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Category: Economy

IMF Director Urges Zambia to Maintain Economic Momentum Amidst Climate Challenges 1 Mining in Zambia Economy 

IMF Director Urges Zambia to Maintain Economic Momentum Amidst Climate Challenges

Constance
During a meeting in Washington DC, IMF Managing Director Kristalina Georgieva underscored the importance for Zambia to sustain its economic transformation despite short-term setbacks caused by drought and climate change. Georgieva commended the country’s policy reforms, acknowledging them as driving forces for progress. She also praised Zambia’s recent deal with bondholders as a significant milestone in its economic recovery. Finance Minister Situmbeko Musokotwane expressed gratitude to the IMF for its support during economic challenges, emphasizing President Hichilema’s commitment to Zambia’s economic transformation. Musokotwane highlighted Zambia’s 5% annual GDP growth in… Read More Here
China Cancels Portion of Zimbabwe's Debt Amidst Growing Concerns 2 International Economy News in Brief 

China Cancels Portion of Zimbabwe’s Debt Amidst Growing Concerns

Constance
China has announced the cancellation of a portion of its interest-free loans to Zimbabwe, demonstrating support amidst the country’s financial challenges. The move is part of China’s broader effort to aid Zimbabwe in tackling its escalating debt burden, which has reached $17.7 billion as of September 2023. Despite welcoming the debt relief, concerns persist about Zimbabwe’s long-term debt sustainability. The specifics of the loan write-off and future debt restructuring will be clarified in discussions between Chinese and Zimbabwean authorities, with the international community closely monitoring developments. While China’s decision represents… Read More Here
Minister Kazadi Highlights Role of IMF and World Bank in DRC's Development 3 Mining in DRC Economy 

Minister Kazadi Highlights Role of IMF and World Bank in DRC’s Development

Constance
During a radio interview on Radio Top Congo, Finance Minister Nicolas Kazadi emphasized the significance of collaboration with the International Monetary Fund (IMF) and the World Bank in supporting countries’ development efforts. Kazadi clarified that these institutions do not directly drive development but provide essential tools and resources for countries committed to progress. He underscored that nations leveraging these resources have witnessed substantial advancements, achieving economic independence by consolidating their strengths. Defending the financial support received, Kazadi stressed its role in addressing major challenges such as enhancing human capital, increasing… Read More Here
IMF Forecasts Global Growth and Inflation Trends for 2024-2025 4 International Economy 

IMF Forecasts Global Growth and Inflation Trends for 2024-2025

Constance
According to the International Monetary Fund’s (IMF) April 2024 baseline forecast, global growth is projected to remain steady at 3.2% in 2024 and 2025, mirroring the pace observed in 2023. The report highlights a slight acceleration in advanced countries, with growth expected to increase from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025. However, this uptick will be offset by a modest deceleration in emerging and developing countries, with growth rates declining from 4.3% in 2023 to 4.2% in both 2024 and 2025. Notably, global growth is… Read More Here
DRC's Trade Shows Resilience with Increased Surplus 5 Mining in DRC Economy 

DRC’s Trade Shows Resilience with Increased Surplus

Constance
Trade between the Democratic Republic of Congo (DRC) and the rest of the world demonstrated resilience, recording a 2.39% increase by the end of March 2024 compared to the same period last year. Data from the Central Bank of Congo (BCC) as of April 12, 2024, revealed this positive trend. The trade balance exhibited a surplus of $4,515.53 billion USD, marking a significant increase from the $627.42 million USD achieved in March 2023. This surplus represents a notable 6.05% rise compared to the previous year’s 0.93%. In 2023, global economic… Read More Here
Zimbabwe Central Bank Adopts Cautious Approach in ZiG Currency Printing 6 International Economy 

Zimbabwe Central Bank Adopts Cautious Approach in ZiG Currency Printing

Constance
Zimbabwe’s Central Bank governor, John Mushayavanhu, has announced a conservative stance regarding the printing of additional ZiG notes, emphasizing the necessity of adequate reserves to support the new currency. Addressing delegates at a meeting, Mushayavanhu reiterated the country’s commitment to avoiding overprinting, which could risk the stability of the currency. He revealed that President’s directive mandates refraining from printing money without sufficient reserves. The recently introduced Zimbabwe Gold (ZiG) currency is backed by foreign currencies, gold, and other assets, marking the nation’s sixth attempt to establish a robust local currency.… Read More Here
Illegal Money Changers Resume Operations in Zimbabwe Amid Currency Transition 7 International Economy 

Illegal Money Changers Resume Operations in Zimbabwe Amid Currency Transition

Constance
Illegal money changers in Zimbabwe have resumed their activities following a brief hiatus, as reported after the country’s introduction of a new gold-backed currency called ZiG in April 2024. According to a report published in the East African newspaper, these currency traders have returned to the streets despite the ongoing process of transitioning to the new Zimbabwe Gold (ZiG) currency. Despite the currency being available only electronically for now, the black market is already active, offering rates slightly higher than the official exchange rate. ZB Financial Holdings reported that on… Read More Here
Gemfields Auction Yields USD 17.1 Million in Commercial-Quality Emeralds 8 Mining in Zambia Economy Emeralds 

Gemfields Auction Yields USD 17.1 Million in Commercial-Quality Emeralds

Constance
Gemfields has concluded another successful auction of commercial-quality rough emeralds, held from March 5 to March 22, 2024. The auction, conducted by Gemfields’ subsidiary Kagem in Zambia, generated total revenues of USD 17.1 million, with 40 out of 43 lots sold, achieving a remarkable 93% sales rate. Key Highlights: .Total auction revenues reached USD 17.1 million. .43 lots were offered, with 40 lots successfully sold, accounting for a 93% sales rate. .The average price per carat stood at USD 4.45. .Since July 2009, Kagem auctions have amassed total revenues of… Read More Here
South Africa's Mining Sector Records Strong Rebound in February 9 International Economy 

South Africa’s Mining Sector Records Strong Rebound in February

Constance
South Africa’s mining industry has shown robust growth in February, bouncing back from a challenging start to the year, according to the latest data released by Statistics SA. The Bureau for Economic Research’s (BER) Weekly Review highlighted that mining activity exceeded expectations, with production surging by 9.9% year-on-year (y-o-y). This represents the most significant growth in mining output since mid-2021, surpassing market forecasts of a 3.5% y-o-y expansion. Iron ore production led the way, increasing by 42.9% y-o-y and contributing 5.1 percentage points to the overall growth. Coal production also… Read More Here
Zimbabwe Grapples with Economic Uncertainty Amidst Currency Woes 10 International Economy 

Zimbabwe Grapples with Economic Uncertainty Amidst Currency Woes

Constance
The economic landscape of Zimbabwe is clouded with uncertainty as the informal sector, a key contributor to the nation’s economy, refuses to embrace the local RTGS dollar. Compounding the issue is the delayed introduction of the new gold-backed currency, ZiG, originally slated for April 8th but now postponed until April 30th. Representing approximately 75% of national employment, Zimbabwe’s informal traders have ceased accepting the RTGS dollar due to concerns over its dwindling value, leaving the US dollar as the predominant currency in circulation. Economist Happy Zengeni voices criticism over the… Read More Here

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