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Feb 10 2012 18:19
The rand tumbled against the dollar in late afternoon trade as the local currency tracked a jittery euro.
Feb 10 2012 17:28
President Jacob Zuma will make an announcement "of national importance" on Saturday, says a central bank statement.
Feb 10 2012 14:37
A weak euro has dragged down the rand, causing it to extend losses against the dollar as the eurozone debt crisis affected investor sentiment.
Johannesburg -
The ANC has welcomed the International Monetary Fund's (IMF)
report that Africa will see a relatively quick recovery from the
global economic crisis.
"The good news is that growth has returned to Africa - a
confirmation of the recent message articulated by South African
Finance Minister Pravin Gordhan in the Budget Speech," said ANC
spokesperson Brian Sokutu on Monday.
IMF managing director, Dominique Strauss-Kahn, said improved
policies in the face of the crisis helped the continent get through
the storm better than expected.
"At the IMF we anticipate that Africa will see a relatively
quick recovery, with average growth bouncing back to 4.5 percent
this year and 5.5 percent in 2011," he said.
Strauss-Kahn said the global recession struck Africa through
several channels that led to exports collapsing, banks running into
trouble as non-performing loans grew, and investments diminished.
"Average growth in sub-Saharan Africa fell to two percent in
2009 from 5.6 percent the previous year."
Strauss-Kahn said African countries were able to take appropriate
measures to mitigate the turbulence because policies before the
crisis were good, allowing them to build reserves, cut debt and
open up fiscal space to combat the recession.
Sokutu said the ANC realised that South Africa's growth would
take a few years to reach the levels it had been at in 2007.
"Africa needs stronger growth to remove its vulnerabilities,
should diversify its economies to minimise dependence on commodity
exports alone and should broaden its markets with a new emphasis on
regional economic development," said Sokutu.
"The proposal for a 'Green Fund' to raise billions of dollars to
mitigate against the effects of climate change will go a long way
in rallying the world to find ways of dealing with the impact of
this phenomenon on the African economy."
Strauss-Kahn said the economy in Africa had more challenges
ahead.
"The region will remain highly vulnerable to commodity price
shocks, natural disasters and, in some cases, political
instability," he said.
- Sapa