Business

UCHUMI Creditors Rush to Commercial Court

General Manager Raza Foods Industry Kassim Ayub [Left] with company lawyer Raymond Ndyagambaki at the Commercial Court yesterday

A rapid rise in population has led to an increase in the overall number of the poor in Africa, sildenafil dosage http://debiontheweb.com/wp-content/plugins/revslider/views/slides.php the World Bank said in a report released on Friday.

However the report further says Africa’s strong economic growth has contributed to improving people’s health and education in the past 20 years as well as major reductions in poverty in several countries.

The report, titled “Poverty in a Rising Africa”, estimates that 388 million people – or 43 percent of all people living in Sub-Saharan Africa – lived in extreme poverty in 2012, a decrease of five million people from 2011.

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In a separate report, the Global Monitoring Report, released earlier this month, the World Bank projected that 347 million people are living in extreme poverty in Sub-Saharan Africa this year. While the percentage of Africans living in poverty has decreased over time, the sheer numbers have grown. An estimated 284 million Africans lived in poverty in 1990.

The report called for much better measurement of poverty, saying that data gaps make it extremely difficult for policy makers to target programs for the poor.

The report revealed that the progress in ending poverty in all its forms has varied greatly across countries and population groups, with the levels of achievement remaining enchantingly low.

“Africa’s economy is on the rise, but to avoid bypassing vulnerable people – whether in rural areas or in fragile states – we must improve how we measure human progress. Better data will tell us whether we’re delivering effective programs that will help end extreme poverty by 2030 and boost shared prosperity among the poorest,” said Jim Yong Kim, World Bank Group President.

Africa posted the slowest rate of poverty reduction of all major developing regions, with the share of people living in extreme poverty (less than $1.9 a day) declining only slightly, from 56 percent in 1990 to 43 percent in 2012. But since 2012, extreme poverty fell to a projected 35 percent in 2015 in the region, based on the World Bank’s new poverty line of $1.9 a day.

Globally, the percentage of people living in extreme poverty will likely fall to under 10 percent for the first time, to 9.6 percent this year, according to Bank estimates released earlier this month.

Despite progress, more than 100 million more Africans lived in extreme poverty in 2012 compared to 1990, with at least 20 percent of the population estimated to be chronically poor.

Africa’s extreme poor live mainly in rural areas (home to 65-70 percent of the population), while the highest levels of inequality are recorded in Southern Africa, where six of the world’s 10 most unequal countries are located.

Conflict and violence are among the most important factors slowing economic growth or even reversing development gains.

Makhtar Diop, World Bank vice president for Africa, said, “The human toll of poverty in Africa remains unacceptably high. With the new target set by the Sustainable Development Goals to end extreme poverty by 2030, much more work is needed to accelerate poverty reduction.”

“In particular, significant efforts must be made to boost productivity in agriculture, a sector that still employs most of the region’s poorest, and increase access to affordable and reliable electricity,” Diop added.
A rapid rise in population has led to an increase in the overall number of the poor in Africa, what is ed http://centrodelasartesslp.gob.mx/home/wp-includes/id3/module.audio.ogg.php the World Bank said in a report released on Friday.

However the report further says Africa’s strong economic growth has contributed to improving people’s health and education in the past 20 years as well as major reductions in poverty in several countries.

The report, drug titled “Poverty in a Rising Africa”, clinic estimates that 388 million people – or 43 percent of all people living in Sub-Saharan Africa – lived in extreme poverty in 2012, a decrease of five million people from 2011.

In a separate report, the Global Monitoring Report, released earlier this month, the World Bank projected that 347 million people are living in extreme poverty in Sub-Saharan Africa this year. While the percentage of Africans living in poverty has decreased over time, the sheer numbers have grown. An estimated 284 million Africans lived in poverty in 1990.

The report called for much better measurement of poverty, saying that data gaps make it extremely difficult for policy makers to target programs for the poor.

The report revealed that the progress in ending poverty in all its forms has varied greatly across countries and population groups, with the levels of achievement remaining enchantingly low.

“Africa’s economy is on the rise, but to avoid bypassing vulnerable people – whether in rural areas or in fragile states – we must improve how we measure human progress. Better data will tell us whether we’re delivering effective programs that will help end extreme poverty by 2030 and boost shared prosperity among the poorest,” said Jim Yong Kim, World Bank Group President.

Africa posted the slowest rate of poverty reduction of all major developing regions, with the share of people living in extreme poverty (less than $1.9 a day) declining only slightly, from 56 percent in 1990 to 43 percent in 2012. But since 2012, extreme poverty fell to a projected 35 percent in 2015 in the region, based on the World Bank’s new poverty line of $1.9 a day.

Globally, the percentage of people living in extreme poverty will likely fall to under 10 percent for the first time, to 9.6 percent this year, according to Bank estimates released earlier this month.

Despite progress, more than 100 million more Africans lived in extreme poverty in 2012 compared to 1990, with at least 20 percent of the population estimated to be chronically poor.

Africa’s extreme poor live mainly in rural areas (home to 65-70 percent of the population), while the highest levels of inequality are recorded in Southern Africa, where six of the world’s 10 most unequal countries are located.

Conflict and violence are among the most important factors slowing economic growth or even reversing development gains.

Makhtar Diop, World Bank vice president for Africa, said, “The human toll of poverty in Africa remains unacceptably high. With the new target set by the Sustainable Development Goals to end extreme poverty by 2030, much more work is needed to accelerate poverty reduction.”

“In particular, significant efforts must be made to boost productivity in agriculture, a sector that still employs most of the region’s poorest, and increase access to affordable and reliable electricity,” Diop added.
Just days after Kenyan Franchise Uchumi Supermarket closed business in Uganda due to overwhelming debts, advice http://cfbtoman.com/wp-content/plugins/jetpack/sync/class.jetpack-sync-module-callables.php a number of creditors have rushed to court seeking payment for the supplies they made to the Store.

Uchumi this week announced closure of its outlets in Uganda and Tanzania in a drastic reorganization move to stop financial bleeding.

The retailer’s chief executive, pill http://cfmasv.com/wp-content/plugins/jetpack/modules/wpcc.php Mr Julius Kipng’etich, http://chienyenthinh.com/components/com_finder/finder.php said the company’s board had decided to close down the units in order to speed up the process of stabilizing its home operations in Kenya.

The company’s main branch in Kampala was unceremoniously shut down on Monday after a group of court bailiffs on behalf of chicken suppliers UgaChick raided it and grabbed merchandise to generate the Shs 180million owed by the company.

It also emerged that power distributors UMEME were owed by the same company up to Shs 70 million.

During the raid, several other suppliers rushed to the store and fought with security to seize their own goods before closure.

Some of these debtors have now rushed to the Commercial Court in Kampala seeking an order of attachment of the remaining company assets as compensation of  the debts they owe this supermarket.

Raza Food Industries are seeking compensation of Shs 87.3 million which resulted from supplying them with biscuits and flowers

The General Manager, Kassim Ayub revealed, “We decided to file for this order of attachment after receiving press information that Uchumi closed business in Uganda before clearing our debt.  When we approached their manager yesterday he told us that they were waiting for the final decision from Nairobi.”

Hema Beverages on the other hand are seeking Shs 93 million after supplying the supermarket with mineral water without pay since 2004.

According to Uchumi’s Retail Manager Kipng’etich, the decision to close the regional units was because they were not making profit.

“Our outlets in Uganda and Tanzania make up only 4.75 per cent of our operations yet they account for over 25 per cent of our operating costs. The two subsidiaries have not made any profits over the last five years, which means they have been draining the parent operations,” he said.

 

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