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Zimbabwe Central Bank Abandons Quasi Dollar

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Zimbabwe Central Bank Abandons Quasi Dollar

Zimbabwe Central Bank has abandoned the quasi dollar it introduced in 2016.  The peg of one Zimbabwe dollar to one US dollar has not worked as the black market rate has been in the range of three and a half to four Zimbabwe dollars to one U.S. dollar.

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Economists say this move could lead to jitters in countries that hold the peg, including Saudi Arabia and Hong Kong.

Zimbabwe has long been dealing with currency instability that in 2009, it introduced the US dollar, euro, and the South African rand as legal tenders it thought would stem the wild round of hyper-inflation.

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Mauritius To Transform Country To “Organic” Island

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Mauritius To Transform Country To "Organic" Island

Mauritius Ministry of Agro-Industry and Food Security is promising to transform the country into an organic island in the near future.  It says different projects are being implemented by the ministry and other institutions toward that goal.  It is also aiming for a farming environment where citizens can cultivate as much as they need without using chemicals.

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The Minister, Mahen Seeruttun, said this while launching the household organic garden project earlier this week.

Serruttun says the government is offering many incentives to encourage people to switch from a conventional method to organic.

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Several planters received starter kits at the launching ceremony to set up their own organic gardens.

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Somalia Panics Over Abandoned Military Base By Kenyan Forces

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Somalia Panics Over Abandoned Military Base By Kenyan Forces

Leaders in Somalia are questioning the recent abandonment of a military base in the country by soldiers of the Kenya Defense Forces.  They say the move will expose the country to Al-Shabaab threats.

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The leaders say Kenyan troops started withdrawing from Somalia after moving out of Busar, KDF’s command center in the northern sector of Jubaland, a town that was liberated in the first hundred days of their entry into Somalia.

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A contingent of troops made the final withdrawal from Busar on Tuesday.  The withdrawal comes after top AMISOM commanders met in Mogadishu last month and agreed on how to execute the mission’s new concept of operations, a document that provides the framework for implementing AU troops’ gradual transition and final exit from Somalia.

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Kenya Seeks $4 Billion Loan From China To Complete Railway

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Kenya Seeks $4 Billion Loan From China To Complete Railway

The Kenyan government is negotiating an almost $4 billion loan with China to complete the third phase of its standard gauge railway.

Kenya railways Acting Director, Phlip Mahinga, says the corporation is also holding talks to finance a system that will ensure the railway, its passengers, goods and equipment are is secure as they snake through sparsely populated regions in its one thousand kilometer journey from Mombasa to Malaba in Busia county.

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Kenyans, international monetary fund and experts have raised questions about the repayment status of the existing loans.  Repayment terms have also been debated following revelations a few months ago that the Port of Mombasa could be handed over to Chinese if Kenya defaults on the loans.

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Chinese embassy official in Nairobi said on Tuesday the Mombasa to Nairobi railway earned a hundred million dollars in the 2017, 2018 financial year.

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