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Burkina Faso launches first pharmaceutical plant

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Burkina Faso’s Prime Minister, Albert Ouédraogo, on Tuesday visited first pharmaceutical production plant, specializing in the production of generic drugs.

According to Prime Minister Albert Ouédraogo, “this is an important plant, insofar as it will contribute to making available to our population’s medicines at a lower cost.

He added: “During the Covid-19 period, these issues were important and everyone recognized the need to develop local production of medicines. It is also a local company, which contributes to developing a resilient economy.

The factory is erected on 1.5 hectares in the commune of Komsilga, on the outskirts of the capital Ouagadougou, will ensure a “permanent availability of the most requested medicines.”

Propharm’s General Manager, Armel Coéfé, said it will start producing paracetamol 500 mg, phloroglucinol, an antispasmodic, as well as a “kit of oral rehydration salts and zinc, for the treatment of diarrhea.”

“Our production capacity, at present, meets the local need and solves the problem of drastic rupture,” he added, noting that the list of molecules to be produced will grow, especially “with the production of drugs for the management of malaria.

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Petrol prices fall in South Africa, Libya but cost of diesel keeps flying

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Prices of petrol have fallen in South Africa and Libya but such cannot be said of diesel.

The government of government on Monday announced that the petrol pump price would decrease by up to 1.02 Rand a litre but the price of diesel would increase by up to 15 cents a litre from October 5.

In Sudan also, petrol prices seem to be obeying the law of gravity as the energy ministry said in a statement on Tuesday that price had fallen from 700 Sudanese pounds to 522 pounds ($0.9235) per litre.

There has been a fall in global oil prices recently which has caused a fall in domestic inflation to 7.6% in August in South Africa.

The ongoing war between Russia and Ukraine has had its knock-on effects on oil prices globally. Prices of diesel have almost tripled in most African countries.

In Nigeria for instance, industries like aviationtelecom operators have all struggled with the situation which has disrupted business operations.

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Zambia sets for first meeting with creditors amidst growing fiscal challenges

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The finance ministry in Zambia said it is set for its first meeting with its creditors as the South African country struggles to escape its current financial mess.

The finance minister, Situmbeko Musokotwane made the revelation on Monday at a public meeting to discuss the country’s annual budget.

Musokotwane said at a budget speech last week Zambia’s external public debt reached $14.87 billion at the end of June 2022.

“Have we started negotiations with creditors? Not yet but right now we have preparations for the first meeting,” Musokotwane said in response to a question.

Zambia’s creditors are mainly Chinese lenders and bondholders.

The Southern African country that opted to bow out of a $42.5 million Eurobond repayment in 2020,  is seeking $8.4 billion of debt relief from 2022 to 2025.

Zambia is one of the African countries currently facing economic woes. The country has been in negotiation with the International Monetary Fund (IMF) for aid amidst the crisis.

The country was struggling with a debt burden of almost $32 billion, around 120% of its gross domestic product.

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