<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
Johannes Christo | Reuters</figcaption></figure>



The World Bank says Sub-Saharan African growth may drop by as much as a percentage point this year, hit by rising instability, weak growth in its biggest countries and worsening global economic uncertainty.



In its latest Africa’s Pulse report, the bank forecasts real gross domestic product will decelerate to 2.5% in 2023, from 3.6% in 2022. This as Africa’s most industrialized nation, South Africa, is expected to expand by 0.5% in 2023, stunted by energy and logistical bottlenecks. The region’s biggest oil producing nations, Nigeria and Angola, are projected to grow at 2.9% and 1.3% respectively, due to lower international prices and currency pressures affecting oil and non-oil activity.



“The region’s poorest and most vulnerable people continue to bear the economic brunt of this slowdown, as weak growth translates into slow poverty reduction and poor job growth,” Andrew Dabalen, World Bank Chief Economist for Africa said in a statement accompanying the report.



Africa’s commodity-dependent economies are taking the brunt of lower metal prices as global growth slows after the U.S. Federal Reserve jacked up interest rates to combat the highest inflation in close to four decades. Russia’s invasion of Ukraine has also increased geo-political tensions and destabilized global supply chains and trade flows.



The bank says in per capita terms, growth in Sub-Saharan Africa has not increased since 2015 and the region runs the risk that the average annual growth rate per capita may contract by 0.1% over the 2015-2025 decade, thus potentially marking for a lost decade.



More than half of the region&#8217;s countries &#8211; 28 out of 48 &#8211; have seen their 2023 growth forecasts revised downward from the World Bank&#8217;s April estimates.



However the inflation picture is improving, the bank said, forecasting average consumer prices may decline to 9.3% in 2022 to 7.3% in 2023. It says fiscal balances are also looking healthier in African countries pursuing prudent and coordinated macroeconomic policies.



Key to bolstering a turnaround in the region’s growth prospects and create jobs for its millions of youth will be reforms to enable the growth of the private sector, investment in education and the prioritization of girls and women in economic activity, the report says.



 “The urgency of the jobs challenge in Sub-Saharan Africa is underscored by the huge opportunity from demographic transitions that we have seen in other regions,” said Nicholas Woolley, World Bank Economist and contributor to the report. “This will require an ecosystem that facilitates private-sector development and firm growth, as well as skill development that matches business demand.”

106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report

World Bank Says Sub-Saharan Africa Growth to Slow to 2.5% This Year

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;Anglo American said it is cutting corporate office jobs across several countries, as unions said its South African iron ore business plans to lay off scores of workers at its head office.



The global mining giant had started reorganising its operations in May, a spokesperson told Reuters on Wednesday.



&#8220;We expect a potential reduction in corporate office roles across a number of countries,&#8221; the spokesperson added, without giving further details of the size or location of the cuts.



Livhuwani Mammburu, spokesperson for the National Union of Mineworkers, earlier told Reuters that Anglo&#8217;s&nbsp;AAL.L&nbsp;Kumba Iron Ore&nbsp;KIOJ.J&nbsp;plans to cut 183 jobs, mostly at its head office, as it faces challenges in moving sufficient volumes to ports as a result of rail constraints in South Africa.



The job cuts could be pared back to about 141 if the restructuring plan is successful, Mammburu said, adding the labour group opposed the plans.



&#8220;Kumba said it&#8217;s embarking on a restructuring and the main reasons they are giving is they are not able to transport more iron ore to the port due to the problems with Transnet,&#8221; Mammburu said, referring to the state-owned logistics company.



The miner&#8217;s iron ore exports have been throttled by frequent disruptions, often caused by locust swarms, on the rail line operated by Transnet. The disruptions have recently been worsened by cable thefts and derailments.



As a result, Kumba has been forced to stockpile more iron ore at mines. Kumba&#8217;s profit in the six months through June fell by 17% due to the rail challenges and softer prices.



(Reporting by Felix Njini and Nelson Banya; Editing by Louise Heavens, Mark Potter and Alexander Smith)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo American cutting head office jobs in several countries

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-820x547.jpg" alt="" class="wp-image-419915" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The World Bank Group headquarters in Washington, D.C., U.S., on Tuesday, April 19, 2022. The International Monetary Fund (IMF) slashed its world growth forecast by the most since the early months of the Covid-19 pandemic, and projected even faster inflation, after Russia invaded Ukraine and China renewed virus lockdowns. Photographer: Al Drago/Bloomberg via Getty Images</figcaption></figure>



LONDON, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;High interest rates, growing investor risk aversion and borrowing that ballooned in recent years have left a range of developing economies mired in debt crises. Helping them claw out of this will be a key agenda item at the annual IMF and World Bank meetings in Morocco&#8217;s tourist hub of Marrakech which kicks off next week.



Below is a look at countries facing debt troubles, listed in alphabetical order.



<h2 class="wp-block-heading" id="h-egypt">EGYPT</h2>



North Africa&#8217;s largest economy needs to repay some $100 billion of hard-currency debt over the next five years. Cairo currently spends over 40% of revenues on interest payments; financing needs for fiscal 2023/204 stand at $24 billion.



Egypt has a $3 billion IMF programme and has devalued the pound by roughly 50% since February 2022. But a $2 billion privatisation plan has been slow, and it has delayed the removal of electricity subsidies.



Elections, scheduled for December, lower the chances of painful reforms, analysts said, and support from wealthy Gulf nations is key to ensuring financing needs are met.



<h2 class="wp-block-heading" id="h-ethiopia">ETHIOPIA</h2>



The COVID-19 pandemic hammered Ethiopia&#8217;s economy, and a two-year civil war from November 2020 heightened the pain with the country losing duty-free access to the U.S. amid rights abuse allegations.



Ethiopia requested a restructuring in early 2021 under the G20 Common Framework &#8211; set up during the pandemic to try to streamline debt overhauls.



In August, China allowed partial debt payment suspension. Last month ratings agency Moody&#8217;s changed Ethiopia&#8217;s outlook to stable from negative on expectations of quick progress through the Common Framework.



<h2 class="wp-block-heading" id="h-ghana">GHANA</h2>



Ghana defaulted on most external debt in late 2022 amidst its worst economic crisis in a generation, becoming the fourth country to seek a rework under the Common Framework.



Its progress in restructuring both domestic debt and $30 billion in external debt has been fairly swift and it secured a $3 billion IMF bailout in May.



Ghana&#8217;s finance minister has said he expects to reach a deal with international bondholders by year-end. Still, protesters have taken to the streets of Accra recently over rising living costs, unemployment and economic hardship.



<h2 class="wp-block-heading" id="h-kenya">KENYA</h2>



The East African nation&#8217;s public debt stood at 67.4% of GDP at the end of 2022, according to the World Bank, putting it at high risk of debt distress.



President William Ruto&#8217;s government has moderated spending and proposed a raft of tax hikes, assuaging some concerns over imminent default. But surging oil prices have boosted inflation, and the currency has lost more than 16% against the dollar this year, casting doubt on his ability to press on with reforms.



Kenya, which has to repay a $2 billion eurobond next year, is in talks with both the African Development Bank and the World Bank for budgetary support.



<h2 class="wp-block-heading" id="h-lebanon">LEBANON</h2>



Lebanon has been in default since 2020 with few signs it will resolve its economic meltdown anytime some.



The IMF last month welcomed central bank changes, including phasing out a controversial exchange platform and curbing monetary financing of the government. But it said deeper reforms were needed amid the country&#8217;s &#8220;difficult and unstable&#8221; outlook.



The IMF has warned that if the status quo continues, public debt could reach 547% of GDP by 2027.



<h2 class="wp-block-heading" id="h-pakistan">PAKISTAN</h2>



Pakistan needs upwards of $22 billion to service external debt and pay bills for fiscal year 2024. A caretaker administration is in charge with elections scheduled for January. Inflation and interest rates are at historic highs, and it is struggling to rebuild from devastating 2022 floods.



In June, it reached an 11th-hour deal for a $3 billion IMF bridge loan. Saudi Arabia and the UAE followed with a total of $3 billion cash infusions.



Reserves by end-September were enough to make it to elections but there are questions how long it will be able to avoid default without huge support, observers say.



<h2 class="wp-block-heading" id="h-sri-lanka">SRI LANKA</h2>



Sri Lanka defaulted on international debt in May 2022 after the pandemic drained its tourism-dependent economy of crucial cash to pay for imported food, fuel and medicine.



The crisis-hit island nation announced a debt overhaul plan at the end of June and has continued to make progress.



But the parties continue to spar over how much of a hit domestic banks and investors in state-owned enterprises (SOEs) should take. The next tranche of a $2.9 billion IMF bailout package could be delayed over a potential government revenue shortfall.



<h2 class="wp-block-heading" id="h-tunisia">TUNISIA</h2>



Multiple shocks since a 2011 revolution have pressed the North African nation into a full-blown economic crisis.



Most debt is internal, but a $500 million eurobond matures this month, and credit ratings agencies have said Tunisia could default.



President Kais Saied has slammed the terms required to unlock a $1.9 billion IMF loan as &#8220;diktats&#8221; and rejected 127 million from the European Union as too small.



The tourist season narrowed the current account deficit and Saudi Arabia pledged $500 million in support. But citizens continue to grapple with food and medicine shortages.



<h2 class="wp-block-heading" id="h-ukraine">UKRAINE</h2>



Ukraine froze debt payments after Russia&#8217;s invasion in 2022, and said it is likely to decide early next year whether to try to extend that agreement or begin looking at alternatives.



Top institutions estimate the post-war rebuild cost will be at least 1 trillion euros, and the IMF estimates Ukraine needs $3-$4 billion a month to keep the country running.



Recently, the economy has shown signs of recovery, with inflation slowing and business sentiment improving. But political shifts elsewhere &#8211; including the United States &#8211; have cast doubt on the durability of international support.



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



The first African country to default during the COVID-19 pandemic, Zambia&#8217;s years of restructuring delays made it a symbol of the problems with the Common Framework.



A repair plan finally appeared imminent after Zambia clinched a $6.3 billion debt rework deal with the Paris Club creditor nations and China, its other big bilateral lender, in June. Zambia expects to finalise a debt memorandum by year-end.



($1 = 323.5000 Sri Lankan rupees)



(Reporting By Libby George; Editing by Shri Navaratnam)

IMF And World Bank Headquarters During Virtual Spring Meetings

Developing countries facing a debt crunch

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107311023-1696369600615-gettyimages-1701837503-AFP_33XB68K-820x462.jpeg" alt="" class="wp-image-427904" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107311023-1696369600615-gettyimages-1701837503-AFP_33XB68K-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107311023-1696369600615-gettyimages-1701837503-AFP_33XB68K-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107311023-1696369600615-gettyimages-1701837503-AFP_33XB68K-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107311023-1696369600615-gettyimages-1701837503-AFP_33XB68K-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107311023-1696369600615-gettyimages-1701837503-AFP_33XB68K.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Britain’s Prime Minister Rishi Sunak listens to a speaker address delegates at the annual Conservative Party Conference in Manchester, northern England, on October 2, 2023. Oli Scarff | Afp | Getty Images</figcaption></figure>



MANCHESTER, ENGLAND — U.K. Prime Minster Rishi Sunak appears a leader on rocky ground as growing disunity from within his Conservative government is giving rise to more radical factions, even as the party gears up for a General Election next year.



The discord Sunak sought to assuage when he assumed leadership of the party last year following a series of Tory psychodramas has resurfaced this week as ministers assembled in Manchester, England, for the annual Conservative Party Conference.



Members of Parliament (MPs), including Liz Truss, Britain’s shortest-serving prime minister, voiced their disapproval of Sunak’s leadership — or perceived lack thereof — while faction leaders have urged donors to defund the party until major reforms are made.



The rebellion comes as the Tories face stiff competition from the opposition Labour Party, which continues to lead in opinion polls, and party pushback promises to dominate Sunak’s leadership in the lead up to the election, likely due this time next year.



<h2 class="wp-block-heading" id="h-truss-leads-the-rebellion"><a></a>Truss leads the rebellion</h2>



Truss, the Ronald Reagan enthusiast who lasted just 44 days in office, stole the show as the conference got underway in earnest Monday, attracting a crowd of hundreds as she admonished Sunak’s policies and again made the case for immediate tax cuts.



The ex-prime minister, whose low-tax agenda led to the implosion of her government last year, retains significant support among party faithfuls — many of whom voted her into power — and at least 60 MPs have now joined her Conservative Growth Group.



The MPs backing Truss’ vision to “make Britain grow again” account for less than a fifth of total elected Conservative MPs, but their number is roughly equivalent to Sunak’s parliamentary majority, posing potential risks to the prime minister’s ability to govern.



Among the rebel members is former Home Secretary Priti Patel, who on Sunday said her party was “at a crossroads,” adding that it was Sunak who had “undermined [the Conservatives’] ability to govern.”



Patel was speaking at a gala dinner hosted by the Conservative Democratic Organisation — a faction closely aligned with former Prime Minister Boris Johnson — whose founder, Lord Peter Cruddas, used the event to urge members to cut donations to the Conservative Party until it undergoes reform.



“I’ve had enough of this,” Lord Cruddas said, adding that members “should not blindly support a Conservative Party that no longer represents our values,” and is “headed for electoral disaster.”



The CDO considers the effective ousting of Truss and Johnson, and the later default installation of Sunak, as anti-democratic and against the will of the party membership.



Brexit proponent Nigel Farage, former leader of the populist, right-wing U.K. Independence Party (UKIP), was also in attendance and later said that a wing of the Conservative Party is “very much coming in [his] direction.”



“That’s what the great battle’s going to be after they lose the next General Election: which wing of the party wins,” Farage said of the Conservatives in a Tuesday interview with the News Agents podcast.



<h2 class="wp-block-heading"><a></a>A struggling Conservative brand</h2>



The rising discord from within the party is also reflected in public sentiment, with many Britons expressing their dissatisfaction with the Tories’ 13-year stronghold.



Recent opinion polls show Labour with a 20-point lead over the Conservatives, only a slight narrowing from July.



“The Conservative brand is struggling,” Gideon Skinner, head of politics research in public affairs at market research firm IPSOS, said Monday. “Two-thirds [of voters] think it’s time for a change, and that’s the real struggle that the Conservative Party has to turn around.”



According to IPSOS’s latest data, almost two-thirds (61%) of voters see the Conservatives as out of date, while just one-fifth (21%) see them as fit to govern. Nearly three-quarters (73%), meanwhile, see Sunak, Britain’s richest prime minister in modern history, as out of touch.



It comes as Britain struggles with still high inflation and falling living standards, which have led to ongoing industrial action over working conditions and pay.



Thousands of medical professionals marched outside of the conference Tuesday, demanding fairer wages, while the latest strikes by train workers on Wednesday will disrupt travel for the second time this week.



“There’s this bleak public mood which is combined with the worsening public brand of the Conservatives, all leading to this sense that it’s time for a change,” Skinner said.



Later Wednesday, Sunak is expected to use his headline speech at the close of the conference to reassert his authority and outline a number of new policies that he hopes will help him win support from both the electorate and his own party.

107311023-1696369600615-gettyimages-1701837503-AFP_33XB68K

UK PM Rishi Sunak’s leadership on rocky ground as party rebellion mounts

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="592" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-820x592.jpg" alt="" class="wp-image-423201" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-820x592.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-300x217.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-768x554.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-1536x1109.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-1234493050-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">General view of the flag of Kenya at Shiokaze Park on the fourteenth day of the Tokyo 2020 Olympic Games in Japan. Picture date: Friday August 6, 2021. (Photo by Mike Egerton/PA Images via Getty Images)</figcaption></figure>



NAIROBI, Oct 3 (Reuters) &#8211; Kenya&#8217;s cabinet on Tuesday ordered all ministries and state departments to cut 10% of their operational budgets for the 2023/24 (July-June) fiscal year, the presidency said.



The East African nation is facing deepening economic challenges due to growing debt repayments, rising interest rates and high taxes that have curbed consumer demand.



&#8220;As part of the administration&#8217;s fiscal consolidation plan that seeks to contain the fiscal deficit, cabinet sanctioned the reduction of the recurrent budget of each ministry and state department by 10%,&#8221; the presidency said in a statement.



The changes will be made through a supplementary budget, it said.



The cabinet also rescinded a government purchase of 60% of shares in Telkom Kenya from London-based private equity firm Helios, the presidency said, escalating a row that erupted after a presidential election in August last year.



The decision seeks to reverse a deal struck in the last months of President Uhuru Kenyatta&#8217;s administration, which nationalised the telecoms operator for a price of 6 billion shillings ($40.43 million).



Kenyatta&#8217;s administration argued it was necessary to buy out Helios due to the strategic nature of Telkom.



The company is the smallest operator after Safaricom and Bharti Airtel, but it runs some key assets relied on for government communications, including a national fibre-optic network.



President William Ruto&#8217;s government has cried foul over the transaction and even opened a parliamentary inquiry into it.



Helios was not immediately available for comment.



($1 = 148.4000 Kenyan shillings) (Reporting by Duncan Miriri Editing by Alison Williams and Mark Potter)

Tokyo 2020 Olympic Games – Day Fourteen

Kenya orders 10% budget cuts, rescinds Telkom Kenya deal with Helios

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/OE2LCFDS7FPTLDBCRCJRUB7UIQ-820x547.jpg" alt="" class="wp-image-427887" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/OE2LCFDS7FPTLDBCRCJRUB7UIQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/OE2LCFDS7FPTLDBCRCJRUB7UIQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/OE2LCFDS7FPTLDBCRCJRUB7UIQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/OE2LCFDS7FPTLDBCRCJRUB7UIQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/OE2LCFDS7FPTLDBCRCJRUB7UIQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/OE2LCFDS7FPTLDBCRCJRUB7UIQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The logo and trading information for Lazard Ltd appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



LONDON, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;Countries going through a sovereign default need a debt rework mechanism that grants timely relief, even if that means finding a solution outside the G20&#8217;s programme, an executive at Lazard&#8217;s sovereign advisory team said.



As adviser to the governments of Ghana, Zambia and Sri Lanka, Lazard plays a key role in a number of critical debt restructurings at a time when emerging markets more widely face renewed pressure from growing debt burdens and rising global borrowing costs.



The G20 Common Framework &#8211; a mechanism designed to provide a swift and comprehensive debt overhaul to poor nations buckling under debt burdens after the COVID-19 shock &#8211; was launched by the G20 in late 2020. Zambia, Ghana and Ethiopia are currently reworking their debt under the programme, which has been widely criticised for slow progress that has left countries in limbo.



Meanwhile Sri Lanka, too wealthy to qualify for the framework, has seen comparatively swifter progress so far in its debt overhaul.



&#8220;If the choice is between three years in the Common Framework process or a year and a half in an ad-hoc process, I would much prefer the ad-hoc process,&#8221; Pierre Cailleteau, a managing director at Lazard, told Reuters in an interview.



&#8220;Clearly what matters for our government clients is to have in place a mechanism that really helps them strike a deal and move on,&#8221; he said.



Analysts have blamed in part the increase in the number of different creditors that debt-distressed countries now need to negotiate with, from Chinese policy and commercial banks, to international and in some cases local bondholders.



But countries signing up to the programme might have also overestimated the degree to which creditors and other parties in the process were aligned, said Cailleteau.



&#8220;The Common Framework was originally presented as if there was a full agreement behind it and a complete understanding of what it entailed. That I don’t think is true,&#8221; he said.



&#8220;From the beginning there were different interpretations, different degrees of commitment, different understanding of the rules that should apply.&#8221;



A number of efforts have been made to streamline and quicken debt restructuring proceedings. The Global Sovereign Debt Roundtable was launched late last year and held meetings in February, April and September.



Another meeting of the roundtable &#8211; which brings together official and private creditors as well as governments and international lenders such as the International Monetary Fund (IMF) &#8211; is scheduled for the World Bank IMF annual meeting in Morocco which kicks off next week.



While the Common Framework might eventually evolve to become that smooth and swift mechanism, in the interim a pragmatic but principled solution would have to be found to bring countries&#8217; debt back to sustainable levels as prescribed by the IMF, Cailleteau said.



&#8220;That’s ok, even if it’s not under the aegis of the Common Framework.&#8221;



(Reporting by Jorgelina do Rosario, Karin Strohecker and Rachel Savage, editing by Susan Fenton)

The logo and trading information for Lazard Ltd appear on a screen on the floor at theNYSE in New York

Top adviser Lazard says countries need debt mechanism to ‘strike a deal and move on’

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Oct 3 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks slid to a near seven-month low on Tuesday as worries about higher-for-longer U.S. interest rates gained steam, though Hungary&#8217;s forint got a lift from a report that the European Union would free up some funding for the country.



MSCI&#8217;s index tracking emerging market equities&nbsp;.MSCIEF&nbsp;tumbled 1.0% to its lowest level since mid-March, while currencies&nbsp;.MIEM00000CUS&nbsp;fell 0.2% against the dollar by 8:57 GMT.



Risk sentiment across markets took a dip with U.S Treasury yields hitting 16-year highs on robust economic data and as several U.S. Federal Reserve officials cautioned monetary policy will need to stay tight for a while.



In Asia, Hong Kong&#8217;s main stock index .HIS tumbled 2.7% as investors returned to markets following a public holiday, with shares of Evergrande3333.HK jumping 28.1% in volatile trade, after being suspended last Thursday amid news of a probe into the embattled developer&#8217;s chairman.



Turkey&#8217;s lira TRYTOM=D3 traded at 27.5 to the dollar after data showed annual consumer price inflation in September climbed to 61.53%, just below expectations and rising for a third consecutive month in response to recent tax hikes and lira weakness.



The modest rise in inflation &#8220;provides the first signs that the inflation spike is close to levelling off,&#8221; said William Jackson, Chief Emerging Markets Economist at Capital Economics in a note.



&#8220;But the central bank’s work isn’t over and we still expect a further 1,000bp of interest rate hikes by early next year.&#8221;



In central and eastern Europe, the Hungarian forintEURHUF= was up 0.2% against the euro after a report said the European Commission intends to unfreeze funding of about 13 billion euros ($13.61 billion) to the country before the end of November.



The funding had been suspended due to long-running disputes with Brussels.



Poland&#8217;s zloty&nbsp;EURPLN=&nbsp;was up 0.1% ahead of a local monetary policy decision on Wednesday, where most economists expect a 25 basis points interest rate cut.



Focus was also on Ukraine after its central bank said it would bring in a more flexible exchange rate from Tuesday, relaxing the official peg it has had throughout the war with Russia in a move to boost the economy. The Ukranian hryvnia UAH= was up 0.9% against the dollar.



Elsewhere, Indonesia&#8217;s central bank has intervened in the foreign exchange market to manage the supply and demand of U.S. dollars, an official told Reuters on Tuesday. The rupiah IDR= slipped 0.3%.



(Reporting by Amruta Khandekar, editing by Deborah Kyvrikosaios)

World map with charts and graphs as symbols of global finance

Stocks tumble to near 7-month low, Forint gains on EU funds report

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-820x615.jpg" alt="" class="wp-image-427875" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Members of the Nigerian Labour Union, holding flags and placards, gather to protest against fuel price hike and rising costs, in Abuja, Nigeria August 2, 2023. REUTERS/Abraham Achirga</figcaption></figure>



ABUJA, Oct 2 (Reuters) &#8211; Nigeria&#8217;s biggest labour federations on Monday said they were suspending an indefinite strike that was set to begin on Tuesday after last minute talks with President Bola Tinubu&#8217;s government, which had warned that the action could damage the economy.



Tinubu is under pressure to ease economic hardships after he scrapped a decades-old petrol subsidy and allowed the naira currency to depreciate, leading to soaring prices in Africa&#8217;s biggest economy and major oil producer.



The government agreed a temporary wage increase for government workers, a three-month income subsidy for 15 million poor households and a pause in a value-added tax on diesel, among several concessions to prevent the strike.



In return, unions will suspend the strike for 30 days while negotiations continue, including on a new minimum wage for all Nigerian workers.



&#8220;After 30 days if these issues are not implemented &#8230; it will show bad faith on the side of government,&#8221; Joe Ajaero, the leader of Nigeria Labour Congress, the country&#8217;s largest federation, told reporters. (Reporting by Felix Onuah, writing by MacDonald Dzirutwe, Editing by Rosalba O&#8217;Brien)

Members of the Nigerian Labour Union protest against fuel price hike and rising costs, in Abuja

Nigeria’s labour unions suspend indefinite strike

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-820x574.jpg" alt="" class="wp-image-427865" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-768x538.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-1536x1076.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s Minister of Petroleum Diezani Alison-Madueke addresses delegates at the opening of the Nigeira Oil &amp; Gas 2014 conference in Abuja, March 18, 2014, REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LONDON, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;A former Nigerian oil minister appeared in court in London on Monday charged with receiving bribes in the form of cash, luxury goods, flights on private jets and the use of high-end properties in Britain in return for awarding oil contracts.



Diezani Alison-Madueke was Nigeria&#8217;s minister for petroleum resources between 2010 and 2015, during the administration of former president Goodluck Jonathan.



Appearing at Westminster Magistrates Court, she spoke only to give her name, date of birth and address. She was not asked to formally enter a plea, although her lawyer Mark Bowen told the court she would be pleading not guilty.



She is the second high-profile Nigerian politician to face prosecution in Britain in recent years, following James Ibori, a former state governor who was convicted of fraud and money-laundering in 2012 and received a 13-year jail sentence.



Nigeria is Africa&#8217;s top oil producer but it suffers from systemic corruption in the political class which has hampered development and prevented its oil wealth from benefitting wider society.



Alison-Madueke was arrested in London in 2015, shortly after stepping down as minister, and was charged in August with six bribery offences. She has spent the past eight years on police bail, living in St John&#8217;s Wood, an expensive area of London.



The charges against her, read out in court, all related to events alleged to have taken place in London.



Prosecutor Andy Young said she was alleged to have accepted a wide range of advantages in cash and in kind from people who wanted to receive or continue to receive the award of oil contracts which he said were worth billions of dollars in total.



The advantages included a delivery of 100,000 pounds ($121,620) in cash, the payment of private school fees for her son, and the use and refurbishment of several luxurious properties in London and in the English countryside.



They also included the use of a Range Rover car, payment of bills for chauffeur-driven cars, furniture, and purchases from the upmarket London department store Harrods and from Vincenzo Caffarella, which sells Italian decorative arts and antiques.



District Judge Michael Snow granted Alison-Madueke bail but imposed terms including an 11 p.m. to 6 a.m. curfew, an electronic tag to be worn at all times and a 70,000-pound surety to be paid before she could leave the court building.



Her next court appearance will be at Southwark Crown Court, which deals with serious criminal cases, on Oct. 30.



Britain, Nigeria&#8217;s former colonial ruler, has long been a destination of choice for affluent members of the Nigerian political elite seeking to enjoy the benefits of their wealth.



London is a global money-laundering hub but it remains rare for public figures like Alison-Madueke to face prosecution for corruption-related offences.



($1 = 0.8222 pounds)



(Reporting by Estelle Shirbon; Editing by Jan Harvey and Angus MacSwan)

FILE PHOTO: Nigeria’s Minister of Petroleum Diezani Alison-Madueke addresses delegates at the opening of the Nigeira Oil & Gas 2014 conference in Abuja

Former Nigerian oil minister faces bribery charges in London court

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="622" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/AKAPJHETXVOTBH5Q5VWTKJHGXI-1-820x622.jpg" alt="" class="wp-image-427859" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/AKAPJHETXVOTBH5Q5VWTKJHGXI-1-820x622.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/AKAPJHETXVOTBH5Q5VWTKJHGXI-1-300x228.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/AKAPJHETXVOTBH5Q5VWTKJHGXI-1-119x90.jpg 119w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/AKAPJHETXVOTBH5Q5VWTKJHGXI-1-768x582.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/AKAPJHETXVOTBH5Q5VWTKJHGXI-1-1536x1165.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/AKAPJHETXVOTBH5Q5VWTKJHGXI-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s Finance Minister Njuguna Ndung&#8217;u carries a briefcase containing the Government Budget for the 2023/24 fiscal year outside the National Treasury building in Nairobi, Kenya June 15, 2023. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s government has picked Citi and South&nbsp;Africa&#8217;s Standard Group to advise it on how to handle a $2 billion Eurobond that is maturing in June 2024, a senior finance ministry official said on Monday.



The East&nbsp;African nation needs to repay or refinance the 10-year bond at a time when a surge in yields has effectively locked many frontier economies out of the market.



Its debt load and weakening shilling currency KES= has also fuelled concerns about the maturing bond. Kenya&#8217;s total public debt was 67.4% of gross domestic product at the end of last year, according to World Bank figures.



Finance Minister Njuguna Ndung&#8217;u has sought to downplay the situation, saying it is not a &#8220;big deal&#8221;.



Citi and Standard will help the Kenyan government deal with the maturity, Haron Sirima, the director of debt management at the Treasury told Reuters, without providing more details.



(Reporting by Duncan Miriri; Editing by Jon Boyle)

Kenya’s Finance Minister Njuguna Ndung’u carries a briefcase containing the Government Budget outside the National Treasury building in Nairobi

Kenya picks Citi and Standard Bank to advise on maturing $2 bln Eurobond

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LM7NCFZJYRK3TMIISMQRT2EK2I-820x551.jpg" alt="" class="wp-image-427855" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LM7NCFZJYRK3TMIISMQRT2EK2I-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LM7NCFZJYRK3TMIISMQRT2EK2I-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LM7NCFZJYRK3TMIISMQRT2EK2I-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LM7NCFZJYRK3TMIISMQRT2EK2I-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LM7NCFZJYRK3TMIISMQRT2EK2I.jpg 1446w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Cocoa plants are pictured at a plantation managed by the Schmidt Agricola farming group in Bahia state, Brazil, in this undated handout photo received on September 25, 2023. Moises Almeida Schmidt/Handout via REUTERS/File Photo</figcaption></figure>



NEW YORK, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;Schmidt Agricola is a large agricultural company producing soybeans, corn and cotton in Bahia, Brazil, one of the country&#8217;s new-frontier agricultural areas fit for large-scale, high-tech farming. It recently added a new crop to its fields: cocoa.



Production of the chocolate-making ingredient is expanding outside of the main growing area in West&nbsp;Africa&nbsp;as farmers in places such Brazil, Ecuador and Colombia see potential profit in the crop.



The rally in prices to the highest level in nearly 50 years is boosting that trend, which could alleviate the current supply tightness in the global cocoa market. It also poses a threat to the livelihood of small farmers in Africa since recently planted orchards such as the ones in South America are more productive, reducing the overall cost of production.



As environmental concerns rise globally, the fact that cocoa is a native species from the Amazon region makes planting it in South America a type of reforestation, while in Africa native forests are being razed to open space for cocoa orchards.



Brazil &#8211; an agricultural powerhouse and the top global exporter of soy, corn, coffee and sugar &#8211; has seen cocoa plantations spreading over degraded pastureland in the Amazon region, as well as in large farms in the highly developed grain belt.



The country was once the second only to Ivory Coast in cocoa production, but a devastating fungus in the 1980&#8217;s known as Witches&#8217; Broom sharply reduced production. Nearly four decades later, crops are recovering.



Brazil&#8217;s government projects output could grow to 300,000 metric tons by 2025 and to 400,000 tons by 2030, from around 200,000 tons currently,&nbsp;which would turn the country from a net importer to a regular exporter of the commodity.



In Ecuador, annual production has risen to between 400,000 and 430,000 tons in 2022-2023 (Oct-Sept) from 287,000 tons five years ago, according to estimates by the International Cocoa Organization (ICCO) and Ecuador&#8217;s exporting group Anecacao.



Ecuador has become the third largest global grower, behind Ghana which produces around 750,000 tons. The top grower is Ivory Coast with 2.2 million tons.



Anecacao, which last July received record attendance of around 70 buyers from Asia, the United States and Europe for a trade and expo conference in Guayaquil, estimates production could continue to grow to as much as 800,000 tons by 2030.



<h2 class="wp-block-heading" id="h-large-scale-farming">LARGE-SCALE FARMING</h2>



Some of the new plantings in South America look huge when compared to the small holdings in&nbsp;Africa. Most producers in Ivory Coast and Ghana have around 5 hectares.



Schmidt Agricola has planted 429 hectares with cocoa, fully irrigated.



&#8220;I believe that the new profile of cocoa production will be large-scale,&#8221; said Moises Schmidt, one of the owners.



&#8220;You will need technology, you need to seek higher yields to be more profitable. Grains and fiber (cotton) will continue to be the main crops for us, but we see cocoa gaining more area in the next five years.&#8221;



High-tech, irrigated areas such as Schmidt&#8217;s have produced as much as 3,000 kg of dry cocoa beans per hectare (ha), while the new areas in Brazil&#8217;s Amazonian state of Para produce around 2,000 kg/ha.



That is much higher than the Ivory Coast&#8217;s average yield pf 500 to 600 kg/ha, which is similar to Ecuador. Ghana&#8217;s is smaller at around 400 kg/ha.



Jeroen Douglas, director of the Netherlands-based non-profit Solidaridad, which targets more sustainable supply chains, sees Brazil&#8217;s role in the market growing, in the same way it has with other agricultural commodities such as soy and corn.



&#8220;On Brazil, once the mindset is: &#8216;yes, we want to get into this commodity&#8217;, there&#8217;s no way of stopping them. That mindset is not there yet, but I think we are getting to a tipping point,&#8221; Douglas said.



<h2 class="wp-block-heading" id="h-back-to-farming">BACK TO FARMING</h2>



Brazil&#8217;s Amazonian state of Para is undergoing a revival in cocoa growing.



&#8220;There are people coming back to the farms, people that left in the past to try jobs in towns,&#8221; said producer Jose Garcia, who farms cocoa on 70 hectares (172 acres) that used to be pasture in the municipality of Medicilandia, Para state.



Those new orchards in the Amazon region would have an advantage in the European market since new EU legislation restricts commodity imports from areas that have been deforested for planting crops.



&#8220;If you plant cocoa trees there (Amazon region), it is considered reforestation,&#8221; said Douglas.



He said that a reforestation project with cocoa, along with other trees, is part of strategies underway to strengthen the Amazon canopy.



Organizations such as UN&#8217;s International Fund for Agricultural Development (IFAD),&nbsp;on the other side, seek to preserve the market share of small farmers, including&nbsp;African cocoa producers.



IFAD&#8217;s head Alvaro Lario said it was important for smallholders to improve productivity, distribution and marketing. The agency organizes training on agricultural techniques to increase production per hectare.



A broker at an international commodities trader, who asked not to be named due to the sensitivity of the topic, believes that chocolate companies are willing to source more cocoa away from&nbsp;Africa&nbsp;due to sustainability issues related not only to deforestation, but also to child labor.



&#8220;They (companies) are tired of trying to defend their business there, and certainly considering moving some of that business elsewhere&#8221;, the trader said.



(Reporting by Marcelo Teixeira in New York; additional reporting by Maytaal Angel in London. Editing by Simon Webb and Anna Driver)

Cocoa plants are pictured at a plantation managed by the Schmidt Agricola farming group in Bahia state

Farmers plant more cocoa outside Africa as prices rally

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



Oct 2 (Reuters)&nbsp;&#8211;&nbsp;Emerging market equities edged higher on Monday after a brutal third quarter marked by fears of U.S. interest rates staying elevated for longer, while investors assessed a slew of upbeat business activity reports from the region.



MSCI&#8217;s index of emerging market (EM) stocks&nbsp;.MSCIEF&nbsp;rose 0.1% by 8:29 GMT, on the first trading day of the final quarter of 2023.



The index suffered its biggest quarterly percentage loss in a year during the July-September period, weighed down by the Federal Reserve&#8217;s hawkish stance as well as renewed fears about China&#8217;s property sector debts.



The World Bank maintained its forecast for China&#8217;s 2023 economic growth at 5.1% but trimmed its prediction for 2024, citing persistent property sector weakness.



Markets in mainland China remained closed for the week-long National Day holiday.



The passage of a stopgap funding bill over the weekend which averted a U.S. government shutdown gave a lift to markets on Monday, and some analysts see further reasons for optimism in the near term.



&#8220;The authorities in China will continue to gradually add stimulus, which we expect to stabilize the economy later this quarter, while for the U.S. we do not expect any further rate hikes, although of course, &#8216;higher for longer&#8217; is a risk, especially for EM local debt,&#8221; said Jon Harrison, managing director of emerging market macro strategy at TS Lombard.



Among currencies, the Russian rouble RUBUTSTN=MCX came off a near-seven-week low of 98.71 versus the dollar after data showed the country&#8217;s manufacturing activity grew at its fastest pace in more than six years in September.



Most currencies in central and eastern Europe also held firm against the euro. The Hungarian forint EURHUF= outpaced peers, rising 0.6% against the euro, as data showed seasonally-adjusted Purchasing Managers&#8217; Index edged up to 47.4 in September



The Polish zloty EURPLN= gained 0.3% after a report signalled softening declines in the country&#8217;s manufacturing sector.



The Turkish lira TRYTOM=D3 was flat against the dollar. The country&#8217;s Purchasing Managers&#8217; Index for the manufacturing sector rose to 49.6 last month from 49.0 in August.



Broader EM currencies&nbsp;.MIEM00000CUS&nbsp;fell 0.1% against a firm dollar with the yen&nbsp;JPY=EBS&nbsp;at a near one-year low.



Elsewhere, Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the decade-old, $1.5- billion-plus &#8220;tuna bond&#8221; scandal, the Swiss bank&#8217;s new owner UBS UBSG.S said on Sunday.



(Reporting by Amruta Khandekar; editing by Mark Heinrich)

Stocks inch up on first day of Q4, investors assess PMI data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-820x615.jpg" alt="" class="wp-image-427185" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Members of the Nigerian Labour Union, holding flags and placards, march during a protest against fuel price hikes and rising costs, in Abuja, Nigeria August 2, 2023. REUTERS/Abraham Achirga/File Photo</figcaption></figure>



ABUJA, Oct 1 (Reuters) &#8211; Nigeria on Sunday announced a temporary wage increase for government workers, a three-month income subsidy for 15 million poor households and a pause in a value-added tax on diesel as the government sought to prevent an indefinite strike in two days.



After meeting with the government on Sunday, unions will on Monday take the proposals to their affiliates, who will decide whether to press on with the strike or suspend it, Joe Ajaero, president of the largest labour federation, Nigeria Labour Congress, told reporters.



Nigerian President Bola Tinubu said government workers would receive an additional 25,000 naira ($32) a month for the next six months, a smaller raise than the 200,000 naira that unions demanded. Tinubu said this was necessary to avoid pushing up double-digit inflation.



That would mean the lowest paid government worker in Nigeria will now earn 55,000 naira a month, up from 30,000 naira.



Poor households would also receive 25,000 naira a month for three months and a value-added tax on diesel will be paused for the same period, the president said.



The government also announced that mass transit buses would begin running on compressed natural gas.



At his inauguration in May, the president scrapped a decades-old fuel subsidy and ended foreign exchange restrictions, which has led to soaring cost of living, angering unions.



In a national broadcast earlier on Sunday marking 63 years of independence, Tinubu defended the reforms as necessary to put Africa&#8217;s biggest economy on the path to recovery.



&#8220;I am attuned to the hardships that have come. I wish today&#8217;s difficulties did not exist. But we must endure if we are to reach the good side of our future,&#8221; said Tinubu. (Reporting by Felix Onuah; Editing by MacDonald Dzirutwe, Daniel Wallis and Cynthia Osterman)

FILE PHOTO: Members of the Nigerian Labour Union protest against fuel price hikes and rising costs, in Abuja

Nigeria offers wage rise to state workers as strike looms

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="543" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107308902-1695967509603-gettyimages-1561204305-Hong_Kong_Urban_Skyline-820x543.jpeg" alt="" class="wp-image-427846" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107308902-1695967509603-gettyimages-1561204305-Hong_Kong_Urban_Skyline-820x543.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107308902-1695967509603-gettyimages-1561204305-Hong_Kong_Urban_Skyline-300x199.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107308902-1695967509603-gettyimages-1561204305-Hong_Kong_Urban_Skyline-136x90.jpeg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107308902-1695967509603-gettyimages-1561204305-Hong_Kong_Urban_Skyline-768x509.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107308902-1695967509603-gettyimages-1561204305-Hong_Kong_Urban_Skyline-1536x1017.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107308902-1695967509603-gettyimages-1561204305-Hong_Kong_Urban_Skyline-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An urban view of high-rise buildings at dusk as seen from Hong Kong’s Victoria Peak on July 23, 2023 in Hong Kong, China. Future Publishing | Future Publishing | Getty Images</figcaption></figure>



The World Bank trimmed its growth forecast for developing East Asia and Pacific, citing a sluggish China and global demand amid still-high interest rates and dampened trade.



The World Bank said it now expects developing economies in East Asia and the Pacific to grow 5% in 2023, according to its October report published Monday in Asia. That’s slightly less than the 5.1% it had forecast in April. For 2024, the Washington-based multilateral bank now expects 4.5% growth for the region, down from its forecast of 4.8% in April.



The World Bank left its 2023 economic growth forecast for China unchanged at 5.1%, but lowered its 2024 estimate to 4.4% from 4.8% previously. The organization cited “longer-term structural factors,” elevated debt levels in the world’s second-largest economy and weakness in its property sector as reasons for its downgrade.



“While domestic factors are likely to be the dominant influence on growth in China, external factors will have a stronger influence on growth in much of the rest of the region,” the World Bank said.



Even though East Asian economies have mostly recovered from the series of shocks since 2020 — including the Covid-19 pandemic — and will continue to grow, the World Bank said the pace of growth will likely slow.



<h2 class="wp-block-heading" id="h-growing-debt-levels"><a></a>Growing debt levels</h2>



The World Bank flagged the significant increase of general government debt, as well as the rapid jump in corporate debt levels, particularly in China, Thailand and Vietnam.



It warned that high government debt levels can limit both public and private investment. Elevated debt could lead to higher interest rates, which would increase the cost of borrowing for private businesses, it said.



According to the World Bank’s calculations, a 10-percentage-point increase in general government debt to GDP is associated with a 1.2&nbsp;percentage point decline in investment growth. Similarly, a 10-percentage-point increase in private debt to GDP is associated with a 1.1&nbsp;percentage point decline in investment growth, it said.



The bank also noted relatively high levels of household debt in China, Malaysia and Thailand compared to other emerging markets. High household debt can have a negative impact on consumption, since more income would be used to service debts, which could lead to cuts in spending.



A 10-percentage-point increase in household debt would decrease consumption growth by 0.4 percentage point, the World Bank said.



As it stands, the World Bank said household spending is still below pre-pandemic trends in the developing East Asia and Pacific region.



In China, the current trend of retail sales is flatter than before the pandemic due to falling house prices, weaker household income growth, increased precautionary savings and household debt as well as other structural factors, such as an aging population.

107308902-1695967509603-gettyimages-1561204305-Hong_Kong_Urban_Skyline

World Bank downgrades developing East Asia growth forecast, weighed by a slowing China

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-820x547.jpg" alt="" class="wp-image-427786" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Election awareness posters are seen in a street ahead of Eswatini&#8217;s parliamentary elections in Mbabane, Eswatini, September 28, 2023 REUTERS/Esa Alexander</figcaption></figure>



MBABANE, Sept 29 (Reuters)&nbsp;&#8211;&nbsp;Voters in Eswatini will cast their ballots on Friday in parliamentary elections whose outcome will make little difference to the politics of a country controlled by Africa&#8217;s last absolute monarch. 



King Mswati III has ruled the southern African kingdom of about 1.2 million people since 1986, when he inherited the crown from his father, Sobhuza II.



Political parties are banned, but individual candidates can run for seats in the House of Assembly every five years.



The power of the politicians elected in these polls consists mainly of being able to make suggestions to the king, who is free to ignore them.



The election will be dominated by monarchists and other candidates sympathetic to the ruler, said Louw Nel, a senior political analyst at Oxford Economics Africa, in a note.



Two members of the previous parliament who supported the pro-democracy movement were jailed, and a third fled the country, he added.



&#8220;It is a misnomer to call what is happening in Swaziland elections,&#8221; Sivumelwano Nyembe, spokesperson for Eswatini&#8217;s Multi Stakeholder Forum, a pro-democracy activist group, said.



Anger against the governing system has been building for years, and&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2OB1AN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">pro-democracy protests</a>&nbsp;turned violent in 2021.



Campaigners say the king has consistently evaded calls for meaningful reforms that would nudge Eswatini, which changed its name from Swaziland in 2018, in the direction of democracy.



Mswati&#8217;s opponents also say he uses public money to fund a lavish lifestyle which he shares with his 15 wives, while most of the country&#8217;s population is made up of struggling subsistence farmers.



The 55-year-old king denies being an autocrat and is unapologetic about his riches.



Eswatini is rated &#8220;Not Free&#8221; by the U.S.-based organisation Freedom House, which says the king exercises ultimate authority over all branches of the national government and effectively controls local governance through his influence over traditional chiefs.



The South African Development Community (SADC) has sent an electoral observation mission to Eswatini at the kingdom&#8217;s invitation, and will release a preliminary statement on Sunday.



(Reporting by Nellie Peyton and Carien du Plessis Editing by Tim Cocks and Peter Graff)

Eswatini holds parliamentary elections

Eswatini holds parliamentary elections under monarch’s control

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-820x547.jpg" alt="" class="wp-image-426336" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



LAGOS/LONDON, Sept 28 (Reuters) &#8211; Nigerian President Bola Tinubu&#8217;s lightning-fast reform push after taking office in May sparked hope that his administration would be a business-friendly antidote to mounting economic troubles facing Africa&#8217;s biggest economy.



Fast forward to more than 100 days in office, and the key planks of his economic overhaul &#8211; unshackling the naira from its rigid regime, and allowing fuel prices to rise &#8211; are coming loose.



The naira hit a record low of 1,000 to the dollar on the black market this week, widening the gap with the official rate, which stood at 785 on Thursday.



Petrol pump prices, meanwhile, have not budged since July &#8211; despite a more than 30% rise in oil prices.



Some now fear Tinubu will not be able to wean Nigeria off the costly policies that have stymied investment and throttled economic growth.



&#8220;Momentum just seems&#8230;almost in reverse,&#8221; said David Omojomolo, Africa economist at research firm Capital Economics.



Public anger is swelling as inflation spirals higher, however, and Nigeria&#8217;s two biggest workers&#8217; unions are planning an indefinite strike next week to protest over a cost-of-living crisis.



&#8220;Sentiment towards Nigeria has been continuing to sour as the initial reform momentum under President Tinubu&#8217;s administration has faded,&#8221; said Tellimer analyst Patrick Curran.



DOLLAR DELAY



For years, Nigeria has tightly controlled the official naira rate, even amid declines in the price of oil, sales of which bring in 90% of the country&#8217;s foreign currency supply.



But providing dollars at an artificially low rate has led to a yawning gap between official and black market rates, leaving businesses and investors unable to access dollars. The central bank has also created import restrictions aimed at reducing dollar demand.



Tinubu&#8217;s decision to let the official naira rate weaken saw it briefly converge with the black market. Last week, he assured investors they could take money out, touting a &#8220;reliable, one figure exchange rate of the naira.&#8221;



But the gap has widened to nearly 30% this week, and four sources told Reuters it was virtually impossible to get dollars from the central bank on an ad hoc basis.



The incoming central bank chief said on Tuesday that policymakers faced a nearly $7 billion backlog in foreign exchange demand; foreign airlines alone had $783 million in ticket sales trapped, the International Air Transport Association said.



This is one major factor keeping investors from putting money to work in Nigeria.



Another is negative real bond yields and the slow central bank response: 10-year local government bonds yield less than 15% while inflation is running above 25%.



&#8220;What they have done so far is not enough to attract domestic debt holders or foreign investors into their domestic debt market,&#8221; said Carlos de Sousa, portfolio manager at Vontobel Asset Management.



The tattered finances left by the previous administration have also been no help.



In August, the central bank published audited accounts for the first time since 2018, revealing that its $33 billion in FX reserves included a $19 billion commitment in derivatives &#8211; slashing the liquid amount of reserves.



JPMorgan calculated net FX reserves stood at $3.7 billion as of the end of 2022, &#8220;significantly lower&#8221; than prior estimates.



That news sent Nigeria&#8217;s international bond tumbling.



&#8220;Lower net FX reserves reduce the willingness to introduce a flexible exchange rate regime in the near term,&#8221; said JPMorgan&#8217;s Gbolahan S Taiwo.



The central bank has also kept other restrictions that businesses say make life tough, including a ban on using central bank foreign exchange to import 43 items.



&#8220;The government may have intended to make it a free market, but the CBN isn&#8217;t allowing it to be one,&#8221; said a Nigerian private equity investor who did not want to be named.



The delay in scrapping fuel subsidies is exacerbating the dollar crunch. Last year, subsidies cost 2% of gross domestic product, according to Fitch.



Despite being Africa&#8217;s largest oil exporter, Nigeria imports nearly all its fuel as it does not refine nearly enough to meet the demand of its 200 million citizens. In recent years, it has swapped crude for fuel, depriving it again of a source of U.S. dollars.



It is still using oil cargoes now to pay for fuel it imported previously, and a de-facto pump price limit set by state oil company NNPC LTD&#8217;s sale price means it is again the sole petrol importer.



Tellimer said Nigeria&#8217;s gasoline prices would need to rise 73% to align with global prices.



Analyst say Tinubu, elected with the narrowest margin since Nigeria returned to democracy in 1999 and facing inflation at nearly two-decade highs, lacks the social capital and mandate to push any harder.



&#8220;There is the concern that when the going gets tough&#8230;they will walk back on the reforms,&#8221; Omojomolo said.



(Additional reporting by Rachel Savage in Johannesburg; Editing by Hugh Lawson)


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FILE PHOTO: Summit for a new global financing pact takes place in Paris

Nigerian reform drive falters, threatening Africa’s biggest economy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Broken-infrastructure-drought-cause-power-rationing-in-Tanzania-official-820x547.jpg" alt="" class="wp-image-427763" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Broken-infrastructure-drought-cause-power-rationing-in-Tanzania-official-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Broken-infrastructure-drought-cause-power-rationing-in-Tanzania-official-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Broken-infrastructure-drought-cause-power-rationing-in-Tanzania-official-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Broken-infrastructure-drought-cause-power-rationing-in-Tanzania-official-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Broken-infrastructure-drought-cause-power-rationing-in-Tanzania-official-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Broken-infrastructure-drought-cause-power-rationing-in-Tanzania-official-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Picture taken on November 12, 2021. Mandatory credit Kyodo/via REUTERS/Files</figcaption></figure>



DAR ES SALAAM, Sept 28 (Reuters) &#8211; Maintenance issues and climate change-induced water shortages have caused a 400-megawatt electricity shortfall in Tanzania, triggering power rationing across the East African nation, the state power supplier said.



Tanzania&#8217;s national grid, which has an installed capacity of more than 1,900 MW, was suffering from broken infrastructure at gas wells and gas-fired power stations, as well as reduced water levels at hydropower dams, said Gissima Nyamo-Hanga, managing director of the Tanzania Electric Supply Company (TANESCO).



TANESCO, which is wholly owned by the government, expects to complete maintenance operations and resolve the shortfall by the end of March next year, Nyamo-Hanga told reporters late on Wednesday.



Despite the government embarking on one of the fastest roll-outs of electricity access in Sub-Saharan Africa, only 38% of Tanzanians have power, according to the World Bank.



Nearly two thirds of Tanzania&#8217;s electricity is generated from natural gas, and around 30% from hydropower. The largest peak electricity demand ever recorded was 1,431 MW in May this year, up 7% from a year before, the energy ministry says.



&#8220;We expect that this problem will start easing within two weeks, and our plan is to reduce the shortage by an average of 100 MW a month,&#8221; Nyamo-Hanga said.



The 2,115 MW Julius Nyerere hydropower dam started filling with water in December last year and is anticipated to be finished by June 2024, more than doubling the country&#8217;s installed capacity, according to the energy ministry.



The government is engaged in several other power projects including a 150 MW solar farm as part of its goal to reach 5,000 MW capacity by 2025.



Nyamo-Hanga said the Nyerere dam was 92% complete, but that climate change was causing a shortage of rain and reducing water levels at existing dams. (Reporting by Nuzulack Dausen; Editing by Hereward Holland and Anil D&#8217;silva)

featured

World Bank Says Sub-Saharan Africa Growth to Slow to 2.5% This Year

Anglo American cutting head office jobs in several countries

Developing countries facing a debt crunch

UK PM Rishi Sunak’s leadership on rocky ground as party rebellion mounts

Kenya orders 10% budget cuts, rescinds Telkom Kenya deal with Helios

Top adviser Lazard says countries need debt mechanism to ‘strike a deal and move on’

Stocks tumble to near 7-month low, Forint gains on EU funds report

Nigeria’s labour unions suspend indefinite strike

Former Nigerian oil minister faces bribery charges in London court

Kenya picks Citi and Standard Bank to advise on maturing $2 bln Eurobond

Farmers plant more cocoa outside Africa as prices rally

Stocks inch up on first day of Q4, investors assess PMI data

Nigeria offers wage rise to state workers as strike looms

World Bank downgrades developing East Asia growth forecast, weighed by a slowing China

Eswatini holds parliamentary elections under monarch’s control

Nigerian reform drive falters, threatening Africa’s biggest economy

Broken infrastructure, drought cause power rationing in Tanzania- official

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featured

World Bank Says Sub-Saharan Africa Growth to Slow to 2.5% This Year

Anglo American cutting head office jobs in several countries

Developing countries facing a debt crunch

UK PM Rishi Sunak’s leadership on rocky ground as party rebellion mounts

Kenya orders 10% budget cuts, rescinds Telkom Kenya deal with Helios

Top adviser Lazard says countries need debt mechanism to ‘strike a deal and move on’

Stocks tumble to near 7-month low, Forint gains on EU funds report

Nigeria’s labour unions suspend indefinite strike

Former Nigerian oil minister faces bribery charges in London court

Kenya picks Citi and Standard Bank to advise on maturing $2 bln Eurobond

Farmers plant more cocoa outside Africa as prices rally

Stocks inch up on first day of Q4, investors assess PMI data

Nigeria offers wage rise to state workers as strike looms

World Bank downgrades developing East Asia growth forecast, weighed by a slowing China

Eswatini holds parliamentary elections under monarch’s control

Nigerian reform drive falters, threatening Africa’s biggest economy

Broken infrastructure, drought cause power rationing in Tanzania- official

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