Africa briefs
Zimbabwe's tax revenue up 29%
Zimbabwe’s tax revenue rose 29% to US$1.1 billion during the first quarter of the year, the tax agency said on Monday, citing better tax compliance and an improving business environment under new President Emmerson Mnangagwa.
The southern African nation has not been able to access foreign funding since 1999 when it defaulted on its debt, hobbling the economy and making tax collections crucial to financing the government budget.
“Gross and net revenue collections were above last year’s levels for the same period, an indication of an improving operating environment for business and effective enforcement,” Zimbabwe Revenue Authority chairperson Willia Bonyongwe said in a statement.
-Nampa/Reuters
IMF resumes lending to Chad
The International Monetary Fund said it was resuming loan disbursements to Chad after the Central African oil producer reached an agreement in principal to restructure its more than US$1 billion debt to Glencore and four banks.
Glencore and the banks lent Chad’s state oil firm about US$1.45 billion in 2014 to be repaid with crude oil cargoes but global oil prices crashed shortly thereafter.
The debt has eaten up nearly all of Chad’s oil profits — its main source of revenue — prompting tense negotiations that began last year about restructuring.
The agreement struck in February extends the maturity of the debt and provides a two-year grace period on principal payments.
Nigerian regulator lifts suspension of shares in oil company
Nigeria’s stock exchange lifted a suspension on trading in shares in oil company Oando on Wednesday, following a directive from the Securities and Exchange Commission (SEC), the stock exchange said.
Trading on Oando shares had been frozen for six months on the Lagos stock exchange. The regulatory agency ordered the suspension to investigate alleged insider trading and the oil company’s shareholding structure.
The shares resumed trading at 6.30 naira, after last closing at 5.99 naira six months ago.
The stock exchange notified Oando of the lifting by letter. It did not provide any reason.
-Nampa/Reuters
Zimbabwe in tight timeline to repay arrears
Zimbabwe stuck on Monday to its plan to clear its debt arrears by September with the aim to tap international capital markets by the end of the year, though that timeline would be “very fast-tracked.”
Zimbabwean officials met with investors in New York in search for cash that would clear about US$1.8 billion in arrears with the World Bank and the African Development Bank. Repayment would unlock more cash from the ADB and is necessary to tap other sources of development financing.
-Nampa/Reuters
South African rand edges higher against weaker dollar
South Africa’s rand edged higher early on Tuesday against a slightly weaker dollar, building on gains from the previous session.
At 0610 GMT, the rand traded at 12.0350 versus the dollar, 0.1% stronger than its New York close on Monday.
The dollar index was down less than 0.1%. On global markets, the focus shifted back to US trade policy as investors wagered that US-led attacks on Syria would not escalate into a wider conflict in the Middle East.
-Nampa/Reuters
Zimbabwe’s tax revenue rose 29% to US$1.1 billion during the first quarter of the year, the tax agency said on Monday, citing better tax compliance and an improving business environment under new President Emmerson Mnangagwa.
The southern African nation has not been able to access foreign funding since 1999 when it defaulted on its debt, hobbling the economy and making tax collections crucial to financing the government budget.
“Gross and net revenue collections were above last year’s levels for the same period, an indication of an improving operating environment for business and effective enforcement,” Zimbabwe Revenue Authority chairperson Willia Bonyongwe said in a statement.
-Nampa/Reuters
IMF resumes lending to Chad
The International Monetary Fund said it was resuming loan disbursements to Chad after the Central African oil producer reached an agreement in principal to restructure its more than US$1 billion debt to Glencore and four banks.
Glencore and the banks lent Chad’s state oil firm about US$1.45 billion in 2014 to be repaid with crude oil cargoes but global oil prices crashed shortly thereafter.
The debt has eaten up nearly all of Chad’s oil profits — its main source of revenue — prompting tense negotiations that began last year about restructuring.
The agreement struck in February extends the maturity of the debt and provides a two-year grace period on principal payments.
Nigerian regulator lifts suspension of shares in oil company
Nigeria’s stock exchange lifted a suspension on trading in shares in oil company Oando on Wednesday, following a directive from the Securities and Exchange Commission (SEC), the stock exchange said.
Trading on Oando shares had been frozen for six months on the Lagos stock exchange. The regulatory agency ordered the suspension to investigate alleged insider trading and the oil company’s shareholding structure.
The shares resumed trading at 6.30 naira, after last closing at 5.99 naira six months ago.
The stock exchange notified Oando of the lifting by letter. It did not provide any reason.
-Nampa/Reuters
Zimbabwe in tight timeline to repay arrears
Zimbabwe stuck on Monday to its plan to clear its debt arrears by September with the aim to tap international capital markets by the end of the year, though that timeline would be “very fast-tracked.”
Zimbabwean officials met with investors in New York in search for cash that would clear about US$1.8 billion in arrears with the World Bank and the African Development Bank. Repayment would unlock more cash from the ADB and is necessary to tap other sources of development financing.
-Nampa/Reuters
South African rand edges higher against weaker dollar
South Africa’s rand edged higher early on Tuesday against a slightly weaker dollar, building on gains from the previous session.
At 0610 GMT, the rand traded at 12.0350 versus the dollar, 0.1% stronger than its New York close on Monday.
The dollar index was down less than 0.1%. On global markets, the focus shifted back to US trade policy as investors wagered that US-led attacks on Syria would not escalate into a wider conflict in the Middle East.
-Nampa/Reuters
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