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Africa

South African Businesses Brace for VAT Hike Starting May 1, 2025

Businesses in South Africa are bracing for a twoyear, onepercentagepoint increase in VAT scheduled to take effect on May 1, 2025. The 15% increase wil

Businesses in South Africa are bracing for a twoyear, onepercentagepoint increase in VAT scheduled to take effect on May 1, 2025. The 15% increase will especially impact small businesses, resulting in price adjustments and declining profit margins. Despite government efforts to increase the number of zerorated items, economists caution that the tax increase may reduce consumer expenditure, impacting middle and lowerincome households. The surge occurs during a difficult period when trade uncertainties, power outages, and economic instability burden firms. While some businesses see potential for adaptation, others worry that the tax burden would make an already precarious economy even more financially burdensome. To counteract such disruptions, business leaders are requesting incentives and regulatory help. Read More..

B2B Tech News | 4 days ago         

Libyas Central Bank Devalues Dinar by 13.3% Amid Fiscal Strain

With a 13.3% devaluation of the countrys currency, the dinar, Libyas central bank has set the new exchange rate at 5.5677 dinars to the US dollar. The

With a 13.3% devaluation of the countrys currency, the dinar, Libyas central bank has set the new exchange rate at 5.5677 dinars to the US dollar. The devaluation is the first formal one since 2020 when the rate was 4.48 dinars to the dollar. The decision was made in the midst of political unrest and financial duress, as the national debt is expected to reach over 330 billion dinars by the end of 2025. The parallel market rate is still much lower, which is indicative of the banking systems continuous difficulties in Libya. In the absence of a single budget and institutional divides, efforts to stabilise the economy are challenging. Read More..

B2B Tech News | 12 days ago         

Zimbabwe Suspends Tariffs on U.S. Imports Amid Trade Policy Shift

President Emmerson Mnangagwa of Zimbabwe has declared that tariffs on U.S. imports will be suspended. This comes after the Trump administration impose

President Emmerson Mnangagwa of Zimbabwe has declared that tariffs on U.S. imports will be suspended. This comes after the Trump administration imposed an 18% tax on Zimbabwean exports. The goal of this action, according to Mnangagwa, is to advance fair trade and a good relationship with the United States. Critics counter that the ruling would largely favour American companies and jeopardise Zimbabwes standing in the Southern African Development Community SADC. Zimbabwe and the United States continue to have a small commerce, with sugar and tobacco being the main exports. This scenario illustrates how difficult it is to strike a balance between regional solidarity and global trade. Read More..

B2B Tech News | 12 days ago         

Kenya Retracts Debt Restructuring Claim After Talks with Chinas Finance Minister

After a recent meeting in Beijing, Kenyas Finance Ministry withdrew a statement indicating it would discuss debt restructuring with Chinas Finance Min

After a recent meeting in Beijing, Kenyas Finance Ministry withdrew a statement indicating it would discuss debt restructuring with Chinas Finance Minister Lan Foan. The ministry first stated on social media that China wanted to help Kenyas economic stability by facilitating debt restructuring and concessional financing. However, the article was later removed and reprinted without these citations. Kenya confirmed that these kinds of talks did not occur, instead emphasising the development of commercial and investment relations. This retraction has raised confusion, particularly as Kenya struggles with a significant debt load and expensive payback obligations. Read More..

B2B Tech News | 12 days ago         

South Africa Seeks U.S. Talks Over Proposed 25% Auto Tariff Impact

South Africa wants to meet with U.S. officials to discuss concerns around a planned 25% car import tax. Trade Minister Parks Tau emphasised that the A

South Africa wants to meet with U.S. officials to discuss concerns around a planned 25% car import tax. Trade Minister Parks Tau emphasised that the African Growth and Opportunity Act AGOA provides dutyfree access for South Africas car exports worth over $2 billion. 64% of South Africas AGOA exports are autos therefore, the additional tariffs might have a big effect on the countrys economy. Tau stressed that the U.S. auto sector is not threatened by South Africas exports, which only make up a small portion of the countrys car imports. The government intends to work with local automakers and U.S. officials to lessen possible economic effects. Read More..

B2B Tech News | 12 days ago         

Lesetja Kganyago Calls for Reassessment of South Africas Inflation Targeting Framework

South Africas inflation targeting framework, which was put in place 25 years ago, may impede economic growth and competitiveness, according to Lesetja

South Africas inflation targeting framework, which was put in place 25 years ago, may impede economic growth and competitiveness, according to Lesetja Kganyago, the countrys central bank governor. Although the framework has effectively lowered interest rates and macroeconomic volatility, Kganyago underlined that a new strategy must align it with structural realities and global developments. There are talks to reduce the inflation objective from the present midpoint of 4.5% to about 3% to promote sustainable growth. Discussions on how to best implement monetary policy to balance price stability and economic development are reflected in this. Read More..

B2B Tech News | 12 days ago         

South Africas G20 Presidency Focuses on Solidarity, Equality, and Sustainability

Speaking to the UN plenary, South Africas G20 Sherpa, Zane Dangor, outlined the countrys goals for the G20 Presidency December 2024–November 2025. T

Speaking to the UN plenary, South Africas G20 Sherpa, Zane Dangor, outlined the countrys goals for the G20 Presidency December 2024–November 2025. The theme "Solidarity, Equality, Sustainability" strongly emphasises inclusive, peoplecentred development. Dangor emphasised the need for debt sustainability for lowincome countries, disaster resilience, equitable treatment, and reducing high capital costs for developing nations. He also stressed the importance of harnessing vital minerals for sustainable growth and funding just energy transitions. To increase Africas influence in global governance, the African Unions admission to the G20 was hailed. Emphasis was placed on collaborations such as the Just Energy Transition Partnership to highlight the G20s role in climate action and reaching the 1.5°C temperature target. Read More..

B2B Tech News | 12 days ago         

Kenya Seeks New IMF Lending Program to Address Fiscal Challenges

Kenya has applied for a new IMF credit programme to employ unused cash from its current arrangement, which both parties decided to terminate early owi

Kenya has applied for a new IMF credit programme to employ unused cash from its current arrangement, which both parties decided to terminate early owing to time restrictions. John Mbadi, the finance minister, denied rumours of problems with the IMF by clarifying that the decision was not the result of unmet targets. Out of the $3.6 billion Extended Credit Facility and Extended Fund Facility, almost $800 million is still unused. A successor programme is being discussed and is anticipated to be launched in July of the following fiscal year. The IMF recognises stronger economic fundamentals in Kenya as the government seeks to address budgetary issues and rising debtservicing costs. This action demonstrates Kenyas attempts to maintain monetary stability in financial strain. Read More..

B2B Tech News | 12 days ago         



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