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Rwanda’s Finance Minister Uzziel Ndagijimana today tables the budget for the fiscal year 2021-2022. In the finance bill, the government had planned to spend $3.8 billion in the next fiscal year, which represents an increase of 9.8 per cent from the previous budget. Angello Musinguzi, Senior Tax Manager at KPMG Rwanda joins CNBC Africa for more.

ANG20

Finmin Ndagijimana unveils $3.8 bn budget, focus on economic recovery,accelerating transformation

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Uganda is the only country in the region that has announced a decline in the new financial year budget, with spending expected to drop when compared to the outgoing financial year&#8217;s budget. CNBC Africa spoke with the Managing Director of Open Forum Initiative, Emmanuel Ajal.

Uganda announces $12.6bn budget

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Kenya’s Treasury Cabinet Secretary Ukur Yatani today tables the 2021/22 fiscal year budget to the parliament.

Nganga100

Key highlights of Kenya’s 2021/22 budget explained

The International Monetary Fund will lend South Africa $4.3 billion in emergency financial support to help the country repair the catastrophic economic damage wreaked by the COVID-19 pandemic.



The South African economy is expected to contract by more than 11 per cent as it buckles under the lockdown imposed in March to try to ward off the disease that has claimed nearly 7,000 lives in a matter of months. Three million South Africans have lost their jobs &#8211; nearly a third of the working population with formal jobs. Economists fear many more jobs could be lost as cash-strapped companies go down like dominoes.



&#8220;The additional IMF funding is a low interest loan that contributes to government’s fiscal relief package while respecting South Africa’s decisions on how best to provide relief to the economy and those worst affected by the current crisis. It will also pave the way for government to provide the necessary financial relief required to forge a new economy and mitigate further harm to the economy, &#8221; Treasury said in a statement.



The money will go to frontline health services, job creation, stabilising public debt and reforms to encourage job creation.



“Government’s Covid-19 economic support package directs R500 billion straight at the problem. This is one of the largest economic response packages in the developing world. The South African Reserve Bank has reduced interest rates and made it easier for banks to lend money, and supported liquidity in the domestic bond market. Government spending and tax proposals, guarantee scheme and wage protection measures, are providing protection to workers and the poor, while assisting to stay afloat during these tough economic times. Going forward, our fiscal measures will build on our policy strengths and limit the existing economic vulnerabilities which have been exacerbated by the Covid-19 pandemic,” says South African finance minister Tito Mboweni.



Mboweni, presented a Special Adjustments Budget in Parliament on June 24 as part of government’s key interventions to the Covid-19 pandemic. This loan from the IMF goes some way to financing those measures.

PRETORIA, SOUTH AFRICA - MARCH 16: Finance minister, Tito Mboweni briefs the media on the details of government interventions in various sectors of the departmental portfolios on COVID-19 at DIRCO Media Centre.

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IMF approves $4.3 bn to help South Africa fight COVID-19

Fitch Ratings-London/Hong Kong-26 June: The South African government&#8217;s intention to stabilise debt levels within four years, as set out in this week&#8217;s emergency budget, is unlikely to be achieved, Fitch Ratings says. This reflects persistent challenges in reducing expenditure, boosting growth and insulating public finances from struggling state-owned enterprises, as well as reflecting the impact of the coronavirus pandemic, which will drive a sharp rise in debt/GDP this year.



Wednesday&#8217;s emergency budget revised the consolidated budget deficit projection for the current fiscal year (FY21; ending March 2021) to 15.7% of GDP, over double the 6.8% projected in the original budget in February. The main factor is a sharp fall in tax revenues due to the economic fall-out resulting from lockdown measures, as well as the general hit to the economy and some tax relief. The government expects the main budget revenues to be ZAR300 billion &#8211; 6% of GDP &#8211; lower than previously anticipated.



South Africa has recorded 100,000 coronavirus cases and this number could rise substantially, according to government modelling. Nevertheless, the government expects non-interest expenditure to be just ZAR36 billion (0.7% of GDP) larger than projected in February, as the emergency budget plans to offset substantial additional spending on health and economic support through savings in other areas.



We view the government&#8217;s forecast of gross loan debt rising to 81.8% of GDP in FY21, much higher than the 65.6% in the original budget, as realistic. However, we believe its expectation that debt will peak at 87.4% in FY24 is optimistic. This would require sufficient fiscal consolidation to achieve a primary budget surplus in that year, which would be South Africa&#8217;s first since 2008, towards the end of the commodity boom.



The government aims to cut expenditure by ZAR230 billion over FY22 and FY23 relative to earlier plans and then implement additional cuts, complemented by small tax-raising measures. Details will be presented in the Medium-Term Budget Policy Statement in October.



Revenue projections beyond the current fiscal year appear conservative, and revenues may exceed government forecasts (the government predicts that revenues will still be ZAR202 billion below its February projections in FY23). However, Fitch believes planned expenditure cuts seem ambitious not least because they would significantly weaken the economic recovery. South Africa&#8217;s recent experience highlights the challenges of meeting fiscal targets. February&#8217;s budget abandoned the earlier target for a primary budget balance by FY23 (excluding support for state-owned electricity company Eskom).



Social and political factors, including exceptionally high inequality, powerful trade unions and deep divisions within the governing African National Congress, present significant hurdles for spending cuts. For example, the government has still not agreed the wage bill savings with public sector trade unions for FY21 that were included in the February budget. A comprehensive adjustment of the large public sector wage bill may not be possible until the current three-year agreement expires in April 2021, and negotiations then are likely to be difficult.



Key reforms to Eskom that would support the economy and reduce the burden on the public finances, and relatively minor measures to accelerate GDP growth, have also faced significant political hurdles. Although the challenges in restructuring state-owned flag carrier South African Airways, which filed for business rescue protection last December, are small from a macroeconomic standpoint, they illustrate the difficulty in addressing budget pressures from troubled state-owned enterprises in the face of trade union opposition. Our downgrade of South Africa&#8217;s Issuer Default Rating to &#8216;BB&#8217; on 3 April resulted from the lack of a clear path towards government debt stabilisation as well as the expected impact of the coronavirus pandemic-related shock on public finances and growth. The Outlook on the rating is Negative. A continued rise in government debt/GDP and failure to formulate a clear and credible path towards stabilising the government debt/GDP ratio could lead to negative rating action

SA Finance Minister Tito Mboweni delivers his emergency budget

#SpecialBudget2020: Finance Minister Tito Mboweni delivers emergency budget (full speech)

South Africa unlikely to sort out its debt in four years – Fitch.

Finance Minister Tito Mboweni’s emergency budget on June 24 was meant to provide a roadmap showing how the government intends to deal with a dire fiscal situation.



Unfortunately, the speech underwhelmed on detail.



We already had a good idea of what the Treasury expects with regard to the economic and fiscal outcomes this year -due to the ‘leaks’ over the weekend- &nbsp;but what we were looking for was detail on how Mr Mboweni plans to manoeuvre the ship back on course.



The Treasury now expects GDP to contract by 7.2% this year compared with the 0.9% growth rate expected in February; the fiscal deficit is expected to reach 15.7% of GDP in FY 2020/21 compared with the 6.8% of GDP deficit projected at the start of the year; while public debt is now expected to end the fiscal year at 81.8% of GDP from 65.6% of GDP previously.



In the official budget publication, the Treasury puts forward two scenarios: active and passive. The passive scenario refers to the debt trajectory if current trends persist, while the active scenario incorporates all the intended adjustments.



The passive scenario sees public debt remaining on a strong upward trajectory, reaching 114% of GDP by 2024/25, while the active scenario sees public debt peaking at 87.4% of GDP in FY 2023/24.



Mr Mboweni noted that the government needs to find spending adjustments of about R230bn over the next two years.



Tax measures of R40bn over the next four years will also be required.&nbsp; Details with regard to these tax proposals will be given in the 2021 budget. Nothing was said about South African Airways (SAA). The Land Bank will be recapitalised with R3bn.



No further information was given with regard to the ongoing public sector wage dispute or the government’s intentions after the current bargaining round ends next fiscal year.



Mr Mboweni stated that this year, nearly half of all consolidated revenue will go towards the compensation of workers in the public sector.



On the ongoing wage dispute, the finance minister stated, “Minister Senzo Mchunu is negotiating with our partners in the labour movement to find a balanced solution that sets compensation at an appropriate, affordable and fair level. We wish him well.”



It is important to note that the R230bn in spending cutbacks required over the next few years is in addition to the R160bn cut to the public-service wage bill set out in the 2020 budget. In commenting on the latter, Mr Mboweni stated: “Failure to achieve these reductions will require larger reductions to wages and other spending areas in the outer years of the spending framework, and higher revenue increases.”



Mr Mboweni confirmed that the country would be borrowing $7bn from international finance institutions.



During his post-address media briefing, the finance minister said that South Africa would be asking the IMF to approve a $4.2bn loan in early July.



It was previously said that the country would be making use of a $1bn facility from the National Development Bank- that is, the BRICS Bank-&nbsp; meaning the balance is likely to come from the World Bank.



Approaching the IMF and World Bank for assistance will rankle many within the ruling African National Congress (ANC) and its alliance partners. Mr Mboweni found himself in the cross hairs in April when ANC Secretary General Ace Magashule and his alliance counterparts called on President Cyril Ramaphosa to reject an approach to the IMF or World Bank for assistance in the fight against Covid-19 following comments by the finance minister.



The perhaps unavoidable decision to turn to international finance institutions will no doubt expose ideological cleavages within the alliance, as Mr Mboweni, with the presumed backing of Mr Ramaphosa, may be seen to have crossed a red line.



No major intentions with regard to policy reform were mentioned. While a budget reading does not usually play host to such announcements, many hoped that the unprecedented nature of the situation would encourage bold action.



Mr Mboweni did, however, state that a firm policy basis has been laid by the Treasury’s Towards an Economic Strategy for South Africa paper, which was considered by Cabinet and accepted last year.



After conceding that progress has been slow, partly attributable to Covid-19-related delays, the finance minister stated that “we are now ready”.



Another noteworthy comment by Mr Mboweni, in referring to the policy shifts put forward by his policy document, went “One of these is to shift away from the electricity supply system that was introduced in 1923, when George V, the Queen’s grandfather, was the king of what was known as the Union of South Africa. The last few years have shown the inefficiency of this archaic system. Provisional allocations to Eskom were made on the understanding that government’s Electricity Roadmap would be implemented.&nbsp; Progress is slow.&nbsp; The principle of zero-based budgeting is that we must see demonstrable value for money: Eskom will need to show progress in meeting the milestones as laid down in the Roadmap. This is non-negotiable. Progress on the other reforms will be given in the MTBPS [Medium-term Budget Policy Statement].”



The emergency budget describes a desirable fiscal destination but does not provide a credible roadmap to get there.



Mr Mboweni used a significant proportion of the speech to give listeners an economics and history lesson on sovereign debt crises, suggesting that there are a few that still need some convincing.



Given that the current wage dispute is ongoing in the courts, it is understandable that no further details were provided on the matter.&nbsp; But given the importance of containing this spending, the lack of a medium-term plan left the speech wanting.



Furthermore, Mr Mboweni highlighted the severity of the fiscal situation by starting the speech with a striking statistic: “This year, out of every rand that we pay in tax, 21 cents goes to paying the interest on our past debts.”



This, combined with the fact that around half of all consolidated revenue will go towards the compensation of workers in the public sector, clearly shows why the country is in such a fiscal mess.



Jacques Nel &#8211; Economist

THE WEEKEND READ: Analysis– a budget long on words but short on detail.

Tito Mboweni said his emergency budget would address debt as well as gathering money tot fight COVID-19.



&#8220;We have accumulated far too much debt.This downturn as severe as it is will make it worse. Out of every Rand we collect in tax 21 cents will go to paying debt,&#8221; says the finance minister.



&#8220;This Hippo is eating or children&#8217;s inheritence and we have to do all we can to close its mouht.&#8221; 



&#8220;We have flattened the curve and saved many lives. As a farmer will tell you when the storm is raging you have to protect you plants&#8230;.the storm shall pass,&#8221; says Mboweni.



The once mighty South African economy could contract by between 7 and 16 % this year losing more than a million jobs in the process.



&#8220;I think we can forget about growth this year and probably next year,&#8221; Isaah Mhlanga, the chief economist at Alexander Forbes, told CNBC Africa. 



Mboweni has to find at least R130 billion to shore up a gap in finance an a R500 billiion stimulus package to help the South African economy weather the COVID-19 pandemic. 



Despite huge spending gap that Mboweni has to bridge t, economist Azar Jammine reckons the finance minister won&#8217;t tinker with tax.



&#8220;My view is he probably won&#8217;t do so. The amount of additional revenue you might collect would be a drop in the ocean, if you think that increasing VAT by one per cent would merely raise R24 billion which is a minute amount compared to what is needed,&#8221; says Jammine.



South Africa has been borrowing more than a billion Rand a day to keep the economy afloat through the issue of bonds.



&#8220;The question I have is this appetite for buying debt, I think the longer the bonds are issued in these volumes the less the appetite is likely to be,&#8221; says Annabel Bishop, the chief economist at Investec.

COVID-19: “This Hippo is eating our children’s inheritance”Tito Mboweni on debt in the emergency budget

This week the finance minister Tito Mboweni tweeted the metaphor of closing a hippo’s mouth to hint how hard a job he faces closing the fiscal gap. It may be easier for Mboweni to catch a real life hippo and wrestle with it rather than to solve South Africa’s gaping debt problem – expected to rise to 80% of GDP by early next year.



On the afternoon of June 24 Mboweni will outline his emergency budget in the hope it will help South Africa ride out he COVID-19 storm and find elusive growth. South Africa’s once mighty economy is expected to contract by more than 10% this year and shed more than a million jobs. Figures out this week show unemployment in South Africa has already reached 30.1 % and youth employment has risen to 59%. Mboweni has warned that South Africa could face a sovereign debt crisis by 2024 forcing it to go cap-in-hand to the International Monetary Fund for a bailout.



Mboweni is expected to reveal a budget deficit for this year projected at close to 15% of GDP, a severe injury to government finances as the economy contracts alongside a huge collapse in tax revenue of up to R300bn.In all of this Mboweni has to decide whether to throw more scarce taxpayers money at the losing making state owned enterprises – his cabinet colleagues say he should, the finance minister feels he shouldn’t.



“SA’s debt is further estimated to rise to 90.9% by 2023 and over 100% by 2025, climbing to a massive 113.85 by 2029. SA is likely headed for further substantial credit rating downgrades from Moody’s, Fitch and S&amp;P, and likely quite rapidly, from out of the BB category into the single B category, which is just above C grade,” says Annabel Bishop, Chief Economist Investec



“There is not much wriggle room that the fiscus has left coming into 2020 and now we face this miracle budget with a shortfall in revenue,” says Nesan Nair a senior portfolio manager at Sasfin.



“But as far as investors are concerned there is not better person than Tito Mboweni to do the job.”



Nolan Wapenaar, of Anchor Capital, said he was expecting a deficit of about 14, which was a significant gap to be financed.



“The country is selling bonds to the tune of a billion Rand a day. We need to get into financial shape and get out of the dire financial shape we are in,” he says.



Bernard Sacks, a senior tax partner at Mazars, believes that cutting corporate tax could help get the economy back into shape.



“In world terms we are not competitive at 28 %; we need to be at 20 % to attract foreign investment. That level of tax would see money come in and South Africans trained and put to work…I don’t think we will see the minister raise tax rates which is just as well because most companies are punch drunk right now,” says Sacks.

COMMENT: Why it may be easier for Tito Mboweni to wrestle a hippo rather than close its mouth.

Digging deeper into the 2020/21 Kenyan budget

JOHANNESBURG (Reuters) &#8211; South Africa’s largest trade union federation COSATU said on Wednesday that it would not allow workers’ wages to be slashed, after Finance Minister Tito Mboweni used a budget speech to promise cuts to the public sector wage bill.



COSATU said in a statement that it was deeply angered by Mboweni’s budget, calling it “provocative” and “reckless”.



Reporting by Alexander Winning; Editing by Catherine Evans

Empty Wallet

SA trade union COSATU says it won’t allow workers’ wages to be slashed

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As part of the Gauteng budget infrastructure development received additional funding to support key projects. CNBC Africa spoke with Gauteng Infrastructure Development MEC Tasneem Motara for more.

MEC Tasneem Motara on how Gauteng plans to create jobs through infrastructure investment

KHARTOUM (Reuters) &#8211; Sudan needs up to $5 billion in budget support to avert economic collapse and launch reforms after the ouster of veteran ruler Omar al-Bashir, its finance minister told Reuters.



The country, in crisis since losing most of its oil wealth with South Sudan’s secession in 2011, has only enough foreign currency reserves to fund imports for a few weeks, said Ibrahim Elbadawi, part of a transitional government formed in August.



Sudan has had some support for fuel and wheat imports but about 65 percent of its 44 million people live in poverty and it needs up to $2 billion in development funding along with a hoped-for $2 billion from Arab development funds, he said.



Outlining reform plans in detail for the first time, Elbadawi said public salaries would need to be increased and a social support network established to prepare for the painful removal of fuel and food subsidies.



Months of demonstrations over price hikes for fuel and bread and cash shortages&nbsp;triggered the uprising against Bashir, who was toppled in April by the military. Protests have continued since, with people killed in clashes with security forces.



“We have started the process (of reforms),” Elbadawi said in an interview on Thursday. “The people of Sudan deserve to be seen in a radically different prism than the international community used to see Sudan, as a country ruled by a pariah state.”



“Now we have a revolution,” he said. Asked how much budget support was needed for 2020 he said: “Some estimates say between three to four billion (US dollars), maybe even five billion.”



The civilian government Elbadawi is part of has taken over for three years under a power-sharing deal with the military. It has drawn slightly more than half of $3 billion in support for imports of wheat and fuel offered by Saudi Arabia and United Arab Emirates in April, he said.



A “friends of Sudan” donor meeting is planned for December and the government had agreed with the United States it could start engaging with international institutions while still on a list of countries deemed sponsors of terrorism, Elbadawi said.



The designation, which dates from allegations in 1993 that Bashir’s Islamist government supported terrorism, makes it technically ineligible for debt relief and financing from the IMF and World Bank. Congress needs to approve a removal.



<h3 class="wp-block-heading">CURRENCY</h3>



The first experts from international institutions had arrived in Khartoum to help with reforms and a delegation of the International Monetary Fund (IMF) would come this month for Chapter IV discussions, Elbadawi said. There was no immediate comment from the IMF, World Bank or U.S. State Department.



Part of a roadmap agreed with the IMF and World Bank was that Sudan did not have to pay back $3 billion in arrears from international institutions.



“We don’t need to pay anything. What we need to &#8230; deliver really is policy,” he said. Sudan is one of the most indebted countries, owing $60 billion, which needs to be settled separately.



Sudan would start to increase its tax base and overhaul the civil sector, Elbadawi said. Salaries — eroded by double digit inflation rates — could be raised as much as 100 percent by April.



In the second half of next year a social support network would be set up to allow the lifting of subsidies by June or later.&nbsp;Some donor funding would be used to collect data to allow cash transfers for the needy.



Sudan also wanted to produce bread based on sorghum, a local cereal, to import less wheat. He said he hoped a spread between official and black market would be ended by June. But this week the local pound dropped to 80 for a dollar on the black market versus the official rate at 45.



He said the 2020 budget would have sustainable development targets for education, health care and social spending, suggesting Sudan might move away from the dominant military spending choking development.



Writing by Ulf Laessing; editing by Philippa Fletcher

This African country needs up to $5 billion in budget support to prevent collapse

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Minister Mboweni’s state budget was reform-minded as to put the South African economy back on track after a difficult turbulent rule of his predecessor says Mike Brown, CEO of Nedbank.

Nedbank CEO reacts to Mboweni’s budget

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One of the great forgotten fronts of the budget story every year is small business. Every year the politicians say small businesses are the future when it comes to creating jobs, and they&#8217;re going to make life easier for them. So what do small businesses want? CNBC Africa&#8217;s Chris Bishop visited a small manufacturing company in Johannesburg that makes uniforms for hotels and game lodges across Southern Africa to speak to Issac Makunyane, CEO of Morento about their budget expectations.

This is what we want from Minister Mboweni’s budget – Morento CEO

NAIROBI (Reuters) &#8211; Kenya’s budget deficit is forecast to fall to 5.0 percent of gross domestic product in the 2019/20 (July-June) fiscal year from revised deficit of 6.3 pct of GDP in 2018/19, the Finance Ministry said on Friday.



The ministry said in a draft budget policy statement that the deficit was forecast to drop to 3.0 percent of GDP in 2022/23.



Reporting by George Obulutsa; Editing by Andrew Heavens

This East African country’s budget deficit is forecast to fall

ABUJA (Reuters) &#8211; Nigerian President Muhammadu Buhari presented a 8.83 trillion naira ($28.80 billion) budget for 2019 to parliament on Wednesday, and laid out a plan to drive growth two months before elections.



The spending plan for Africa’s top oil producer assumes crude production of 2.3 million barrels a day, an oil price of $60 per barrel and an exchange rate of 305 naira to the dollar.



Buhari’s handling of the economy &#8211; which emerged from its first recession in 25 years this year but remains sluggish &#8211; has become a campaign issue.



The main opposition candidate, businessman and former vice president Atiku Abubakar, has criticised Buhari’s economic policies and has promised to double the size of the economy to $900 billion by 2025 if elected.



The budget is the fourth Buhari has present to parliament since taking office in 2015 but, unlike the others, did not set record high levels of spending as the government seeks to lower debt. He also received a rowdier reception than in the past, with his statements greeted by boos and cheers.



The spending plan is smaller than the record 9.12 trillion-naira budget for 2018 that he signed into law in June. The budget must still be approved by parliament before it can be signed into law, a process that can take many months.



Nigeria’s economy grew by 1.81 percent in the third quarter of this year, the statistics office said last week. And, in a separate data release days later, it said the inflation rate rose slightly in November to 11.28 percent compared with a year ago.



($1 = 306.6000 naira)



Additional reporting by Alexis Akwagyiram in Lagos; Editing by Andrew Heavens

Nigeria’s Buhari presents $28.8 billion budget for 2019, will it revive the country’s economy?

CAPE TOWN (Reuters) &#8211; South Africa expects Moody’s to release its ratings review after next week’s medium term budget policy statement (MTBPS), Dondo Mogajane, the director general of the National Treasury said on Tuesday.
Mogajane said he met Moody’s representatives at an international financial conference in Bali last week and told Reuters that the ratings agency “will obviously get back to us after the MTBPS.”
Moody’s, the last of the top three agencies to still rate the country investment grade, did not publish the review on Friday as was widely expected.
Reporting by Wendell Roelf; Writing by Mfuneko Toyana; Editing by James Macharia

budget

Finmin Ndagijimana unveils $3.8 bn budget, focus on economic recovery,accelerating transformation

Uganda announces $12.6bn budget

Key highlights of Kenya’s 2021/22 budget explained

IMF approves $4.3 bn to help South Africa fight COVID-19

South Africa unlikely to sort out its debt in four years – Fitch.

THE WEEKEND READ: Analysis– a budget long on words but short on detail.

COVID-19: “This Hippo is eating our children’s inheritance”Tito Mboweni on debt in the emergency budget

COMMENT: Why it may be easier for Tito Mboweni to wrestle a hippo rather than close its mouth.

Digging deeper into the 2020/21 Kenyan budget

SA trade union COSATU says it won’t allow workers’ wages to be slashed

MEC Tasneem Motara on how Gauteng plans to create jobs through infrastructure investment

This African country needs up to $5 billion in budget support to prevent collapse

Nedbank CEO reacts to Mboweni’s budget

This is what we want from Minister Mboweni’s budget – Morento CEO

This East African country’s budget deficit is forecast to fall

Nigeria’s Buhari presents $28.8 billion budget for 2019, will it revive the country’s economy?

South Africa’s ratings review to be released by Moody’s after Medium term budget

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Advertise With Us

budget

Finmin Ndagijimana unveils $3.8 bn budget, focus on economic recovery,accelerating transformation

Uganda announces $12.6bn budget

Key highlights of Kenya’s 2021/22 budget explained

IMF approves $4.3 bn to help South Africa fight COVID-19

South Africa unlikely to sort out its debt in four years – Fitch.

THE WEEKEND READ: Analysis– a budget long on words but short on detail.

COVID-19: “This Hippo is eating our children’s inheritance”Tito Mboweni on debt in the emergency budget

COMMENT: Why it may be easier for Tito Mboweni to wrestle a hippo rather than close its mouth.

Digging deeper into the 2020/21 Kenyan budget

SA trade union COSATU says it won’t allow workers’ wages to be slashed

MEC Tasneem Motara on how Gauteng plans to create jobs through infrastructure investment

This African country needs up to $5 billion in budget support to prevent collapse

Nedbank CEO reacts to Mboweni’s budget

This is what we want from Minister Mboweni’s budget – Morento CEO

This East African country’s budget deficit is forecast to fall

Nigeria’s Buhari presents $28.8 billion budget for 2019, will it revive the country’s economy?

South Africa’s ratings review to be released by Moody’s after Medium term budget

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