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Friday, March 23, 2018

KTFA: RUPIAH & ZIMBABWE DOLLAR, 23 MARCH

KTFA:

McDan: Rupiah like Frank said on cc   https://www.bi.go.id/id/rupiah/default.aspx

Iggy:  The past, present, and future walked into a bar. It was tense.

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Samson:  Saudi Arabia is heading for global debt markets again

 22nd March, 2018

Saudi Finance Minister Mohammed al-Jadaan said his country plans to launch international bonds denominated in dollars in the next few weeks.

In an interview with Bloomberg Television on Thursday, Jada'an did not disclose the size of the issue, saying: "The size of the issue has not yet been determined." He pointed out that the government of his country is close to the appointment of banks that will take the lead.

 He added that Saudi Arabia plans to issue bonds denominated in currencies other than the dollar, "but it is currently focused on dollar-denominated issues." 

Saudi public debt rose 38 percent in 2017 to 438 billion riyals ($ 116.8 billion) from 316.5 billion riyals ($ 84.4 billion) at the end of last year.  Saudi debt represents 17% of GDP in 2017, up from 13.1% in 2016.

The debt of 2017 was divided into 53.6 billion riyals ($ 14.3 billion), local bonds, 33.7 billion riyals ($ 9 billion), foreign instruments, 46.8 Billion riyals ($ 12.5 billion) in foreign bonds.

LINK
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Samson:  Zimbabwe: Zim, Cyprian Firm Ink $4.2 Billion Platinum Deal

 23rd March, 2018

Mines and Mining Development Minister Winston Chitando and Karo Resources chairman Loucas Pouroulis exchange copies of the $4,2 billion platinum deal in Harare as President Emmerson Mnangagwa looks on

Zimbabwe on Thursday signed a mega platinum deal worth $4.2 Billion with Karo Resources, a Cyprian company.

The deal is so far the largest investment structure in the history of the Mining Industry in Zimbabwe.

Mines and Mining Development Minister Winston Chitando signed the deal on behalf of the government with Karo Resources' representative Loucus Pouroulis at Munhumutapa Offices where President Emmerson Mnangagwa witnessed the ceremony.

The deal is expected to realise a total of 1.4 million ounces of platinum per year between 2020 and 2023. The platinum mine will be located in the Mhondoro Ngezi platinum belt and will include a coal mine and a power station.

The deal is expected to boost production from $I million ounces per year to about $2million ounces once the project commences.

Mnangagwa, speaking after the signing ceremony, said: "Zimbabwe has an obligation. We must meet our obligation. It is not business as usual anymore. The deal has been on the cards since 2012. Had we embraced our intention to invest in this country in platinum the year they came, and I took them to the President, we should have been in the sixth year now but this did not happen due to bureaucracy."

The commissioning of the portal would be in phases from 2020 to 2023 as the agreement provides for the installation of capacity to produce 14.4 million tonnes of ore and 1.4 million PGM (rare ores with unique properties used in a vast variety of industries) ounces per annum.

The investment is expected to create 15 000 jobs directly and an estimated 75 000 more indirectly.  LINK

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Samson:  Zimbabwe : US Senators Propose Tougher Conditions For Sanctions Removal

 23rd March, 2018

nited States Senators. Jeff Flake (R-Ariz.) and Chris Coons (D-Del.), both members of the Senate Foreign Relations Committee, yesterday introduced a bill to lay the framework for U.S. relations with the new government in Zimbabwe. This legislation updates the Zimbabwe Democracy and Economic Recovery Act of 2001 and sets forth the steps Zimbabwe needs to take to have sanctions on its country lifted.

Said Flake:

President Mnangagwa has signaled his intent to bring about change in Zimbabwe. His words need to be followed by concrete actions. This measure outlines steps that, if taken, would go a long way to demonstrate that President Mnangagwa is earnest in his desire to bring about long-overdue change for the people of Zimbabwe, who suffered under authoritarian rule for far too long.

Coons said they will visit Zimbabwe to assess the steps being taken to hold free, fair and credible elections. Said Coons:

After 37 years of suffering under the repressive rule of Robert Mugabe, the people of Zimbabwe should be excited about the possibility of a brighter future. To ensure conditions throughout the country improve, the international community should insist on concrete actions from the new government of Zimbabwe before lifting sanctions and renewing investment in the country.

This bill is intended to outline the U.S. Senate’s expectations of the steps President Mnangagwa and other leaders should take. We look forward to visiting Zimbabwe, meeting with its top officials, and assessing the steps they are taking to hold free, fair, and credible elections as well as to advance broader economic and political reforms to improve the lives of all the citizens of Zimbabwe.

The new requirements for amendment.
Amendments:
Withholding of funding for AFDB
BVR released without cost and endorsed by all registered parties
Independent electoral management body nominated by all political parties represented in parliament
Diaspora vote
ZDF not permitted to campaign for any candidate nor intimidate voters
International observers, including from US, AU, SADC, and EU
Candidates granted free and full access to state media – equal time and coverage to all registered parties
CSOs able to carry out voter and civic education and monitor electoral process
Presidential election widely accepted a free, fair, and credible by international and domestic civil society monitors, and president-elect free to assume duties of the office
Constitutional alignment
Constitutional implementation, including devolution
Economic reforms
Transparent and credible accounting for all diamond revenues since 2000
Acknowledgement of human rights abuses during Operation Murambatsvina and 2008 election
Acknowledgement and apology for Gukurahundi and compensation to victims of abuses
Immediate inquiry into disappearance of prominent human rights activists   LINK

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