Monday April 23, 2012

From Creamer Media in Johannesburg, I’m Shannon de Ryhove

Making headlines:

Suspended ANC Youth League president Julius Malema owes the SA Revenue Service more than R10-million, City Press reported on yesterday. He had been sent the tax bill, apparently related to the millions deposited into his Ratanang Family Trust. He replied in disbelief when asked for comment. He replied again later saying his accountant said the amount owed was R120-million. It was not clear how he arrived at this figure, or whether he was joking, the newspaper reported.

The head of the IMF renewed a push to fully fund a $17-billion lending package for poor countries, which are threatened by high oil prices and the risk of eurozone contagion. Two days after the IMF secured $430-billion to deal with economic spillovers from Europe's debt crisis, IMF managing director Christine Lagarde said her next focus was to raise funds for the IMF's Poverty Reduction and Growth Trust, which provides low-cost loans to poor countries in Africa, Asia and Latin America. The IMF in 2009 set a target to raise $17-billion to lend to the poorest countries. So far, 32 IMF member countries have reinvested profits from gold sales into the fund.

The head of the African Development Bank (AfDB) said that he is willing to provide $45-million in budget financing for Malawi to help new President Joyce Banda revive the struggling economy. Speaking after meetings of the IMF and World Bank in Washington, AfDB president Donald Kaberuka said he was determined to support Malawi as it tries to resume economic reforms. He said he had held "good" discussions with Malawian Finance Minister Ken Lipenga on the sidelines of the meetings.

Also making headlines:

The UN Security Council said it may impose sanctions on the leaders of Guinea-Bissau's military coup, rejecting the junta's planned two-year transition to democracy.

And, South Sudan's seizure of a Sudanese oilfield has all but killed off hopes the two countries will settle their disputes soon and Khartoum may demand compensation before returning to talks, the Sudanese oil minister said.

That’s a roundup of news making headlines today.