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South Africa’s citrus industry has been a major contributor to the country’s agricultural sector, and its overall GDP (gross domestic product), for many years. Despite facing numerous challenges in recent times, the sector has managed to achieve a steady annual compound growth rate of 11% in gross production value over the past five years, allowing …
The soaring cost of living extends to all major facets of our lives and none more so that the cost of vehicle ownership – the table further down illustrates how a vehicle owner in May 2023 is now paying on average R3,776 more per month than in 2019 for the total mobility costs. Consumers’ budgets …
As part of the Western Cape Government’s drive to create opportunities for youth employment, the Department of Economic Development and Tourism (DEDAT), together with 12 employers in the Business Process Outsourcing (BPO) sector hosted a recruitment drive at the Athlone stadium on Friday, 12 May 2023, to bring employment opportunities closer to where young job …
Chery sold a record 126 713 vehicles in April. This number includes both domestic and international sales. It is an impressive 128% higher than the same month last year and it pushes Chery’s global sales to 457 048 vehicles in the first quarter of 2023. Looking closely at the April sales, it is clear that …
Dekra Industrial has achieved a current overall Broad-Based Black Economic Empowerment (B-BBEE) status of Level 1. This rating, effective from 01 April 2023, comes after the company was previously recognised as a Level 3 contributor with effect from 28 April 2022. Managing Director Johan Gerber clarifies: “The change from Level 3 to Level 1 status …
South Africa is unfortunately faced with many cases involving femicide and gender-based violence. Gender-based violence (GBV) refers to harmful acts directed at an individual (or a group of individuals) based on their gender. It is generally accepted that the overriding cause of GBV is gender equality. This term is primarily used to underscore the fact …
By Mark Wilson, Chief Executive Officer, SYSPRO EMEA & APAC More and more manufacturers are starting to shift their focus to the sustainability of their supply chains. This is attributable to an increasingly prominent conversation around climate change, and to recent and growing legislation around supply chain sustainability, along with increasing demand from customers that …
Three weeks ago, Volkswagen presented the new ID.71 as an all-electric limousine for the upper mid-size class. The most dynamic model variant will now follow in late summer with the world premiere of the ID.7 GTX. Equipped with the latest drive generation of the ID. models, the dual-motor all-wheel drive system and a host of …
Nothing warms up the room like a Mother’s love – do you agree? This month, whether you are a new mom, pregnant mom-to-be or celebrating your Mother’s Day again, Shaista Sophia, Medical Pharmacist and Founder of South Africa’s first intimate skincare range SKINSTEM™, urges women to lean into appreciating themselves, their body and their skin. …
At the end of May, South Africans will be able to purchase the new Amarok Single Cab from Volkswagen dealers. The retail of the Volkswagen Amarok Double Cab range started in South Africa on 18 March 2023 and in just two months, 710 units have already been sold in the local market. “We are pleased …
The Western Cape Minister of Finance and Economic Opportunities, Mireille Wenger, will attend the annual Africa’s Travel Indaba, in Durban, KwaZulu-Natal on 10 and 11 May 2023, which provides a global platform for the promotion of Southern African tourism products. Africa’s Travel Indaba is one of the largest tourism marketing events which showcases a wide …
“Investing in vacant land with the intention of building is one of the less common paths to homeownership in South Africa. For those with plenty of patience and very specific ideas for their dream property, however, building from scratch can offer significant benefits,” says David Jacobs, Regional Sales Manager for the Rawson Property Group. Lower …
Individuals and families who are in the wealth creation phase of their financial lifecycle may be missing out on opportunities to increase their net worth by failing to unlock the full potential of their assets. Yashika Rambujan, KZN Regional Head, FNB Premier says, unless you get a windfall or inheritance, there is no quick fix …
If you’ve always dreamed of being an entrepreneur, unleashing the next big idea on the world you will known that it’s tougher than you thought. After trying and failing to start your own business you’ve been forced down a road you never thought was for you: full-time employment. Is this the end of your journey …
Stellantis Middle East and Africa (MEA) commented on its key Full Year 2022 results and showed its progress in implementing the Company’s Dare Forward 2030 ambitious strategic (see below for more) plan for the coming decade, a plan that will drive the Company to leadership in market share, customer experience and energy transition. In September …
As we head into a brand-new year, this is the ideal time to splash out on some home upgrades to give your interior space a much-needed revamp. Kim Williams, a top Cape Town interior designer, behaviour specialist, and owner of the Kim Williams Design studio, unveils the top trends which every homeowner should know in …
Biometric identification is nothing new. It has literally become a fabric of our everyday routine, with most of us having things like fingerprint recognition readily accessible on our mobile phone to stop others from accessing our device. In the corporate world though, biometric identification plays a much more important role in fighting crime and saving …
Yachts are the ultimate plaything for the world’s super-rich and a visible symbol of wealth. About 8,000 exist in the world today, with prices starting at an eyewatering $500,000 upwards, depending on their size, year, and model. Several of these seafaring toys are built in South Africa, which is great news for the local economy, …
This morning, Minister of Finance and Economic Opportunities, Mireille Wenger, together with officials from the Department of Economic Development and Tourism (DEDAT) and key stakeholders representing the port logistics value chain, including Transnet National Ports Authority and Transnet Port Terminals, launched a new online data dashboard, co-funded by DEDAT. The dashboard gives access to live …
Greater collaboration and engagement among sector representatives, as well as wider training across the entire steel value chain in South Africa, can play a role in alleviating issues across the spectrum, including that of the availability of steel. This was one of the themes of a recent industry breakfast networking session held in Johannesburg by …
Amid increasing urgency to combat climate change, the 2022 United Nations Climate Conference brought together business leaders to discuss how corporations can take action to mitigate climate risks and the need for greater access to capital to finance the green transition globally
The Futuregrowth Community Property Fund (“Comprop”) has acquired Sam Ntuli Mall, which brings the Comprop portfolio to 24 shopping centres, with a total gross lettable area of more than 420 000m2, valued in excess of R7.3 billion. Sam Ntuli Mall is a recently developed, high quality regional shopping centre situated in the large township of …
The word of the day is likely “digestion” as investors continue to reflect on the October CPI report and also prepare for the next phase of corporate earnings that focuses on retailers.
An International Monetary Fund (IMF) team led by Ms. Suchanan Tambunlertchai, Mission Chief for the Union of the Comoros, visited Moroni during March 8 – 23 and held follow-up virtual meetings and in Washington DC during April 5 – 28, with the authorities to discuss IMF support for Comoros' macro-economic policies and reform plans.
Ms. Tambunlertchai issued the following statement today:
“The IMF team has reached staff-level agreement with the Comorian authorities on a 4-year program under the Extended Credit Facility (ECF), with requested access of SDR 32.04 million (about US$43 million). This agreement is subject to approval by the IMF Management and Executive Board, with Board consideration expected in the coming weeks.
“This is the first Upper Credit Tranche-quality program for Comoros supported by the IMF since 2013. The program will build on the recently completed Staff-Monitored Program and seek to: (i) support the authorities' fiscal consolidation efforts to create fiscal space for development needs and reduce debt sustainability risks, underpinned by fiscal structural reforms aimed at domestic revenue mobilization; (ii) strengthen the financial sector, including completing the restructuring of the state-owned postal bank SNPSF; and (iii) advance governance reforms to improve public financial management and further reduce corruption vulnerabilities.
“Comoros has been hit by several successive external shocks in recent years, including Cyclone Kenneth in 2019, the COVID-19 pandemic in 2020-21, and fallout from Russia's war in Ukraine. Economic recovery has been hampered by the lingering impact of high global commodity prices, with inflation reaching 20.6 percent and annual growth estimated at 2.6 percent in 2022. Fiscal revenues fell by 0.5 percent of GDP with external grants declining by 2.3 percent of GDP, significantly tightening financing constraints. Although considerable uncertainty remains in the global outlook, the economic recovery is expected to continue, with growth accelerating to 3 percent and average inflation declining to 10.3 percent this year.
“The government's fiscal policy is centered on a gradual medium-term fiscal consolation plan, underpinned by revenue administration, tax policy, and public financial management reforms. This strategy calls for enhanced coordination within the Ministry of Finance, and across public agencies including to mitigate fiscal risks stemming from state-owned enterprises. These reform efforts are critical to create fiscal space for much-needed investment in social development, including health and education, and infrastructure while maintaining fiscal and debt sustainability to reduce economic fragility.
“The ECF will support the authorities' effort to wind down the SNPSF and operationalize the new Banque Postale des Comores based on a business plan that will limit fiscal contingent liabilities risk. Measures to enhance the Central Bank's banking supervision and resolution capacities will ensure financial stability and a sound financial system that can promote growth and reduce poverty through greater financial inclusion.
“Continued efforts to strengthen governance and reduce corruption vulnerabilities, including the adoption of the revised anti-corruption law, will be key to improve the overall business climate.
“The IMF staff team met with H.E. President Azali Assoumani; H.E. Mzé Abdou Mohamed Chanfiou, Minister of Finance; Mr. Younoussa Imani, Governor of the Central Bank of Comoros; Mr. Fouady Goulame, Commissioner of Planning; Mr. Oubeidi Mzé Chei, Counsel to the Minister of Finance; and other officials from the Ministry of Finance and the Ministry of Economy, the National Institute of Statistics, the Social Safety Net Project, and the Pension Fund. The team also met with representatives of key state-owned enterprises, the Chamber of Commerce, and key bilateral and international partners.
“The team would like to thank the authorities for their hospitality and cooperation, and open and constructive discussions.”
Distributed by APO Group on behalf of International Monetary Fund (IMF).
