Africa Briefs

Zimbabwe eases forex rulesOil firms, chrome miners, embassies and international organisations in Zimbabwe can use foreign currencies for local transactions, the central bank said, easing rules for some sectors in a bid to boost the flow of US dollars in the economy.Last month, Zimbabwe banned the use of foreign currencies in domestic transactions after renaming its RTGS currency Zimbabwe dollar and making it sole legal tender, ending a decade of dollarisation.The exemption, which the central bank hopes will unlock US$1.3 billion held in banks by exporting companies, individuals and international organisations, is the latest unexpected policy change by the government. It could embolden critics who argued that last month's currency reforms were hurried.In a circular to banks seen by Reuters, the Reserve Bank of Zimbabwe said those earning foreign currency would be allowed to buy fuel in US dollars and that chrome mining firms and smelters could buy chromium from small scale producers in forex.Shortages of fuel, US dollars and medicines and rolling power cuts lasting 18 hours a day are throttling an economy grappling with a severe drought that has cut the staple maize harvest by half. – Nampa/ReutersSA sees new LNG import terminal ready by 2024State-owned freight logistics firm Transnet plans to launch a tender next year for South Africa's first terminal to import liquefied natural gas (LNG) at Richards Bay port, with first gas expected to land in 2024, a senior official said on Thursday.South Africa is pushing to diversify its energy sources away from coal, which supplies more than 90% of its electricity, and to expand capacity to reduce power cuts that have hit growth.Transnet, which operates gas pipelines, railway lines and ports in South Africa, will lead the project after the World Bank's International Finance Corp pledged US$2 million to help finalise the design, finance, construction and operation plans.The project requires re-purposing existing pipelines to transport gas between the east coast city of Durban and commercial hub Johannesburg."We are hoping second quarter or third quarter 2020 for the request for quotations," which is part of the tender process, said Jabulani Sithole, a Transnet oil and gas business manager."Based on the work we have done we believe that we are able to land the gas in South Africa by 2024," Sithole said. – Nampa/ReutersZambia sees 2019 GDP growth at 2.5%Zambia's economy is projected to grow by around 2.5% this year, down from an initial projection of almost 4%, finance minister Bwalya Ng'andu said on Thursday.Africa's second-largest copper producer has encountered declining fiscal space for developmental projects as most of its resources have been used on debt servicing, Ng'andu added in a speech to an economic summit in Livingstone in southern Zambia.Ng'andu, a former deputy central bank governor appointed finance minister this month, said the economy had been hurt mainly by adverse weather conditions that had dampened agricultural and energy output, while tight liquidity conditions had also hit businesses and economic activity.The Zambian government needs to pay arrears to support private sector growth, Ng'andu said.Zambia's external debt rose to US$10.05 billion at the end of 2018, compared with US$8.74 billion a year earlier, raising fears that the southern African country is headed for a debt crisis.Zambia is trying to shrink a fiscal deficit that amounted to 7.5% of gross domestic product last year. – Nampa/Reuters

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