Bungeni http://bungeni.org/ Thu, 28 Oct 2021 22:41:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://bungeni.org/wp-content/uploads/2021/05/bungeni-icon-150x150.png Bungeni http://bungeni.org/ 32 32 Can I buy from a Buy Here Pay Here reseller with bad credit? https://bungeni.org/2021/10/28/can-i-buy-from-a-buy-here-pay-here-reseller-with-bad-credit/ Thu, 28 Oct 2021 21:07:23 +0000 https://bungeni.org/2021/10/28/can-i-buy-from-a-buy-here-pay-here-reseller-with-bad-credit/

Yes, you can buy a car from a buy here pay here (BHPH) dealership with bad credit. In fact, in some cases, this is often a good course if you have already been turned down for a car loan. BHPH dealers can usually get you into a vehicle, but there are big differences in the process.

BHPH and bad credit dealers

BHPH dealers are internal financiers and they are both dealers and lenders. This is convenient for borrowers with bad credit since you don’t have to wait for approval from a third-party lender. This means that you may be able to get in and out with a vehicle even if you have little or no credit.

However, since internal funders may not check your credit score or reports, you may find that you are facing higher interest rates and a larger down payment requirement than you are. you might find with other lenders.

BHPH dealers also check your income level and usually have similar guidelines as subprime lenders. Subprime lenders charge a minimum of $ 1,500 to $ 2,500 for a single job, backed by computer-generated check stubs. BHPH resellers, on the other hand, usually have a minimum income requirement but aren’t always specific about how many jobs you have or how you prove your income.

Subprime lender options

If you are struggling with credit issues, another option to consider besides a BHPH lot is a subprime lender. These are third party lenders registered with special financing dealers. They are willing to work with a wide variety of borrowers because they don’t just limit your credit score to helping you qualify for financing.

A bonus that you might find with a subprime lender that you usually don’t find with BHPH dealers is credit repair. Subprime lenders check your credit and also report all your payments to the major credit bureaus. Payment history is the most important factor contributing to your credit score, so the more you pay your bills on time, the better.

When working with a subprime lender, you may find that you are only required to have a minimum down payment of $ 1,000 or 10% of the vehicle’s sale price. BHPH dealers often require a down payment of around 20%.

You do not know where to start ?

If you don’t know where to start your auto loan search, your first step should be to check your credit score and your reports. You can view your credit reports for free from the three national credit bureaus – TransUnion, Experian and Equifax – by visiting www.annualcreditreport.com. You can get a free copy of every credit report every week until April 2022.

Bad credit is generally considered a credit score of 670 or less. Although different lenders have different score ranges that they use to qualify you for financing, this is usually the line between good and bad credit. If you have bad credit, your options aren’t limited to BHPH dealerships that only sell used cars. You may be able to finance with subprime lenders or even captive lenders of certain car manufacturers depending on your situation.

Rather than trying to find the right lender yourself, let us guide you. TO Auto Express Credit, we want to make it easier for you to find an auto loan. Simply complete our quick and free auto loan application form and we’ll get to work connecting you with a dealership in your area.

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World faces syringe shortage as COVID vaccine doses rise https://bungeni.org/2021/10/28/world-faces-syringe-shortage-as-covid-vaccine-doses-rise/ Thu, 28 Oct 2021 20:05:00 +0000 https://bungeni.org/2021/10/28/world-faces-syringe-shortage-as-covid-vaccine-doses-rise/

NAIROBI, Kenya – African health officials and the United Nations warn of an impending shortage of more than 2 billion needles for mainly low- and middle-income countries around the world as the supply of COVID-19 doses increases and that routine vaccinations could be affected too.

The United Nations Children’s Agency said the shortfall would affect up to 2.2 billion disposable syringes that automatically lock to prevent them from being reused. “We do not anticipate a significant shortage of more standard syringes used in high-income countries,” the agency said in a statement. He blamed “considerably higher demand”, supply chain disruptions, national bans on syringe exports and an unpredictable supply of vaccines.

The threatened shortage comes as the flow of COVID-19 vaccine doses increases after months of delays to the African continent, the least protected region in the world with less than 6% of its population of 1.3 billion people fully vaccinated . Only five of Africa’s 54 countries are expected to reach the goal of fully immunizing 40% of their population by the end of the year.

In this file photo from Tuesday, February 23, 2021, a health worker prepares a dose of Chinese Sinopharm vaccine as a COVID-19 vaccination campaign begins at the Ministry of Health in Dakar, Senegal.

“The scarcity of syringes could cripple progress,” World Health Organization director for Africa Matshidiso Moeti told reporters on Thursday. Already, some African countries, including South Africa, Kenya and Rwanda, have experienced delays in receiving syringes, the WHO said.

Routine childhood immunizations “are going to be impacted,” said Sibusiso Hlatjwako of the health organization PATH, who predicts the problem could persist “until 2022”. PATH has reviewed data from manufacturers and said more than 100 countries around the world are using the affected disposable syringes.

In this file photo from June 3, 2021, an elderly patient receives a dose of the Pfizer COVID-19 vaccine at an Orange Farm clinic near <a class=Johannesburg, South Africa. ” class=”wp-image-19956217″ srcset=”https://nypost.com/wp-content/uploads/sites/2/2021/10/Syringe-1.jpg?quality=90&strip=all&w=1535 1536w, https://nypost.com/wp-content/uploads/sites/2/2021/10/Syringe-1.jpg?quality=90&strip=all 1024w, https://nypost.com/wp-content/uploads/sites/2/2021/10/Syringe-1.jpg?quality=90&strip=all&w=512 512w” sizes=”(max-width: 1024px) 100vw, 1024px”/>
In this file photo from June 3, 2021, an elderly patient receives a dose of the Pfizer COVID-19 vaccine at an Orange Farm clinic near Johannesburg, South Africa.

Overall, the modeling “shows a big gap now,” he said.

The syringe shortage is already complicating COVID-19 vaccination efforts in Rwanda, which has received COVID-19 vaccines with a “very short shelf life” of sometimes a month or two before expiration dates, Rwanda Biomedical Center’s Sabin Nsanzimana told reporters.

“You have to get these syringes on short notice,” he said, “otherwise you have expiring vaccines in your hands. “

Health officials said another complication is that the Pfizer vaccine for COVID-19, widely used across Africa, requires a new and different syringe. There is no worldwide stock for the new self-disposable syringe, and the market for them is “tight and extremely competitive,” the WHO said.

The African continent has few syringe manufacturers and none makes the Pfizer syringe, the WHO said.

In this file photo from Friday, March 5, 2021, a nurse prepares to administer a dose of the AstraZeneca COVID-19 vaccine made by the Serum Institute of India and provided as part of the global COVAX initiative, to the national hospital Kenyatta from Nairobi, Kenya.
In this file photo from Friday, March 5, 2021, a nurse prepares to administer a dose of the AstraZeneca COVID-19 vaccine made by the Serum Institute of India and provided as part of the global COVAX initiative, to the national hospital Kenyatta from Nairobi, Kenya.

Donations of COVID-19 vaccines to African countries now exceed syringe availability, and countries must in some cases source syringes separately, Phionah Atuhebwe, WHO immunization manager, told reporters. “Without a plan, we should be in big trouble. “

African health officials say the African continent is experiencing a downward trend in new COVID-19 cases and deaths over the past month, but Moeti has warned that another increase could come as the season approaches. holidays.

The African continent has recorded more than 8.4 million confirmed cases of COVID-19, including more than 218,000 deaths.

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South Africa gears up for hotly contested local elections | New https://bungeni.org/2021/10/28/south-africa-gears-up-for-hotly-contested-local-elections-new/ Thu, 28 Oct 2021 08:51:17 +0000 https://bungeni.org/2021/10/28/south-africa-gears-up-for-hotly-contested-local-elections-new/

Johannesburg, South Africa – South African voters will go to the polls on Monday to elect local representatives, with the ruling African National Congress (ANC) facing its most severe test since the end of apartheid.

South Africa’s Constitutional Court in September ordered municipal elections to be held this year, rejecting a request by the Independent Electoral Commission (IEC) for a postponement, fearing the COVID-19 pandemic would make it difficult to organize free and fair elections.

“The ballot will be conducted in accordance with the court ruling, despite the challenges we face in holding this election,” CEI president Glen Mashinini told Al Jazeera.

The shortened eight-week campaign period has prompted political parties to scramble to convince a skeptical electorate to back them in an election that will decide who will be responsible for providing basic services such as water and electricity.

The ANC, which has won every general election since the end of the white minority regime in 1994 but is mired in corruption scandals and internal political struggles, has vowed to reform and renew its offer to the people.

“We know that some of our advisers have moved away. Others seem arrogant and indifferent to the challenges our people face. It ends with this election, ”South African President and ANC leader Cyril Ramaphosa told party candidates when signing a service pledge in mid-October.

The engagement aims to ensure that ruling party representatives focus on public service and to improve the ANC’s track record in local government.

“Having signed this commitment, it is your bond, your commitment. You have to take it wherever you go, ”said Ramaphosa.

The ANC currently heads 176 of South Africa‘s 213 councils, but it is expected to lose votes in many municipalities.

A report from the National Department of Co-operative Governance and Traditional Affairs (Cogta) showed that most municipalities in South Africa are facing financial problems and on the verge of collapse.

“You just have to go to any municipality currently run by the ANC and you will see it is a disaster,” the leader of the official opposition, the Democratic Alliance (DA) told Al Jazeera. , John Steenhuisen.

“You will see people living in extreme poverty with no services, sewage flowing in the streets and electricity which is spotty at best. “

The DA currently manages 24 municipalities, including large centers like Cape Town, Tshwane – home to the capital, Pretoria – and Nelson Mandela Bay, which includes Port Elizabeth.

He hopes to increase his footprint as smaller parties battle for votes as well, leading analysts to speculate that coalition or even minority governments could come in after the poll.

However, despite being a municipal election, issues unrelated to local governance, such as reluctance to COVID-19 vaccination and xenophobia, were also used as campaign tools. .

Several parties from all political backgrounds have pledged to either prevent COVID-19 vaccination warrants or deport undocumented immigrants.

“False messages and half-truths are starting to take hold in some corners of the countryside,” Ebrahim Fakir, policy analyst at the Auwal Socio-Economic Research Institute (ASRI), told Al Jazeera.

“Where incorrect information is used to stir up emotion and get people to vote based on fears involving national issues that cannot be changed in a local election.”

Religion was also widely used in majority party campaigns, an unusual move in South African elections, with ideologically divergent parties promising a return to traditional values ​​and even a reintroduction of religious education in schools – another competence of the non-local government.

“The South African community is in fact a deeply religious community. However, we haven’t seen this religiosity or religious conservatism actually translate into the partisan politics that we are starting to see now, ”Professor Farid Esack, an expert in religious studies at the University of Johannesburg, told Al Jazeera.

Yet the economic stakes remain the most important for many voters in this election, especially among more than half of the population who live in poverty.

“I don’t have a place to sleep. But here in Johannesburg, I realize that life is different now because of COVID-19 and politics. They promised us a lot of things – we have to vote but empty promises. They never give us anything, never, ”Johannesburg resident Zolani Maine told Al Jazeera.

And even those lucky enough to have a job in a country where the unemployment rate has exceeded 34% are feeling the effects. Last year, the economy affected by the pandemic collapsed 6.4% and this year it is only expected to rebound by 5%.

“The situation is getting worse every year,” Minenhle Mhlanga, owner of an electronics store in downtown Johannesburg, told Al Jazeera.

“It’s like nothing is easy. Business is slow – customers come and go but people don’t work and no one has money these days.

Despite growing desperation and discontent, analysts are concerned about low voter turnout.

“It is essential for economic growth to have basic services provided by local government, but many communities have evolved,” said economist Sanisha Packirisamy.

“Whenever possible, people get out of the network and stop relying on services. Communities and businesses are doing the job because municipalities have failed.

Redress: How “Intentional” Government Policy Denied Blacks Access to Wealth – Los Angeles Sentinel | Los Angeles Sentry https://bungeni.org/2021/10/28/redress-how-intentional-government-policy-denied-blacks-access-to-wealth-los-angeles-sentinel-los-angeles-sentry/ Thu, 28 Oct 2021 07:18:45 +0000 https://bungeni.org/2021/10/28/redress-how-intentional-government-policy-denied-blacks-access-to-wealth-los-angeles-sentinel-los-angeles-sentry/

Mehrsa Baradaran (Courtesy photo)

When the Emancipation Proclamation was signed in 1863, the black community owned less than 1% of the total wealth of the United States, said the task force charged with studying and developing reparation proposals for Afro people. -Americans at its fourth meeting.

Mehrsa Baradaran, a professor at the University of California, Irvine School of Law, shared the statistics during the “Racism in Banking, Tax and Labor” portion of the two-day meeting on October 13.

From his perspective, the power of wealth and personal income is still unevenly distributed. And this inequality, she says, has always been permitted, preserved and exacerbated by laws and government policies.

“Over 150 years later, that number has barely budged,” Baradaran told the task force, tracing the wealth gap from the post-Civil War period when President Lincoln granted formerly enslaved blacks their freedom until today.

“The gap between the average wealth of whites and the wealth of blacks has actually widened in recent decades. Today, at all socio-economic levels, black families have a fraction of the wealth of white families, ”she said.

Baradaran has written a series of entries and books on banking law, financial inclusion, inequality, and the racial wealth gap. Her scholarship includes the books “How the Other Half Banks” and “The Color of Money: Black Banks and the Racial Wealth Gap”, both published by Harvard University Press.

Baradaran has also published several articles on race and economics, including “Jim Crow Credit” in the Irvine Law Review, “Regulation by Hypothetical” in the Vanderbilt Law Review and “How the Poor Got Cut Out of Banking” in the Emory Law Journal. .

A 43 year old immigrant born in Orumieh, Iran, Baradaran, testified that her work on the wealth gap in America was conducted from a “research angle” and she respectfully “submitted” her testimony “from that angle” , did she say.

In her research, Baradaran explained that she discovered an intentional system of financial oppression.

“This wealth chasm does not decrease with income or with education. In other words, it is a wealth gap which is roughly linked to a history of exclusion and exploitation and which should not be filled with higher education and higher incomes ”, Baradaran said.

According to a January 2020 report, the Public Policy Institute of California said African American and Latino families made up 12% of those with incomes above the state’s 90th percentile, despite making up 43% of all families in California.

Additionally, PPIC reported that these disparities reflect the fact that African American and Latino adults are overrepresented in low-wage jobs and have higher unemployment rates, and African American adults are less likely to be in. the active population.

Many issues support these activities which range from disparities in education, local employment opportunities and incarceration to discrimination in the labor market, according to PPIC.

“While California’s economy outperforms the nation, its level of income inequality exceeds that of all but five of the states,” the report said.

“Without targeted policies, it will continue to grow,” Baradaran said of the wealth gap. “And I want to be clear on how this wealth gap will continue to grow. It was created, maintained and perpetuated by public policies at the federal, state and local levels. Black men and women have been excluded from most of the middle class avenues of design. Black homes, farms and economies did not enjoy the full protection of the law. Especially since these properties have been subjected to racial terrorism. The American middle class was not created that way (to support black communities).

A June 2018 discussion paper from the Opportunity and Inclusive Growth Institute written by economists familiar with moderate to low black wealth corroborates Baradaran’s assessment.

Posted by the Federal Reserve Bank of Minneapolis, the report’s authors wrote that strategies to deny black people access to wealth began at the start of the Reconstruction era, developed around the civil rights movement. and resurfaced around the financial crisis of the late 2000s.

Written by Moritz Kuhn, Moritz Schularick and Ulrike I. Steins, “Income and Wealth Inequality in America, 1949-2016” explains an in-depth analysis of racial inequalities, before and after civil rights.

Economists wrote that the median black household has less than 11% of the wealth of the median white household, which is around $ 15,000 compared to $ 140,000 at 2016 prices.

“The overall summary is grim,” the report says. “Historical data also reveals that no progress has been made in reducing income and wealth inequalities between black and white households over the past 70 years.”

Baradaran recently participated in the virtual symposium “Racism and the Economy: Focusing on the Wealth Gap” hosted by 12 District Banks of the Federal Reserve System, which includes the Federal Reserve Bank of Minneapolis.

Some positive aspects are generally not included in discussions of the challenges blacks have historically faced in their efforts to gain wealth, Baradaran said. Many African Americans, especially in California, have succeeded in overthrowing the systems that discriminated against them.

“Black institutions have been creative and innovative in serving their communities in a hostile climate,” Baradaran said. “I wrote a book on the long history of entrepreneurship, self-help and mutual upliftment. Historically, black colleges and universities have provided stellar education, and black banks have supported black businesses, churches, and families. “

California Assembly Bill (AB) 3121, titled “The Task Force to Study and Develop Redress Proposals for African Americans,” established a nine-member commission to investigate inequalities in education, work, wealth, housing, taxation and environmental justice.

All of these areas were covered by expert testimony during the two-day meeting held on October 12-13. The task force is tasked with exploring California’s involvement in slavery, segregation, and the historic denial of the constitutional rights of black citizens.

Fifty years after the federal fair housing law eliminated racial discrimination in lending, the black community continues to be denied mortgages at much higher rates than their white counterparts.

“Banks and businesses have engaged in lending and hiring practices that have helped solidify patterns of racial inequality,” Jacqueline Jones, professor of history at the University of Texas, told the group. job.

The Racism in Banking, Taxation and Labor segment also featured testimonials from Williams Spriggs (former chair of the economics department at Howard University. Spriggs is now AFL-CIO chief economist), Thomas Craemer (professor of public policy at the University of Connecticut) and Lawrence Lucas (Coalition of Minority Employees of the United States Department of Agriculture).

The task force to study and develop redress proposals for African Americans will hold its fifth and final meeting of 2021 on December 6-7.

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What you need to know about this weekend’s G-20 meeting https://bungeni.org/2021/10/27/what-you-need-to-know-about-this-weekends-g-20-meeting/ Wed, 27 Oct 2021 21:43:56 +0000 https://bungeni.org/2021/10/27/what-you-need-to-know-about-this-weekends-g-20-meeting/

On October 30 and 31, the world’s top leaders will gather in Rome for this year’s G-20 summit. After the pandemic forced them to meet last year via video conference, heads of state will once again be present in person, allowing for the type of side-by-side and one-on-one meetings that have proven to be more productive in the past. Yet many critics of the G-20 have come to see the forum as a place of discussion, a place where a lot is said but nothing really happens. Will this year be any different, given the long list of challenges the world faces, from COVID to climate change? We spoke with Eurasia Group expert Charles Dunst to set the stage and find out where things are going.

What is the G-20?

The G-20 is an international forum that brings together representatives of the world’s major advanced and developing economies. Formed in 1999 in the aftermath of the Asian financial crisis, it meets regularly to coordinate global policy on issues such as the economy, health and the climate.

Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, UK, US and EU (the only non-member country). Spain is also a permanent guest. The G-20 also regularly invites other countries, either because of their disproportionate economic importance (like Singapore, every year since 2013) or because of their temporary positions of international leadership (Brunei, a small country in South Asia -Is, present this year because presides over the Association of Southeast Asian Nations).

The grouping has held meetings every year since 1999 and has hosted an annual summit of heads of state since 2008. Smaller meetings – working groups focused on specific issues – take place throughout the year.

Do all these countries ever agree on anything?

Rarely, but yes. Perhaps the G-20’s greatest achievement has been its response to the 2008 financial crisis: At a meeting called by US President George W. Bush, the group put in place an action plan to deal with the crisis. crisis and also defined principles and priorities for future crisis management. In April 2020, as the pandemic brought much of the global economy to a halt, the G-20 agreed to provide debt relief to low-income countries and then extended the measure until the end of this. year.

But the group’s actions were seen as grossly insufficient to deal with COVID and other recent global crises. In March 2020, the G-20 issued a one-page statement with no details on plans to deal with the worst pandemic in a century. And when the G-20 leaders met virtually a few weeks later, they vowed to do “whatever it takes to overcome the pandemic,” but issued a statement without any real commitment. Their pledge to inject $ 5,000 billion into the global economy was mainly an overhaul of measures already announced.

So, does this regrouping still matter?

Yes. Even if it struggles to develop concrete action plans, the G-20 is a more representative forum than many others for discussing international issues. Its members represent about 80 percent of global GDP, about 75 percent of all world trade, and about two-thirds of the world’s population. The presence of large developing countries such as China, India and Indonesia reflects their importance to the global economic and geopolitical order. In contrast, the G-7 – comprising Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – represents a bygone era in which advanced democracies dominated the world. The G-20 is thus seen as a much more legitimate arena to discuss the future of the world.

What is the agenda for this weekend’s meeting?

Negotiations are still ongoing, but climate change is sure to be a key topic: G-20 members are divided over phasing out coal and pledging to limit global warming to 1.5 degrees Celsius. COVID vaccines will likely also be discussed, as will the supply chain disruptions currently plaguing the global economy. US President Joe Biden, meanwhile, will also push for a global minimum tax of 15%, a sweeping overhaul that more than 130 countries have approved and which aims to stem the loss of revenue from tax havens.

Beyond the agenda, are important bilateral meetings expected?

Side-by-side bilateral meetings are often where the real work takes place. Indeed, in 2018, Chinese President Xi Jinping and former US President Donald Trump hosted a working dinner in Argentina, finally agreeing to postpone a tariff increase. But Xi, who has not left China since the start of the pandemic, is not present this year, and neither is his Russian counterpart Vladimir Putin. However, other important bilateral agreements are expected.

Biden is said to have met with President Recep Tayyip Erdogan, under whom Turkey distanced itself from democracy and therefore came into tension with the United States. Biden will also meet with French President Emmanuel Macron, who has said he hopes to “re-engage” with the United States following a disagreement over America’s new military pact with Australia. Other bilateral agreements not yet reported will certainly take place as well.

Charles Dunst is Global Macro analyst at Eurasia Group. Source link

Some banks like Chime offer online banking services https://bungeni.org/2021/10/27/some-banks-like-chime-offer-online-banking-services/ Wed, 27 Oct 2021 16:24:41 +0000 https://bungeni.org/2021/10/27/some-banks-like-chime-offer-online-banking-services/

Chime is a San Francisco-based fintech that offers free mobile banking. The company offers innovative and user-friendly features. Their checking account, or “expense account”, does not charge any fees or require a minimum balance. Chime processed $ 375 million in stimulus payments in 2020 for its users.

Is Chime a good bank?

Chime is a new age bank that has no physical branches. It operates online only, unlike traditional banks which have both physical and online presence. Chime is not a bank in the traditional sense. Rather, it is a fintech company. Chime offers its services through its mobile application, which is very popular with its users. This branchless “neobank” has more than 12 million customers.

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Source: Carillon Facebook

Chime partners with two banks, Bancorp Bank or Stride Bank, NA, to offer its checking and savings accounts. Chime accounts always have FDIC insurance. Therefore, like traditional banks, you can keep money safe with Chime. The company does not charge monthly fees or overdraft fees. Chime has an extensive ATM network and also offers early access to direct deposits.

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So while there are factors that make Chime a good bank, there are some drawbacks that make it an inferior alternative to traditional banks. One downside is that depositing cash is difficult and it can get expensive for you to deposit money. Online transfers initiated through Chime are limited to $ 200 per day.

There have also been numerous reports of consumer complaints regarding denied access to their Chime accounts and funds. The company maintains that these issues were caused by Chime’s increased anti-fraud efforts during the COVID-19 pandemic.

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Each Rand spent on South Africa’s New Basic Income Allowance will be an additional Tax Rand https://bungeni.org/2021/10/27/each-rand-spent-on-south-africas-new-basic-income-allowance-will-be-an-additional-tax-rand/ Wed, 27 Oct 2021 08:17:07 +0000 https://bungeni.org/2021/10/27/each-rand-spent-on-south-africas-new-basic-income-allowance-will-be-an-additional-tax-rand/

The government could fund a new Basic Income Grant for South Africa by borrowing money, but ultimately it will be the taxpayers who will pay for the new program, said Michael Sachs, a professor at Wits University.

In a presentation hosted by the Department of Social Development on Tuesday (October 26), Sachs said a decision to borrow money for the new grant would depend on two factors:

  • The current state of the economy;
  • The government’s budgetary situation.

Ultimately, even if the government decides to borrow instead of directly raising taxes, Sachs said the issue of spending and taxes cannot be separated and ultimately it is all about a “question of sequencing”.

“We could say first introduce the expenses and wait a year or two before introducing the taxes. But ultimately, in a year or two, every rand we spend on income support means an additional rand of tax. Either now or in the very near future.

While there are several ways the government can extract this money – including printing tickets, conscription and borrowing – Sachs said taxation is the most transparent, accountable, progressive and efficient mechanism.

Taxation has also proven to be the only mechanism compatible with sustained economic growth, he said.

“In my opinion, in the medium term, the only reliable sources of income are the personal income tax (PIT) and the value added tax (VAT).

“These two instruments have several important properties, but most importantly, they exist. A tax that exists and has been shown to increase revenue is a much stronger candidate than a tax that only exists as a concept in someone else’s mind.

While the government may introduce other taxes in the future, in the initial period, those two taxes will have to bear the burden, Sachs said.


Sachs said the PIT is likely to favor the government because it is very progressive and has a very strong focus on wealthy households in the country.

“VAT is widespread, which means it is a reliable source of income. So when you fund something like Basic Income Support, you don’t want the source of income going up and down from year to year.

He highlighted corporate income tax (CIT) as a comparatively more volatile source of income. However, Sachs said there were still issues with the IRP and VAT that the government should grapple with.

“If you focus all of your taxes on a small segment of the population, you run the risk that that tax base will be eroded and that tax base will become less reliable in the future.”

This means that IRP is the most appropriate from an equity perspective, while VAT is likely to be more effective as an income generation tool, he said.

The budget should bring clarity

Finance Minister Enoch Godongwana is expected to clarify the feasibility of a basic income subsidy for South Africa when he presents his Medium Term Fiscal Policy Statement (MTBPS) on November 11.

In a research note this week, investment bank BNP Paribas said it expects the finance minister to promote a grant for job seekers in the country.

“We expect Mr. Godongwana to advocate instead a restructuring of the existing grant framework and perhaps the introduction of a new, more targeted ‘jobseeker’ grant that could replace the current special relief from the grants. distress during fiscal year 2022/2023. It said.

“We estimate that this could cost the tax authorities R 30 billion to R 35 billion (0.5% of GDP per year) as early as next year and would mean that social protection expenditure as a percentage of income stands at 2 -3 percentage points above before Covid- 19 levels.

More generally, BNP Paribas expects the Treasury to continue calling for faster economic reforms rather than sharply increased levels of social dependence on the state.

Read: New tax could be a ‘gold mine’ for South Africa (expert)

US, Indonesia call for new G20 forum to prepare for next pandemic https://bungeni.org/2021/10/27/us-indonesia-call-for-new-g20-forum-to-prepare-for-next-pandemic/ Wed, 27 Oct 2021 01:22:00 +0000 https://bungeni.org/2021/10/27/us-indonesia-call-for-new-g20-forum-to-prepare-for-next-pandemic/ Secretary of the Treasury Janet Yellen attends the House Financial Services Committee hearing in Washington, USA on September 30, 2021. Al Drago / Pool via REUTERS / File Photo

WASHINGTON, Oct.26 (Reuters) – The world’s largest economies are set to create a forum to facilitate global coordination for the next pandemic, as well as a new funding facility to deal with emerging threats, U.S. Treasury Secretary Janet Yellen and Indonesian Finance Minister Sri Mulyani Indrawati said Tuesday.

In a letter to their G20 colleagues, the two finance ministers said the forum would allow health and finance ministers to better cooperate and coordinate prevention, detection, information sharing and any necessary response.

A copy of the letter, dated Monday, was posted by the Treasury Department on Tuesday.

Yellen and Indrawati said the COVID-19 pandemic, which has killed nearly 5.2 million people worldwide, revealed a lack of preparedness at the country level and a lack of coordination among G20 countries.

“As we move forward in the fight against COVID-19, we also face a stark reality: this will not be the last pandemic,” they wrote ahead of the joint meeting of G20 health and finance ministers , Friday. “We must not lose this opportunity to show leadership with a decisive commitment to act.”

Several independent organizations, including the High Level Independent Group led by former U.S. Treasury Secretary Lawrence Summers, World Trade Organization Director General Ngozi Okonjo-Iweala and Singaporean Minister Tharman Shanmugaratnam, have called for the creation of ‘such a forum,

Yellen and Indrawati said the forum will elevate and strengthen the work of the World Health Organization and other technical entities, but should include diverse voices and perspectives from around the world, such as the African Union.

They said a new financing facility could complement the resources of multilateral development banks and ensure sufficient and reliable financing so that immunization and treatment can cope with emerging threats.

Although the two initiatives are complementary, their timetables need not be linked, the ministers said.

Reporting by Andrea Shalal; Editing by Leslie Adler

Our Standards: Thomson Reuters Trust Principles.

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Alumni of the South-East, the faculty will be honored with the 2021 merit awards https://bungeni.org/2021/10/26/alumni-of-the-south-east-the-faculty-will-be-honored-with-the-2021-merit-awards/ Tue, 26 Oct 2021 20:08:55 +0000 https://bungeni.org/2021/10/26/alumni-of-the-south-east-the-faculty-will-be-honored-with-the-2021-merit-awards/

Alumni of the South-East, the faculty will be honored with the 2021 merit awards

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Phalatse promises to cut power to electronic toll gates if she becomes mayor of Johannesburg https://bungeni.org/2021/10/26/phalatse-promises-to-cut-power-to-electronic-toll-gates-if-she-becomes-mayor-of-johannesburg/ Tue, 26 Oct 2021 14:19:19 +0000 https://bungeni.org/2021/10/26/phalatse-promises-to-cut-power-to-electronic-toll-gates-if-she-becomes-mayor-of-johannesburg/

Democratic Alliance (DA) Johannesburg mayoral candidate Mpho Phalatse promises to cut power to the toll gates if elected.

The party says it has been informed that the South African National Roads Agency Limited (Sanral) is currently in arrears with City Power.

Sanral is the guardian of the electronic toll system and of all the gateways in the province.

“Currently, City Power supplies the gantries with electricity. Under normal circumstances, Sanral would have to pay the bills for this service.

“But with Sanral late, that means the city of Johannesburg is not collecting revenue for this service, and the cost of maintaining these gantries is piling up. [on]to residents, ”Phalatse said.

If the DA is elected to rule Johannesburg, Phalatse’s plan includes cutting power to electronic toll gates in areas such as William Nicol Drive and Rivonia.

READ ALSO: The city of Joburg reconsiders its position of offloading while the DA denounces the “electoral lies” of the mayor

Phalatse said this would “effectively collapse the electronic toll system in strategic nodes, based on Sanral’s non-payment.”

“We cannot allow the people of Johannesburg to suffer more from a shortage of services because the national government is not taking its responsibilities and paying its bills,” she said.

Phalatse hit the incumbent mayor Mpho Moerane, who pledged to protect Johannesburg residents from power outages last week.

“Every mayor of a municipality has a responsibility to protect its residents, especially when it comes to their interests in providing basic services. It is obvious that a mayor like Mpho Moerane, who was caught lying last weekend about protecting the people of Johannesburg against the load shedding, is not meant to be a responsible mayor.

Sanral’s non-payment deprives City Power of much-needed revenue to fix aging and failing infrastructure, she said

“With less income, it’s the people of Johannesburg who suffer outages that last for weeks because City Power doesn’t have enough funds to clear their own infrastructure backlog,” Phalatse said.

Although some residents conscientiously pay their tariffs and taxes, there are constant blackouts throughout the city.

“As mayor, I will be responsible for ensuring that basic services are provided and that all municipal funds are used responsibly,” Phalatse promised.

NOW READ: Electronic Tolls Must Stay, Insists Mbalula

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