Monday, 17th December 2018


Articles related to economy

Zimbabwe president says study points to oil in country

Zimbabwe's President Emmerson Mnangagwa said on Thursday that an Australian firm would explore for oil and gas in the nation after a study indicated deposits.

Invictus Energy has in recent months reworked survey data generated in the early 1990s by US oil giant ExxonMobil, previously known as Mobil.

"We have been advised by Invictus that the…

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IMF reaches staff agreement for $2 bln disbursement to Egypt

The International Monetary Fund has reached a staff-level agreement with Egypt to disburse another $2 billion from the country’s $12 billion extended fund facility, it said on Tuesday. 

The funds will be available upon IMF executive board approval of a fourth review of the three-year program, the organization said in a statement. 

At the conclusion…

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Zimbabwe's 2018 budget deficit seen at 11.1 percent of GDP

Zimbabwe’s budget deficit will more than double to 11.1 percent of gross domestic product this year from an initial forecast of 5 percent due to runaway government spending, a senior treasury official said on Monday.

President Emmerson Mnangagwa’s government cranked up spending by increasing public sector salaries and purchasing farming inputs for…

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South Africa's unemployment rate rises to 27.5 pct in Q3

South Africa’s unemployment rate rose to 27.5 percent in the third quarter from 27.2 percent in the second quarter, the country’s statistics office said on Tuesday.

There were 6.2 million people without jobs in the three months to the end of September, compared with 6.1 million people in the prior quarter, Statistics South Africa said its quarterly…

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Ramaphosa says S.Africa gets $20 billion of investment pledges at conference

Investment commitments of almost 290 billion rand ($20 billion) into the South African economy were made at an investment conference on Friday, President Cyril Ramaphosa said.

“This is going to give our country the lift it requires,” said Ramaphosa, who has staked his reputation on reviving the economy after a decade of stagnation.

“We are working…

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