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Mozambique turns 40, high on gas prospects MAPUTO: Mozambique turned 40 on Thursday, mixing formal military parades with exuberant African dancing as it turned from a generation of civil war and poverty to look to a more prosperous future, powered, it hopes, by vast amounts of natural gas.In contrast to the early years of independence from Portugal in 1975, when the challenge was navigating the choppy waters of the Cold War, the southern African nation's leaders now face the burden of the growing expectations of its 26 million people.Underpinning the national optimism in this $17 billion economy is the prospect of massive revenues from an estimated 180 trillion cubic feet of off-shore gas - enough to supply Germany, Britain, France and Italy for nearly two decades.The deposits in the northern Rovuma Basin, near the border with Tanzania, may be a decade from production but the impact of foreign investment the IMF says could amount to $100 billion ...

Top Burundi leader flees days ahead of polls BUJUMBURA: Burundian President Pierre Nkurunziza's controversial bid to stand for a third consecutive term in office was dealt a fresh blow on Thursday after one of his top deputies fled the country and urged him to step down.In a letter addressed to Nkurunziza, whose re-election bid has already sparked weeks of civil unrest, a refugee crisis and a coup attempt, second vice-president Gervais Rufyikiri urged the president to "put the interests of the Burundian people ...
25 killed in two Egypt road accidents CAIRO: Twenty-five people were killed and 29 others injured on Sunday in two separate road accidents in Egypt, where poor road and traffic regulations kill thousands each year, officials said.One accident took place on the highway linking Cairo to the Mediterranean coast further north when a minibus collided with a truck killing 13 people and injuring four, said a health ministry official.Twelve people were killed and 25 injured in the other accident when a bus ...
DR Congo opens probe after NGO accuses UK firm of bribery KINSHASA: Kinshasa said on Friday it had opened an investigation after an NGO alleged a British energy company paid off an army officer accused of silencing critics of exploration in a Congolese national park.Global Witness, a British NGO, on Wednesday published scans of four cheques totalling $15,600 (14,000 euros) allegedly issued by a Congolese subsidiary of Soco International to an army major posted to Virunga National Park.The park, which lies in the east of the ...
Leaders at African summit expected to avoid migration troubles JOHANNESBURG: Despite growing pressure to address the tragedy of African migrants drowning in the Mediterranean, the African Union is unlikely to offer any home-grown solutions to the crisis, say analysts.Refugees will be discussed in a closed session at the first day of the African Union summit on Sunday, in anticipation of a meeting with the European Union in the latter half of this year.But African leaders, many of whom routinely flout human rights, are accused ...
Death toll now 31 in NE Nigeria market blast KANO: At least 31 people were killed when an explosion ripped through a busy market in the northeast Nigerian city of Yola, an emergency official said on Friday."So far, we have 31 dead victims and 38 people in hospital receiving treatment" as a result of Thursday's blast, the National Emergency Management Agency's coordinator in the city Sa'ad Bello told AFP."Some whose injuries were not severe were discharged," he added.The blast happened at about 7:40 pm ...
Burundi government calls for 'frank' dialogue with opposition BUJUMBURA: An aide to Burundian President Pierre Nkurunziza on Thursday called for "a frank and constructive dialogue" with the opposition, who have driven weeks of street protests against his bid to stand for a third term.Nkurunziza's communications advisor, Willy Nyamitwe, said although the government considered the president's bid to be perfectly legal, he said for the first time that the matter was not "taboo"."It is true that during previous discussions, we have left the issue ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJune 25, 2015
Reserves $17.457 bln