News, Rumors and Opinions Friday Evening 6-11-2021
TNT:
Harambe: Bulawayo24: World Bank projects growth for Zimbabwe
(6/11/21)
The World Bank has commended the Government's economic revival framework and noted that Zimbabwe is poised to register economic growth this year despite a raft of challenges posed by the Covid-19 pandemic.
Gross Domestic Product (GDP) growth in Zimbabwe was yesterday projected to grow by 3.9 percent in 2021, in what the World Bank says is a significant improvement after a two-year depression.
Earlier, the African Development Bank projected a 5,6 percent economic growth this year driven by recovery in the agriculture, mining, and tourism sectors, together with increased public and private investments.
The endorsements for growth vindicates the Government, which had earlier projected the transformation of the country's fortunes.
In his 2021 budget, Finance and Economic Development Minister, Professor Mthuli Ncube, estimated growth of 7,4 percent.
According to the World Bank Zimbabwe Economic Update (ZEU) launched yesterday, the growth will be led by the good harvests on the agricultural front, adaptations to the Covid-19 disruptions as well as the controlled inflation.
"Overcoming economic challenges, natural disasters, and the pandemic, social and economic impacts, provides the World Bank perspective on macroeconomic and poverty developments and discusses ways to strengthen public service delivery in key sectors."
This is the third economic update for Zimbabwe produced by the World Bank. Economic Updates are a standard World Bank tool for macroeconomic and fiscal monitoring.
ZEU noted that economic recovery was expected to strengthen further in 2022 with GDP growing at 5.1 percent as the deployment of vaccines intensified and implementation of National Development Strategy 1 (2021-2025) bore fruits.
Overall, the Covid-19 global contagion continued to pose significant downside risks and thus the global and local outlook remained uncertain.
A prolonged pandemic, weaker global demand, and heightened macroeconomic instability could choke economic growth, increase poverty, and worsen human capital development outcomes.
Mitigating these risks required domestic policies to strengthen and sustain macroeconomic stability – which was critical for consolidating economic recovery.
"Recent efforts to stabilize prices through rule-based monetary and exchange rate policies have been effective and must be continued and expanded. Fiscal policies supportive of these efforts have thus focused on avoiding monetary financing and quasi-fiscal activities, reducing distortive subsidies, and improving fiscal and debt transparency.
"Improving the country's growth prospects will require further attention to policies that strengthen the quality of service delivery in the social sectors," said Mukami Kariuki, World Bank country manager.
Facing tight public finances and limited recourse to external financing, Zimbabwe would need to rely mostly on re-allocating domestic resources to optimal public uses and leveraging private financing and humanitarian support where possible.
Addressing underlying challenges in health, education, social protection, and food security would require sustained financing, strengthened accountability frameworks and investments in appropriate management information systems.
ZEU reviewed developments in 2019 and 2020 and emerging trends in 2021.
Part one of the ZEU provides an overview of the macroeconomic and poverty context while Part Two assesses the impact of Covid-19 and other exogenous shocks on delivery of basic services to the poor and proposes mitigating actions for discussion.
It also summarizes key policy options needed to stabilize Zimbabwe's economy, minimize the social costs of the transition and prepare for an economic recovery.
https://bulawayo24.com/index-id-news-sc-national-byo-204929.htm
************
Courtesy of Dinar Guru
Frank26 The World Bank was given the 'White Papers'...the World Bank is telling a truth not a rumor. IMO the CBI now has the means to raise the value. The obvious has been stated by the World Bank that the CBI now has the means to raise the value of their currency... Where did the 'White Papers' come from? Kazemi and Ghaleb [CBI Governor]. What do the white papers contain? IMO they contain the new exchange rate that is written in stone...
************
KTFA:
Don961: Huge wealth on the way...the Iraqi oil minister announces a promising situation after a "disastrous year"
1,505 Economie 06/11/2021 18:05 Baghdad today - translation
Today, Friday, Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said that the Iraqi oil sector is “rebounding” after a disastrous year caused by the Corona virus pandemic, with major investment projects on the horizon. But he also warned that a perpetual bureaucratic culture of fear threatens to get in the way. I
Iraq is currently trading oil at $68 a barrel, which is approximately $76 that the country needs to operate without relying on the central bank to cover government expenses.
"With the sector recovering, we can now focus on other priorities," Ismail added in his interview with The Associated Press.
He added that at the top of the ministry's list of goals is the development of the gas sector in the country, which is a prerequisite for Iraq to be eligible for the American exemptions that allow energy imports from neighboring Iran, and to this end, Iraq looks forward to developing long-neglected gas fields and seizing flaming gas from sites oil.
Ismail said he hopes to sign contracts in the coming months to develop three major projects that could boost Iraq's gas capacity by 3 billion standard cubic feet by 2025.
He also explained that Iraq is in the process of awarding a contract to the Chinese company Sinopec to develop the Mansouriya gas field in Diyala Governorate. The field could add 300 million standard cubic feet of gas to local production.
The ministry is also in talks with the French company Total to develop an ambitious mega project in Rattawa in southern Iraq, which will include a gas processing center from four different oil fields. .
He concluded, “Ismail said: “The most harmful corruption is the delay in making a decision, or not making a decision at all. I think this is the corruption that slows down the economy.” LINK
Clare: THE TITLE SAYS IT ALL!!!...imo
************
Samson: Oil prices are expected to rise to $80 a barrel
11th June, 2021
US investment bank Goldman Sachs expects Brent crude prices to reach $80 a barrel this summer, betting that the recent rally in the oil market will continue as vaccinations boost global economic activity and demand for the commodity.
Brent crude prices reached $72.93 a barrel this week, their highest level in more than two years, buoyed by expectations of increased demand. Brent crude futures were trading at $72.21 a barrel on Friday, while US West Texas Intermediate crude was at $70 a barrel. “Higher vaccination rates are driving up mobility in the United States and Europe, where global demand is estimated to increase by 1.5 million barrels per day last month to 96.5 million barrels per day,” the bank said in a late note.
Goldman, which has long experience in the commodities sector, expects oil demand to continue to recover and sees global demand at 99 million barrels per day in August. The investment bank also said slow progress in negotiations on an Iran nuclear deal could also affect oil supplies, supporting prices.
Iran and world powers have been negotiating since April to lift sanctions on Tehran, which have hit its economy hard by cutting back its vital oil exports.
US Secretary of State Anthony Blinken said on Tuesday he expects that even if Iran and the United States return to compliance with the nuclear deal, hundreds of US sanctions on Tehran will remain in place. "Recent headlines comfort us in our expectations that a possible recovery in Iranian exports will not occur until the fall," the bank said.
While there is spare capacity in both OPEC+ exploration and production and refining, we expect OPEC+ to lag behind the demand recovery. LINK
From Recaps Archives
Will Basel III Be Implemented This Month? -by LYNETTE ZANG
June 3, 2021
You may or may not be familiar with The Bank for International Settlements, but if you look them up you'll find they are the Central Bank of Central Banks.
That means they are the regulatory body for every major bank in the world.
So as we move closer and closer to the Global Economic Reset, this one of the key entities to pay attention to.
In this video I'm going to show you the proposed implementation of Basel 3 (this month), which is a law that if implemented, would be the death of the paper metals market, the LBMA, the Comex, and roughly $10T in Gold & Silver contracts, ETF's, etc...and this would be an extreme catalyst for "REAL" Gold & Silver to explode!