economy

Moz to Miss Payment

Mozambique said on Monday it would miss a $60m interest payment on a 2023 bond, as its economic crisis deepens over hidden debt, the fall in commodity prices and a cut-off in aid.

The country is in talks with the International Monetary Fund (IMF) over resuming support that was suspended in April due to the hidden debt scandal.

"The deteriorating macroeconomic and fiscal situation of the Republic has severely affected the country's public finances," the finance ministry said in a statement in Maputo.

Zim Money

Zimbabwe could be turning to the rand after earlier rejecting it for official usage in the cash shortage hit country, with the central bank approving mobile phone company, Econet Wireless to start offering rand services for its mobile money wallet that has 5 million users.

A dollar crunch in the Zimbabwean economy has wreaked havoc for companies and Vice President Emmerson Mnangagwa said in parliament that banks limiting withdrawal of newly introduced bond notes will be probed.

New Mine for Zimbabwe

World number two platinum producer Impala Platinum (Implats) has adopted a longer-term view of Zimbabwe, with its board approving a new mine in the country despite facing uncertainty and threats from the government’s announced land grab bid and higher power tariffs.
 
Implats, which runs the Zimplats operation, is the biggest mining investor in Zimbabwe. The new Mupani mine will have a 25-year life of mine period and will produce 2.2 million tons of ore per year on full design capacity in 2025. 

New Mine for Zimbabwe

World number two platinum producer Impala Platinum (Implats) has adopted a longer-term view of Zimbabwe, with its board approving a new mine in the country despite facing uncertainty and threats from the government’s announced land grab bid and higher power tariffs.
 
Implats, which runs the Zimplats operation, is the biggest mining investor in Zimbabwe. The new Mupani mine will have a 25-year life of mine period and will produce 2.2 million tons of ore per year on full design capacity in 2025. 

Zim-SA Forum

United in our patriotism, the Zim-SA forum has made strides in providing a unique platform for Zimbabweans in the diaspora to contribute, without any partisanship, towards economic recovery, poverty eradication initiatives, and empowerment of the diaspora since its establishment this year.

The Zim-SA Forum held its meet-and-greet event on October 29 at Ambrosia Hall, Glen Austin, Midrand, under the theme Disruptive Investment and Revolutionising Business.

Zim’s Economy Challenges

Zimbabwe's economy faces growing cash and liquidity challenges ahead of the government's planned launch of bond notes, Moody's Investors Service said in a report Friday.

The high and rising share of government securities on banks' balance sheets poses a systemic risk to the domestic banking sector.

The report, "Zimbabwe , Government of - FAQ: Drivers and Credit Implications of Zimbabwe's Cash and Liquidity Shortages", is now available on www.moodys.com.

China Helps Kenya with Stolen Assets

China has pledged to help Kenya recover and repatriate stolen assets as part of the fight against high level corruption.

Wang Lingjun, vice-minister of the Chinese Ministry of Supervision, said that the country would support the Kenyan government in the areas of asset recovery and repatriation of illicit proceeds.

He said that China would share its experience in anti-corruption and provide an opportunity for Kenya to understand the various challenges involved in fighting corruption.

Brics Ratings Agency’s Political Motivation

The establishment of a ratings agency for Brics (Brazil, Russia, India, China and South Africa) countries is “politically motivated” to suit the context of emerging market economies.

In a telephonic interview with Fin24, Dr Martyn Davies, managing director of emerging markets and Africa at Deloitte, shared views on recent reports that the Brics countries want to “fast-track” the establishment of their own credit ratings agency.

Botswana Shoots Zim Stray Cattle

Botswana says it is shooting Zimbabwe cattle which stray across its border to protect its beef exports to the European Union (EU).

Zimbabwe farmers are furious and say that 400 healthy animals which crossed the unfenced border were shot by Botswana officials last month. But they're getting no sympathy from their own government.

Botswana says its exports to the EU are vitally important and it cannot risk any of its cattle contracting foot and mouth disease from Zimbabwe cattle.

Prasa Executes Madonsela’s Remedial Actions

Passenger Rail Agency SA’s (Prasa) turn-around strategy as well as a report into its procurement and supply chain management by the Office of the Public Protector are both receiving the attention of the agency’s board and will be brought to the attention of Transport Minister Dipuo Peters.

This is according to the Prasa board‚ which met with Parliament’s Standing Committee on Appropriations in Cape Town on Wednesday. The meeting was called to discuss its financial and non-financial performance for the 2015-2016 financial year.

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