Wednesday, 8th July 2020


Articles related to economy

S.Africa consumer confidence crashes to 35-year low in second quarter - survey

South Africa’s consumer confidence plunged to a 35-year low in the second quarter, moving deeper into the negative territory as the COVID-19 pandemic hammered the economy, a survey showed on Tuesday.

The consumer confidence index (CCI), sponsored by First National Bank (FNB) and compiled by the Bureau for Economic Research, slumped to minus 33…

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Botswana needs $3.4 billion in stimulus, to plug budget deficits

Botswana needs a total of 40 billion pula ($3.40 billion) over the next 2-1/2 years to revive its coronavirus-hit economy and to cover expected budget deficits, estimates by the ministry of finance showed on Friday.

Botswana has a relatively low number of COVID-19 infections with only three active cases remaining and one death, but the economy has…

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Kenya sets a budget deficit of 7.5% of GDP in 2020/21 financial year

Kenya’s finance minister Ukur Yatani on Thursday set a budget deficit of 7.5% of GDP for the fiscal year starting in July, saying the coronavirus pandemic had upended the government’s plan to reduce reliance on debt.

“Our fiscal consolidation plan has been adversely affected by the events over the last six months,” Yatani told parliament as he…

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South African rand weaker as second wave fears hurt markets

South Africa’s rand opened weaker on Monday as investors sold riskier currencies on fears of a second wave of the coronavirus in Beijing.

At 0652 GMT, the rand traded at 17.31 versus the dollar, around 1.5% lower than its close on Friday. 

Government bonds also dropped, with the yield on the 2030 bond rising 9 basis points to 9.32%.

Some investors…

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Sudan says it has begun talks with IMF on non-funded programme

Sudan began talks this week with the International Monetary Fund (IMF) on a non-funded programme that could pave the way for international financial support, Finance Minister Ibrahim Elbadawi said on Sunday.

Khartoum is in desperate need of financial help to reorganise its economy. Inflation has been running at nearly 100% and the currency tumbling…

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