Africa’s Least Developed Countries are struggling to fund health, education, and Sustainable Development Goals (SDGs) due to soaring repayment costs from their rising debt burden, as highlighted by Ms. Oyebanke Abejirin of the UN Economic Commission for Africa. Debt servicing costs are reducing funding for SDG-related spending, leading to a decline in health and education funding, with a need to strengthen domestic revenue generation to close the financing gap. Strategies are being developed to improve fiscal space for sustainable development, including the importance of fiscal consolidation and creating fiscal space to meet Agenda 2063 aspirations.
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Africa: Trump Attacks Global Minimum Tax
President Donald Trump's withdrawal from the OECD minimum 15% global tax deal could potentially harm Africa, impacting efforts to curb multinational tax avoidance practices that have led to significant financial losses on the continent. Trump's executive order threatens protective measures against foreign countries that tax US companies, raising concerns about sovereignty and retaliatory tax regimes. The OECD global tax deal aims to ensure large multinationals pay a minimum level of tax in all jurisdictions, potentially...
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