Category Archives: Finance

african

African Development Fund invests more than $6 million to strengthen public finance governance in African countries

The Board of Directors of the African Development Fund have approved a grant of $6.12 million to help strengthen public finance governance in low-income African countries.카지노사이트

The funding is for Phase 2 of the Regional Institutional Support Project in Public Finance Governance (RISPFG) which will be implemented by two pan-African institutions: the African Tax Administration Forum (ATAF) and the Collaborative Africa Budget Reform Initiative (CABRI). The grant, which was formally approved on 3 November 2022, will b e distributed as follows: $3.90 million to support the continent’s tax administration reforms and domestic resource mobilisation efforts through support to ATAF and $2.22 million to support budget reforms and strengthen public finance management through CABRI.

This project is a follow-on to a first phase approved by the African Development Bank in 2016 and successfully closed in September 2021 with both institutions (ATAF and CABRI). The project’s overall objective is to improve domestic resource mobilisation and public financial management in recipient countries, and help strengthen their efforts towards sustainable, inclusive growth and development. More specifically, it aims to improve African tax systems through technical capacity building, strengthening public financial management capacities and the integration of gender and climate change into taxation and public financial management. The project will also help countries build a common position and a stronger voice for the continent on regional and global platforms.

Abdoulaye Coulibaly, Director of the Governance and Public Financial Management Coordination Office at the African Development Bank, said that in addition to development results, the project also aimed to strengthen the resilience of national systems to various shocks, improve disaster preparedness and encourage the transition to low-carbon economies, through climate-smart budgeting and fiscal policies.

“The project will contribute to strengthening the actions of the Public Financial Management Academy, a virtual capacity building platform for African countries across the cycle and ecosystem of public financial management created in August 2022 by the Bank”, said Coulibaly said.바카라사이트

The project will help the countries of the African Development Fund who are members of the two implementing organisations. Their tax administrations as well as officials from ministries of finance will benefit from capacity building. The project will contribute to the development outcomes of the African continent and the achievement of various commitments, including financing for development, Agenda 2063 and Sustainable Development Goals. It will be implemented over a three-year period.

About the African Tax Administration Forum (ATAF)

The African Tax Administration Forum is an intergovernmental organisation composed of 40 African member states. Founded in 2009, its aim is to strengthen more effective and efficient tax systems in Africa, in order to reduce aid dependency, improve fiscal governance, reduce poverty and improve the daily lives of African citizens. In more than a decade of existence, it has been recognised globally and regionally as an expert institution, technical leader and authoritative voice on tax matters. Its secretariat is based in Pretoria, South Africa.

About the Collaborative Africa Budget Reform Initiative (CABRI)

Established in 2009, the Collaborative African Initiative on Budget Reform is an intergovernmental organisation that includes 17 African countries. Its mission is to strengthen the capacity of civil servants to implement reforms that ensure that public financial resources are managed with integrity, transparency and accountability. It serves as a learning and exchange platform for African Ministries of Finance, Budget and Planning. It currently works with more than 35 countries. The CABRI secretariat is also based in Pretoria, South Africa.온라인카지노

the

New UK finance minister Hunt scraps tax cuts, reins in energy support

LONDON -New finance minister Jeremy Hunt scrapped Prime Minister Liz Truss’ economic plan and scaled back her vast energy subsidy on Monday, launching one of the biggest U-turns in British fiscal policy to stem a dramatic loss of investor confidence.카지노사이트

Tasked with halting a bond market rout that has raged since the government announced huge unfunded tax cuts on Sept. 23, Hunt has now reversed all of the policies that helped Truss to become elected as prime minister just under six weeks ago.

Her spokesman denied that Hunt was now running the country after his new strategy, that will also include spending cuts, sent the pound soaring against the dollar and government bond prices to start to recover from a three-week pounding.

“I remain extremely confident about the UK’s long term economic prospects as we deliver our mission to go for growth,” Hunt said in a televised clip. “But growth requires confidence and stability, and the United Kingdom will always pay its way.”

Under the new plan, most of Truss’ 45 billion pounds of unfunded tax cuts will go and a two-year energy support scheme for households and businesses – expected to cost well over 100 billion pounds – will now only run until April.

After that the government will review the best way forward, to come up with a targeted scheme that will “cost the taxpayer significantly less than planned”.

Hunt said the planned tax cut changes would raise 32 billion pounds ($36 billion) every year. The pound soared by as much as 1.4% to a session high of $1.1332 after the statement.

Truss said she was now charting a new course for growth, but one that would protect stability. “We have taken action to chart a new course for growth that supports and delivers for people across the United Kingdom,” she said on Twitter.

Fighting for survival
The latest crisis to hit the British shores started on Sept. 23, when new prime minister Truss and her-then finance minister Kwasi Kwarteng announced 45 billion pounds of unfunded tax cuts to snap the economy out of years of stagnation.

But the response from bond investors who would fund the plan was so violently negative that borrowing costs surged and lenders pulled mortgage offers. Eventually the Bank of England had to step in to prevent pension funds from going under.

After reversing one tax cut, Truss fired her long-time friend Kwarteng on Friday and installed Hunt, the former health and foreign minister, to cut others.

Adding to the pressure, the Bank stuck to its schedule of ending its support on Friday, meaning Hunt had been racing to reverse policies and find spending cuts to appease the markets and prevent borrowing costs from rising further on Monday morning.

Despite Monday’s rally, the damage to gilts endures. The yield on the 10-year gilt is still some 46 basis points above its closing level on Sept. 22, the day before the “Growth Plan” shocked markets. While yields for comparable German and U.S. bonds have increased over the same period, the hit to British debt remains especially severe.

Truss’s spokesman was asked at a daily briefing how the prime minister could retain any credibility after she reversed course on the programme that secured her election by party members.바카라사이트

He said she was listening to the public, her colleagues and to the advice of the markets. “She is making the necessary difficult decisions to change our approach so we can provide the economic stability and maintain that stability of leadership which is important as well,” he said.

Her about-turn has angered those lawmakers who supported her, and further encouraged those who opposed her to try to find a way of getting her out of power.

The fourth British prime minister in six years, she was only formerly appointed to the role on Sept. 6.

Already a handful of her lawmakers have said she must go. Rachel Reeves, the finance spokesperson for the opposition Labour Party, said the Conservative government was no longer capable of providing stability.

“The Conservatives have lost all credibility,” she said.

While Hunt had been expected to reverse some of the tax cuts, the change to the energy support scheme came out of the blue.

Truss had announced a two-year subsidy scheme to support households and businesses through the period of surging energy prices, which would cost 60 billion pounds in six months alone. Hunt said on Monday that the scheme would now run until April, but become more targeted after that.

The new finance minister would still deliver a fuller medium-term fiscal plan as scheduled on Oct. 31, alongside forecasts from the independent Office for Budget Responsibility, the Treasury said.온라인카지노

Singapore

Singapore outlines financial services overhaul with eye on green finance boom

SINGAPORE, Sept 15 (Reuters) – Singapore announced plans on Thursday to overhaul its financial services industry by 2025 in a bid to cement its position in a “key battleground” to fight climate change, mobilising capital to support sustainable financing and green fintech.카지노사이트

The ‘Industry Transformation Map 2025’ plans released by the Monetary Authority of Singapore (MAS), the city-state’s central bank, will include measures to streamline corporate structures used by investment funds, including family offices, that offer tax breaks, and a S$400 million ($285 million) investment in local talent within the industry.

The broad plans, for which full details have yet to be announced, come with Singapore’s allure as a finance hub in Asia growing amid prolonged COVID-19 curbs and concern about mainland China’s growing scrutiny of rival Hong Kong.

“If we do this right, our financial centre will continue to stay relevant and competitive, and be a key global financial node that connects global markets, supports Asia’s development, and serves Singapore’s economy,” said Lawrence Wong, Singapore’s deputy prime minister and finance minister.

Wong said during a media briefing that there was “growing interest” among high-net-worth individuals and family offices to do more in the field of philanthropy.

The MAS projects its new plans will see Singapore’s financial sector grow by an average 4% to 5% a year from 2021 to 2025, and create 3,000-4,000 net jobs on average each year.

The plans include a S$100 million fund over five years to support sustainability within the finance sector such as green fintech, new sustainable financing solutions and reinsurance.바카라사이트

Wong said Asia was a “key battleground” to fight climate change. “The financial sector must do its part – to mobilise capital through financing and investments that support the region’s transition to net zero,” he said.

Under the plans, the corporate structure used by investment funds including family offices called Variable Capital Companies (VCC) will be “enhanced”, though details on the enhancements won’t be announced until a later stage. VCCs were first introduced in 2020 and offer tax exemptions.

MAS said it had received requests to improve the VCC framework so more industry participants and asset owners can set up VCCs and convert of existing company structures into VCCs.

“The asset management industry in Singapore has continued to do well in recent years, and registered healthy growth in spite of the pandemic. We continue to see inflows from diversified sources outside Singapore, including North America, Europe, North Asia and Southeast Asia,” MAS said.온라인카지노