Business

BURUNDI – The Burundian government will shift to a results-oriented budget for the 2025-2026 fiscal year, moving away from previous models that focused on annual revenue, Finance Minister Nestor Ntahontuye announced Monday. Ntahontuye said the new approach will center on a project-based framework. He acknowledged challenges in past government investments, noting that unclear project...

Officials in Burundi’s Kayanza Province are grappling with a corn storage crisis as demand for last year’s harvest remains low. Corn produced in the region has been placed on the market by the National Grain and Cereal Company (ANAGESSA), but both traders and consumers are not purchasing the grain in significant quantities. Deus Babahokubwayo,...

Burundi’s Agriculture Minister Prosper Dodico has promised that coffee stocks will soon be sold at international market prices. During a visit to coffee growers in Karusi Province on Saturday, Feb. 1, 2025, Dodico explained that the delay in selling coffee was due to ongoing market analysis. “An auction sale was recently held, with some...

On the night of January 21, 2025, Burundian soldiers intercepted a large illegal fuel shipment in the Rumonge region,

World Bank Forecasts Weakest Long-Term Growth Outlook for Developing Economies Since 2000 The global economy is expected to stabilize over the next two years, but developing nations face significant challenges, according to the World Bank’s latest report on global economic prospects. The report, released on Tuesday, warns that developing economies, which account for 60%...

The International Monetary Fund (IMF) has approved the second review under Burkina Faso’s Extended Credit Facility (ECF) arrangement, unlocking an immediate disbursement of approximately US$31.4 million (SDR 24.08 million). This brings total IMF support to the country to nearly US$94.3 million (SDR 72.24 million). Despite a challenging environment marked by ongoing security risks and...

The second edition of the East African Community (EAC) Regional Quality Awards was held on 5th December in Kampala, Uganda, recognizing companies across the region for their outstanding commitment to quality standards. The ceremony highlighted the importance of quality practices in fostering business growth and contributing to sustainable development within East Africa.

The East African Community (EAC) Council of Ministers has approved an additional USD 802,126 for the completion of the new Lake Victoria Basin Commission (LVBC) headquarters in Kisumu, Kenya. The decision was made during the 46th Ordinary Council of Ministers meeting held in Arusha, Tanzania, from November 23 to 28, 2024. EAC Secretary General,...

In 2023, developing countries spent a record $1.4 trillion to service their foreign debt, as interest payments reached their highest level in two decades, according to the World Bank’s latest International Debt Report. The sharp rise in debt servicing costs, fueled by global interest rate hikes, has put significant pressure on government budgets, particularly...

Burundi’s Finance Minister Audace Niyonzima on Friday called on the Burundian Revenue Office (OBR) to intensify efforts to reverse a revenue shortfall of 110 billion Burundian francs (BIF) over the last four months, warning of significant consequences for the national budget if the situation persists.   Meeting with OBR officials, Niyonzima emphasized the...