than 4...

May232020 by Ronald KabuubiNo Comments

KENYA: President Kenyatta promises to revive the economy

ECONOMY

NAIROBI, KENYA: SATURDAY 23RD MAY, 2020 --- President Uhuru Kenyatta has addressed the nation yet again about Coronavirus. He also spoke to Kenyans about the state of Kenya's economy and promised to revive it after the wave of COVID-19. He also wished Muslims a happy Eid El Fitr. In his address the President said; Today I want you to reflect on the state of our economy with me. But before I invite you to do so, let me first make an observation. Whenever we talk to you about the economy, we bombard you with figures and statistics without a human face. Yet behind these figures are real lives. There is a hardworking farmer who mixes his sweat with the soil in order to feed his or her family and our communities; a diligent mother who has the double role of nur...

May232020 by Ronald KabuubiNo Comments

Coronavirus – South Africa: Trade and Industry Committee briefed on Plans to reopen Economy

ECONOMY

CAPE TOWN, South Africa, May 23, 2020/ -- The Portfolio Committee on Trade and Industry was yesterday briefed by the Department of Trade, Industry and Competition about measures taken by the department in response to Covid-19’s impact on industries. The department told the committee that the national lockdown has served its purpose and that it is now time to open the economy. A large part of the economy was expected to reopen as the country moves to level 3 of the lockdown next month. The Department’s Director-General (DG), Mr Lionel October, said South Africa’s economy, like many others across the globe, will no doubt contract quite seriously as a result of the impact of Covid-19. The committee heard that as part of interventions to keep industries afloat during this difficult period,...

May212020 by Kayongo Brian TimothyNo Comments

UGANDA: The Government has lost over UGX. 790b revenue in April over Covid-19.

AFRICA, CORONAVIRUS, COVID-19, ECONOMY, UGANDA

Government revenues – taxes, grants and non-tax revenues – suffered the hardest beating in April falling below target by a whopping 789.8 billion Shillings, the clearest indicator of how the coronavirus has battered the Ugandan economy. According to the Ministry of Finance Performance of the Economy Report for April 2020, everything was below target. In its projections, the government had hoped to receive at least 1.8 trillion Shillings in total but could only manage to collect 965 billion Shillings. For taxes, the government had planned to collect 1.5 trillion Shillings but only managed to get 931 billion Shillings– registering a 547 billion Shillings shortfall, one of the biggest seen in a single month in recent times. On grants, the money that comes from donors to support the bud...

May192020 by Kayongo Brian TimothyNo Comments

UGANDA: President Museveni emphasises on Masks, Public transport to open in June.

AFRICA, CORONAVIRUS, ECONOMY, HEALTH, UGANDA

All Ugandans aged six and above will be given free facemasks in a bid to protect themselves against the spread of coronavirus, President Museveni has said.“This mask must be worn all the time when you are in public. Whether you are sneezing, talking or coughing. Since many people raised the issue that they cannot afford these masks, the gov’t has decided to provide these masks to all Ugandans 6 years and above,” Mr Museveni said in a televised address to update Ugandans on government efforts against the spread of the virus which has left 227 people in the country infected. According to the president, children less than age six cannot safely wear these masks.“These masks, like mosquito nets, will be distributed through the LC system. One mask per person of age 6 and above will be given....

May142020 by Ronald KabuubiNo Comments

Coronavirus – Africa: Trade expert says African Continental Free Trade Area (AfCFTA) could help Africa bounce back

AFRICA, Business, CORONAVIRUS, ECONOMY

The director of regional integration and trade at the Economic Commission for Africa (ECA), Stephen Karingi, told an online group of journalists on 11 May 2020 that the African Continental Free Trade Area (AfCFTA) could help African economies recover from the impact of COVID-19. “Boosting intra-African trade can serve as an alternative stimulus package for job creation, foreign exchange, industrial development and economic growth,” said Mr. Karingi. He said if Africa had implemented agreements and frameworks such as the AfCFTA, Pharmaceutical Manufacturing Plan for Africa, the Comprehensive Africa Agriculture Development Programme, and the Accelerated Industrial Development for Africa plan, “our economies would have been more diversified, stronger, and less affected by COVID19.” ...

May142020 by Ronald KabuubiNo Comments

Coronavirus – South Africa: COVID-19 impact on the economy

AFRICA, CORONAVIRUS, ECONOMY, South Africa

The Department of Trade, Industry and Competition (the dtic) has noted with concern a series of recent comments and news articles that give the impression that the Minister of Trade, Industry and Competition, Mr Ebrahim Patel, has underplayed the extent of the costs that Covid-19 and the lockdown will impose on the economy. This is exactly the opposite of the truth. The impression seems to be based on an interview that Minister Patel conducted with the Sunday Times shortly after he had addressed Members of Parliament regarding Covid-19 in a session that was broadcasted live. In the address to the Parliamentary Committee, he stated that the pandemic has caused a massive and rapid shock on the economy, starting globally and transmitted rapidly to South Africa and the rest of the continen...

May132020 by Ronald KabuubiNo Comments

Africa Oil and Power and the African Energy Chamber to Host a Webinar on Opportunities in Uganda’s Oil and Gas Sector

AFRICA, EAST AFRICA, ECONOMY, OIL, UGANDA

The webinar is open to the public and will take place on Wednesday, 16:00 EAT on 13 May 2020 The webinar will highlight opportunities in Uganda, currently considered as one of Africa’s most promising oil and gas frontiers. Speakers include Hon. Dr. Elly Karuhanga, Chairman of Uganda Chamber of Mines and Petroleum, NJ Ayuk, Executive Chairman of the African Energy Chamber, Gilbert Kamuntu, Chief Commercial Officer of the Uganda National Oil Company and Brian Muriuki, Managing Director and Country Chair, Shell Ghana; The webinar is open to the public and will take place on Wednesday, 16:00 EAT on 13 May 2020. Following Total’s move to acquire Tullow Oil’s stake in the Uganda Lake Albert Project, Africa Oil & Power and the African Energy Chamber are hosting a public webinar on t...

May62020 by ShafiqNo Comments

African Oil Producer Urges Nigeria and African Countries to Take a Position on Energy and Economic Diversification

AFRICA, ECONOMY, Nigeria, OIL

If there is one thing that the current COVID-19 and oil prices crises have demonstrated, it is that African oil-producing nations are still not economically diverse. Despite repeated actions taken by governments over the past decade to diversify their economies, especially following the 2014-2016 African recessions, not enough has been done. Economic crises in African oil producing countries this year will be so severe they could reach double digit economic recessions. As countries like Nigeria, Angola, Gabon, Congo or Equatorial Guinea deal with unprecedented lows in oil prices and struggle to keep their economies afloat, the current downturn could well be the historic turning point these economies need to seriously put diversification at the top of economic policies priorities. To...

May32020 by ShafiqNo Comments

Coronavirus – South Africa: Minister Mthembu participates in G20 Digital Economies Meeting on COVID-19

AFRICA, CORONAVIRUS, ECONOMY, HEALTH, INTERNATIONAL, South Africa, TECHNOLOGY

On Thursday, 30th April 2020, the Acting Minister of Communications and Digital Technologies, Mr Jackson Mthembu attended a Virtual Extraordinary G20 Digital Economy Ministerial Meeting. The meeting discussed the role of digital technologies in responding to the COVID19 global pandemic. Acting Minister of Communications and Digital Technologies, Mr Jackson Mthembu Minister Mthembu thanked the G20 Presidency, Saudi for this excellent initiative of convening the meeting, which was chaired by the Saudi Arabia Minister of Communications, H.E. Eng Abdullah Amer Al-Swaha. g. Saudi Arabia Minister of Communications, H.E. Eng Abdullah Amer Al-Swaha. g. Minister Mthembu informed the meeting that South Africa had the fortune to learn lessons from other countries, enabling us to act befo...

May32020 by ShafiqNo Comments

Ugandans urged to rethink Labour Routines towards Innovative Work Methods

AFRICA, Business, EAST AFRICA, ECONOMY, INTERNATIONAL, UGANDA

A new research by Success Africa and Ultimate Multimedia Consult has shown that many Ugandan organisations and businesses have been bruised by the Coronavirus crisis Although Uganda joined the rest of the world to mark International Labour Day on May 1st, 2020, the biggest percentage of the country’s labour force is grappling with uncertain future over whether they will be working gainfully in the coming months. A new research by Success Africa and Ultimate Multimedia Consult has shown that many Ugandan organisations and businesses have been bruised by the Coronavirus crisis due to failure to have crisis work strategies that would have ensured their staff members are adequately prepared for remote work following the forced closure of many work places. Ethan Musolini, the CEO at S...

Apr282020 by ShafiqNo Comments

Equatorial Guinea to grant extensions to Exploration companies and flexibility to producing companies on work programs and capital expenditures

AFRICA, Business, ECONOMY, EQUATORIAL GUINEA

H.E. Gabriel Mbaga Obiang Lima shares Equatorial Guinea’s plans in working through the current state of global oil markets in a webinar hosted by Africa Oil & Power in partnership with the African Energy Chamber on 27 April 2020; Equatorial Guinea will launch new petroleum regulations to support its hydrocarbons industry with emphasis on improving local content; The Ministry of Mines and Hydrocarbons is pushing forward with its Year of investment initiative and plans to make project announcements in Q4 2020. H.E. Gabriel Mbaga Obiang Lima, the Minister of Mines, Industry and Energy in the Republic of Equatorial Guinea During a webinar hosted by Africa Oil & Power in partnership with the African Energy Chamber and the Ministry of Mines and Hydrocarbons of Equatorial Guinea, H...

Apr252020 by ShafiqNo Comments

Togo becomes 18th African country shareholder in African Trade Insurance Agency (ATI)

AFRICA, Business, CORONAVIRUS, ECONOMY, HEALTH, INTERNATIONAL NEWS, TOGO

African countries fast-tracking membership to ATI in response to expected trade and investment insurance capacity impact from COVID-19. Togo becomes 18th African country to join ATI, with a shareholding of US$12.5 million, through a concessional loan by the European Investment Bank ; membership in ATI provides African countries with additional trade and investment insurance capacity and improves risk rating for sovereign debts; adequate insurance capacity critical component to cushioning against negative economic impacts of COVID-19. The Government of Togo announced completion of the country’s membership in the African Trade Insurance Agency (ATI), becoming the 18th African sovereign shareholder. Togo’s membership, backed by the European Investment Bank, reflects a trend that has se...

Apr242020 by ShafiqNo Comments

Uganda underlines its intention to become a major oil and gas player

AFRICA, Business, EAST AFRICA, ECONOMY, INTERNATIONAL NEWS, OIL, UGANDA

President Museveni, Tullow Oil and Total’s CEOs could not have chosen a better time to announce their agreement to resolve a long-standing capital gains tax dispute that had earlier prevented Tullow Oil from farming out its Lake Albert licenses to Total. Oil junior Tullow Oil announced that it has agreed the sale of its entire stake in the Lake Albert Development Project in Uganda to oil major Total for US$575 million in cash plus post first oil contingent payments. This is welcomed news for both companies, Uganda, and the oil industry globally and in Africa in particular, all of which are going through a period of distress in the face of Covid -19 and crude oil prices crash. Uganda expects to start commercial production of oil by 2022 This will automatically catapult Uganda to b...

Apr242020 by ShafiqNo Comments

Compassionate International becomes the highest donor after announcing Uganda shillings 1.2 billion to fight Covid19.

AFRICA, Business, CORONAVIRUS, CORRUPTION, EAST AFRICA, ECONOMY, INTERNATIONAL NEWS, MEDIA, UGANDA

Uganda's Prime Minister Dr. Ruhakana Rugunda heading the National Response Task Fund (Second right) with the Chairperson of the Fund Hon. Mary Karooro Okurut right).Second left is Mr. Wayengera Godfrey accompanied by a colleague both from Compassion International shortly after making their announcement. Photo by Ronald Kabuubi/KMA Updates. Mr. Wayengera Godfrey (behind) accompanied by a colleague both from Compassion International shortly after making their announcement. Photo by Ronald Kabuubi/KMA Updates.

Apr212020 by ShafiqNo Comments

Argentina’s debt offer rejected by bondholders

Argentina, Business, ECONOMY, INTERNATIONAL, INTERNATIONAL NEWS, SOUTH AMERICA

A group of major asset managers who are creditors to Argentina have rejected the government's proposal aimed at overhauling $66.2bn of its foreign-law debt bonds governed by the law of a foreign jurisdiction- saying it inflicted an unjust amount of financial pain on international bondholders. In statements released on Monday, three creditor groups rebuffed the terms laid out by the government late last week, which called for interest payments to be delayed until 2023 and principal payments until 2026. Argentine Economy Minister Martin Guzman The tax would affect 11,000 people with fortunes of at least $2 million, Argentine Economy Minister Martin Guzman said, without specifying where that cut-off point might come. He spoke in an interview with journalist Horacio Verbitsky, publ...

Apr212020 by ShafiqNo Comments

Yemen’s Fastest Growing Bank Selects Temenos to Accelerate Adoption of Digital Banking Services and Promote Social and Economic Progress

ASIA, Banking, Business, ECONOMY, INTERNATIONAL, INTERNATIONAL NEWS

Temenos (SIX: TEMN), the banking software company, today announced that Yemen-based, Al Kuraimi Islamic Bank (KIB), has selected Temenos Infinity and Temenos Transact to replace its legacy IT systems and deploy a single, cloud-native, cloud-agnostic digital banking platform to underpin its banking operations. KIB is one of the Yemen’s top 5 banks, with 1.2 million customers and it aims to reach 5 million customers by 2023. KIB was established in 2010, aiming to make financial services easily accessible across Yemen, support socioeconomic development and raise the national standard of living. KIB plays a fundamental role in supporting the livelihoods of local businesses and individuals by providing access to vital financial products and services. Temenos agile and scalable technolog...

Apr202020 by ShafiqNo Comments

Coronavirus: Wynn CEO pleads for the reopening of Las Vegas Strip by late May

AMERICA, Business, CORONAVIRUS, ECONOMY, HEALTH, INTERNATIONAL, INTERNATIONAL NEWS, united states of america, USA

Matt Maddox, chief executive of Wynn Resorts Ltd, on Sunday called for the Las Vegas Strip to reopen in mid- to late May, as long as a number of health precautions are taken. “Begin with reduced occupancy, physical distancing measures in place, temperature checks and no large gatherings,” Maddox wrote. “We all need to wear a mask.” Matt Maddox, chief executive of Wynn Resorts Ltd He also laid out Wynn´s health and safety guidelines for reopening, which include allowing a maximum of four people to ride in an elevator at one time; and requiring guests to enter the resort through doors that are either propped open, are automated or manually operated by an employee. Casinos and other nonessential businesses in Nevada have been closed since March 18 due to the coronavirus pandemic....

Apr192020 by ShafiqNo Comments

Coronavirus – South Africa: COVID-19 lockdown impacts publication of economic statistics

AFRICA, CORONAVIRUS, ECONOMY, HEALTH, INTERNATIONAL NEWS, MEDIA, South Africa

Statistics South Africa recently issued a media statement on the impact of the lockdown on data collection processes and scheduled web statistical releases. In light of the extension of the lockdown, we felt it important to keep the public apprised of the continuing impact on the publication of scheduled releases, as well as what the organisation is doing to gauge the impact of COVID-19 on business. To this end, Stats SA recently launched an online qualitative survey with the objective of understanding the impact of COVID-19 on businesses. The survey was sent to a sample of businesses we regularly interact with in our usual data collection activities. “Due to a number of businesses being closed at this time, we will have to wait and see what the response rate is,” said Statistician-Gen...