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Old June 19th, 2017, 12:16 PM   #12661
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South African mining industry hostile to government reform

In South Africa, the mining industry is promising years of proceedings against government reform, which once again elevates the threshold of black shareholding in mining companies.

It is the bronca in the South African mining industry against the new government charter. Mining companies have a year to distribute 30% of their shares to black South Africans, 14% of whom are black executives, 8% to employees and 8% to local communities. Constraints that go beyond the 26% of the previous reform, imposed fifteen years ago. "This law was a pioneer," said the South African Minister of Mines, "it has" allowed the emergence of new captains of black industry ". But he said he must "open up the mining industry to a wider participation of black South Africans, and give more power to the employees," mostly blacks in the mines.

The new reform is nevertheless an admission of failure of the improvement of the fate of the Blacks in the mining economy of South Africa (7% of the GDP). Since 2002, many black shareholders have resold their holdings, which were financed by the mining companies. They have enriched themselves during the upward cycle of minerals and metals, but their actions have not been taken up by black South Africans. So the cards have to be pulled back today, when the industry is in a bad shape - the industry has lost 60,000 jobs in five years.

Raising the threshold of black shareholders in mining companies means creating new shares and reducing their value. The South African mining groups say they are scaring off investors. The reform also requires them to provide 70% in goods and 80% in services to companies belonging to black South Africans. A puzzle in perspective in the chain of subcontracting, from the machines, largely imported, to the reprocessing of water.

The Chamber of Mines wants to refer the new rules of ownership to the Court of Justice in the name of property rights. Foreign subcontractors could protest at the World Trade Organization. Years of prosecution, a lawyer in the sector said, for whom it is unlikely that the new charter will be applied in the near future.
L’industrie minière sud-africaine hostile à la réforme du gouvernement

En Afrique du Sud, l’industrie minière promet des années de procédure contre la réforme du gouvernement, qui élève à nouveau le seuil de l’actionnariat noir dans les entreprises minières.

C’est la bronca dans l’industrie minière sud-africaine contre la nouvelle charte du gouvernement. Les entreprises du secteur minier ont un an pour distribuer 30% de leurs actions aux Noirs sud-africains, dont 14% à des cadres dirigeants noirs, 8% à des employés et 8% aux communautés locales. Des contraintes qui vont au-delà des 26% de la précédente réforme, imposée il y a quinze ans. « Cette loi était pionnière », estime le ministre sud-africain des Mines, elle a « permis l’émergence de nouveaux capitaines d’industrie noirs ». Mais il faut, selon lui, « ouvrir l’industrie minière à une participation plus large des Noirs sud-africains, et donner plus de pouvoirs aux employés », majoritairement Noirs dans les mines.

La nouvelle réforme est pourtant un aveu d’échec de l’amélioration du sort des Noirs dans l’économie minière sud-africaine (7% du PIB). Depuis 2002, beaucoup d’actionnaires noirs ont revendu leurs participations, qui avaient été financées par les entreprises minières. Ils se sont enrichis au passage, lors du cycle haussier des minerais et métaux, mais leurs actions n’ont pas été reprises par des Noirs sud-africains. Il faut donc à nouveau rebattre les cartes aujourd’hui, alors que le secteur est mal en point - l’industrie a perdu 60 000 emplois en cinq ans.

Relever le seuil de l’actionnariat noir dans les entreprises minières, cela veut dire créer de nouvelles actions, et en diminuer la valeur. De quoi faire fuir les investisseurs, estiment les groupes miniers sud-africains. La réforme leur impose aussi de se fournir à 70% en biens et à 80% en services auprès d’entreprises appartenant à des Noirs sud-africains. Un casse-tête en perspective dans la chaîne de sous-traitance, depuis les machines, largement importées, au retraitement de l’eau.

La Chambre des mines veut saisir la Cour de justice sur les nouvelles règles d’actionnariat, au nom du droit de propriété. Les sous-traitants étrangers pourraient protester auprès de l’Organisation mondiale du commerce. Des années de procédures en vue, estime un avocat du secteur, pour qui il est peu vraisemblable que la nouvelle charte soit appliquée dans un futur proche.

http://www.rfi.fr/emission/20170619-...e-gouvernement
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Old June 19th, 2017, 06:23 PM   #12662
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Morocco trade deficit widens 13.1 pct in first five months: agency

RABAT (Reuters) - Morocco's trade deficit widened 13.1 percent to 78.45 billion dirham ($8.03 billion) in the first five months of 2017 compared with a year earlier, driven by increased imports, the foreign exchange regulator said on Monday.

The trade gap was up from 69.45 billion dirhams during the same period last year, as energy imports rose 42.7 percent to 28.25 billion dirhams, and spending on equipment imports rose 8.1 percent to 50.61 billion dirhams.

Total exports rose 5.3 percent from a year earlier to 103.31 billion dirhams, pushed by a 7.9 percent rise in phosphate exports totaling 17.41 billion dirhams.

Tourism receipts fell by 5.8 percent. Remittances from the 4.5 million Moroccans who live abroad slightly rose 0.2 percent to 24.33 billion dirhams, while foreign direct investment rose 24 percent to 12.90 billion dirhams.

($1 = 9.7663 Moroccan dirham)
http://af.reuters.com/article/invest...BN19A1S6-OZABS
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Old June 19th, 2017, 08:48 PM   #12663
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Fitch says South Africa's new mining rules may deter investment

JOHANNESBURG (Reuters) - Fitch Ratings agency said on Monday that new regulations seeking to accelerate black ownership in South Africa's mining industry would deter investment.

The government published its revised Mining Charter on Thursday, raising the minimum threshold for black ownership of mining companies to 30 percent from 26 percent.

But the Chamber of Mines, which represents mining firms, said it would challenge the new rules in court.

Fitch said in a statement that although the Black Economic Empowerment programme - meant to include more blacks in the economy to redress their exclusion during apartheid - was a longstanding feature of South African economic policy, the new charter was the result of a more radical approach.

The mining sector accounts for about 7 percent of South Africa's economic output.

"It indicates that the government is prioritising radical transformation even if this leads to weakening of the business climate and could reduce trend growth," Fitch said.

"Uncertainty about final outcomes, the implications on returns for existing shareholders of the new provisions, and the challenges of meeting procurement targets will continue to constrain investment in the mining sector."
http://af.reuters.com/article/invest...BN19A2KT-OZABS
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Old June 19th, 2017, 08:53 PM   #12664
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Caio deep-water port in Angola to start operating in 2020

Construction work on the Caio deep-water port in Angola’s Cabinda province is expected to be completed by 2020, said the president of the project’s management company Caio Porto, Jack Helton.

Helton also told Angolan news agency Angop that work is still in the first phase, which consists of dredging the coastal area where the port will be built.

At the end of this phase there will be a terminal 630 metres long, connected to the coast by a 2-kilometre bridge.

The Caio deep-water port will have a 1,130-metre dock to moor up to four ships at the same time, which will be 16 metres deep. The port will have capacity to move about 60 containers per hour.

The project will cover an area of over 2,500 hectares, where customs facilities, workshops with port support and ship repair services, warehouses and commercial establishments will be built.

This port, which will be the first deep-water in Angola, has funding of US$180 million from the Angola Sovereign Fund and the Export and Import Bank of China has granted a loan of US$600 million. Construction work was awarded to the China Road and Bridge Corporation (CRBD).
https://macauhub.com.mo/2017/06/19/p...ional-em-2020/
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Old June 19th, 2017, 09:46 PM   #12665
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Mozambique to be connected to South Africa by a new road

The construction of the Mapinhane-Pafuri regional road (N222), which covers the provinces of Inhambane, Gaza and Maputo, in southern Mozambique, is expected to begin in May 2018 and be completed three years later, a representative of South African company Capital Projects said in Inhambane.

The representative of Capital Projects said the company had US$780 million available to build the 500-kilometre road, which connects Vilanculos district to the border between Mozambique and South Africa.

This funding was obtained through a partnership between Capital Projects and China Harbor Engineering Company Ltd. (CHEC).

China Harbor Engineering Company is involved in a US$1 billion investment project to build a new port in Maputo province to serve Mozambique and neighbouring countries including South Africa.

The project for the Techobanine deepwater port in the Matutuíne district of southern Maputo province is being promoted by a consortium led by Mozambican company Bela Vista Holdings (BVH) which, in addition to CHEC, is part of South Africa’s Transnet.
https://macauhub.com.mo/2017/06/19/p...-nova-estrada/
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Old June 20th, 2017, 09:40 AM   #12666
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The President Who Caused a Recession





The last time South Africa fell into recession, in 2009, it was because of the global financial crisis. This time around, economists and business executives agree, the cause is a person: the president.

Jacob Zuma’s erratic political moves are breeding policy uncertainty and reluctance to invest, helping explain why the economy of the continent’s most industrialized nation contracted for a second straight quarter in the three months through March. Finance, real estate and business services shrank for the first time since the second quarter of 2009.

“There is no other factor to explain the recession,” said Iraj Abedian, chief executive officer at Pan-African Investments and Research Services in Johannesburg. “The only factor is the political shenanigans, policy uncertainty and the lack of leadership, which has hollowed out confidence both in the consumer and the investment community.”

“Zuma being replaced sooner rather than later will certainly help rebuild the confidence needed to turn the economy into a positive direction,” Ivor Sarakinsky, a senior lecturer at the University of the Witwatersrand’s School of Governance in Johannesburg, said by phone June 13. “Investors just aren’t going to bring in money in under this kind of uncertainty.”

https://www.bloomberg.com/news/artic...-africa-s-woes
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Old June 20th, 2017, 10:04 AM   #12667
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IMF approves $224.8 mln in extra credit for Ivory Coast

ABIDJAN (Reuters) - The International Monetary Fund's Executive Board approved $224.8 million in additional credit for Ivory Coast under an existing lending framework, it said in a statement on Monday.

"The Board ... approved an augmentation of access under the two arrangements by about US$224.8 million or 25 percent of the country's quota," the statement said.

Ivory Coast has emerged from a 2011 civil war to become Africa's fastest growing economy, but the government has had to cut its budget this year amid falling cocoa prices and payment demands from disgruntled soldiers.

"The country has been hit by a substantial terms of trade shock and experienced social tensions earlier this year," said IMF Deputy Managing Director Mitsuhiro Furusawa.

"Nonetheless, the country’s economic outlook remains strong, with growth projected at about 7 percent in 2017–19," he added.

The additional credit brings total lending under the existing two credit arrangements spread over three years to around $900 million, the IMF added.

It was unclear how much President Alassane Ouattara's government had requested. The IMF said Ivory Coast had now reached its lending quota under the existing programme.
http://af.reuters.com/article/invest...BN19B0L8-OZABS

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IMF approves $642 mln for Gabon in three-year loan agreement

The International Monetary Fund (IMF) has approved a $642 million loan agreement over three years for OPEC member Gabon whose economy has been hit by falling oil prices, it said in a statement on Monday.

"Today's Executive Board's decision enables an immediate disbursement of ... about US$ 98.8 million," the statement said.

The loan, called an Extended Fund Facility and designed for countries with balance of payment issues, represents more than twice the country's IMF quota.
http://www.reuters.com/article/gabon-imf-idUSL8N1JG6B7
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Old June 20th, 2017, 10:07 AM   #12668
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Nobody in these two countries is asking why they have to borrow money from IMF to finance their economies?
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Old June 20th, 2017, 10:26 AM   #12669
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Hotel development activity on the rise in Africa despite economic challenges (Survey)

(Ecofin Agency) - Despite economic challenges in Africa, hospitality development activity has increased 13% in 2017. This was indicated in the 2017 annual survey of W Hospitality Group.

This figure as well other statistics related to hotel development across the continent will be discussed by industry leaders and government officials at the seventh Africa Hotel Investment Forum (AHIF) which will be held in Kigali, Rwanda, next October.

Over the past years, the hospitality sector in Africa has recorded a significant increase in its activity. This is mainly due to the fact that many foreign hotel chains such as Accorhotels, Hilton and Mariott are expanding across the region.
http://www.ecofinagency.com/public-m...llenges-survey
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Old June 20th, 2017, 10:28 AM   #12670
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Nigeria targets improved tax and customs revenue collection to fund 2017 budget - Udoma

(Ecofin Agency) - The Federal Government of Nigeria plans to increase the collection of revenues from taxes and customs duties to finance the record $22.99 billion 2017 budget, according to Udoma Udo Udoma (photo), the Minister of Budget and National Planning.

He said the government is intensifying efforts to find the necessary resources to implement its spending plan for this year which was signed into law a week ago. This aims to increase capital spending to encourage growth.

We are challenging our revenue generating agencies, particularly the Federal Inland Revenue Service (FIRS) and customs, to improve their efficiencies and broaden their reach so as to achieve the targets set for them in the 2017 Budget.

The government is also working to engage with communities in the Niger Delta region, so as to ensure that oil production disruption caused by last year’s attack does not reoccur, Udoma added.

Nigeria, Africa's second largest economy, has been in recession since last year. This was largely driven by low oil prices from which it gets two-third of its revenue and militant attacks on oil facilities in the Niger Delta.
http://www.ecofinagency.com/public-m...7-budget-udoma
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Old June 20th, 2017, 10:46 AM   #12671
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Nigeria: Ministry of Works sign MoU with Dangote, NPA and Flour Mills to renovate Apapa road

A memorandum of Understanding (MoU) has been signed between the Ministry of Power, Works and Housing, the Dangote Group, the Nigerian Ports Authority (NPA) and Flour Mills of Nigeria, regarding the rehabilitation of the worn out 2km-long Wharf road in Apapa, Lagos.

Worth N4.34billion ($13million), the project will be carried out by the construction arm of the Dangote Group, AG Dangote and will last one year.

Speaking at the signing ceremony, the Minister of Power, Works and Housing, Babatunde Fashola (photo), explained that the project became important as the gridlock in Apapa had reached an unbearable level. He said the usage of road instead of rail for haulage by transporters aggravated the gridlock and made life unbearable for residents.

As a result of all these unsavory practices, we have reached a point of near total gridlock. It is difficult to move cargo in or out; difficult for residents to get home and this must stop,” he lamented.

According to Fashola, while the partners are funding the project, it is the responsibility of the Ministry to supervise it to ensure quality and compliance with standards.

He therefore, urged all Lagos residents to cooperate with the government and endure until the challenges are resolved.

Commenting on the project, Managing Director, Flour Mills of Nigeria, Paul Gbededo, said: “Apapa has become a very difficult place to work. With this project that the federal government has allowed to embark on, it will give succor to business. It has the biggest port in Nigeria and should not be taken with levity.
http://www.ecofinagency.com/public-m...ate-apapa-road
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Old June 20th, 2017, 11:25 AM   #12672
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A trade deal between the EU and east Africa is in trouble

THE winds that waft along the Swahili coast change direction with the seasons, a boon to traders in times past. Shifts in the political winds are harder to predict. Last July a proposed trade deal between five countries of the East African Community (EAC) and the EU was thrown into disarray when Tanzania backed out at the last minute. An EAC summit, scheduled for months ago, was meant to find a way forward. Held at last on May 20th in Dar es Salaam, after many postponements, only two presidents showed up. The deal is in the doldrums.

The pact is one of seven “Economic Partnership Agreements” (EPAs) the EU wants to sign with regional groups in Africa, the Caribbean and the Pacific. The first was agreed with the Caribbean in 2008; southern Africa followed suit last year. But progress in west Africa has also stalled, with Nigeria raising objections. The EPAs were promoted as a new breed of trade deal, and were supposed to bring development and regional co-operation. So far they have brought neither.

Negotiations on EPAs began in 2002. Under previous conventions, the EU gave favourable market access to African, Caribbean and Pacific countries, most of them former colonies. That fell foul of World Trade Organisation rules. Hence the idea of EPAs: reciprocal deals, requiring both parties to open their markets.

Two obstacles have to be surmounted. First, EPAs overlap with existing trade arrangements. The poorest countries, like Tanzania, already enjoy duty-free and quota-free access to the EU under an initiative called “Everything But Arms”. That could one day be withdrawn, but at present they see little to gain by opening their markets.

Second, countries within the same region face different incentives. Take Kenya, richer than Tanzania and not eligible for Everything But Arms. It ratified the EPA last year and needs others to do so for the deal to come into force. It recalls the pain of 2014, when the EU briefly slapped tariffs on its exports, such as cut flowers, and is frustrated by Tanzanian foot-dragging.

A more profound question is whether EPAs really are good for development. African manufacturers worry about European competition: nascent industries are “prone to being overrun” by imports, warns Segun Ajayi-Kadir of the Manufacturers Association of Nigeria, which lobbies against the west African deal. EU officials point out that slashing tariffs will help manufacturing by making imported machinery cheaper. African markets would open gradually, and some sectors are excluded. Details vary, but EPAs typically liberalise about 80% of imports over 20 years. Many of those goods already enter duty-free.

...
http://www.economist.com/news/financ...-pacific-faces
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Old June 20th, 2017, 11:31 AM   #12673
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Nobody in these two countries is asking why they have to borrow money from IMF to finance their economies?


Africans are too addicted to debt. Always with a begging bowl. In this respect I agree with Eritrea.
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Old June 20th, 2017, 12:21 PM   #12674
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Kenya to accelerate electricity exports to East Africa

Kenya plans to accelerate its electricity exports to other East African nations, officials at the state-owned electricity utility said on Thursday.

Kenya Power Managing Director Kenneth Tarus told a media briefing in Nairobi that it currently exports between 10 and 20 Megawatts of power each to Tanzania and Uganda.

Kenya’s exports to the region are likely to continue so long as our local demand will not have grown to meet our current electricity supply,” Tarus said during the Fourth Edition of the Great Energy Debate.

The East African nation has an arrangement with neighboring Tanzania and Uganda to sell its surplus energy. “At the same time, we will also import from the countries when our electricity demand exceeds supply,” Tarus said.

Kenya is at present constructing an electricity interconnector with Ethiopia. Kenya’s installed electricity generation capacity currently stands at approximately 2300 Mw of electricity against a peak demand of 1650 Mw.

Tarus said that Kenya plans to add an additional 743 Mw of electricity in the next five years. Kenya Power, which is the sole power distributor in the country, plans to connect 70 percent of the population by the end of the year.

We are currently implementing a project that will connect an additional 312,000 households to the national grid with a 130 million U.S. dollars loan from the Africa Development Bank,” the managing director said.

The power firm has also plans to spend 1 billion dollars over the next four years to refurbish its electricity transmission network so that it can support additional power generation.
http://www.coastweek.com/4024-Kenya-...ast-Africa.htm
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Old June 20th, 2017, 12:39 PM   #12675
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The President Who Caused a Recession





The last time South Africa fell into recession, in 2009, it was because of the global financial crisis. This time around, economists and business executives agree, the cause is a person: the president.

Jacob Zuma’s erratic political moves are breeding policy uncertainty and reluctance to invest, helping explain why the economy of the continent’s most industrialized nation contracted for a second straight quarter in the three months through March. Finance, real estate and business services shrank for the first time since the second quarter of 2009.

“There is no other factor to explain the recession,” said Iraj Abedian, chief executive officer at Pan-African Investments and Research Services in Johannesburg. “The only factor is the political shenanigans, policy uncertainty and the lack of leadership, which has hollowed out confidence both in the consumer and the investment community.”

“Zuma being replaced sooner rather than later will certainly help rebuild the confidence needed to turn the economy into a positive direction,” Ivor Sarakinsky, a senior lecturer at the University of the Witwatersrand’s School of Governance in Johannesburg, said by phone June 13. “Investors just aren’t going to bring in money in under this kind of uncertainty.”

https://www.bloomberg.com/news/artic...-africa-s-woes
How can a single person even if the president of the repulbic, could cause a recession to the whole country by himself?
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Old June 20th, 2017, 12:42 PM   #12676
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How can a single person even if the president of the repulbic, could cause a recession to the whole country by himself?
Maybe it has something to do with the idiot continually switching Finance Ministers, for one?
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Old June 20th, 2017, 12:43 PM   #12677
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This is what i said before- surplus power because poor industrial growth at home. If you dont secure export markets then you are screwed. Especially when your export markets will soon be self sufficient and also in the same situation.
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Old June 20th, 2017, 12:46 PM   #12678
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Maybe it has something to do with the idiot continually switching Finance Ministers, for one?
But the economy of a country doesn't depend on a single finance minister....Belgium didn't had a governement for a very long time...The Belgium econmy didn't fall to recession because of that....There must be something else on South African currrent recession that saying Jacob ZUMA is the only responsible of that...
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Old June 20th, 2017, 12:49 PM   #12679
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But the economy of a country doesn't depend on a single finance minister....Belgium didn't had a governement for a very long time...The Belgium econmy didn't fall to recession because of that....There must be something else on South African currrent recession that saying Jacob ZUMA is the only responsible of that...
I said "for one," didn't I?
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Old June 20th, 2017, 12:58 PM   #12680
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I said "for one," didn't I?
Even several changes of a finance minister shouldn't affect the fundamentals economy of a country...In my opinion, the fundemantals of the south african economy are not good, and Zuma's finance minister changes didn't help...The main reason is your economy is fragile, is based on fragile fundementals that's why you fall into recession, Zuma changes are in French " La goutte d'eau qui fait déborder le vase" but " Le Vase était déjà plein/ The vase was already full"...
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