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The World Bank has called for the scrapping of over-the-top tax-OTT. It argues that the move could boost access to coronavirus prevention messages for the vulnerable populations.This is the first the organization, a big lender to government, to be openly calling for the abolition of the tax. The World Bank says in its Uganda economic update 2020 report that the tax has not achieved its intended objective because “the tax is difficult to collect and easy to bypass by more technically-savvy users”It adds that the social media tax is instead reducing “the proportion of internet users and widening digital and income…
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The World Bank Board of Directors, yesterday, June 29th 2020 approved a $300 million (UGX1.1 trillion) budget support loan request by Uganda to boost the “Government’s capacity to prevent, detect and treat the coronavirus, protect the poor and vulnerable population, and support economic recovery.” According to a statement released by the World Bank in Washington, this Uganda COVID-19 Economic Crisis and Recovery Development Policy Financing is the first budget support operation in more than 6 years and will address the fiscal financing gap while supporting reforms that will provide immediate relief to individuals and businesses that have been most affected…
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Government of Uganda is to borrow up to USD1.51 billion (UGX5.7 trillion) from various multilateral lenders, once Parliament approves the motions tabled before it. According to a parliament brief to the Finance Committee that CEO East Africa has seen, this includes the USD491.5 million already approved by the IMF Executive Board for Uganda and is now awaiting Parliament’s ratification. In fact, according to an April 2nd 2020 motion to Parliament, government had initially planned to borrow USD 250 million from the IMF but following the May 6th 2020 decision by the IMF, the Ministry of Finance withdrew the first USD250…
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WASHINGTON, April 9, 2020—Growth in Sub-Saharan Africa has been significantly impacted by the ongoing coronavirus outbreak and is forecast to fall sharply from 2.4% in 2019 to -2.1 to -5.1% in 2020, the first recession in the region over the past 25 years, according to the latest Africa’s Pulse, the World Bank’s twice-yearly economic update for the region. “The COVID-19 pandemic is testing the limits of societies and economies across the world, and African countries are likely to be hit particularly hard,” said Hafez Ghanem, World Bank Vice President for Africa. “We are rallying all possible resources to help countries…
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