Corona Watch
Zimbabwe
Zimbabwe's government agreed with bakers, millers and other businesses on Wednesday to cut the prices of basic goods, including bread and sugar, to levels before the country entered a coronavirus lockdown last month amid soaring inflation.
Annual inflation in the southern African nation has hit 676.39%, one of the highest rates in the world, as a currency that was re-introduced last year weakens amid acute shortages of foreign currency, food and medicines.
Vice president Kembo Mohadi said the government had agreed with bakers, grain millers and edible oil and sugar producers, among others, that price increases seen in the last month were speculative and unjustified. – Nampa/Reuters
Kenya
Kenya's parliament on Wednesday approved a cut of 5 percentage points to the corporate income tax rate, a senior lawmaker said, part of president Uhuru Kenyatta's measures to cushion the economy from the impact of the coronavirus crisis.
Under the amendments passed by the national assembly, the income tax rate for top individual earners and corporations will fall to 25% from 30%, injecting billions of shillings into the economy to support consumption by individuals and investments by firms.
Those earning a salary of less than 24 000 shillings (US$223.99) will be exempt from paying income tax, to give them extra cash to help cope with the crisis. – Nampa/ Reuters
Tanzania
Tanzania's president John Magufuli called on international creditors on Wednesday to cancel debts owed by African nations to enable them use the savings to battle the coronavirus.
"African countries' economic capacity is not the same as that of developed countries," Magufuli told a televised meeting of top security organs. He singled out the World Bank, which has been offering new lending to nations on the continent to help them tackle the health crisis.
Tanzania spends 700 billion shillings (US$303.03 million) every month to service its debts, with close to 200 billion shillings going to the World Bank, Magufuli said. – Nampa/Reuters
Morocco
The European Bank for Reconstruction and Development (EBRD) said on Wednesday it would lend Morocco's Bank of Africa 145 million euro (US$156.92 million) to help finance small businesses hit by the coronavirus outbreak.
The coronavirus has hit most economic sectors in Morocco, stopping activity at 142 000 businesses, equivalent to 57% of all formal enterprises, with 6 300 of them closing for good, the planning agency said on Tuesday. – Nampa/Reuters
DRC
The International Monetary Fund on Wednesday announced emergency aid of US$363 million to fight the new coronavirus in the Democratic Republic of Congo, an African nation that had also been battling Ebola and militia attacks.
"DRC is experiencing a severe shock as a result of the Covid-19 pandemic," an IMF statement said.
Mineral exports, particularly to China, are the impoverished country's main revenue source. – Nampa/AFP
Zimbabwe's government agreed with bakers, millers and other businesses on Wednesday to cut the prices of basic goods, including bread and sugar, to levels before the country entered a coronavirus lockdown last month amid soaring inflation.
Annual inflation in the southern African nation has hit 676.39%, one of the highest rates in the world, as a currency that was re-introduced last year weakens amid acute shortages of foreign currency, food and medicines.
Vice president Kembo Mohadi said the government had agreed with bakers, grain millers and edible oil and sugar producers, among others, that price increases seen in the last month were speculative and unjustified. – Nampa/Reuters
Kenya
Kenya's parliament on Wednesday approved a cut of 5 percentage points to the corporate income tax rate, a senior lawmaker said, part of president Uhuru Kenyatta's measures to cushion the economy from the impact of the coronavirus crisis.
Under the amendments passed by the national assembly, the income tax rate for top individual earners and corporations will fall to 25% from 30%, injecting billions of shillings into the economy to support consumption by individuals and investments by firms.
Those earning a salary of less than 24 000 shillings (US$223.99) will be exempt from paying income tax, to give them extra cash to help cope with the crisis. – Nampa/ Reuters
Tanzania
Tanzania's president John Magufuli called on international creditors on Wednesday to cancel debts owed by African nations to enable them use the savings to battle the coronavirus.
"African countries' economic capacity is not the same as that of developed countries," Magufuli told a televised meeting of top security organs. He singled out the World Bank, which has been offering new lending to nations on the continent to help them tackle the health crisis.
Tanzania spends 700 billion shillings (US$303.03 million) every month to service its debts, with close to 200 billion shillings going to the World Bank, Magufuli said. – Nampa/Reuters
Morocco
The European Bank for Reconstruction and Development (EBRD) said on Wednesday it would lend Morocco's Bank of Africa 145 million euro (US$156.92 million) to help finance small businesses hit by the coronavirus outbreak.
The coronavirus has hit most economic sectors in Morocco, stopping activity at 142 000 businesses, equivalent to 57% of all formal enterprises, with 6 300 of them closing for good, the planning agency said on Tuesday. – Nampa/Reuters
DRC
The International Monetary Fund on Wednesday announced emergency aid of US$363 million to fight the new coronavirus in the Democratic Republic of Congo, an African nation that had also been battling Ebola and militia attacks.
"DRC is experiencing a severe shock as a result of the Covid-19 pandemic," an IMF statement said.
Mineral exports, particularly to China, are the impoverished country's main revenue source. – Nampa/AFP
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