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Burundi’s spending to rise by 65% in next fiscal year

Published

2 years ago

June 12, 2023

A draft budget made public by Burndi’s Finance Ministry on Monday shows that the country expects a 65% increase in spending in the next fiscal year.

The increase is largely facilitated by donor funds and higher revenues, with spending projected to rise to 3.95 trillion Burundi francs ($1.41 billion) in the 2023/24 fiscal year from 2.39 trillion Burundi francs in 2022/23.

According to Finance Minister Audace Niyonzima, revenues and donations are expected to increase by 47% to 3.22 trillion Burundi francs in 2023/24, up from 2.19 trillion Burundi francs. The budget deficit is expected to rise from 197.4 billion to 728.9 billion Burundi francs.

Burundi’s 12-month budget calendar runs between June and July. To aid its economic recovery, Burundi received $261 million from the International Monetary Fund (IMF) for the first time in eight years in April.

The economy which has been affected by years of prolonged political conflicts largely depends on agriculture, mainly tea and coffee.

Despite the odds however, the African Development Bank rates Burundi’s economic outlook as favourable, with projected GDP growth rates of 3.6% in 2022 and 4.6% in 2023 owing to the continuing recovery of agriculture and public investment.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”