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In a bid to recover outstanding debts in taxes from companies and citizens making up its tax base, Kicukiro District has embarked on building a database for its tax information.
THE unpalatable fact is that the Republic of Zimbabwe is virtually bankrupt. As at December 1 2008, Zimbabwe's external debt stood at US$5, 255 billion, with a current account balance of US$597 million.
AS the recession starts to bite, Namibians ran up bad debts of more than N$1 billion with banks from January to March, eight per cent more than in the last quarter of 2008.
LEISURE and lifestyle property group Pinnacle Point said yesterday discussions were under way with its stakeholders and lenders to restructure debt facilities and recapitalise the group.
Nigeria's current debt portfolio has been described as being very healthy considering the fact that as at end of May 2009, its external debt stock stood at about USD3.6 billion or a little below 10 percent of the Gross Domestic Product (GDP), while the domestic debt stock was about N2.48 trillion or about 2 percent, which is healthy compared to the critical threshold of about 45 percent.
IN another blow to the country's reconstruction programme, three leading financiers have said Zimbabwe's inability to pay its arrears means that it cannot get more funds from lenders.
The Senate has given President Umaru Musa Yar'Adua the go-ahead to give a US$10 million soft loan to the Democratic Republic of Sao Tome and Principe.
Uganda's foreign debt has been doubling immediately after waivers, a new report by Parliament's budget committee has revealed.
AN old saying has it that to whom much is given much is expected. The Peoples Democratic Party (PDP), truly the largest party in Africa, does not seem to understand the full weight of the responsibility which being the ruling party in Nigeria in her first ever 10 years of unbroken democracy imposes on it.
The Nigerian Aviation Handling Company (NAHCo) has disclosed that airlines operating in the country are owing the ground handling companies in the country about a billion naira, just as it warned that time is running out for the airlines.
The Federal Government has said that it has renewed its plan to borrow $500 million (about N75 billion) from the international capital market, months after jettisoning the plan.
The Federal Government yesterday shifted from the Western countries and requested China to raise a $500 million bond to finance the budget deficit.
The Conference of Nigeria Political Parties (CNPP) has expressed outrage over the Federal Government's plan to obtain $1bn World Bank loan under the Low Income Countries Under Stress (LICUS).
Accountant-General of Ogun State, Babatunde Salau, may have avoided the hangman's noose after all.
Today advocacy organizations and debt relief campaigners welcome the reintroduction of the Stop Very Unscrupulous Loan Transfers from Underprivileged Countries to Rich, Exploitive Funds or "Stop VULTURE Funds" Act (H.R. 2932) This bill, introduced in the House of Representatives, is designed to protect developing nations from lawsuits by so-called Vulture Funds.
The Board of the World Bank yesterday approved N173.4 billion (about $1.02 billion) International Development Association (IDA) credit for four major projects in Nigeria including power and gas projects, HIV/AIDS reduction, malaria booster project and secondary school education project in Lagos State.
The World Bank's top policymaker on debt management, Carlos Braga, met with officials from the Commonwealth Secretariat last week to discuss joint action on the world financial crisis including a pioneering new Debt Management Facility to help indebted countries.
MR. KWAKU Kwarteng, a government spokesperson on Finance in the Kufuor administration has blamed the NDC government for the rising cost of food and basic items, which situation he attributed to the 37% rise in the price of fuel over the last six months.
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