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Congo hopes for China’s aid to secure IMF’s financial support

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Congo

The China-Africa Cooperation Forum to be held in Beijing from 3 to 4 September will be another opportunity for the Republic of Congo to solicit China’s aid in its attempt to secure financial support from the International Monetary Fund (IMF).



Thierry Moungala, Brazzaville’s information told Bloomberg that “Any clear support from China, politically and economically, will assure the IMF that the reforms” that the government agrees to in exchange for a rescue plan will be implemented”.

Congo, the continent’s fourth largest oil producer, owes at least $9.14 billion to various international creditors having China as its largest creditor.

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For at least two years its economy, essentially dependent on oil, has contracted due to the plunge in crude oil prices.

Presently, the country’s debt has reached 110% of GDP. Transparency International however considers Congo one of the most corrupt countries in Africa.

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President Ramaphosa to Sign South African Competition Amendment Bill Into Law

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South African President Cyril Ramaphosa will sign into law today the Competition Amendment Bill, which will strengthen regulations against anti-competitive behaviour in industrial markets.



The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs, economic inclusion and it opens up the economy to fresh investment and innovation.

It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, the Presidency said on Monday.

Additionally, the amended legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as socio-political conflict.

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The Presidency said this will enable a more effective approach to concentration, with a focus on improving outcomes for small and black-owned business, and strengthen the institutions involved in managing competition policy and law.

The signing ceremony will take place this afternoon at the Tuynhuys Chambers in Parliament. Economic Development Minister Ebrahim Patel, who campaigned fiercely for the bill’s codification, will join the ceremony along with a group of stakeholders.

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Manufacturing Output Growth Slows Again in South Africa

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The preliminary data from Statistics South Africa has showed the rate at which South Africa manufacturing output slowed twice again within the month of December.




Negative contributions came from petroleum, chemicals, rubber and plastic products, iron and steel, non-ferrous metal products, metal products and machinery industries to make outputs edged up a non-adjusted 0.1% year-on-year in December following a 1.3% increase in November and a 3.0% gain in October

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As against a drastic output growth in the prior month; 0.7% following a 0.4% rise in November

Meanwhile motor vehicles, parts and other transport equipment, food and beverages, glass and non-metallic mineral products made the biggest positive contributions in December.

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