Budget | - Part 5

Mozambique: A Soft Landing in 2016 — Tiago Dionisio, Chief Economist

Mozambique’s long-term economic outlook remains upbeat Economic activity in Mozambique slowed in 2015. The latest data released by the National Statistics Bureau (INE) showed that real GDP expanded at a more modest 5.9% YoY in 2Q15. This is well below the growth rates seen in the previous four quarters, which averaged 7.4%. The mining and construction sectors remained the main growth drivers of the economy, improving 17.9% and 13.1%, respectively, from the same period of 2014….

Angolan Economy – An uphill struggle in 2015 says Chief Economist, Tiago Dionisio

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Tiago Dionisio, Chief Economist with Eaglestone Securities Lower oil prices hit 2014 GDP growth and fiscal accounts Angola is Sub-Saharan Africa’s second largest oil producer after Nigeria and its economy remains highly dependent on the oil sector. Official figures show that the oil sector accounted for nearly 37% of the country’s GDP, 98% of its total exports and more than two-thirds of government revenues in 2014. As a result, it is…

Egypt’s Draft Budget Hints at Slower Fiscal Consolidation, a Credit Negative

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Cairo, Egypt (Capital Markets in Africa) — Last Thursday, Egypt’s (B3 stable) Ministry of Finance announced the draft budget for the 2016 fiscal year that starts 1 July. The draft budget, which the cabinet approved and awaits sign-off from President Abdel Fattah el-Sisi, projects a fiscal deficit of 9.9% of GDP, down from the revised budget deficit of 10.8% during the current fiscal year. However, the budget hints at a slower fiscal consolidation pace than…

Zambia’s Midyear Budget Deficit Is Double Original Projection, a Credit Negative

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Lusaka, Zambia (Capital Markets in Africa) — On 16 June, Zambia (B1 negative) Finance Minister Alexander Chikwanda released the midyear budget update, which revealed a deficit of ZMW20 billion (roughly $2.7 billion, or around 10% of GDP) for the first six months of this year, more than double the original projection. He also sought parliamentary approval to nearly double the external borrowing limit to access international capital markets to plug the deficit. The credit-negative larger-than-expected…

Nigeria: Legislators approve 2015 ‘s Appropriation Bill

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A week after the House of Representatives passed the 2015 Budget, the Upper Chamber fulfilled its part of the Appropriation process by passing a N4.5tn budget. This is N134.4bn in excess of the N4.4tn submitted by the Executive arm late 2014. Meanwhile, recurrent expenditure was reduced slightly by N0.5bn to N2.6tn while capital expenditure was scaled down by additional N85.9bn to N557.0bn from N642.8bn proposed by the Executive arm. Effectively, this implies that recurrent expenditure…

Zimbabwe beats Q1 tax target but company tax, mining royalties fall

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HARARE (Reuters) – Zimbabwe’s tax collections were five percent above target at $897 million during the first quarter of this year but revenue from companies and mining royalties fell, the head of the national tax agency said on Sunday. Zimbabwe finances its entire budget from taxes because lenders like the International Monetary Fund (IMF) and World Bank have said they will only resume lending to the country once it clears its debts with the global…

Zambia’s 2015 fiscal deficit to exceed 4.6 pct of GDP: official

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LUSAKA (Reuters) – Zambia’s fiscal deficit will exceed the targeted 4.6 percent of gross domestic product in 2015 due to weaker copper prices and changes to the mining tax regime, a senior Treasury official said on Friday. Mike Masiye, the director of budget in the ministry of finance, said copper prices had collapsed to around $6,000 per tonne from about $6,780 when the budget was formulated. Africa’s second-largest copper producer would also lose revenue after…

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