Africa news in brief

South African rand firms on US-China trade optimismSouth Africa’s rand firmed against the dollar in early trade on Tuesday, in line with a rise in stocks, as hopes of a de-escalation in the Sino-US tariff war rose on reports that China’s top trade negotiator was preparing to visit the United States ahead of a meeting between the leaders of two countries.At 0645 GMT, the rand traded at 14.3850 per dollar, 0.57% firmer, having closed in New York at 14.4675.The South China Morning Post reported that Liu He may visit Washington as part of the preparations for the talks between US President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit in Argentina later this month.-Nampa/ReutersIMF says held constructive talks with Zambia The International Monetary Fund (IMF) said on Monday it held constructive talks with Zambian authorities on restoring fiscal and debt sustainability during a visit to the country last week.The Fund said in August that aid discussions were on hold because Zambia’s borrowing plans were unsustainable. “Discussions ...covered the main elements of the draft 2019 budget ... and strategies for restoring fiscal and debt sustainability while maintaining growth,” the IMF said in a statement that made no mention of an aid programme for the major copper producer.-Nampa/ReutersZimbabwe invites bids for struggling national airlineZimbabwe has invited bids for the state-owned airline as President Emmerson Mnangagwa’s government pushes ahead with a drive to privatise and end state funding to loss-making firms, Air Zimbabwe’s administrator said on Monday.Air Zimbabwe, which owes foreign and domestic creditors more than US$300 million, was in October placed into administration to try and revive its fortunes.The troubled airline is among dozens of state-owned firms, known locally as parastatals that are set to be partially or fully privatised in the next 9 months as the government seeks to cut its fiscal deficit seen at 11% of GDP this year.-Nampa/ReutersUN Security Council set to lift Eritrea sanctionsThe United Nations Security Council is set to vote on Wednesday to lift a nearly decade-old arms embargo and targeted sanctions on Eritrea, diplomats said, after the country’s rapprochement with Ethiopia and thawing of relations with Djibouti.Diplomats, speaking on condition of anonymity, said the 15-member council completed negotiations on Monday and agreed on a British-drafted resolution to remove the sanctions, which were imposed in 2009 after UN experts accused Eritrea of supporting armed groups in Somalia. Eritrea has denied the accusations.A resolution needs nine votes in favor and no vetoes by the United States, China, Russia, Britain or France. Diplomats said Wednesday’s vote was likely to be unanimous.The draft resolution, seen by Reuters, would immediately remove the arms embargo and targeted sanctions - a travel ban and asset freeze - imposed on Eritrea.It also urges Eritrea and Djibouti to work towards normalising ties and settling a decade-old border dispute. It asks Secretary-General Antonio Guterres to report back to the council on progress by Feb. 15 and then every six months.Eritrea and Djibouti agreed in September to work on reconciling. Deadly clashes broke out between the Horn of Africa countries in June 2008 after Djibouti accused Asmara of moving troops across the border.It came after Ethiopia and Eritrea in July declared an end to their state of war and agreed to open embassies, develop ports and resume flights between the two countries after decades of hostilities.-Nampa/ReutersCash runs out in SudanMany cash machines in the Sudanese capital have run out of banknotes as the government scrambles to prevent economic collapse with a sharp devaluation and emergency austerity measures.Rising demand for cash due to inflation, lack of trust in the banking system and the central bank’s policy of restricting the money supply to protect the Sudanese pound have all contributed to a liquidity crunch that has worsened in the past 10 days pending new banknote deliveries.The banknote shortage comes one month after authorities let the value of the pound slide from 29 pounds to the dollar to 47.5 pounds and announced measures to tighten spending.“I move from place to place until I find a money changer with funds because a large number of the cash machines are empty,” said Ahmed Abdullah, a 42-year-old government employee.“Why are we suffering like this to get our money?”-Nampa/Reuters

Africa news in brief

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Republikein 2024-11-15

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Africa news in brief

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