IMF Says Mozambique’s Economic Growth to Slow Down in 2016 Due to High Inflation and Government DebtSubmitted by Sukhbir Dhillon on Sun, 06/26/2016 - 04:05
Under pressure for an international audit of Mozambique's financial conditions, on Friday the International Monetary Fund (IMF) said, the economy of the country in southern Africa will most probably slow down to 4.5 percent in
2016. In 2015 it grew 6.6 percent. The reason for the slowdown is rapidly growing inflation and mounting government debt.
Michel Lazare, who headed the team from the IMF which visited Mozambique, said the detection of $1 billion plus earlier undisclosed government debt is sure to add to the pressure the economy is already facing.
On Friday, President Jacob Zuma officially launched the Ncora Bulk Water Project caters for water needs of the communities residing in the area.
The President said, the government remains committed to ensure that water reaches areas located in the Chris Hani District Municipality and several other areas within the country.
Till now, R220 million has been spent on the water project and by the time it is completed, the expenses of the project is expected to reach almost R354 million.
Costco Wholesale Corp has ended its long sixteen years relationship with American Express cards and has found a new partner in Citi GroupsVisa, but the initial transition was not really smooth sailing.
The retailer's Facebook page was flooded with hundreds of complaints from Costco customers about the new credit card and most of them said, they have faced long waiting times and have gone through troubles in activating their accounts.
The regulators accused Pennsylvania based beer company Yuengling of violating the Clear Water Act for dumping a high level of industrial waste into a municipal wastewater treatment facility. The company has agreed to pay $2.8 million as fine to settle charges. Additionally, it will also install new pollution control measures in two of its breweries.
On top of that, as part of the settlement Youngling will also spend $7 million to improve environmental systems at the breweries close to Pottsville, Pennsylvania.
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