6, August 2024
US: Kamala Harris picks Minnesota Governor Tim Walz as running mate 0
Democratic presidential candidate Kamala Harris chose Minnesota Governor Tim Walz as her vice-presidential running mate on Tuesday, according to US media.
Walz, a former US Army National Guard veteran and teacher, brings a blend of progressive policy achievements and Midwestern appeal to the Harris-Walz ticket, as they prepare to challenge Donald Trump and his running mate JD Vance in the upcoming election.
Vice President Kamala Harris picked Minnesota Gov. Tim Walz to be her running mate on Tuesday, choosing an affable longtime politician who Democrats hope can keep newfound party unity alive in a campaign barreling toward Election Day.
Harris said in a post on social media that Walz has “delivered for working families.” The two will appear together in Philadelphia at an evening rally.
8, August 2024
World Bank urges Biya regime to enhance tax collection 0
Cameroon, Central Africa’s second-largest economy, needs to strengthen its tax collection and improve public spending efficiency to boost economic growth, according to the World Bank.
Despite reducing its fiscal deficit by approximately 5 percentage points over six years to just 1.1% of GDP in 2022, largely through cuts in public investment, the World Bank emphasizes that targeted spending is crucial for sustainable growth.
“Cameroon’s fiscal consolidation was expenditure-driven, leading to low levels of public spending that hinder the provision of adequate services and infrastructure investment,” the World Bank noted in a recent report.
To enhance its economic performance, Cameroon needs a medium-term revenue strategy focused on more effective tax collection and improved allocation of resources. Social sectors like health and education have been particularly impacted by under-investment and inefficiencies.
The report also highlights the need to diversify revenue sources, as direct taxation remains low and stagnant. Cameroon’s reliance on value-added tax is compounded by underperforming international trade taxes and levies on property and forests, which cover a third of the country’s territory.
Amid rising global interest rates, borrowing costs in dollars have increased, forcing many governments to seek domestic solutions. However, Cameroon recently secured $550 million through a dollar bond sale with a yield of 10.75%, indicating an urgent need for financing despite challenging conditions.
Cameroon has faced numerous crises, including the impacts of the Covid-19 pandemic and Russia’s invasion of Ukraine. Additionally, internal conflicts have exacerbated poverty in various regions, and a decline in crude oil production has strained government revenue.
Nonetheless, the International Monetary Fund anticipates growth to accelerate from 3.3% in 2023 to 3.9% in 2024, despite a tense political atmosphere. The 91-year-old President Paul Biya, who has ruled for nearly 42 years, is expected to seek re-election in the upcoming February presidential polls, amidst increasing political repression.
Source: Bloomberg