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Sierra Leone on July 1st introduced a new family of banknotes, stripping three zeros off the leone, in a bid to restore confidence in the inflation-hit national currency. "We have removed three zeros from our banknotes, but the money yesterday is the same value as today", President Julius Maada Bio said at ceremonies at the central bank where the new bills were unveiled. "Our current currency is too big to fit into a wallet and we spend too much money printing oversized banknotes", Kelfala Murana Kallon, the central bank governor, told reporters in August 2021 as he announced the move. [Extracted from the article]

The 2024 African Development Bank (AfDB) annual meetings took place in Nairobi, Kenya, under the theme of "transforming Africa." Kenyan President William Ruto criticized the global financial system for imposing higher borrowing rates on African countries due to an "unjust" system. AfDB President Akinwumi Adesina echoed this sentiment and emphasized the need for double-digit economic growth to address poverty and create jobs. The AfDB approved a $117 billion General Callable Capital Increase to meet development finance needs and maintain lending capacity. The Bank also approved Morocco's Country Strategy Paper for 2024-2029, focusing on inclusive growth and resilience to external shocks. The AfDB has supported various initiatives in Morocco, including improving access to drinking water, modernizing health infrastructure, enhancing transportation, and developing renewable energy sources. Furthermore, the Bank has committed $2 billion over 10 years to clean cooking solutions in Africa, with the aim of primarily benefiting women and children. Additionally, the AfDB has granted loans to Ethiopia to boost youth and women-led businesses, Mauritius to support economic recovery post-COVID-19, and Zimbabwe to enhance intra-African trade. [Extracted from the article]

The African Development Bank (AfDB) has approved the Country Strategy Paper (CSP) for Zambia for 2024-2029. The CSP focuses on two priority areas: boosting the development of the private sector through investments in infrastructure and developing the country's agricultural value chain. The Bank's interventions will include expanding the road and rail network, improving access to water and sanitation facilities, and supporting the agricultural sector. In addition, the AfDB has signed a loan agreement with the Fonds d'équipement communal (FEC) in Morocco to fund sustainable infrastructure projects, and a Trade Finance Transaction Guarantee Facility with NMB Bank Limited Zimbabwe to unlock trade finance opportunities for Zimbabwean small and medium-sized enterprises. These initiatives aim to improve livelihoods, create job opportunities, and support economic growth in the respective countries. [Extracted from the article]

On the same day Privinvest served its papers on Nyusi, B Swiss b bank Credit Suisse was being fined $475m for "fraudulently misleading investors" and corruption over its part in issuing the loans. President Filipe Nyusi is being sued in London by a firm at the centre of a $2 billion loan scandal that plunged his nation into financial crisis. The deals were made before Nyusi was elected and Privinvest has denied bribery to win the contracts, arguing its payments were political donations that were legal in Mozambique at the time. [Extracted from the article]

The sale, only the second by Rwanda, at an interest rate of 5.5%, follows lower than expected interest rates on paper issued by B Ghana b and B Benin b in July, and dollar debt sales by B Cameroon, Kenya b and B Senegal b in June. But emerging markets analysts Tellmer say that there is "generally strong investor buy-in to Rwanda's growth and reform story, despite a high and rising debt burden" adding that "we view the issuance as a positive signal for Rwanda's debt management". Rwanda became the latest African sovereign to benefit from money markets issuing US$620m of international bonds on August 2nd. [Extracted from the article]

The African Development Bank (AfDB) has signed a €100m risk-sharing agreement with Attijariwafa bank Europe to strengthen businesses and trade across Africa. This agreement is expected to catalyze nearly €500m worth of trade for companies operating in over twenty African countries, diversify production capacity, generate higher tax revenues, and create new jobs. The AfDB has also formalized a new Financial Framework Partnership Agreement with the European Commission to boost investments in infrastructure projects in Africa, with the EU supporting the African continent with €150bn worth of investments. Additionally, the AfDB has approved investments in Seedstars Africa Ventures, a venture capital fund that focuses on innovative African businesses, and launched projects to bolster food security in Burkina Faso and support the development of the Democratic Republic of Congo. Lastly, the AfDB has approved a new five-year Country Strategy Paper for Kenya, focusing on private sector-driven growth through infrastructure development, strategic reforms, and human capital development, and pledged increased financing to South Sudan to address its development needs. [Extracted from the article]

The African Development Bank (AfDB) has revised its macroeconomic forecast for Africa, citing inflationary pressures and challenges such as Covid-19, geopolitical tensions, climate shocks, and limited fiscal space. Inflation is projected to average 18.5% and 17.1% in 2023 and 2024, respectively. The bank recommends implementing restrictive monetary and fiscal policies to contain inflation in the short term, while also investing in human capital and infrastructure for long-term sustainable development. The AfDB has introduced a $1 billion insurance facility to protect farmers from climate change impacts and received pledges of over $175 million for climate-aligned infrastructure projects. The Africa Investment Forum generated significant investment interest, and Germany has pledged €4 billion for Africa's green energy. The AfDB is prioritizing private sector development and has approved a Country Strategy Paper for Malawi, focusing on economic infrastructure and agriculture value chains. The Bank has also granted loans to several countries to support economic recovery and development programs. [Extracted from the article]

I (Rwandan franc 1000 = £0.77/$0.96/€0.90) i B The aim is to return growth to pre-pandemic levels. b The government of Rwanda is expected to spend an estimated Rwandan francs 4,658.4bn in the next fiscal year (2022/2023), representing an increase of Rwf217.8bn or 4.7% compared to Rwf4,440.6bn of the revised budget of the current fiscal year. The disclosure was made on May 19th by Uzziel Ndagijimana, minister of finance and economic planning, while presenting the 2022-2023 Budget Framework Paper, and the annual budget estimates to both chambers of parliament. While presenting the proposed financial plan to legislators, Ndagijimana said that the next financial year budget, which will start on July 1st, 2022, will focus on the implementation of government strategies meant to resuscitate the economy from the Covid-19 pandemic so that it reaches the pre-pandemic growth level. [Extracted from the article]

The African Development Bank (AfDB) has entered into a Risk Participation Agreement with Attijariwafa bank in Morocco, providing €100 million to support local banks in financing small and medium-sized enterprises (SMEs) in Africa. This agreement aims to address the reduction in commitment levels from international banks due to perceived high African risk. The AfDB has also approved a Country Strategy Paper for Congo, focusing on sustainable infrastructure development, value chains, and human capital improvement. Additionally, Egypt has issued a 3-year Sustainability Panda Bond worth RMB 3.5 billion with the support of the AfDB, becoming the first African country to tap into Chinese capital markets. South Africa's Absa Group Limited has received financial support from the AfDB for sustainable lending activities, including support for women and youth-owned enterprises. The AfDB has also provided loans to Cameroon for road infrastructure development and to Ghana for fiscal consolidation and economic recovery. [Extracted from the article]

On April 4th Zimbabwe's central bank announced that it had raised its benchmark interest rate to 80% in a bid to rein in inflation worsened by the war in B Ukraine b . The central bank also announced on April 6th that it will introduce a new 100-dollar note, its highest paper money denomination, according to a government notice, but the bill is just enough to buy a half a loaf of bread. The Reserve Bank of Zimbabwe said it had "noted that global inflation was on the increase as a consequence of the on-going Russia-Ukraine conflict which had secondary pass-through effects on domestic and international prices". [Extracted from the article]

Djibouti claimed the concession agreement largely favoured the DP World, which operates a series of container terminals around the world. The London-based arbitration tribunal awarded DP World up to US$200m in financial damages suffered following the termination of its concession to operate three terminals at the Port of Djibouti.The arbitral tribunal of the London Court of International Arbitration (LCIA) settled the award claim for $200,752,000 in interim damages to DP World and joint venture company Doraleh Container Terminal, according to court papers. Djibouti: Djibouti has lost a landmark arbitration case against DP World after a prolonged case following its arbitrary termination of a concession agreement. [Extracted from the article]

Both China and African countries "have a right to development", the document said, referring to concerns that restrictions on fossil fuels will harm poor countries. I AFP (30/11) i reported that China promised to help African countries overcome Covid-related economic woes "without imposing its will", faced with accusations that it often plays a coercive role on the continent. The November 30th joint declaration said that China would not interfere in the "development path" set by African countries and that it would also refrain from "imposing its will on Africa". [Extracted from the article]

Somalia's cabinet has endorsed a $28m increase in the government's budget for 2022 to $699m, with most of the state's expenditure expected to be met by the international community, the privately-owned Goobjoog news website reported. (Goobjoog website 1/11) Puntland State Budget 2020-21 Approved: The president of Puntland State, Sa'id Abdullahi Deni, has presided over the weekly cabinet meeting in which the regional budget of $354,039,039 was approved. The cabinet also approved the military assistance policy and the Livestock Sanitation Act during the meeting, which was also attended by Vice-President Ahmed Elmi Osman Karash. [Extracted from the article]

According to the website, the price of rice was likely to shoot up after B India b , Kenya's major supplier, on July 20th banned its exports to ensure adequate domestic availability. B The block on the 2023 Finance Act is lifted, pending a final ruling. b The Kenyan government and the opposition Azimio coalition were set to continue talks on August 14th in a bid to end heightened political tensions over electoral reforms, recent tax hikes and the rising cost of living, I Capital FM i reported. [Extracted from the article]

Beach sand minerals comprise seven different minerals namely ilmenite, rutile, zircon, garnet, sillimanite, monazite and leucoxene. B Cabo Verde: b The Supreme Court of Justice has nullified a government decree authorising sand mining in Fonte Bila Beach, Fogo Island, southern Cabo Verde, French public radio I Radio France Internationale i reported on June 30th. [Extracted from the article]

The AWF is raising millions of euros to develop investments that will accelerate public and private sector financing of the water sector and deployment of innovation to improve service delivery. B African Water Facility: b The United States Agency for International Development ( B USAID b ) has committed $3m to the African Water Facility B (AWF) b . I (afdb.org 19/6) i B Kenya: b The AfDB has approved an equity investment of €18m in the Africa Guarantee Fund (AGF) and another €1.2m to support youth and women entrepreneurs engaged in agricultural value chains in Kenya. [Extracted from the article]

B Central African Republic: b Nearly 9,700 B Sudanese b refugees fleeing war and destruction at home had crossed over to the Central African Republic (CAR), privately owned newspaper I L'Hirondelle i reported on May 24th. The southern African country hosts about 52,000 refugees, many of them from B DR Congo b , Burundi and Rwanda, according to the UN. Even before the conflict erupted, Chad - one of the poorest countries in the world - was sheltering 588,000 refugees, including 409,000 Sudanese who were mainly from the western region of Darfur, UNHCR said. [Extracted from the article]

Biden signed an executive order on May 4th that broadens authority to impose sanctions on those responsible for "threatening the peace, security, and stability of Sudan" and "undermining Sudan's democratic transition", the US leader said in a statement without naming potential targets. In a briefing on May 1st, the top UN aid official in Sudan, Abdou Dieng, warned that the situation was turning into "a full-blown catastrophe". Agnes Nandutu, State Minister for Karamoja Affairs, was among 26 ministers and 31 legislators named in connection with the case, which unusually for a corruption scandal involving high-profile figures has drawn an earnest response from the government. B As war takes hold, humanitarian concerns are raised. b Fierce fighting between rival generals raged in Sudan on May 2nd despite a truce, as warnings multiplied of the potential for a "catastrophic" humanitarian crisis with hundreds of thousands of refugees. [Extracted from the article]

B Burkina Faso: b Eleven mining sites have stopped activities in Burkina Faso as insecurity takes its toll, the privately-owned I Le Faso i website reported I (13/4) i . In 2019, for instance, only 40% of mining firms fully complied with mining standards. Of these, 20 are large-scale mining licences, 71 are medium-scale mining licences and 41 are small-scale mining licences. [Extracted from the article]

In another interview with pro-government TV host Amr Adeeb, Maait said there is "clear prejudice" against Egypt. B The Fitch Ratings move is deemed to be politically motivated. b Egyptian local media outlets have discussed a recent report by finance and insurance company Fitch Ratings in which it downgraded the country's credit rating. [Extracted from the article]

It was the latest migrant tragedy off North Africa, after a migrant boat sinking earlier in April west of Tripoli killed at least 34 people. B A diplomatic spat breaks out over deported migrants. b Comoros said on April 24th it had refused to allow a boat carrying migrants from B Mayotte b , where French authorities have announced a controversial operation against illegal migrants, to dock. With 920% more migrants reaching Italy from Tunisia in the first three months of 2023 than in the same period in 2022, Tunisia has replaced neighbouring B Libya b as the top departure point for migrant boats arriving in Italy. [Extracted from the article]

I (RFI Portuguese website 24/3) i B South Africa: b The government on April 5th terminated the State of Disaster it implemented just two months previously to deal with the country's rolling power blackouts energy crisis. B Benin: b The World Bank Group on March 24th approved US$100m in financing from the International Development Association ( B IDA b ) to strengthen the social protection system and expand the coverage of poor households in the productive social safety net. The government noted that after the state of disaster was declared, a range of regulations were put in place to support the Energy Action Plan and ensure an integrated response across government. It is rare for such a senior official to face prosecution for graft and Kitutu is the highest-profile government figure hauled before the corruption court in years. [Extracted from the article]

B The Gulf state stands accused of "non-cooperation" in the affair. b A Dubai court has dismissed a request to extradite Atul and Rajesh Gupta who were arrested in June 2022 in connection with money laundering, fraud and corruption charges in South Africa. SOUTH AFRICA - UAE: Gupta Extradition Refused I (© AFP 7/4 2023) i IN BRIEF B Algeria - Uganda: b The two countries signed two Memorandums of Understanding (MoUs) and five bilateral agreements on March 12th during a state visit by Uganda's President Yoweri Museveni to Algeria, state news agency I APS i reported. [Extracted from the article]

B Corruption at the top is fuelling Eskom's woes. b The South African authorities on February 22nd removed from office the power utility firm Eskom's chief a month before completing his notice following his resignation in December 2022, privately-owned I Daily Maverick i website reported I (23/2) i . I (africabusinesscommunities.com 23/2) i B Senegal: b The African Export-Import Bank (Afreximbank) and the Senegalese electricity company Ndar Energies S.A. have signed a framework agreement to finance the development of a 250-megawatt combined cycle gas turbine power plant and a gas pipeline in Saint Louis, Senegal, for an amount of €430m. CEO André De Ruyter was "released from his position with immediate effect" following an interview with I e.TV i where he alleged the cabinet had knowledge of corruption at the power firm. [Extracted from the article]

B The disbursement of funds to provide budgetary support is approved. b On December 16th the Executive Board of the International Monetary Fund (IMF) approved a 46-month arrangement under the Extended Fund Facility (EFF) for Egypt in an amount of about US$3bn. The CBE's Monetary Policy Committee (MPC) raised the overnight deposit rate and overnight lending rate to 16.25% and 17.25% respectively, the privately owned website I Youm7 i reported I (21/12) i . The pound skyrocketed to 32 against the dollar on January 11th and then settled at 29.7 by the end of the day in tandem with the Central Bank of Egypt (CBE) adopting a flexible exchange rate in accordance with the terms of the IMF financial support package. [Extracted from the article]

B Unions reject less than inflation pay rises. b Thousands of public sector workers embarked on a nationwide strike on November 22nd, demanding better wages. The "National Day of Action" came after wage negotiations between trade unions and the government collapsed; the government offered a 3% pay hike, but unions are demanding 10% amid rising inflation. Meanwhile I Scrolla i reported I (5/12) i a meeting of the top leadership of the ANC had decided to support President Ramaphosa and reject the report of the Section 89 Panel. [Extracted from the article]

The health and wellness minister, Kailesh Jagutpal, said the 400 Continuous Positive Airway Pressure (CPAP), costing between $1,000 and $3,000, will help patients to have easier access to this non-invasive therapy for lung diseases. B The president slams a hospital demonstration. b President Cyril Ramaphosa on August 30th condemned anti-immigrant protests that had prevented foreigners from accessing a hospital in the capital, fuelling concerns about rising xenophobia. "CPAP therapy has emerged as a treatment option for improving oxygen levels in some people with Covid-19", he said. [Extracted from the article]

Ramaphosa said the government will accelerate the procurement of new capacity from renewables, gas and battery storage - and remove a licensing threshold for private power generation projects. B The government launches a new plan to fix the perennial power crisis. b South Africa will open up to private investments to establish a competitive electricity market, President Cyril Ramaphosa said on July 25th, as he outlined sweeping plans to deal with a prolonged energy crisis. Ramaphosa said beleaguered public utility firm Eskom, which generates more than 90% of the country's energy will increase the budget for critical maintenance and add new capacity to the grid "on an urgent basis". [Extracted from the article]

I (© AFP 15, 31/7 2022; BBC Monitoring 17/7) i B Oil and Gas, Libya p. 23924C b B Nigeria: b A report by I Bloomberg (27/7) i showed that Nigerian oil revenue underperformed due to pipeline vandalism and crude oil theft. On July 28th Algeria, B Nigeria b and B Niger b signed a memorandum of understanding on a gas pipeline project offering Europe potential future alternatives to Russian supplies, Algerian state news agency I APS i reported I (28/7) i . B Algeria: Italy b 's Eni, B US b major Occidental, B France b 's Total and the Algerian group Sonatrach signed a $4bn oil and gas production-sharing contract on July 19th for the Berkine field in the country's southeast. [Extracted from the article]

Speaking soon after the Board approval, the Bank's Director for Financial Sector Development, Stefan Nalletamby, stated: "We are excited about finalising this facility with TDB which will aid TDB in scaling-up its trade finance offerings across the COMESA region and help meet the ever-increasing trade finance gap. The deal will enable African banks and their small and medium-sized enterprise (SME) clients to participate more in regional and international trade. The grant will focus on three areas: institutional strengthening of the AfCFTA Secretariat; private sector support to implement the AfCFTA, and support of climate-resilient regional and continental value chains to boost intra-Africa trade. [Extracted from the article]

(PANA 31/5; BBC Monitoring 1/6) Nigeria: This Day (18/5) reported that French multinational oil and gas giant, TotalEnergies had launched the sale of its 10% stake in its joint venture with the Nigerian National Petroleum Company (NNPC) Limited, Shell Petroleum Development Company (SPDC) and Eni. Libya: A major leak in the oil pipeline connecting one of Libya's largest oilfields, Al-Sarir, and the Al-Harriga oil port in the eastern city of Tobruk was announced. The pipeline is backed by France 's TotalEnergies and the China National Offshore Oil Corporation (CNOOC) and is expected to generate more than 33m tonnes of carbon emissions a year. [Extracted from the article]

I (Somali shilling 100 = £0.14/$0.17/€0.16) i B The new president approves a six-month spending plan. b The Somali cabinet met in Mogadishu and approved a US$918m budget for the year 2022. If Somalia can complete the IMF programme, the outstanding debt would drop to $557m, or 6% of Somalia's GDP. On May 19th, the IMF and Somalia reached an agreement for the second and third reviews of Somalia's economic programme that would extend budget support until August 17th. [Extracted from the article]

B More testimonies of the merciless handling of migrants emerge. b Medical charity I Médecins Sans Frontières i ( B MSF b ) on June 1st denounced the "inhumane treatment" of West African migrants turned back from B Algeria b and B Libya b to neighbouring B Niger b as they try to reach Europe. I (© AFP 31/5, 5/6 2022) i B Fatalities climb p.23825C b IN BRIEF B Africa -EU: b The European Union (EU) will grant Euros 255m in support to B Benin b between now and 2024, according to the EU resident-representative, Ms Sylvia Hatleif, on the occasion of the commemoration of Europe Day. Landlocked Niger is on a key cross-Saharan route for African migrants trying to reach the Mediterranean via Algeria or Libya, and then on to Europe. [Extracted from the article]

I (africabusinesscommunities.com 2/5) i B Egypt: b The Suez Canal Authority (SCA) announced on May 1st an all-time revenue record for April, earning US$629m following a series of toll hikes for vessels transiting the vital waterway. The maritime borders reopened in the summer of 2021, but connections between Tangiers and Spain's Algeciras and Tarifa ports had remained cut. B Cameroon: b The digitisation of the payment system at the entrance to the Autonomous Port of Douala (PAD) in Cameroon has quadrupled the revenues of this segment. [Extracted from the article]

Kenyans have decried the rising cost of living on account of the rising prices of key household commodities, an issue that has been widely discussed on social media platforms. The overall rate of inflation in January was 5.39%, down from 5.73% recorded in December 2021 with the prices of commodities in the categories of food and non-alcoholic beverages increasing by 8.89%. Another government worker who sought anonymity appealed to the government to look into their welfare in terms of salaries so that they cater for the high cost of living and will elect someone who understands their problem as Kenyans. [Extracted from the article]

In 2002, when Rene was still in power, the UAE donated $50m to help the Seychelles - then facing an acute foreign currency shortage - to import food and other vital goods to replenish empty shelves. The former first lady of the Seychelles and several other high-profile figures were in court on January 21st over a $50m embezzlement scandal that has gripped the paradise island nation. On January 21st, the court ordered that Sarah Zarqhani Rene, widow of late president France Albert Rene who ruled from 1977 to 2004, remain in custody on charges of money laundering, along with another three co-accused. [Extracted from the article]

"A first phase will consist of strengthening the transmission capacities of the lines between the Congo power station in Pointe-Noire and the Inga hydroelectric power plant in the DRC via Congo", the protocol said. B Burkina Faso b : B Dutch b development bank B FMO b has announced that the financing and contracting for the construction and operation of four solar plants in Burkina Faso has been finalised. Zimbabwe's major power generation facilities are the 1,050MW Kariba South power station, a hydro-electricity plant and the 900MW rate Hwange Power Station, which is fired with coal. [Extracted from the article]

Yet, the outlook remains highly uncertain as the recovery depends on the progress in the fight against Covid-19 and is vulnerable to disruptions in global activity and financial markets, the International Monetary Fund (IMF) said in its latest Regional Economic Outlook for Sub-Saharan Africa. I (imf.org 21/10) i Reviews and Assessments B Burundi, Addressing Covid-19 Impact: b The Executive Board of the International Monetary Fund (IMF) approved a disbursement of about US$76.2m under the Rapid Credit Facility (RCF). At the end of the mission, Aisen said: "The Nigerien authorities and the IMF team reached a staff-level agreement on economic and structural policies and reforms that would underpin a new three-year arrangement under the ECF with access to about US$ 278.5m. I (imf.org 26/10) i B Niger, New Arrangement: b An IMF staff team led by Ari Aisen held virtual meetings from October 25th to November 1st to conclude discussions on IMF financial support via an Extended Credit Facility (ECF) in support of the authorities' economic reform programme. [Extracted from the article]

I (africabusinesscommunities.com 26/10) i B Egypt: b Globeleq, the independent power company in Africa, has completed the acquisition of the ARC for Renewable Energy S.A.E (ARC) 66 MWp solar PV plant located at the Benban Solar Park near Aswan, Egypt. B Burkina Faso: b Africa REN, a pioneer in clean infrastructures in Africa, has launched the construction of the Kodeni Solar power plant, near Bobo-Dioulasso. I (africabusinesscommunities.com 20/10) i B South Africa: b The African Development Bank ( B AfDB b ) has approved a $57.67m loan to Eskom Holdings SOC Ltd, South Africa's public electricity utility - and Africa's largest - to harness battery storage technology that will increase electricity generation from reliable and efficient renewable energy sources. Once onstream, Eskom will be able to dispatch electricity sourced from variable renewable energy that would otherwise have been wasted, reducing reliance on fossil fuel-generated electricity at peak times of the day. [Extracted from the article]

Nigeria has the economic potential to generate revenues of $427.3m from domestic value-addition and derive income of $2.98bn in agricultural exports of cassava. B The government is targeting export income of $18bn as prices soar b . The main diseases affecting cassava in Africa are cassava brown streak disease (CBSD), cassava mosaic disease (CMD), cassava bacterial blight, cassava anthracnose disease, and root rot. [Extracted from the article]

Bank-financed infrastructure will include the trans-Gambian bridge, access roads, and border posts in the B Senegal b -Gambia regional economic zone, which will be synergised with the capacity building programme. In addition, investments in food storage and product standardisation will reduce post-harvest losses from 10% to 7% for rice and dry grains, and from 50% to 30% for fruits and vegetables. Gambia's Minister of Finance and Economic Affairs, Mambureh Njie, has said that the 2021 fiscal year was a challenging one for the Gambian economy, although it saw an improvement over the performance in 2020. [Extracted from the article]

The reduction in the civil service wage bill remains a government priority, while debt service costs on the other hand will continue to escalate, with debt service costs rising to R365.8bn in 2024/25 from R162.6bn in 2017/18. Gross government debt is therefore expected to peak at 78.1% of GDP in 2025/26 and decline thereafter, which should allow debt-service costs to fall below 22% of main budget revenue by 2026/27. In the 2021 MTBPS the revised growth for revenue in fiscal year 2021/22 is now 18.9%, while the 2020/21 revenue contraction has been revised to 7.8%. [Extracted from the article]