Gold Price Drops

Gold fell half a percent on Friday and headed for its first weekly loss of the year, as a two-day rise in the dollar prompted some investors to cash in gains after the metal hit its highest since mid-November earlier this week.

The US currency pared some early gains but remained up 0.2 percent against a currency basket on Friday.

US$50-bn Development Bank for BRICS

The largest emerging economies will push ahead with a US$50 billion development bank to provide alternative funding for the BRICS [Brazil, Russia, India, China and South Africa] countries.

According to a summit statement, BRICS countries reached an accord to push ahead with a US$50 billion development bank by granting China its headquarters and India its first rotating presidency.

BRICS leaders also formalised the creation of a US$100 billion currency exchange reserve, which member states can tap into case of balance of payment crises.

Gigaba lays bare South Africa’s economic woes: will it be enough to trigger change?

Wittingly or unwittingly, South Africa’s Finance Minister Malusi Gigaba’s medium term budget policy statement places him – and champions of the market economy inside and outside the African National Congress – in a strong position and opens the way for real economic change. Whether the opportunity is taken is, of course, another matter.

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 Pays Off IMF

Zimbabwe has finally paid off its 16-year debt to the International Monetary Fund (IMF) as part of its arrears clearance strategy with multilateral institutions.

According to a statement released by IMF director of communications Gerry Rice on Friday, Zimbabwe settled its financial obligations on Thursday.

“On October 20, 2016, Zimbabwe settled its overdue financial obligations to the Poverty Reduction and Growth Trust of the IMF. Zimbabwe had been in continuous arrears since 2001.” The amount paid was about $107.9m.

Prasa in R796 Million Debt

The Passenger Rail Service of SA (Prasa) owes Transnet and municipalities some R796 million on accounts that have been outstanding for more than 30 days, and is not sure when it will be able to settle.

This was according to a response from Transport Minister Dipuo Peters to Democratic Alliance MP Manny de Freitas published on Tuesday.

Her answer gave a breakdown of the debt in question, with the table showing that of that amount, R317 million has been outstanding for more than 180 days.

Phakamani Foundation: Administrative Manager / Accountant

Phakamani Foundation is a Christian nonprofit micro-finance institution empowers poor women to succeed at micro-enterprise. The Foundation provides training, group loans, and on-going support lead to family income, savings, and hope for the next generation.

Phakamani Foundation seeks to appoint an Administrative Manager/Accountant, based at its Head Office in White River.

Machel: Economies Must Benefit the Poor

Women and child rights activist, Graça Machel, says the majority of Africans are not benefiting from the continent's economic recovery.

Machel states that, "Women in Africa are prevented from accessing land and capital that they need and financial institutions don't have the systems in place to cater for women's entrepreneurship as unreasonable collateral is required."

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