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Archive for the tag “East Africa”

BoU Scandal: Speaker Rebecca Kadaga letter to PAC-Cosase Chairman on “Re: Re-opening the Investigation into the Bank of Uganda Closure of Commercial Banks by the Committee on Commissions State Authorities and State Enterprises” (10.06.2019)

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UNMISS repairs 2500kms of roads to encourage economic growth and peace in South Sudan (13.06.2019)

Engineers from Bangladesh, China, India, Thailand and South Korea have spent six months working intensively levelling and grading roads.

JUBA, South Sudan, June 13, 2019 –

Engineers serving with the United Nations Mission in South Sudan have repaired more than 2500 kilometers of roads to support economic growth and rapprochement so the conflict-affected country can build a peaceful and more prosperous future.

“When South Sudan gained its independence, it inherited infrastructure that was in a dire state with only about 250 kilometers of sealed roads. War and weather have also taken a toll over the years, leaving many roads impassable in the rainy season,” said the Special Representative of the Secretary-General and Head of UNMISS, David Shearer.

“The efforts of our engineers to rehabilitate major supply routes will make a big difference to people’s lives.” Engineers from Bangladesh, China, India, Thailand and South Korea have spent six months working intensively levelling and grading roads as well as repairing supporting infrastructure, such as culverts and bridges. They have focused on major routes from Juba to Bentiu (940km), Juba-Bor-Pibor (400km) and Malakal (200km).

“We know that when people are able to travel to meet with each other, it is easier to build trust and confidence. In many areas where roads have been improved, we have seen a decrease in violence between groups and an increase in reconciliation and peace-building activities.”

“Many families are also beginning to have the confidence to return to their homes as the security situation improves. Better roads will enable them to travel safely and more easily,” said David Shearer.

“Improved access will also encourage trade, create jobs and economic growth.” “Importantly, humanitarian agencies will be able to reach communities in need and save millions of dollars travelling by road rather than relying on transporting aid by air. UNMISS will also be able to supply its bases and deploy peacekeepers to locations around the country more efficiently and effectively.”

“I would like to thank the countries that have sent their engineers to serve the people of South Sudan. Their efforts are improving people’s lives as well as the prospects of South Sudan securing a peaceful and more prosperous future,” said David Shearer.

Burundi: CENI – Communique de Presse (13.06.2019)

Burundi: Mouvement pour la Solidarite et la Democratie – Communique (10.06.2019)

Rwanda Revenue Authority: Announcement (07.06.2019)

UNMISS welcomes ratification of International human rights convenants in South Sudan (07.06.2019)

Burundi: Declaration de l’Assocation por la Consolidation de la Paix au Burundi “ACOPA-Burundi” sur le Traite de Kiganda du 6 Juin 1903 et l’Emission Mensongere sur le Burundi difusee par les Medias Francais RFI, TV5 Monde et Le Monde en date du 2 Juin 2019 (06.06.2019)

Burundi: OLUCOME – Communique de Presse – Portant sur le Project de Budget General de l’Etat de l’Exercice 2019/2020 au fisc Exagere vis-a-vis de la Population tres Pauvre (05.06.2019)

IMF: South Sudan is in a deep economic crisis!

The International Monetary Fund has today released their press release on the economic and financial crisis, which is there. The IMF is really stating the facts, the dire needs of the state and the need for reform. Transitional Government of National Unity (TGoNU) really has a lot of work to fix this. South Sudan needs peace to fix this and not more civil war. However, what the IMF is stating is really vital to fix the economy.

The Republic of South Sudan needs some serious revamp of the economy when the IMF state it like this. Clearly, the government has more than enough on its plate, but they surely has to focus to get this in order. That shows the pressure on the state to get it fixed.

Take a look!

South Sudan is in a deep economic crisis. Economic conditions have deteriorated rapidly since the beginning of the civil conflict in late 2013. Real GDP is estimated to have declined by 2.4 percent in 2017/18 adding to a cumulated decline of about 24 percent in the last three years. Overall, real disposable income (adjusted for terms of trade) is estimated to have declined by about 70 percent since independence in 2011, contributing to an increase in poverty headcount ratio from 50 percent in 2012 to about 82 percent in 2016” (…) “Fiscal policy has been weakened by the loss of fiscal discipline, deteriorating public financial management, and contracting of non-transparent oil advances, which have increased corruption vulnerabilities” (…) “The banking sector is yet to recover from the adverse effects of the civil conflict, high inflation and strong currency depreciation. Consequently, many domestic banks are heavily undercapitalized and face rising non-performing loans” (International Monetary Fund – ‘IMF Country Report No. 19/153 REPUBLIC OF SOUTH SUDAN 2019 ARTICLE IV CONSULTATION—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR THE REPUBLIC OF SOUTH SUDAN’ 04.06.2019).

We are seeing now what is at stake for the government in Juba to fix and ensure that they get to stabilize the economy, as well as finalizing the peace-agreements. So, that the public get enough peace to get the banking sector working, the financial markets running and possibly stop the economic crisis. Which has only been made worse by high inflation, strong currency depreciation and grand corruption. All of this has to get in order and get corporate governance, and financial statutes to safeguard the economy.

This will not happen over night, but the IMF is really warning in their press release and in their staff report. I just showed the gist of it. But it wasn’t positive.

To end with a few final statements from the Executive Board Assessment: “Directors observed, however, that the country is facing a deep economic and humanitarian crisis, and underscored the importance of decisively implementing key reforms to restore macroeconomic stability, strengthen economic buffers, improve governance, and rebuild credibility with the international community” (IMF, 04.06.2019). Peace.

Burundi: Forum pour le Renforcement de la Societe Civilie (FORSC) – Appel Urgen au Secours des Refugies Burundais en Tanzanie !!! (03.06.2019)

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