"Vietnam, Indonisia and Zimbabwe News" Posted by Harambe 12-25-2021
TNT:
Harambe: World Bank optimistic about Vietnam's 2022 GDP growth | Vietnam+
(12/25/21)
Vietnam's target of bringing its GDP growth to 6-6.5 percent in 2022 as set in the recent session of the National Assembly is entirely possible if it can effectively control the COVID-19, and improve the supply – demand balance, an official of the World Bank (WB) has said.
According to Jacques Morisset, WB Lead Economist and Programme Leader for Vietnam, the biggest risk to Vietnam’s economy in 2022 can be the complicated developments of the pandemic with the emergence of new variants.
He also mentioned internal economic risks, saying that Vietnam is an open economy which will depend on the situation in other countries in the world.
Another risk is related to inflation, he said, noting that Vietnam’s economy is currently facing import inflation, while domestic commodity prices have not yet increased because demand remains lower than supply.
https://en.vietnamplus.vn/wb-official-optimistic-about-vietnams-2022-gdp-growth-prospect/219726.vnp
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Harambe: Bank Indonesia launches real-time payments infrastructure to broaden financial inclusion
(12/24/21)
Bank Indonesia (BI), the country’s central bank, has launched Bank Indonesia Fast Payment (BI-FAST), a real-time, 24/7 payments infrastructure designed to boost the country’s economic recovery and broaden financial inclusion.
BI-FAST is a payment system infrastructure which can be accessed through mobile apps in order to facilitate and streamline retail payment transactions for Indonesians.
BI says it will form the “backbone” of a broader retail payment system infrastructure.
BI has worked with industry players to implement BI-FAST and to integrate it with the nation’s Digital Financial Economy (EKD).
The central bank says implementation will be carried out in stages to ensure all payment channels are fully prepared for their respective customers.
BI governor Perry Warjiyo says BI-FAST forms part of the Indonesia Payment System Blueprint (BSPI) 2025 initiative, designed to create a digital-first financial ecosystem that supports financial inclusion in the country.
“The development of BI-FAST is an important milestone in reforming and digitalising the national payment system as part of the implementation of BSPI 2025,” Warjiyo says.
“I hope that the launch of BI-FAST will integrate the payment system industry ecosystem end-to-end from digital banking, fintech, e-commerce, and consumers, encourage financial economic inclusion, and encourage national economic recovery.
Harambe: Lithium deal to spur Zimbabwe economy | The Chronicle
(12/25/21)
Zhejiang Huayou Cobalt of China has bought the controlling interest in Zimbabwe’s Arcadia Lithium Mine located in Goromonzi District from Prospect Resources of Australia for US$377,8 million and will be accelerating development of the mine and downstream processing of lithium products in Zimbabwe before export.
Prospect Resources sold its 87 percent stake in Prospect Lithium Zimbabwe to Zhejiang Huayou Cobalt which is listed on the Shanghai Stock Exchange.
Zhejiang is a big company, with a market value of US$22 billion and it will be spending US$422 million if it buys out minority shareholders to assume full ownership.
The old and new owners signed the agreements at State House witnessed by President Mnangagwa.
He said the Chinese company brings with it the benefit of significant operational experience, with a focus on research, production of cathode materials, development and production of battery precursor, development of battery metals resources, safety, environmental management, and development and operation of mining projects in general.
“The commitment by Zhejiang Huayou Cobalt to rapidly advance operations at Arcadia is a welcome development.
“This agreement therefore capacitates Prospect Resources to accelerate their activities in Zimbabwe over the coming years.
“This partnership is further envisaged to result in the development of a broad portfolio of high quality battery metals projects.
In addition, such a pathway brings significant foreign direct investment (FDI), broadens employment opportunities as well as royalty and tax revenue for our country,” the President said.
The coming of Zhejian was a vote of confidence in Zimbabwe’s investment climate and economy as a whole.
“It also reaffirms the success of our mantra, ‘Zimbabwe is Open for Business’ and will leap frog our country into lithium production and value chain industries,” said President Mnangagwa as he presided over the signing ceremony.
Lithium is becoming an increasingly important mineral.
Besides forming the base of modern battery technology, it has retained its traditional uses in glass and ceramics.
Demand will continue to increase sharply as the world switches from vehicles using internal combustion engines to electric vehicles, all of which will require the most advanced battery packs, at the moment those containing lithium ions.
Lithium is expected to contribute US$500 million towards Government’s target of a US$12 billion mining industry by 2023.
The President said, as a country with one of the largest lithium reserves in Africa, Zimbabwe was poised to become a hub for research, development, exploitation and manufacturing of green energy and lithium based solutions.
Zimbabwe has vast mineral deposits and the President said Government would continuously work on improving the investment policies in the sector to ensure its growth.
“In keeping with the tenets of ease of doing business, the Ministry of Mines and Mining Development and other Government Ministries, Departments and Agencies are directed to support this and other initiatives towards increased investments into our economy,” he added.
In his remarks, Prospect Lithium Zimbabwe executive director Mr Paul Chimbodza said considerable work had already been done.
Around US$20 million had been sunk in the exploration works that included the drilling of 314 drill holes totaling 26 680m, 6 000 samples analysed from drill core and chips, plus another 15 204 soil samples.
Arcadia Lithium ore reserves were now calculated 42,3 million tonnes with a 20-year lifespan and hosts spodumene and petalite resources which offer feedstock to both battery and ceramics industry.
A pilot plant has already been constructed and is producing on-spec petalite product for export.
“This journey of Arcadia and these glowing accolades, would not have been possible without the immense guidance, support and enabling environment accorded to us by Government and the new dispensation,” Mr Chimbodza said.
Mr George Feng the executive director of Zhejiang Huayou Cobalt said his company was committed to developing green projects that benefitted communities.
He said the mineral resource at Arcadia Lithium project was world class and thanked the Government for creating an enabling environment for investors.
He pledged that full operations at the mine would commence in a few months’ time once all regulatory requirements have been completed.
https://www.chronicle.co.zw/lithium-deal-to-spur-zim-economy/