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South Africa extend deadline to bail out its National Carrier

Given that the south African government is currently looking for ways to provide 2 billion rand (US$ 138 million) in funding for the embattled national carrier, South African Airways has said all flights are operating normally. Although there may be “flight schedule amendments” in the future, details of those changes will be announced when finalized, SAA said in an emailed statement on Monday. A Sunday deadline for funding was extended after the Department of Public Enterprises pledged to continue trying to persuade the Treasury to come up with the money, the Johannesburg-based Business Day newspaper reported Monday, without citing anyone. The embattled national carrier has been in a local form of bankruptcy protection since last month. In December 2019, lenders agreed to provide 2 billion rand to enable SAA to continue to operate, while the government committed an equal amount through the […]

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Red Flag! CFA franc Replacement with Eco Faces Criticism

Five English speaking countries and one French speaking West African country have raised concern over the change in the name of the regional currency from CFA franc to the Eco. CURRENCY WARS Faux pas or CFA? "the Anglophones were blindsided" ... "It was President Macron who imposed this agenda on us. Macron made a point of talking about the CFA franc in Abidjan." https://t.co/gt9F6VLYvu #nigeria #ghana #cotedivoire— Africa (@Alkebulan_) January 18, 2020 The decision of the six countries, Nigeria, Guinea, Sierra Leone, Ghana, Liberia and Gambia was announced at the end of the West African Monetary Zone (WAMZ) extraordinary meeting on Thursday, January 16, 2019 Abuja, Nigeria. In December, 2019, WAEMU and Côte d’Ivoire President Alassane Ouattara and French President Emmanuel Macron announced that the CFA franc, which had been in place since 1945, would be renamed and subjected to […]

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