Africa Briefs

SA economy to shrink by more than forecastSouth Africa's economy will likely contract this year by more than the 7% previously forecast by the Treasury, finance minister Tito Mboweni said in an opinion piece published in City Press yesterday.Gross domestic product shrunk by a record 51% in the second quarter, its fourth quarterly contraction in a row, as a strict lockdown to curb the spread of the coronavirus saw activity grind to a near-standstill.In his article Mboweni, said his office would speed up reforms, by easing regulatory hurdles and allowing more private investment in the public sector, especially in electricity.In the article, Mboweni said the government would move with greater speed via "Operation Vulindlela" (open the way), a joint initiative between the Treasury and the presidency announced in his budget speech in June and aimed at accelerating structural reform. He did not give details of the plan."It is not another new plan. It involves implementing existing commitments through mechanisms to escalate challenges and fast-track implementation," Mboweni wrote. – Nampa/ReutersSudan declares state of economic emergencySudan declared an economic state of emergency on Thursday after its currency fell sharply in recent weeks, setting up special courts to prosecute what officials called a "systematic operation" to vandalise the economy.The transitional government, in charge of the country since the ouster of Omar al-Bashir last year, will criminalise purchasing, selling, possessing or smuggling raw gold or precious minerals, key hard-currency earners.The pound has declined in recent weeks on what officials blamed on manipulation by those opposing the transitional government."We are able to simply say what happened is an open war against the revolution, the economy, the government," information minister Faisal Saleh told a news conference.Special courts will be set up in coming days to fight smuggling and other illicit activities. – Nampa/Reuters

Africa Briefs

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