Exchange rates are important in the global economy because they influence international trade, investments, and tourism. Understanding how exchange rates function and how they affect different sectors of the economy is critical for businesses, tourists, and governments. Exchange rates show how valuable a currency is in relation to other currencies. The strength of a country’s…
The International Monetary Fund has agreed to a funding program with six East African countries. So far, the global lender has approved the payment of $620.65 million in budgetary support for them including Rwanda, Tanzania, and the Democratic Republic of Congo (DRC). This is a small part of the commitment that totals $1.92 billion. The…
The International Monetary Fund (IMF) is a key player in global finance, offering monetary assistance to governments suffering economic difficulties. However, these loans from the IMF can have deep and varied effects on their economy. These effects are felt in some parts of Africa, particularly in regions where the debt is unsustainable. Typically as a…
A growing number of African countries have found themselves caught in the challenging web of debt distress, a predicament exacerbated by the COVID-19 pandemic, and global economic downturn. These problems have presented governments on the continent with stark choices needed in funding their economy. As a result, nearly half of Africa’s countries face difficulties making…
Google has agreed to settle a consumer privacy lawsuit seeking at least $5 billion in damages over allegations it tracked the data of users who thought they were browsing the internet privately. The object of the lawsuit was the “incognito mode” on Google’s Chrome browser that the plaintiffs said gave users a false sense that…
The High Court in Kampala has issued an order declaring that Bank of Africa was in breach of contract when it froze the account of Victoria Candles Limited after receiving 1.7 billion Shillings. The Court on Tuesday presided over by Civil Division Judge Musa Ssekaana also ruled that withholding the company’s money or funds and…
When it comes to flying, there are unspoken rules of etiquette that can make a significant difference in the comfort and experience of both yourself and your fellow passengers. In a survey conducted by the travel search engine Kayak, 1,000 people were asked about these unspoken rules, revealing valuable insights into proper aeroplane etiquette. Here…
Uganda Revenue Authority embarked on the process of amending its valuation database to ensure uniformity in the customs values of imported goods. To ensure smoothness in this process, the tax body reached out to different stakeholders to get their input. It was against this background that URA met with representatives from the textile industry. The purpose…
Uganda has reopened a key bridge on an international highway connecting it to four other countries. The Katonga bridge, destroyed by flash floods in May, was restored and upgraded by Chinese Communications Construction Company (CCCC). The bridge is on the highway connecting Uganda with Tanzania, Rwanda, Burundi and the Democratic Republic of the Congo. Allan…
Uganda Revenue Authority (URA) says the government must reduce unnecessary expenditure to increase the tax-GDP (Gross Domestic Product) ratio. Ibrahim Bbossa, URA’s Assistant Commissioner, of Public and Corporate Affairs, says Uganda’s tax-GDP ratio is low, standing at 14%. He says Uganda must aim at increasing the ratio to at least 20% and to achieve this,…
