DRC battle against M23 strains public finances, says IMF
An escalation of fighting in eastern Democratic Republic of Congo (DRC) has strained the Central African nation's public finances, the International Monetary Fund (IMF) said on Tuesday.
Rwanda-backed M23 rebels have staged an unprecedented advance in eastern DRC this year, triggering a fresh cycle of violence in a decades-long conflict in a region rich in minerals including tantalum and gold.
The rebels seized Goma, eastern DRC's largest city, in late January and Bukavu, the area's second-largest, weeks later.
The closure of revenue collection offices in M23-controlled regions, combined with measures to ease living costs by exempting basic food products from customs duties and value-added tax, "have led to a revenue shortfall", the IMF said in a statement after a visit to DRC's capital Kinshasa.
Elevated security spending has also put pressure on the budget, the statement said. The finance ministry announced in March it was doubling salaries for soldiers and police in an apparent bid to boost morale.
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eNCA
10 hours ago
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Gaza rescuers say Israel fire kills 36, six of them near aid centre
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Civil defence spokesman Mahmud Bassal told AFP that at around 7:00 am (0400 GMT), "six people were killed and several others wounded by the forces of the Israeli occupation near the Al-Alam roundabout", where they had gathered to seek humanitarian aid from the distribution centre around a kilometre (a little over half a mile) away. Palestinians have congregated at the roundabout almost daily since late May. AFP is unable to independently verify the tolls compiled by the civil defence agency or the circumstances of the deaths it reports. Samir Abu Hadid, who was there early Saturday, told AFP that thousands of people had gathered near the roundabout. "As soon as some people tried to advance towards the aid centre, the Israeli occupation forces opened fire from armoured vehicles stationed near the centre, firing into the air and then at civilians," Abu Hadid said. - Activist boat nears Gaza - The GHF, officially a private effort with opaque funding, began operations in late May as Israel partially eased a more than two-month-long aid blockade on the territory. UN agencies and major aid groups have declined to work with it, citing concerns it serves Israeli military goals. On Saturday, the health ministry in Hamas-run Gaza said that the overall toll for the Gaza war had reached 54,772, the majority civilians. The UN considers these figures reliable. The war was sparked by Hamas's October 2023 attack on Israel, which resulted in the deaths of 1,218 people on the Israeli side, mostly civilians, according to an AFP tally of official figures. Israel has come under increasing international criticism over the dire humanitarian situation in Gaza, where the UN warned in May that the entire population was at risk of famine. The aid boat Madleen, organised by an international activist coalition, was sailing towards Gaza on Saturday, aiming to breach Israel's naval blockade and deliver aid to the territory, organisers said. "We are now sailing off the Egyptian coast," German human rights activist Yasemin Acar told AFP. "We are all good," she added. In a statement from London, the International Committee for Breaking the Siege of Gaza -- a member organisation of the flotilla coalition -- said the ship had entered Egyptian waters. The group said it remains in contact with international legal and human rights bodies and warned that any interception would constitute "a blatant violation of international humanitarian law". 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19 hours ago
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President Cyril Ramaphosa said recently that his US counterpart Donald Trump, has agreed that the US should continue playing a key role in the G20. Image: Supplied/GCIS IN 2025, South Africa assumed the presidency of the G20, becoming the first sub-Saharan African nation to lead the world's most influential economic forum. This milestone comes at a critical juncture for both the global economy and the African continent. Against the backdrop of widening inequality, climate instability, and calls for more equitable global governance, South Africa's leadership offers an opportunity to reshape international economic priorities through a lens of inclusivity, resilience, and long-term development. Under the theme Solidarity, Equality, and Sustainability, South Africa has used its presidency to elevate issues that have long defined the Global South — access to infrastructure finance, food security, digital transformation, and institutional reform. With the G20 representing 85% of global gross domestic product (GDP), 75% of world trade, and two-thirds of the global population, this platform provides unparalleled leverage to influence how capital flows, how development is financed, and how emerging markets can take a more active role in setting the rules of the global economy. South Africa has set the tone for a presidency driven not by rhetoric but by results. The presidency includes chairing more than 200 meetings of ministers, officials, and international organisations such as the IMF and World Bank, culminating in a summit of Heads of State and Government. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ These engagements are already shaping discourse on sustainable economic recovery, digital infrastructure, climate resilience, and more equitable access to capital. South Africa has used its platform to champion the unique challenges faced by developing economies, particularly in Africa, while pushing for systemic reforms in global economic governance. One of the core priorities for South Africa's G20 presidency is expanding access to capital for infrastructure — a pressing concern not only for South Africa but across the African continent. Africa's infrastructure deficit, estimated at more than $100 billion (R1.8 trillion) a year, continues to hinder growth, integration, and competitiveness. Traditional funding models — reliant on sovereign debt or limited public resources — are insufficient to meet the scale of need. South Africa is advocating for blended finance structures that combine concessional funding from development institutions with private sector investment. These models help reduce investor risk while crowding in private capital for long-term infrastructure projects in transport, energy, water, and telecommunications. The G20 Infrastructure Working Group, under South Africa's chairship, is pushing for reforms that make such finance more accessible, transparent, and catalytic. A key focus has been on improving credit enhancement tools, lowering the cost of capital for African countries, and standardising project preparation processes to improve bankability. South Africa's National Treasury and development finance institutions are leading by example, offering replicable models in renewable energy and logistics. South Africa's ability to lead on financial innovation is underpinned by the strength of its own financial services sector. Recognised globally for its stability and sophistication, the South African banking system is one of the most advanced in emerging markets. Institutions such as Standard Bank, FirstRand, Absa, and Nedbank operate with robust capital buffers, strong governance, and active engagement in infrastructure finance across the continent. 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With shifting climate patterns and increased food insecurity, the G20 is being mobilised to focus on food systems that are both productive and climate-resilient. South Africa is drawing attention to the dual role its agricultural sector plays — as a food supplier to the region and a testbed for climate-smart technologies. Investments in irrigation, transport logistics, cold chains, and digital platforms for farmers are being showcased as scalable models. The presidency is calling for greater investment in regional food corridors and cross-border agricultural trade to bolster food security. Beyond finance and development, South Africa's G20 presidency is a call for structural reform. The current architecture of global economic governance — from the IMF to credit rating agencies — remains skewed toward the interests and assumptions of high-income countries. South Africa has been vocal in calling for a more balanced and inclusive system. 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TimesLIVE
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Ethiopia's cabinet approves 31% budget increase for 2025/26
Ethiopia's cabinet has approved a nearly 2-trillion birr (R265.12bn) budget for the 2025/26 financial year starting in July, a 31% increase from the previous year, the prime minister's office said on Thursday. The East African nation, which struck a four-year deal with the International Monetary Fund (IMF) last July, is in the midst of far-reaching economic reforms, including the floatation of its birr currency and a push to restructure its debt. Last week Ethiopia and the IMF reached a staff-level agreement on the third review of the $3.4bn (R60.83bn) loan programme from the lender. The 2025/26 budget will support national security, increase production and productivity, and help people affected by disasters, the prime minister's office said in a statement, adding that it will be sent to the parliament for approval. In June last year Ethiopia set spending for 2024/25 at 971.2-billion birr (R128.74bn), and in November said it planned to spend a further 581.98-billion birr (R77.15bn) to help subsidise costs of fertiliser, oil, fuel and medicine.
