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IMF may grant Zambia $1.3 billion funding package

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The International Monetary Fund (IMF) may grant Zambia up to $1.3 billion in a three-year credit facility to help plug a budget deficit of around 7 percent, the lender’s mission chief said on Saturday. A decision will be made by the IMF board in August, Tsidi Tsikata told a joint news conference with the Zambian finance ministry, which pledged to ...

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South Africa’s central bank wary of cutting rates: Kahn

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South Africa’s central bank is wary of cutting interest rates to support economic growth until it is convinced an improved inflation outlook can be sustained, monetary policy committee member Brian Kahn said on Thursday. “We would not want to reduce rates and then be forced into a premature reversal of policy,” Kahn said in a speech at an investor conference. ...

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Fitch sees South Africa missing revenue forecasts

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South Africa is likely to miss revenue forecasts set out in a February budget while weakness in running of state-owned companies will be a risk to fiscal deficit targets, Fitch director Jan Friederich said on Thursday. Friederich said business confidence had been dented by political infighting within the ruling African National Congress ahead of a party conference in December when ...

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South Africa: Markets see cutting rates to boost growth

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South African bonds priced in a higher likelihood of a 50 basis point rate cut by the central bank sooner than anticipated after the economy unexpectedly slipped into recession and raised the risk of further credit downgrades. Forward rate markets on Wednesday were pricing in a nearly 30 percent chance of a 50 basis point interest rate cut at the ...

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S.Africa’s Eskom to seek 20 pct electricity tariff increase: report

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South Africa’s cash-strapped utility Eskom will seek power price increases of nearly 20 percent when it approaches the electricity regulator at end of the month, the BusinessDay newspaper reported on Tuesday citing confidential documents. Eskom, the sole power supplier to Africa’s most developed economy, was granted a 2.2 percent tariff increase by the National Energy Regulator for the 2017/18 financial ...

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South African recession puts fiscal targets at risk: Treasury

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South Africa’s negative economic growth is a risk to fiscal targets and puts pressure on the government to intensify growth programmes as a matter of urgency, the Treasury said on Tuesday. South Africa entered recession for the first time in eight years, led by weak manufacturing and trade, data from Statistics South Africa showed. “This worse-than-expected GDP outcome introduces significant ...

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South Africa’s private-sector activity little changed in May, PMI shows

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Private-sector activity in South Africa was little changed in May from April, remaining in positive territory, as new orders and output failed to register significant gains. The Standard Bank Purchasing Managers’ Index (PMI), compiled by Markit, was at 50.2 in May compared with 50.3 in April, still above the 50 mark that separates growth from contraction. “PMI remained above 50 ...

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South Africa’s Telkom profit jumps on growth in mobile, enterprise

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Telkom SA, South Africa’s biggest landline provider, reported a rise in full-year earnings and revenue on Monday, buoyed by a strong performance by its mobile business and its Business Connexion enterprise division. With the completion of a turnaround plan, which aimed to bring down costs, including job cuts, and better compete with wireless operators, the company’s focus on growth under ...

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S.A: China says 31 nationals detained in Zambia for illegal mining

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Zambia has detained 31 Chinese nationals for illegal mining in the African country’s copper belt but has failed to provide strong proof of their crimes, a senior Chinese diplomat said as he lodged a complaint. Lin Songtian, the Chinese Foreign Ministry’s director-general for African affairs, told a Zambian diplomat in Beijing that China understands and supports actions to crack down ...

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