Africa Briefs

Zimbabwe expects higher tobacco output

Zimbabwe expects output of its second biggest export earner tobacco to rise 5.8% to 200 million kilogramme this year, an industry group said on Wednesday, as farmers started selling their crop at the country’s auctions. The southern African nation is desperately short of dollars due to its strugling economy, although traditionally liquidity improves during the tobacco-selling season as cash is brought into the country.

Zimbabwe exports its tobacco mostly to China, South Africa and Belgium, earning the country US$1.2 billion between May 2016 and December 2017 compared with US$1.3 billion from gold, central bank data showed.

-Nampa/Reuters

Nigerian parliament aims to pass budget in April

Nigerian lawmakers aim to pass the country’s 2018 spending plan on April 24, House Speaker Yakubu Dogara said on Wednesday. President Muhammadu Buhari presented a 2018 budget of 8.612 trillion naira, the country’s biggest ever, to lawmakers in November and was targeting January 1, 2018 for its passage.

Dogara said the budget would be laid at plenary on April 19 and passed the following week.

-Nampa/Reuters

Seychelles' economy growth above 5%

The Seychelles’ economy is estimated to have grown over 5.0% last year, up from a 4.5% growth in 2016, supported by buoyant tourism activity, strong output in the fishery industry and expanding credit to the private sector, the International Monetary Fund said.

“Macroeconomic performance continued to be strong in 2017. Economic growth is estimated to have exceeded 5.0%,” IMF mission chief Amadou Sy said in a statement issued on Tuesday.

It said inflation in the Indian Ocean country reached 3.5% by the end of 2017.

-Nampa/Reuters

Zim “named and shamed” diamond miners

Diamond miners in Zimbabwe's controversial Marange fields have been "named and shamed" among companies and individuals that externalised funds and assets from Zimbabwe, with President Emerson Mnangagwa saying Monday only US$591million of the targeted US$1.4billion has been returned.

Authorities in Zimbabwe have always blamed externalisation of funds from Zimbabwe as the major cause of cash shortages in Zimbabwe. The country adopted a multiple currency regime hedged around the US dollar and rand in 2009, but this quickly back-fired in 2016 after currency shortages emerged.

Now the new administration of Mnangagwa has sought to recover funds and assets externalised from Zimbabwe.

-Fin24

Mozambique gives creditors debt restructuring options

Mozambique on Tuesday presented creditors with three options for restructuring huge debts it is unable to repay until gas projects begin production forecast in late-2022, a finance ministry presentation showed.

The scenarios given to creditors include extending maturities on the outstanding defaulted debt to between 8 and 16 years and a haircut on interest and penalties owed, the presentation said.

Shortly after restructuring a Eurobond in 2016, Mozambique’s government admitted to US$1.4 billion of previously undisclosed loans, prompting the International Monetary Fund and foreign donors to cut off support.

-Nampa/Reuters