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News

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Mon, 01 Apr 2019
IMF STAFF COMPLETES 2019 ARTICLE IV CONSULTATION MISSION TO MOZAMBIQUE- UNA...

 

While it is still early to precisely assess the macroeconomic effects of Cyclone Idai and reconstruction costs, these will be very significant; Despite the likely adverse macroeconomic effects of Cyclone Idai in 2019, which are still being analysed, the outlook is for a recovery in economic activity over the medium-term; The mission also emphasises the importance of achieving significant debt relief and strengthening oversight of the entire public debt portfolio to bring public debt indicators to safer levels.

An International Monetary Fund (IMF) staff team led by Ricardo Velloso visited Maputo during March 13–27, 2019, to conduct the Article IV consultation mission. At the end of the visit, Mr. Velloso issued the following statement:

“The mission would like to express solidarity with the Mozambican people in the aftermath of Cyclone Idai that hit hard central Mozambique, causing significant loss of life and damage. Our condolences go to those affected by this unprecedented natural disaster and their families and friends.

“While it is still early to precisely assess the macroeconomic effects of Cyclone Idai and reconstruction costs, these will be very significant. The international community will have to continue playing a vital role in assisting Mozambique. In this context, the IMF will consider the authorities’ request for emergency financial assistance under the IMF Rapid Credit Facility (RCF).

“Real GDP growth decelerated to 3¼ percent in 2018, but it was broader based, with non-mining growth accelerating to 2¾ percent in 2018, from 2 percent in 2017. Inflation remains subdued, reflecting tight monetary policy, and exchange rate and food price stability. International reserves at the Bank of Mozambique are relatively comfortable, covering over six months of next year’s non-megaproject imports.

“Despite the likely adverse macroeconomic effects of Cyclone Idai in 2019, which are still being analyzed, the outlook is for a recovery in economic activity over the medium-term, with more significant expansion with the start of LNG production expected in 2023.

“The fiscal policy effort was significant in 2017-18. Subsidies on fuel and wheat prices were eliminated, an automatic fuel price adjustment mechanism was adopted, and electricity and public transportation tariffs were adjusted, bringing those prices close to cost recovery levels. Despite these efforts, the overall fiscal deficit in 2018 remained relatively high.

“Medium-term fiscal consolidation will be essential to ensure that public debt-to-GDP ratios remain on a clear downward path and, given that public debt is in distress, budget financing should rely to the maximum extent possible on grants and highly concessional loans.

“The mission also emphasizes the importance of achieving significant debt relief and strengthening oversight of the entire public debt portfolio to bring public debt indicators to safer levels.

“The mission welcomes the implementation of the strategy to clear the stock of domestic payments arrears to suppliers and advises the authorities to avoid new arrears by strengthening commitment controls. It also encourages the authorities to develop a strategy to clear the backlog of VAT refunds.

“The mission welcomes cabinet approval of the SOE Law regulations and recommends strengthening controls over SOE debt issuance. The new agency envisaged in the SOE [...]

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Mon, 01 Apr 2019
5 things you need to know in SA business today .

 

Tito Mboweni has lashed out at Sanral, criticising the agency’s decision to suspend summonses to recover e-toll debt.

“They [the board] must reverse the decision. It has implications for the bond market, it has implications for the fiscus. It has implications for their own credit rating and the credit rating of the country,” Mboweni said.

 

The repo rate remained unchanged yesterday, with the Reserve Bank worried about growth given loadshedding and weak business confidence. But it also expects that inflation will tick higher over the medium term due to the large Eskom tariff hikes and higher petrol prices. Trevor Manuel has threatened to sue the EFFif the organisation doesn’t retract a “racist” and “libellous” statement over his supposed connections to the new CEO of SARS, Edward Kieswetter. Manuel headed the selection panel. The EFF alleged that Manuel was related to Kieswetter and that they have close business ties. The Independent Regulatory Board for Auditors has struck a former KPMG partner off its rolls. Jacques Wessels audited a number of Gupta companies, and has been accused of dishonesty and negligence. Capitec announced its results yesterday: headline earnings grew almost 20% to R5.3 billion. Capitec now has more than eleven million active bank clients – which grew by 1.5 milllion over the past year.

 

Source : https://www.businessinsider.co.za/uk-is-like-an-emerging-market-thanks-to-brexit-says-mark-mobius-2019-3

 

 

 

 

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Wed, 20 Feb 2019
New flight courses to Lusaka an indication of expanded enthusiasm for Zambi...

ZAMBIA’S Minister of Tourism and Arts Charles Banda says the new flight courses to Lusaka are an indication of expanded enthusiasm for the nation’s travel industry and business openings.

Mr. Banda said the populace going for business and recreation has expanded after some time, which is pulling in aircraft over into the nation.

“Zambia is an interesting goal since it is at the middle imparting outskirts to eight (8) different nations. The aggregate populace of these nations is more than 600 million with various business thoughts and exchanges,” the clergyman said in Lusaka today when he highlighted on CNBC Africa ‘Power Lunch’ live meeting system.

“For instance, the re-dispatch of Botswana Airline’s course to Lusaka is because of expanded business openings, gatherings, and exchanges between the two nations,” he said.

Mr. Banda said the re-dispatch of Zambia Airways has achieved a propelled stage and is relied upon to start flights in April this year as a team with Ethiopian Airlines.

It will strengthen the effectively existing Kenya Airways, RwandAir, Emirates, Turkish Airlines, Ethiopian Airways and destined to be propelled Air Tanzania and give individuals simple access into Zambia.

“Zambia has exceptionally remarkable catchment zones. We power more than 40 percent of surface water bodies in the locale, so it’s both business and the travel industry. We have everything,” he said

 

 

Source : https://www.lusakatimes.com/2019/02/20/new-flight-routes-to-lusaka-a-sign-of-increased-interest-in-zambias-tourism-and-business-opportunities/

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