Civil society needs organisational agility, imaginative leadership and synergic partnerships in tough times. With South Africa assigned to junk status by two global credit rating agencies, traditional sources of funding for civil society, including nongovernmental organisations (NGOs), community-based organisations (CBOs) and social movements, are likely to decline.
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.
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.
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.
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.
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.
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 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.
uTshani Fund provides administrative and bridging finance functions in support of a community-led process to change the relationships of power and influence within and between communities and the state around issues of human settlements and livelihoods.
Beware of Greeks bearing gifts! Beware of city slickers from Gauteng offering joint ventures in deep rural settings! Beware government imposters running pseudo non-governmental organisations (NGOs)!