1.
Lesotho
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Lesotho, officially the Kingdom of Lesotho, is an enclaved, landlocked country in southern Africa completely surrounded by South Africa. It is just over 30,000 km2 in size and has a slightly over two million. Its capital and largest city is Maseru, previously known as Basutoland, Lesotho declared independence from the United Kingdom on 4 October 1966. It is a member of the United Nations, the Commonwealth of Nations, the name Lesotho translates roughly into the land of the people who speak Sesotho. About 40% of the population lives below the poverty line of US$1.25 a day. The original inhabitants of the now known as Lesotho were the San people. Examples of their art can be found in the mountains throughout the area. The present Lesotho, then called Basutoland, emerged as a single polity under King Moshoeshoe I in 1822, Moshoeshoe, a son of Mokhachane, a minor chief of the Bakoteli lineage, formed his own clan and became a chief around 1804. Casalis, acting as translator and providing advice on foreign affairs, helped to set up diplomatic channels and acquire guns for use against the encroaching Europeans and the Griqua people. Trekboers from the Cape Colony showed up on the borders of Basutoland and claimed land rights, beginning with Jan de Winnaar. As more Boers were moving into the area tried to colonise the land between the two rivers, even north of the Caledon, claiming that it had been abandoned by the Sotho people. Moshoeshoe subsequently signed a treaty with the British Governor of the Cape Colony, Sir George Thomas Napier and these outraged Boers were suppressed in a brief skirmish in 1848. In 1851 a British force was defeated by the Basotho army at Kolonyama, after repelling another British attack in 1852, Moshoeshoe sent an appeal to the British commander that settled the dispute diplomatically, then defeated the Batlokoa in 1853. In 1854 the British pulled out of the region, and in 1858 Moshoeshoe fought a series of wars with the Boers in the Free State–Basotho War, the last war in 1867 ended when Moshoeshoe appealed to Queen Victoria, who agreed to make Basutoland a British protectorate in 1868. Moshoeshoe died on 11 March 1870, marking the end of the traditional era and he was buried at Thaba Bosiu. In the early years of British rule between 1871 and 1884, Basutoland was treated similarly to territories that had been forcefully annexed. This led to the Gun War in 1881, Basutoland gained its independence from Britain and became the Kingdom of Lesotho in 1966. In January 1970, the ruling Basotho National Party lost the first post-independence general elections, Prime Minister Leabua Jonathan refused to cede power to the Basotho Congress Party, declared himself Tona Kholo, and imprisoned the BCP leadership
2.
Fiscal year
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A fiscal year is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for reporting by business and other organizations. Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, the calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax. Many annual government fees—such as Council rates, licence fees, etc. —are also levied on a year basis. The fiscal year end is the date marks the end of the fiscal year. Some companies—such as Cisco Systems—end their fiscal year on the day of the week each year. Under such a system, some years will have 52 weeks. Many universities have a year which ends during the summer. In the northern hemisphere this is July to the next June, in the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year, the American football league NFL uses the term league year, which in effect forms the leagues fiscal year. In Afghanistan, the year was recently changed from 1 Hamal –29 Hoot to 1 Jadi –30 Qaus. The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span, in Australia, a fiscal year is commonly called a financial year and starts on 1 July and ends on the next 30 June. Financial years are designated by the year of the second half of the period. For example, financial year 2017 is the 12-month period ending on 30 June 2017 and it is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. Business enterprises may opt to use a year that ends at the end of a week. All entities within the one group must use the financial year. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901, the reason given for the change was for convenience, as Parliament typically sits during May and June, while it was difficult for it to meet in November and December to pass a budget. In Austria the fiscal year is the year,1 January to 31 December
3.
World Trade Organization
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The World Trade Organization is an intergovernmental organization which regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade, most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round. The WTO is attempting to complete negotiations on the Doha Development Round, as of June 2012, the future of the Doha Round remained uncertain, the work programme lists 21 subjects in which the original deadline of 1 January 2005 was missed, and the round is still incomplete. This impasse has made it impossible to launch new WTO negotiations beyond the Doha Development Round, as a result, there have been an increasing number of bilateral free trade agreements between governments. As of July 2012, there were various groups in the WTO system for the current agricultural trade negotiation which is in the condition of stalemate. The WTOs current Director-General is Roberto Azevêdo, who leads a staff of over 600 people in Geneva, a trade facilitation agreement, part of the Bali Package of decisions, was agreed by all members on 7 December 2013, the first comprehensive agreement in the organizations history. Seven rounds of negotiations occurred under GATT, the first real GATT trade rounds concentrated on further reducing tariffs. Then, the Kennedy Round in the mid-sixties brought about a GATT anti-dumping Agreement, because these plurilateral agreements were not accepted by the full GATT membership, they were often informally called codes. Several of these codes were amended in the Uruguay Round, only four remained plurilateral, but in 1997 WTO members agreed to terminate the bovine meat and dairy agreements, leaving only two. Well before GATTs 40th anniversary, its members concluded that the GATT system was straining to adapt to a new globalizing world economy. In response to the problems identified in the 1982 Ministerial Declaration, the GATT still exists as the WTOs umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations. GATT1994 is not however the only legally binding agreement included via the Final Act at Marrakesh, the highest decision-making body of the WTO is the Ministerial Conference, which usually meets every two years. It brings together all members of the WTO, all of which are countries or customs unions, the Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. When agricultural export subsidies were agreed to be phased out and adoption of the European Unions Everything, the WTO launched the current round of negotiations, the Doha Development Round, at the fourth ministerial conference in Doha, Qatar in November 2001. This was to be an effort to make globalization more inclusive and help the worlds poor, particularly by slashing barriers. The initial agenda comprised both further trade liberalization and new rule-making, underpinned by commitments to strengthen substantial assistance to developing countries. Among the various functions of the WTO, these are regarded by analysts as the most important and it provides a forum for negotiations and for settling disputes. Another priority of the WTO is the assistance of developing, least-developed and low-income countries in transition to adjust to WTO rules and disciplines through technical cooperation and training
4.
Southern African Customs Union
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The Southern African Customs Union is a customs union among five countries of Southern Africa, Botswana, Lesotho, Namibia, South Africa and Swaziland. Its headquarters is in the Namibian capital Windhoek, SACU is the oldest existing customs union in the world. It was established in 1910 pursuant to a Customs Union Agreement between the then Union of South Africa and the High Commission Territories of Bechuanaland, Basutoland and Swaziland, the updated union officially entered into force on 1 March 1970. After Namibias independence from South Africa in 1990, it joined SACU as its fifth member, as of 2007, the Executive Secretary of the SACU was Tswelopele C. The union meets annually to discuss matters related to the Agreement and its aim is to maintain the free interchange of goods between member countries. It provides for a common external tariff and a common excise tariff to this common customs area, all customs and excise collected in the common customs area are paid into South Africa’s National Revenue Fund. The revenue is shared among members according to a formula as described in the agreement. South Africa is the custodian of this pool, only the BLNS Member States shares are calculated with South Africa receiving the residual. SACU revenue constitutes a substantial share of the revenue of the BLNS countries. With this in mind, the Ministers of Trade and Industry of the five states met in Pretoria on 11 November 1994 to discuss the renegotiation of the 1969 agreement. The Ministers appointed a Customs Union Task Team which was mandated to make recommendations to the Ministers, CUTT has met on numerous occasions in the Members States and good progress has been made in the renegotiation process. It would be the supreme SACU decision-making body and would meet quarterly, the decisions taken by this council would only be by consensus. Commission Administrative body composed of Senior Officials, three Technical Liaison Committees and an established Agricultural Liaison Committee, tribunal An independent body of experts. It would report directly to the Council of Ministers, the tribunal would be responsible for tariff-setting and the Anti-dumping Mechanism. Secretariat Responsible for day-to-day operations of the pool and it would be funded from the revenue pool. Its location would be determined by Senior Officials who were directed to meet after one month to develop proposals for the implementation of the revised SACU Institutional Structure. It was agreed that these components would be distributed as follows, The customs component should be allocated according to each country’s share of total intra-SACU trade, the excise component, net of the development component, should be allocated on the basis of GDP. The development component should be fixed at 15% of the total excise pool, while SACU entered into a free trade deal with the four-nation European Free Trade Association on 1 July 2006, its negotiations with the United States for a free trade agreement have stalled
5.
Southern African Development Community
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The Southern African Development Community is an inter-governmental organization headquartered in Gaborone, Botswana. Its goal is to further cooperation and integration as well as political. It complements the role of the African Union, the immediate forerunner of the political and security cooperation leg of todays SADC was the informal Frontline States grouping. The Southern African Development Coordination Conference was the forerunner of the socio-economic cooperation leg of todays SADC, the adoption by nine majority-ruled southern African countries of the Lusaka declaration on 1 April 1980 paved the way for the formal establishment of SADCC in April 1980. Membership of the FLS and SADCC sometimes differed, SADCC was transformed into SADC on 17 August 1992, with the adoption by the founding members of SADCC and newly independent Namibia of the Windhoek declaration and treaty establishing SADC. The 1992 SADC provided for both socio-economic cooperation and political and security cooperation, in reality, the FLS was dissolved only in 1994, after South Africas first democratic elections. Subsequent efforts to place political and security cooperation on an institutional footing under SADCs umbrella failed. On 14 August 2001, the 1992 SADC treaty was amended, the amendment heralded the overhaul of the structures, policies and procedures of SADC, a process which is ongoing. One of the changes is that political and security cooperation is institutionalised in the Organ on Politics, Defence, one of the principal SADC bodies, it is subject to the oversight of the organisations supreme body, the Summit, which comprises the heads of state or government. The organisation holds its own event in the form of the SADC Games. Originally planned for a date in Malawi and Lesotho, organisational issues led to abandonment of the plan. The first event in 2004 in Maputo resulted in over 1000 youths under-20 from 10 countries taking part in a programme including athletics, football, netball, boxing. SADC has 27 legally binding protocols dealing with such as Defence, Development, Illicit Drug Trade, Free Trade. Protocol on Energy – Intended to promote development of national energy policies. H. E. The SADC Free Trade Area was established in August 2008, after the implementation of the SADC Protocol on Trade in 2000 laid the foundation for its formation. Its original members were Botswana, Lesotho, Madagascar, Mauritius, Mozambique, Namibia, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe, of the 15 SADC member states, only Angola, the Democratic Republic of Congo and Seychelles are not yet participating. The leaders of the three trading blocs agreed to create a free trade zone, the African Free Trade Zone. It is hoped the African Free Trade Zone agreement would ease access to markets within the zone, the only difference is that the African Free Trade Zone is the creation of independent African Countries
6.
Gross domestic product
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Gross Domestic Product is a monetary measure of the market value of all final goods and services produced in a period. Nominal GDP estimates are used to determine the economic performance of a whole country or region. The OECD defines GDP as a measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production. ”An IMF publication states that GDP measures the monetary value of final goods and services - that is. Total GDP can also be broken down into the contribution of industry or sector of the economy. The ratio of GDP to the population of the region is the per capita GDP. William Petty came up with a concept of GDP to defend landlords against unfair taxation during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695, the modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare, after the Bretton Woods conference in 1944, GDP became the main tool for measuring a countrys economy. The switch from GNP to GDP in the US was in 1991, the history of the concept of GDP should be distinguished from the history of changes in ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the sector, by financial industries. GDP can be determined in three ways, all of which should, in principle, give the same result and they are the production approach, the income approach, or the expenditure approach. The most direct of the three is the approach, which sums the outputs of every class of enterprise to arrive at the total. The income approach works on the principle that the incomes of the factors must be equal to the value of their product. This approach mirrors the OECD definition given above, deduct intermediate consumption from gross value to obtain the gross value added. Gross value added = gross value of output – value of intermediate consumption, value of output = value of the total sales of goods and services plus value of changes in the inventories. The sum of the value added in the various economic activities is known as GDP at factor cost. GDP at factor cost plus indirect taxes less subsidies on products = GDP at producer price, for measuring output of domestic product, economic activities are classified into various sectors. Subtracting each sectors intermediate consumption from gross output gives the GDP at factor cost, adding indirect tax minus subsidies in GDP at factor cost gives the GDP at producer prices
7.
Purchasing Power Parity
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Observed deviations of the exchange rate from purchasing power parity are measured by deviations of the real exchange rate from its PPP value of 1. PPP exchange rates help to minimize misleading international comparisons that can arise with the use of exchange rates. For example, suppose that two countries produce the same amounts of goods as each other in each of two different years. But if one countrys GDP is converted into the countrys currency using PPP exchange rates instead of observed market exchange rates. The idea originated with the School of Salamanca in the 16th century, the best-known purchasing power adjustment is the Geary–Khamis dollar. The real exchange rate is equal to the nominal exchange rate. If purchasing power parity held exactly, then the exchange rate would always equal one. However, in practice the exchange rates exhibit both short run and long run deviations from this value, for example due to reasons illuminated in the Balassa–Samuelson theorem. There can be marked differences between purchasing power adjusted incomes and those converted via market exchange rates. This discrepancy has large implications, for instance, when converted via the exchange rates GDP per capita in India is about US$1,965 while on a PPP basis it is about US$7,197. At the other extreme, Denmarks nominal GDP per capita is around US$62,100, the purchasing power parity exchange rate serves two main functions. PPP exchange rates can be useful for making comparisons between countries because they stay fairly constant from day to day or week to week and only change modestly, if at all, from year to year. The PPP exchange-rate calculation is controversial because of the difficulties of finding comparable baskets of goods to compare purchasing power across countries, people in different countries typically consume different baskets of goods. It is necessary to compare the cost of baskets of goods and this is a difficult task because purchasing patterns and even the goods available to purchase differ across countries. Thus, it is necessary to make adjustments for differences in the quality of goods, furthermore, the basket of goods representative of one economy will vary from that of another, Americans eat more bread, Chinese more rice. Hence a PPP calculated using the US consumption as a base will differ from that calculated using China as a base, additional statistical difficulties arise with multilateral comparisons when more than two countries are to be compared. Various ways of averaging bilateral PPPs can provide a stable multilateral comparison. These are all issues of indexing, as with other price indices there is no way to reduce complexity to a single number that is equally satisfying for all purposes
8.
Inflation
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In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time resulting in a loss of value of currency. When the price rises, each unit of currency buys fewer goods. Consequently, inflation reflects a reduction in the power per unit of money – a loss of real value in the medium of exchange. A chief measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index. The opposite of inflation is deflation, Inflation affects economies in various positive and negative ways. Economists generally believe that high rates of inflation and hyperinflation are caused by a growth of the money supply. However, money supply growth does not necessarily cause inflation, some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied, low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation, the task of keeping the rate of inflation low and stable is usually given to monetary authorities. Rapid increases in quantity of the money or in the money supply have occurred in many different societies throughout history. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of used to make them. When the cost of each coin is lowered in this way and this practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and these goods and services would experience a price increase as the value of each coin is reduced. Song Dynasty China introduced the practice of printing paper money in order to create fiat currency, during the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, and reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, historically, large infusions of gold or silver into an economy also led to inflation. This was largely caused by the influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation, demographic factors also contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic
9.
Consumer price index
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A consumer price index measures changes in the price level of market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of items whose prices are collected periodically. It is one of several price indices calculated by most national statistical agencies, the annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index the real value of wages, salaries, pensions, for regulating prices, in most countries, the CPI is, along with the population census one of the most closely watched national economic statistics. Basic types of data that are needed to construct the CPI, price data, the price data are collected for a sample of goods and services from a sample of sales outlets in a sample of locations for a sample of times. The weighting data are estimates of the shares of the different types of expenditure in the total expenditure covered by the index, therefore, the sampling variance cannot be calculated. In any case, an estimate is required in most of the purposes for which the index is used. These indices compare prices each month with prices in the price-reference month and it takes time to assemble and process the information used for weighting which, in addition to household expenditure surveys, may include trade and tax data. Ideally, the weights would relate to the composition of expenditure during the time between the month and the current month. There is a large technical economics literature on index formulae which would approximate this, such an index would show how consumer expenditure would have to move to compensate for price changes so as to allow consumers to maintain a constant standard of living. Approximations can only be computed retrospectively, whereas the index has to appear monthly and, preferably, the coverage of the index may be limited. Saving and investment are always excluded, though the prices paid for services provided by financial intermediaries may be included along with insurance. The index reference period, usually called the year, often differs both from the weight-reference period and the price reference period. This is just a matter of rescaling the whole time-series to make the value for the index reference-period equal to 100. Current Item Price = Base Year Price × Current CPI Base Year CPI or CPI2 CPI1 = Price 2 Price 1 Where 1 is usually the comparison year, alternatively, the CPI can be performed as CPI = updated cost base period cost ×100. The updated cost is divided by that of the initial year, many but not all price indices are weighted averages using weights that sum to 1 or 100. Example, The prices of 85,000 items from 22,000 stores, and 35,000 rental units are added together and averaged. They are weighted this way, Housing,41. 4%, Food and Beverage,17. 4%, Transport,17. 0%, Medical Care,6. 9%, Other,6. 9%, Apparel,6. 0%, Entertainment,4. 4%
10.
Poverty threshold
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The poverty threshold, poverty limit or poverty line is the minimum level of income deemed adequate in a particular country. In practice, like the definition of poverty, the official or common understanding of the poverty line is higher in developed countries than in developing countries. In 2008, the World Bank came out with a figure of $1.25 at 2005 purchasing-power parity, the new IPL replaces the $1.25 per day figure, which used 2005 data. Most scholars agree that it better reflects todays reality, particularly new price levels in developing countries, the common international poverty line has in the past been roughly $1 a day. At present the percentage of the population living under extreme poverty is likely to fall below 10% according to the World Bank projections released in 2015. Determining the poverty line is usually done by finding the total cost of all the resources that an average human adult consumes in one year. Individual factors are used to account for various circumstances, such as whether one is a parent, elderly. The poverty threshold may be adjusted annually, charles Booth, a pioneering investigator of poverty in London at the turn of the 20th century, popularised the idea of a poverty line, a concept originally conceived by the London School Board. Booth set the line at 10 to 20 shillings per week, to secure the necessaries of a healthy life, which included fuel and light, rent, food, clothing, and household and personal items. Based on data from leading nutritionists of the period, he calculated the cheapest price for the minimum calorific intake and nutritional balance necessary and he considered this amount to set his poverty line and concluded that 27. 84% of the total population of York lived below this poverty line. Rowntree distinguished between primary poverty, those lacking in income and secondary poverty, those who had enough income, Absolute poverty is the level of poverty as defined in terms of the minimal requirements necessary to afford minimal standards of food, clothing, health care and shelter. For the measure to be absolute, the line must be the same in different countries, cultures, such an absolute measure should look only at the individuals power to consume and it should be independent of any changes in income distribution. Notice that if real income in an economy increases. Measuring poverty by a threshold has the advantage of applying the same standard across different locations and time periods. For example, a living in far northern Scandinavia requires a source of heat during colder months. The term absolute poverty is sometimes used as a synonym for extreme poverty. Absolute poverty is the absence of resources to secure basic life necessities. It depends not only on income but also on access to services, safe drinking water, Water must not come solely from rivers and ponds, and must be available nearby
11.
List of countries by public debt
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This is a list of countries by public debt to GDP ratio as listed by Eurostat for the EU and by CIAs World Factbook 2012 for the rest of the world. It is the total of all government borrowings less repayments that are denominated in a countrys home currency. Gross government debt is the most relevant data for discussions of government default and it is different from external debt, which includes the foreign currency liabilities of non-government entities. The figures here are represented as a percentage of gross domestic product. The public debt relative information provided by national sources is not always objective and true, note that net debt figures are included where gross debt figures are unavailable in the CIA set
12.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
13.
Remittance
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A remittance is a transfer of money by a foreign worker to an individual in his or her home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries, Workers remittances are a significant part of international capital flows, especially with regard to labour-exporting countries. In 2014, $436 billion went to developing countries, setting a new record, overall global remittances totaled $582 billion in 2015. Some countries, such as India and China, receive tens of billions of US dollars in each year from their expatriates. In 2014, India received an estimated $70 billion and China an estimated $64 billion, Remittances are playing an increasingly large role in the economies of many countries. They contribute to growth and to the livelihoods of less prosperous people. According to World Bank estimates, remittances will total US$585.1 billion in 2016, for some individual recipient countries, remittances can be as high as a third of their GDP. Note, These are the largest 15 recipient countries of remittances only for the year 2013, World Bank data is used for all countries and years. The US has been the source of remittances globally in every year since 1983. Russia, Saudi Arabia, and Switzerland have been the next largest senders of remittances since 2007, a majority of the remittances have been directed to Asian countries like India, China, the Philippines, Bangladesh and Pakistan. Most of the remittances happen by the channel of agents, like Western Union, Ria Money Transfer. However, with the relevance and reach of the Internet, online. The flow of remittances to Jordan experienced rapid growth during the 1970s and 1980s when Jordan started exporting skilled labour to the Persian Gulf and these remittances represent an important source of funding for many developing countries, including Jordan. According to the World Bank data on remittances, with about 3 billion USD in 2010 Jordan ranked at 10th place among all developing countries, Jordan ranked among the top 20 recipients of remittances for the preceding decade. In addition, the Arab Monetary Fund statistics in 2010 indicate that Jordan was the third biggest recipient of remittances among Arab countries after Egypt, according to a World Bank Study, the Philippines is the second largest recipient for remittances in Asia. It was estimated in 1994 that migrants sent over US$2.6 billion back to the Philippines through formal banking systems, with the addition of money sent through private finance companies and return migrants, the 1994 total was closer to US$6 billion annually. The total is estimated to have grown by 7.8 per cent annually to reach US$21.3 billion in 2010, Remittances are a reliable source of revenue for the Philippines, accounting for 8.9 per cent of the countrys GDP. The Estrada administration in 2000 declared it The Year of Overseas Filipino Worker in the Recognition of the Determination and this declaration connects monetary remittances of overseas workers as the top foreign-exchange earnings in the Philippines
14.
Natural resources
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Natural resources are resources that exist without actions of humankind. This includes all valued characteristics such as magnetic, gravitational, on earth it includes, sunlight, atmosphere, water, land along with all vegetation and animal life that naturally subsists upon or within the heretofore identified characteristics and substances. Particular areas such as the rainforest in Fatu-Hiva are often characterized by the biodiversity and geodiversity existent in their ecosystems, Natural resources may be further classified in different ways. Natural resources are materials and components that can be found within the environment, every man-made product is composed of natural resources. Some natural resources such as sunlight and air can be found everywhere, however, most resources only occur in small sporadic areas, and are referred to as localised resources. There are very few resources that are considered inexhaustible – these are solar radiation, geothermal energy, the vast majority of resources are theoretically exhaustible, which means they have a finite quantity and can be depleted if managed improperly. There are various methods of categorizing natural resources, these include source of origin, stage of development, fossil fuels such as coal and petroleum are also included in this category because they are formed from decayed organic matter. Abiotic – Abiotic resources are those that come from non-living, non-organic material, examples of abiotic resources include land, fresh water, air and heavy metals including ores such as gold, iron, copper, silver, etc. For example, petroleum occurs with sedimentary rocks in various regions, Actual resources — Actual resources are those that have been surveyed, their quantity and quality determined and are being used in present times. The development of a resource, such as wood processing depends upon the technology available. Reserve resources — The part of a resource which can be developed profitably in the future is called a reserve resource. Stock resources — Stock resources are those that have been surveyed, renewability is a very popular topic and many natural resources can be categorized as either renewable or non-renewable, Renewable resources — Renewable resources can be replenished naturally. Some of these resources, like sunlight, air, wind, water, etc. are continuously available, though many renewable resources do not have such a rapid recovery rate, these resources are susceptible to depletion by over-use. Non-renewable resources – Non-renewable resources either form slowly or do not naturally form in the environment, minerals are the most common resource included in this category. Some resources actually naturally deplete in amount without human interference, the most notable of these being radio-active elements such as uranium, of these, the metallic minerals can be re-used by recycling them, but coal and petroleum cannot be recycled. Once they are used they take millions of years to replenish. Resource extraction involves any activity that withdraws resources from nature and this can range in scale from the traditional use of preindustrial societies, to global industry. Extractive industries are, along with agriculture, the basis of the sector of the economy
15.
Lesotho Highlands Water Project
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The Lesotho Highlands Water Project is an ongoing water supply project with a hydropower component, developed in partnership between the governments of Lesotho and South Africa. It comprises a system of large dams and tunnels throughout Lesotho. In Lesotho, it involves the rivers Malibamatso, Matsoku, Senqunyane, in South Africa, it involves the Vaal River. It is Africas largest water transfer scheme, efforts to create a dam in the location were spearheaded by then British High Commissioner Sir Evelyn Baring in the 1950s. After a complete feasibility study was conducted between August 1983 and August 1986, the project began to realize. The project has also alleged to have had negative social and environmental effects. While compensation was provided in kind and paid to the few hundred households affected by the dams and it was not intended to address the water supply problems in Lesotho, but by paying royalties to the Lesotho Government for development purposes benefits have reached much of the population. In recent years, water from the scheme has been discharged into the Mohokare river to water to Maseru in times of critical shortages. The new dams have filled as anticipated and discharge of water from the dams into the downstream rivers continues in a scheme devised to preserve ecological balances and this discharged water flows to the Senqu and while preserving the ecological status quo benefits only those communities along the rivers. Since its inception the project has been dogged by corruption which has resulted in a number of cases involving both individuals and multinational corporations. Below is an overview of the features of the first three phases of the project. * The values are based on the feasibility study, and may differ from the current or eventual values. This phase of the project was completed in 1998 and it consisted mainly of the construction of the Katse Dam on the Malibamatso River in Lesotho. A45 Kilometre transfer tunnel was built from the Katse Dam to the Muela Reservoir, the Muela Reservoir is considered to be the tailpond, which supplies hydro-electric power for Lesotho. Stemming from the Muela Reservoir is a 37 Kilometre transfer tunnel to the Vaal Dam, although the Katse Dam has power generation capability for local use, the primary purpose is as the storage reservoir for Phase IA, and to provide discharge into the transfer tunnel. To mitigate loss of habitat Katse Botanical Gardens was established to house plants that were rescued from the area to be flooded and this phase of the project was completed in 2002. It consisted mainly of the construction of, The Mohale Dam, a 32 kilometer transfer tunnel between the Mohale Dam and the Katse Dam. Construction of the Matsoku Diversion Weir A5, in 2005, an agreement between the Governments of South Africa and Lesotho was signed to proceed with feasibility studies
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Orange River
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The Orange River is the longest river in South Africa. It rises in the Drakensberg mountains in Lesotho, flowing westwards through South Africa to the Atlantic Ocean, the river forms part of the international borders between South Africa and Namibia and between South Africa and Lesotho, as well as several provincial borders within South Africa. Except for Upington, it does not pass any major cities. The Orange River plays an important role in the South African economy by providing water for irrigation, the river was named by Robert Jacob Gordon after the Dutch Royal House. Other names include Gariep River, Groote River or Senqu River, the official name, however, is the Orange River. The Orange rises in the Drakensberg mountains along the border between South Africa and Lesotho, about 193 km west of the Indian Ocean and at an altitude of over 3,000 m. While in Lesotho, the river is known as the Senqu and parts of it freeze in winter and this creates droughts downstream of it which mainly affects goat and cattle production. The river then runs westward through South Africa, forming the boundary of the Free State province. In this section the river flows first into the Gariep Dam, from the border of Lesotho to below the Van der Kloof Dam the river bed is deeply incised. Further downstream the land is flatter, and the river is used extensively for irrigation. At the western point of the Free State, southwest of Kimberley, the Orange meets with its tributary, the Vaal River. From here it flows westward for 550 km, forming the border between the province and Namibias ǁKaras Region. On the border, the passes the town of Vioolsdrif. In the last 800 km of its course the Orange receives many intermittent streams, in this section, the Namib Desert terminates on the north bank of the river, so under normal circumstances the volume of water added by these tributaries is negligible. Here the bed of the river is again deeply incised. The Augrabies Falls are located on section of the Orange. The Orange empties into the Atlantic Ocean at Alexander Bay, which lies equidistant between Cape Town and Walvis Bay. Some 33 km from its mouth it is obstructed by rapids
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South Africa
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South Africa, officially the Republic of South Africa, is the southernmost country in Africa. South Africa is the 25th-largest country in the world by land area and it is the southernmost country on the mainland of the Old World or the Eastern Hemisphere. About 80 percent of South Africans are of Sub-Saharan African ancestry, divided among a variety of ethnic groups speaking different Bantu languages, the remaining population consists of Africas largest communities of European, Asian, and multiracial ancestry. South Africa is a multiethnic society encompassing a variety of cultures, languages. Its pluralistic makeup is reflected in the recognition of 11 official languages. The country is one of the few in Africa never to have had a coup détat, however, the vast majority of black South Africans were not enfranchised until 1994. During the 20th century, the black majority sought to recover its rights from the dominant white minority, with this struggle playing a role in the countrys recent history. The National Party imposed apartheid in 1948, institutionalising previous racial segregation, since 1994, all ethnic and linguistic groups have held political representation in the countrys democracy, which comprises a parliamentary republic and nine provinces. South Africa is often referred to as the Rainbow Nation to describe the multicultural diversity. The World Bank classifies South Africa as an economy. Its economy is the second-largest in Africa, and the 34th-largest in the world, in terms of purchasing power parity, South Africa has the seventh-highest per capita income in Africa. However, poverty and inequality remain widespread, with about a quarter of the population unemployed, nevertheless, South Africa has been identified as a middle power in international affairs, and maintains significant regional influence. The name South Africa is derived from the geographic location at the southern tip of Africa. Upon formation the country was named the Union of South Africa in English, since 1961 the long form name in English has been the Republic of South Africa. In Dutch the country was named Republiek van Zuid-Afrika, replaced in 1983 by the Afrikaans Republiek van Suid-Afrika, since 1994 the Republic has had an official name in each of its 11 official languages. Mzansi, derived from the Xhosa noun umzantsi meaning south, is a name for South Africa. South Africa contains some of the oldest archaeological and human fossil sites in the world, extensive fossil remains have been recovered from a series of caves in Gauteng Province. The area is a UNESCO World Heritage site and has termed the Cradle of Humankind
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Johannesburg
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Johannesburg is the largest city in South Africa and is one of the 50 largest urban areas in the world. It is the capital of Gauteng, which is the wealthiest province in South Africa. While Johannesburg is not one of South Africas three capital cities, it is the seat of the Constitutional Court, the city is located in the mineral-rich Witwatersrand range of hills and is the centre of large-scale gold and diamond trade. In 2011, the population of the city of Johannesburg was 4,434,827, in the same year, the population of Greater Johannesburg Metropolitan Area was 7,860,781. Some view the surrounding the city of Johannesburg yet more broadly than the metropolitan area, adding Ekurhuleni, West Rand and Lenasia. The land area of the city is large in comparison with those of other major cities, resulting in a moderate population density of 2. The city was established in 1886 following the discovery of gold on what had been a farm, the city is commonly interpreted as the modern day El Dorado due to the extremely large gold deposit found along the Witwatersrand. The name is attributed to one or all of three men involved in the establishment of the city, in ten years, the population was 100,000 inhabitants. A separate city from the late 1970s until the 1990s, Soweto is now part of Johannesburg, Soweto, although eventually incorporated into Johannesburg, had been separated as a residential area for blacks, who were not permitted to live in Johannesburg proper. Lenasia is predominantly populated by English-speaking South Africans of Indian descent, controversy surrounds the origin of the name. There were quite a number of people with the name Johannes who were involved in the history of the city. Among them are the principal clerk attached to the office of the surveyor-general Johannes Rissik, Christiaan Johannes Joubert, another was Stephanus Johannes Paulus Paul Kruger, president of the South African Republic 1883-1900. Johannes Meyer, the first government official in the area is another possibility, precise records for the choice of name were lost. Rissik and Joubert were members of a delegation sent to England to attain mining rights for the area. Joubert had a park in the city named after him and Rissik Street is today a street where the historically important and dilapidated Post Office, since burnt out. The region surrounding Johannesburg was originally inhabited by San people, the Sotho–Tswana practised farming and extensively mined and smelted metals that were available in the area. The most prominent site within Johannesburg is Melville Koppies, which contains an iron smelting furnace, the main Witwatersrand gold reef was discovered in June 1884 on the farm Vogelstruisfontein by Jan Gerritse Bantjes that triggered the Witwatersrand Gold Rush and the start of Johannesburg in 1886. The discovery of gold rapidly attracted people to the area, making necessary a name, Johannes Meyer, the first government official in the area is another possibility
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Industry
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Industry is the production of goods or related services within an economy. The major source of revenue of a group or company is the indicator of its relevant industry, when a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and this came through many successive rapid advances in technology, such as the production of steel and coal. Following the Industrial Revolution, possibly a third of the economic output are derived that is from manufacturing industries. Many developed countries and many developing/semi-developed countries depend significantly on manufacturing industry, Industries, the countries they reside in, and the economies of those countries are interlinked in a complex web of interdependence. Industries can be classified in a variety of ways, at the top level, industry is often classified according to the three-sector theory into sectors, primary, secondary, and tertiary. Some authors add quaternary or even quinary sectors, over time, the fraction of a societys industry within each sector changes. Below the economic sectors there are other more detailed industry classifications. These classification systems commonly divide industries according to functions and markets. Market-based classification systems such as the Global Industry Classification Standard and the Industry Classification Benchmark are used in finance, the International Standard Industrial Classification of all economic activities is the most complete and systematic industrial classification made by the United Nations Statistics Division. ISIC is a classification of economic activities arranged so that entities can be classified according to the activity they carry out. The Industrial Revolution led to the development of factories for large-scale production, originally the factories were steam-powered, but later transitioned to electricity once an electrical grid was developed. The mechanized assembly line was introduced to parts in a repeatable fashion. This led to significant increases in efficiency, lowering the cost of the end process, later automation was increasingly used to replace human operators. This process has accelerated with the development of the computer and the robot, historically certain manufacturing industries have gone into a decline due to various economic factors, including the development of replacement technology or the loss of competitive advantage. An example of the former is the decline in manufacturing when the automobile was mass-produced. A recent trend has been the migration of prosperous, industrialized nations towards a post-industrial society and this is manifested by an increase in the service sector at the expense of manufacturing, and the development of an information-based economy, the so-called informational revolution. In a post-industrial society, manufacturing is relocated to more favourable locations through a process of off-shoring
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Electricity
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Electricity is the set of physical phenomena associated with the presence of electric charge. Although initially considered a separate to magnetism, since the development of Maxwells Equations both are recognized as part of a single phenomenon, electromagnetism. Various common phenomena are related to electricity, including lightning, static electricity, electric heating, electric discharges, in addition, electricity is at the heart of many modern technologies. The presence of a charge, which can be either positive or negative. On the other hand, the movement of charges, which is known as electric current. When a charge is placed in a location with non-zero electric field, the magnitude of this force is given by Coulombs Law. Thus, if that charge were to move, the field would be doing work on the electric charge. Electrical phenomena have been studied since antiquity, though progress in theoretical understanding remained slow until the seventeenth and eighteenth centuries. Even then, practical applications for electricity were few, and it would not be until the nineteenth century that engineers were able to put it to industrial and residential use. The rapid expansion in electrical technology at this time transformed industry, electricitys extraordinary versatility means it can be put to an almost limitless set of applications which include transport, heating, lighting, communications, and computation. Electrical power is now the backbone of modern industrial society, long before any knowledge of electricity existed, people were aware of shocks from electric fish. Ancient Egyptian texts dating from 2750 BCE referred to these fish as the Thunderer of the Nile, Electric fish were again reported millennia later by ancient Greek, Roman and Arabic naturalists and physicians. Patients suffering from such as gout or headache were directed to touch electric fish in the hope that the powerful jolt might cure them. Ancient cultures around the Mediterranean knew that certain objects, such as rods of amber, Thales was incorrect in believing the attraction was due to a magnetic effect, but later science would prove a link between magnetism and electricity. He coined the New Latin word electricus to refer to the property of attracting small objects after being rubbed and this association gave rise to the English words electric and electricity, which made their first appearance in print in Thomas Brownes Pseudodoxia Epidemica of 1646. Further work was conducted by Otto von Guericke, Robert Boyle, Stephen Gray, in the 18th century, Benjamin Franklin conducted extensive research in electricity, selling his possessions to fund his work. In June 1752 he is reputed to have attached a key to the bottom of a dampened kite string. A succession of jumping from the key to the back of his hand showed that lightning was indeed electrical in nature
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World Bank
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The World Bank is an international financial institution that provides loans to countries of the world for capital programs. It comprises two institutions, the International Bank for Reconstruction and Development, and the International Development Association, the World Bank is a component of the World Bank Group, which is part of the United Nations system. The World Banks stated official goal is the reduction of poverty, the president of the World Bank is, traditionally, an American. The World Bank and the IMF are both based in Washington, D. C. and work closely with each other, although many countries were represented at the Bretton Woods Conference, the United States and United Kingdom were the most powerful in attendance and dominated the negotiations. Before 1974 the reconstruction and development loans provided by the World Bank were relatively small, the Banks staff were aware of the need to instill confidence in the bank. Fiscal conservatism ruled, and loan applications had to meet strict criteria, the first country to receive a World Bank loan was France. The Banks president at the time, John McCloy, chose France over two other applicants, Poland and Chile, the loan was for US$250 million, half the amount requested, and it came with strict conditions. France had to agree to produce a budget and give priority of debt repayment to the World Bank over other governments. World Bank staff closely monitored the use of the funds to ensure that the French government met the conditions. In addition, before the loan was approved, the United States State Department told the French government that its members associated with the Communist Party would first have to be removed, the French government complied with this diktat and removed the Communist coalition government - the so-called tripartisme. Within hours, the loan to France was approved, when the Marshall Plan went into effect in 1947, many European countries began receiving aid from other sources. Faced with this competition, the World Bank shifted its focus to non-European countries, in 1960, the International Development Association was formed, providing soft loans to developing countries. From 1974 to 1980 the bank concentrated on meeting the needs of people in the developing world. The size and number of loans to borrowers was greatly increased as loan targets expanded from infrastructure into social services and these changes can be attributed to Robert McNamara, who was appointed to the presidency in 1968 by Lyndon B. Johnson. McNamara implored bank treasurer Eugene Rotberg to seek out new sources of capital outside of the banks that had been the primary sources of funding. Rotberg used the bond market to increase the capital available to the bank. One consequence of the period of poverty alleviation lending was the rise of third world debt. From 1976 to 1980 developing world debt rose at an annual rate of 20%
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African Development Bank
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The African Development Bank Group is a multilateral development finance institution established to contribute to the economic development and social progress of African countries. The AfDB was founded in 1964 and comprises three entities, The African Development Bank, the African Development Fund and the Nigeria Trust Fund, the AfDB is a financial provider to African governments and private companies investing in the regional member countries. While it was headquartered in Abidjan, Côte dIvoire, the banks headquarters moved to Tunis, Tunisia in 2003, due to the Ivorian civil war. The agreement came into force on 10 September 1964, although established officially in under the auspices of the Economic Commission for Africa, the AfDB began operation in 1966. Although originally only African countries were able to join the bank, during its forty years of operations, AfDB has financed 2,885 operations, for a total of $47.5 billion. In 2003, it received an AAA rating from the financial rating agencies and had a capital of $32.043 billion. The African Development Bank Group has two entities, the African Development Fund and the Nigeria Trust Fund. Established in 1972, the African Development Fund started operations in 1974, in harmony with its lending strategy, poverty reduction is the main aim of ADF activities. Twenty-four non-African countries along with the AfDB constitute its current membership, the Federal Reserve Bank of New York was designated as the depositor bank for the fund according to telegraphs sent from the U. S. Embassy in Abidjan in 1976. The ADF’s sources are mainly contributions and periodic replacements by non-African member states, the fund is usually replenished every three years, unless member states decide otherwise. The total donations, at the end of 1996, amounted to $12.58 billion. The ADF lends at no interest rate, with a service charge of 0. 75%, a commitment fee of 0. 5%. The tenth United Kingdom replenishment of the ADF was in 2006, the Nigeria Trust Fund was established in 1976 by the Nigerian government with an initial capital of $80 million. The NTF is aimed at assisting in the development efforts of the poorest AfDB members, in 1996, the NTF had a total resource base of $432 million. It lends at a 4% interest rate with a 25-year repayment period, the AfDB is controlled by a Board of Executive Directors, made up of representatives of its member countries. The voting power on the Board is split according to the size of each members share, the largest African Development Bank shareholder is Nigeria with nearly 9 percent of the vote. All member countries of the AfDB are represented on the AfDB Board of Executive Directors, dr. Akinwumi Ayodeji Adesina is the 8th elected President of the African Development Bank Group], having taken the oath of office on September 1,2015. He chairs the Boards of both the African Development Bank and the African Development Fund, dr. Adesina served as Nigeria’s Minister of Agriculture and Rural Development from 2011 to 2015
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European Investment Bank
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The European Investment Bank is the European Unions nonprofit long-term lending institution established in 1958 under the Treaty of Rome. As a policy-driven bank whose shareholders are the states of the EU. It should not be confused with the European Central Bank, the EIB is a publicly owned international financial institution and its shareholders are the EU member states. Thus the member states set the broad policy goals and oversee the two independent decision-making bodies—the board of governors and the board of directors. It is the worlds largest international public lending institution, in 2009, Caisse des Dépots, Cassa Depositi e Prestiti, KfW and European Investment Bank founded the Long-Term Investors Club. The European Investment Bank was founded in Brussels in 1958 when the Treaty of Rome came into force and it relocated to Luxembourg, its current headquarters, in 1968. By 1999, it had more than 1,000 staff members, a figure that had doubled by 2012. The EIB Group was formed in 2000, comprising the EIB and the European Investment Fund, the EIB is the EIFs majority shareholder, with 62% of the shares. The total subscribed capital of the Bank was EUR232 billion in 2012, the capital of the EIB was virtually doubled between 2007 and 2009 in response to the crisis. The EU heads of government agreed to increase paid-in capital by EUR10 billion in June 2012, for the fiscal year 2011, EIB lent EUR61 billion in various loan products, bringing total outstanding loans to EUR395 billion, one-third higher than at the end of 2008. Nearly 90% of these were with EU member states with the remainder dispersed between around 150 partner countries, the bank uses its AAA credit rating and funds itself by raising equivalent amounts on the capital markets. As the Bank of the European Union, the EIBs mission is to make a difference to the future of Europe and its partners by supporting sound investments which further EU policy goals. In the wake of the 2014 Russian military intervention in Ukraine, the EIB is governed by the, Board of Governors – usually the Finance Ministers of the Member States. Their mandate is to authorise EIB activities outside the Union, form credit policy guidelines, Board of directors – twenty-eight members. There are eighteen alternates, meaning some of these positions are shared by groups of states. The board also co-opts a maximum of six experts, who participate in the Board meetings in an advisory capacity, the Board has sole power to take decisions in respect of loans, guarantees and borrowings. They are responsible only to the bank, the headquarters is situated at 100 Boulevard Konrad Adenauer in Kirchberg, Luxembourg. The buildings first phase, now the West building, was designed by British architect Sir Denys Lasdun and is one of his few works outside the UK, an extension, the East building, was designed by Ingenhoven Architects, Düsseldorf
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African Growth and Opportunity Act
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The African Growth and Opportunity Act, or AGOA is a piece of legislation that was approved by the U. S. Congress in May 2000. The purpose of legislation is to assist the economies of sub-Saharan Africa. After completing its initial 15-year period of validity, the AGOA legislation was extended on 29 June 2015 by a further 10 years, the legislation is due to be reviewed again in 2015 and is expected to be renewed immediately. The revisions will make it easier to become eligible and will focus on improving the business environment in developing African countries. The legislation authorized the President of the United States to determine which sub-Saharan African countries would be eligible for AGOA on an annual basis, the eligibility criteria was to improve labor rights and movement toward a market-based economy. Each year, the President evaluates the sub-Saharan African countries and determines which countries should remain eligible, countries inclusion has fluctuated with changes in the local political environment. Notice was given that Burundi would lose its AGOA eligibility status as of 1 January 2016, having AGOA eligibility does not imply automatic eligibility for a Wearing Apparel provision. AGOA provides trade preferences for quota and duty-free entry into the United States for certain goods, notably, AGOA expanded market access for textile and apparel goods into the United States for eligible countries, though many other goods are also included. This resulted in the growth of an industry in southern Africa. Some factories shut down in Lesotho, where most of the growth occurred, orders from African manufacturers stabilised somewhat after the imposition of certain safeguard measures by U. S. authorities, but Africas share of the U. S. market was still reduced after the phaseout. AGOA has resulted in limited successes in some countries, to some countries, including Lesotho, Swaziland, Kenya and Madagascar, AGOA remains of critical importance. Agricultural products are an area for AGOA trade, however much work needs to be done to assist African countries in meeting U. S. sanitary and phytosanitary standards. The U. S. government is providing assistance to AGOA eligible countries to help them benefit from the legislation. Agency for International Development and other agencies, the U. S. government has established three regional trade hubs in Africa for this purpose, in Accra, Ghana, Gaborone, Botswana, and Nairobi, Kenya. Initially, AGOA was set to expire in 2008, but the United States Congress passed the AGOA Acceleration Act of 2004 and it has since been extended by 10 years from 2015 to 2025. The Acts apparel special provision, which permits lesser-developed countries to use fabric for their garment exports, was to expire in September 2007. However, legislation passed by Congress in December 2006 extended it through 2012, every year an AGOA Forum is held, which brings together government leaders and private sector stakeholders from Africa and the United States. The Forum is held in Washington every other year, and in an AGOA eligible African country in the other years
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Infrastructure
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Infrastructure refers to the fundamental facilities and systems serving a country, city, or area, including the services and facilities necessary for its economy to function. The word was imported from French, where it means subgrade, the word is a combination of the Latin prefix infra, meaning below, and structure. The military use of the term achieved currency in the United States after the formation of NATO in the 1940s and this crisis discussion contributed to an increase in infrastructure asset management and maintenance planning in the US. Public-policy discussions have been hampered by lack of a definition for infrastructure. A1987 US National Research Council panel adopted the public works infrastructure. The OECD also classifies communications as a part of infrastructure, the American Society of Civil Engineers has not defined the term, though issuing a US Infrastructure Report Card every 2-4 years. Hard infrastructure refers to the physical networks necessary for the functioning of an industrial nation. The term critical infrastructure distinguishes those infrastructure elements that, if damaged or destroyed. Similarly, a booking system might be critical infrastructure for an airline. These elements of infrastructure are the focus of efforts in the aftermath of natural disasters. The term infrastructure may be confused with the following overlapping or related concepts, service connections to municipal service and public utility networks would also be considered land improvements, not infrastructure. The term public works includes government-owned and operated infrastructure as well as buildings, such as schools. Public works generally refers to physical assets needed to deliver public services, public services include both infrastructure and services generally provided by government. Infrastructure may be owned and managed by governments or by private companies, generally, most roads, major ports and airports, water distribution systems and sewage networks are publicly owned, whereas most energy and telecommunications networks are privately owned. Publicly owned infrastructure may be paid for taxes, tolls, or metered user fees. Major investment projects are financed by the issuance of long-term bonds. Government owned and operated infrastructure may be developed and operated in the sector or in public-private partnerships. As of 2008 in the United States for example, public spending on infrastructure has varied between 2. 3% and 3. 6% of GDP since 1950, many financial institutions invest in infrastructure
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Maseru
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Maseru is the capital and largest city of Lesotho. It is also the capital of the Maseru District, located on the Caledon River, Maseru lies directly on the Lesotho-South Africa border. Maseru is Lesothos capital city with a population of approximately 253,000, the city was established as a police camp and assigned as the capital after the country became a British protectorate in 1869. When the country achieved independence in 1966, Maseru retained its status as capital, the name of the city is a Sesotho word meaning red sandstones. Maseru was founded by the British as a police camp in 1869. Maseru is located at the edge of the conquered territories relinquished to the Orange Free State as part of the peace terms and it was located 24 kilometres west of Basotho King Moshoeshoe Is stronghold of Thaba Bosiu, the previous de facto capital. A bustling market town grew around the area. Maseru initially functioned as the administrative capital between 1869 and 1871, before administration of Basutoland was transferred to the Cape Colony. During their rule between 1871 and 1884, Basutoland was treated similarly to territories that had been forcefully annexed and this led to the Gun War in 1881 and the burning of many buildings in Maseru. In 1884, Basutoland was restored its status as a Crown colony, when Basutoland gained its independence and became the Kingdom of Lesotho in 1966, Maseru remained the countrys capital. The annual population growth rates remained around 7% for several decades, after the 1998 parliamentary elections in Lesotho led to suspicions of vote fraud and a military intervention by South Africa, much of the city was damaged by riots and pillaging. The cost of repairing the damage done to the city was estimated at two billion rand, and after nearly a decade, the effects of the riots could still be seen within the city. Maseru is located in northwest Lesotho by the South African border, the two countries are connected by a border post at the Maseru Bridge, which crosses the river. On the South African side, Ladybrand is the town closest to Maseru, the city lies in a shallow valley at the foot of the Hlabeng-Sa-Likhama, foothills of the Maloti Mountains. The elevation of the city is listed as 1,600 metres above sea level, the city has an area of around 138 square kilometres. Maseru has a highland climate, categorised by warm, rainy summers and cool to chilly. The average mean temperature during summer — from December to March in the Southern Hemisphere — is 22 °C. During winter, between June and September, the temperature is 9 °C
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IMF
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The International Monetary Fund is an international organisation headquartered in Washington, D. C. It now plays a role in the management of balance of payments difficulties. Countries contribute funds to a pool through a system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion, the rationale for this is that private international capital markets function imperfectly and many countries have limited access to financial markets. The IMF provides alternate sources of financing and this assistance was meant to prevent the spread of international economic crises. The IMF was also intended to help mend the pieces of the economy after the Great Depression. As well, to provide investments for economic growth and projects such as infrastructure. The IMFs role was altered by the floating exchange rates post-1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine if a shortage of capital was due to economic fluctuations or economic policy, the IMF also researched what types of government policy would ensure economic recovery. Rather than maintaining a position of oversight of only exchange rates and their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality, nonconcessional loans, which include interest rates, are provided mainly through Stand-By Arrangements, the Flexible Credit Line, the Precautionary and Liquidity Line, and the Extended Fund Facility. The IMF provides emergency assistance via the Rapid Financing Instrument to members facing urgent balance-of-payments needs, the IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. This activity is known as surveillance and facilitates international co-operation, the responsibilities changed from those of guardian to those of overseer of members’ policies. In 1995 the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The executive board approved the SDDS and GDDS in 1996 and 1997 respectively, the system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals, some countries initially used the GDDS, but later upgraded to SDDS. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in the form of policy reform, if the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 Executive Board decision, conditionality is associated with economic theory as well as an enforcement mechanism for repayment
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Trade deficit
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The balance of trade, commercial balance, or net exports, is the difference between the monetary value of a nations exports and imports over a certain period. Sometimes a distinction is made between a balance of trade for goods versus one for services, generally trade surplus is seen as positive economic indicator, however in exceptional circumstances a trade deficit is due to government forex policy to achieve other macroeconomic goals. The balance of trade part of the current account, which includes other transactions such as income from the net international investment position as well as international aid. If the current account is in surplus, the net international asset position increases correspondingly. Equally, a deficit decreases the net asset position. The trade balance is identical to the difference between a countrys output and its domestic demand, measuring the balance of trade can be problematic because of problems with recording and collecting data. This cannot be true, because all transactions involve an equal credit or debit in the account of each nation, the discrepancy is widely believed to be explained by transactions intended to launder money or evade taxes, smuggling and other visibility problems. Especially for developing countries, the statistics are likely to be inaccurate. In export-led growth, the balance of trade will shift towards exports during an economic expansion, however, with domestic demand led growth the trade balance will shift towards imports at the same stage in the business cycle. Monetary balance of trade is different from physical balance of trade, developed countries usually import a lot of raw materials from developing countries. Typically, these materials are transformed into finished products. Financial trade balance statistics conceal material flow, most developed countries have a large physical trade deficit, because they consume more raw materials than they produce. Many civil society organisations claim this imbalance is predatory and campaign for ecological debt repayment. S debt that has funded the consumption, the U. S. has a trade surplus with nations such as Australia. The issue of trade deficits can be complex, Trade deficits generated in tradeable goods such as manufactured goods or software may impact domestic employment to different degrees than trade deficits in raw materials. Economies such as Japan and Germany which have savings surpluses, typically run trade surpluses, china, a high-growth economy, has tended to run trade surpluses. A higher savings rate generally corresponds to a trade surplus, correspondingly, the U. S. with its lower savings rate has tended to run high trade deficits, especially with Asian nations. The economist Paul Craig Roberts notes that the comparative advantage principles developed by David Ricardo do not hold where the factors of production are internationally mobile. In 2010, economist Ian Fletcher wrote Free Trade Doesnt Work, What Should Replace It and Why, small trade deficits are generally not considered to be harmful to either the importing or exporting economy
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Exports
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The term export means shipping in the goods and services out of the jurisdiction of a country. The seller of goods and services is referred to as an exporter and is based in the country of export whereas the overseas based buyer is referred to as an importer. In international trade, exports refers to selling goods and services produced in the country to other markets. Export of commercial quantities of goods normally requires involvement of the authorities in both the country of export and the country of import. The advent of small trades over the internet such as through Amazon, nonetheless, these small exports are still subject to legal restrictions applied by the country of export. An exports counterpart is an import, the theory of international trade and commercial policy is one of the oldest branches of economic thought. Exporting is a component of international trade, and the macroeconomic risks and benefits of exporting are regularly discussed and disputed by economists. Two views concerning international trade present different perspectives, the first recognizes the benefits of international trade. The second concerns itself with the possibility that certain domestic industries could be harmed by foreign competition. Methods of export include a product or good or information being mailed, hand-delivered, shipped by air, shipped by vessel, uploaded to an internet site, or downloaded from an internet site. Exports also include the distribution of information that can be sent in the form of an email, an email attachment, under this act the Central government of India can make the provisions for development and also regulates the foreign trade. Also the Central government can prohibit, restrict and regulates the export activities, under this act every importer or exporter must obtain an Importer Exporter Code number IEC code number from Director of General of Foreign Trade. The export of defense-related articles and services on the United States Munitions List is governed by the Department of State under the International Traffic in Arms Regulations, the BIS regulates the export and reexport of most commercial items. Some commodities require a license in order to export, there are different requirements to export lawfully depending on the product or service being exported. Depending on the category the item falls under, the company may need to obtain a prior to exporting. EAR restrictions can vary from country to country, the most restricted destinations are countries under economic embargoes or designated as supporting terrorist activities, including Cuba, North Korea, Sudan, Syria and Iran. Some products have received worldwide restrictions prohibiting exports, if any items would support a proliferation activity, such as nuclear, chemical/biological, or missile proliferation activities in a country of concern, a license would be required. Part 744 of the Export Administration Regulations spells out the regulations related to end-user
30.
Economic aid
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In international relations, aid is – from the perspective of governments – a voluntary transfer of resources from one country to another. Humanitarian and altruistic purposes are at least partly responsible for the giving of aid, Aid may be given by individuals, private organizations, or governments. Standards delimiting exactly the types of transfers considered aid vary from country to country, for example, the United States government discontinued the reporting of military aid as part of its foreign aid figures in 1958. The most widely used measure of aid is Official Development Assistance, Foreign aid has increased since 1950s and 1960s. The notion that foreign aid increases economic performance and generates economic growth is based on Chenery, lancaster also states that for much of the period of her study foreign aid was used for four main purposes, diplomatic, developmental, humanitarian relief and commercial. Most official development assistance comes from the 28 members of the Development Assistance Committee, a further $15.9 billion came from the European Commission and non-DAC countries gave an additional $9.4 billion. Although development aid rose in 2013 to the highest level ever recorded, as of 2013, Official development assistance contributed by the top 10 DAC countries is as follows. European Union countries together gave $70.73 billion and EU Institutions gave a further $15.93 billion. The type of aid given may be classified according to various factors, including its intended purpose, the terms or conditions under which it is given, its source, Official aid may be classified by types according to its intended purpose. Military aid is material or logistical assistance given to strengthen the capabilities of an ally country. Humanitarian aid is material or logistical assistance provided for humanitarian purposes, Aid can also be classified according to the terms agreed upon by the donor and receiving countries. In this classification, aid can be a gift, a grant, Aid can also be classified according to its source. While government aid is called foreign aid, aid that originates in institutions of a religious nature is often termed faith-based foreign aid. Aid from various sources can reach recipients through bilateral or multilateral delivery systems, bilateral refers to government to government transfers. Multilateral institutions, such as the World Bank or UNICEF, pool aid from one or more sources, Aid may be also classified based on urgency into emergency aid and development aid. The term often carries a connotation, but this is not always the case. It is often distinguished from development aid by being focused on relieving suffering caused by natural disaster or conflict, Development aid is aid given to support development in general which can be economic development or social development in developing countries. It is distinguished from humanitarian aid as being aimed at alleviating poverty in the long term, Humanitarian aid is distinguished from humanitarian intervention, which involves armed forces protecting civilians from violent oppression or genocide by state-supported actors
31.
United States
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Forty-eight of the fifty states and the federal district are contiguous and located in North America between Canada and Mexico. The state of Alaska is in the northwest corner of North America, bordered by Canada to the east, the state of Hawaii is an archipelago in the mid-Pacific Ocean. The U. S. territories are scattered about the Pacific Ocean, the geography, climate and wildlife of the country are extremely diverse. At 3.8 million square miles and with over 324 million people, the United States is the worlds third- or fourth-largest country by area, third-largest by land area. It is one of the worlds most ethnically diverse and multicultural nations, paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago. European colonization began in the 16th century, the United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the following the Seven Years War led to the American Revolution. On July 4,1776, during the course of the American Revolutionary War, the war ended in 1783 with recognition of the independence of the United States by Great Britain, representing the first successful war of independence against a European power. The current constitution was adopted in 1788, after the Articles of Confederation, the first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties. During the second half of the 19th century, the American Civil War led to the end of slavery in the country. By the end of century, the United States extended into the Pacific Ocean. The Spanish–American War and World War I confirmed the status as a global military power. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the sole superpower. The U. S. is a member of the United Nations, World Bank, International Monetary Fund, Organization of American States. The United States is a developed country, with the worlds largest economy by nominal GDP. It ranks highly in several measures of performance, including average wage, human development, per capita GDP. While the U. S. economy is considered post-industrial, characterized by the dominance of services and knowledge economy, the United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations. In 1507, the German cartographer Martin Waldseemüller produced a map on which he named the lands of the Western Hemisphere America after the Italian explorer and cartographer Amerigo Vespucci
32.
United Kingdom
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is also the 21st-most populous country, with an estimated 65.1 million inhabitants, together, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Leeds, Glasgow, Liverpool and Manchester. The United Kingdom consists of four countries—England, Scotland, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh, Cardiff and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language, culture and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index. It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, cultural, military, scientific and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland, Wales and Northern Ireland have devolved self-government
33.
European Union
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The European Union is a political and economic union of 28 member states that are located primarily in Europe. It has an area of 4,475,757 km2, the EU has developed an internal single market through a standardised system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished, a monetary union was established in 1999 and came into full force in 2002, and is composed of 19 EU member states which use the euro currency. The EU operates through a system of supranational and intergovernmental decision-making. The EU traces its origins from the European Coal and Steel Community, the community and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit. While no member state has left the EU or its antecedent organisations, the Maastricht Treaty established the European Union in 1993 and introduced European citizenship. The latest major amendment to the basis of the EU. The EU as a whole is the largest economy in the world, additionally,27 out of 28 EU countries have a very high Human Development Index, according to the United Nations Development Programme. In 2012, the EU was awarded the Nobel Peace Prize, through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence. The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7, because of its global influence, the European Union has been described as an emerging superpower. After World War II, European integration was seen as an antidote to the nationalism which had devastated the continent. 1952 saw the creation of the European Coal and Steel Community, the supporters of the Community included Alcide De Gasperi, Jean Monnet, Robert Schuman, and Paul-Henri Spaak. These men and others are credited as the Founding fathers of the European Union. In 1957, Belgium, France, Italy, Luxembourg, the Netherlands and West Germany signed the Treaty of Rome and they also signed another pact creating the European Atomic Energy Community for co-operation in developing nuclear energy. Both treaties came into force in 1958, the EEC and Euratom were created separately from the ECSC, although they shared the same courts and the Common Assembly. The EEC was headed by Walter Hallstein and Euratom was headed by Louis Armand, Euratom was to integrate sectors in nuclear energy while the EEC would develop a customs union among members. During the 1960s, tensions began to show, with France seeking to limit supranational power, Jean Rey presided over the first merged Commission. In 1973, the Communities enlarged to include Denmark, Ireland, Norway had negotiated to join at the same time, but Norwegian voters rejected membership in a referendum
34.
Germany
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Germany, officially the Federal Republic of Germany, is a federal parliamentary republic in central-western Europe. It includes 16 constituent states, covers an area of 357,021 square kilometres, with about 82 million inhabitants, Germany is the most populous member state of the European Union. After the United States, it is the second most popular destination in the world. Germanys capital and largest metropolis is Berlin, while its largest conurbation is the Ruhr, other major cities include Hamburg, Munich, Cologne, Frankfurt, Stuttgart, Düsseldorf and Leipzig. Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity, a region named Germania was documented before 100 AD. During the Migration Period the Germanic tribes expanded southward, beginning in the 10th century, German territories formed a central part of the Holy Roman Empire. During the 16th century, northern German regions became the centre of the Protestant Reformation, in 1871, Germany became a nation state when most of the German states unified into the Prussian-dominated German Empire. After World War I and the German Revolution of 1918–1919, the Empire was replaced by the parliamentary Weimar Republic, the establishment of the national socialist dictatorship in 1933 led to World War II and the Holocaust. After a period of Allied occupation, two German states were founded, the Federal Republic of Germany and the German Democratic Republic, in 1990, the country was reunified. In the 21st century, Germany is a power and has the worlds fourth-largest economy by nominal GDP. As a global leader in industrial and technological sectors, it is both the worlds third-largest exporter and importer of goods. Germany is a country with a very high standard of living sustained by a skilled. It upholds a social security and universal health system, environmental protection. Germany was a member of the European Economic Community in 1957. It is part of the Schengen Area, and became a co-founder of the Eurozone in 1999, Germany is a member of the United Nations, NATO, the G8, the G20, and the OECD. The national military expenditure is the 9th highest in the world, the English word Germany derives from the Latin Germania, which came into use after Julius Caesar adopted it for the peoples east of the Rhine. This in turn descends from Proto-Germanic *þiudiskaz popular, derived from *þeudō, descended from Proto-Indo-European *tewtéh₂- people, the discovery of the Mauer 1 mandible shows that ancient humans were present in Germany at least 600,000 years ago. The oldest complete hunting weapons found anywhere in the world were discovered in a mine in Schöningen where three 380, 000-year-old wooden javelins were unearthed
35.
Tariffs
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A tariff is a tax on imports or exports. In other languages and very occasionally in English, tariff or its equivalent may also be used to any list of prices. A customs duty or due is the tax levied on the import or export of goods in international trade. In economic sense, a duty is also a kind of consumption tax, a duty levied on goods being imported is referred to as an import duty. Similarly, a duty levied on exports is called an export duty, a tariff, which is actually a list of commodities along with the leviable rate of customs duty, is popularly referred to as a customs duty. This is no longer the case, Customs duty is calculated on the determination of the assessable value in case of those items for which the duty is levied ad valorem. This is often the transaction value unless a customs officer determines assessable value in accordance with the Harmonized System, However, for certain items like petroleum and alcohol, customs duty is realized at a specific rate applied to the volume of the import or export consignments. For the purpose of assessment of duty, products are given an identification code that has come to be known as the Harmonized System code. This code was developed by the World Customs Organization based in Brussels, a Harmonized System code may be from four to ten digits. For example,17.03 is the HS code for molasses from the extraction or refining of sugar, However, within 17.03, the number 17.03.90 stands for Molasses. Introduction of Harmonized System code in 1990s has largely replaced the Standard International Trade Classification, in drawing up the national tariff, the revenue departments often specifies the rate of customs duty with reference to the HS code of the product. A Customs authority in each country is responsible for collecting taxes on the import into or export of goods out of the country, Evasion of customs duties takes place mainly in two ways. In one, the trader under-declares the value so that the value is lower than actual. In a similar vein, a trader can evade customs duty by understatement of quantity or volume of the product of trade, a trader may also evade duty by misrepresenting traded goods, categorizing goods as items which attract lower customs duties. The Evasion of customs duty may take place with or without the collaboration of customs officials, Evasion of customs duty does not necessarily constitute smuggling. Many countries allow a traveler to bring goods into the country duty-free and these goods may be bought at ports and airports or sometimes within one country without attracting the usual government taxes and then brought into another country duty-free. Some countries impose allowances which limit the number or value of items that one person can bring into the country. These restrictions often apply to tobacco, wine, spirits, cosmetics, gifts, often foreign diplomats and UN officials are entitled to duty-free goods
36.
Botswana
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Botswana, officially the Republic of Botswana, is a landlocked country located in Southern Africa. The citizens refer to themselves as Batswana, formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth on 30 September 1966. Since then, it has maintained a tradition of stable representative democracy. Botswana is topographically flat, with up to 70 percent of its territory being the Kalahari Desert and it is bordered by South Africa to the south and southeast, Namibia to the west and north, and Zimbabwe to the northeast. Its border with Zambia to the north near Kazungula is poorly defined, a mid-sized country of just over 2 million people, Botswana is one of the most sparsely populated nations in the world. Around 10 percent of the lives in the capital and largest city. The economy is dominated by mining, cattle, and tourism, Botswana boasts a GDP per capita of about $18,825 per year as of 2015, which is one of the highest in Africa. Its high gross national income gives the country a modest standard of living, Botswana is a member of the African Union, the Southern African Development Community, the Commonwealth of Nations, and the United Nations. The country has been among the hardest hit by the HIV/AIDS epidemic, the death rate due to AIDS or AIDS-related causes has fallen sharply from 2005 to 2013, and the number of new infections in children has also fallen. As of 2014, Botswana has the third-highest prevalence rate for HIV/AIDS, the history of Botswana starts more than 100,000 years ago, when the first humans inhabited the region. The original inhabitants of southern Africa were the Bushmen and Khoi peoples, both speak Khoisan languages and lived as hunter-gatherers. About a thousand years ago, large chiefdoms emerged that were later eclipsed by the Great Zimbabwe empire, around 1300 CE, peoples in present-day Transvaal began to coalesce into three main linguistic and political groups, including the Batswana. The Batswana, a term used also to all citizens of Botswana. Prior to European contact, the Batswana lived as herders and farmers under tribal rule, as groups broke off and moved to new land, new tribes were created. Some human development occurred before the colonial period, during the 1700s, the slave and ivory trades were expanding. To resist these pressures, Shaka, the king of the Zulu Empire, conquered tribes began to move northwest into Botswana, destroying everything in their path. In their efforts to re-establish themselves at the end of period, tribes began to exchange ivory and skins for guns with European traders. Christian missionaries sent from Europe also spread to the interior, often at the invitation of tribal chiefs who wanted guns, by 1880 every major village had a resident missionary, and their influence became permanent
37.
Namibia
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Namibia, officially the Republic of Namibia, is a country in southern Africa whose western border is the Atlantic Ocean. It shares land borders with Zambia and Angola to the north, Botswana to the east and South Africa to the south, although it does not border Zimbabwe, a part of less than 200 metres of the Zambezi River separates the two countries. Namibia gained independence from South Africa on 21 March 1990, following the Namibian War of Independence. Its capital and largest city is Windhoek, and it is a state of the United Nations, the Southern African Development Community, the African Union. The dry lands of Namibia were inhabited since early times by the San, Damara, since about the 14th century, immigrating Bantu peoples arrived as part of the Bantu expansion. Since then the Bantu groups in total, known as the Ovambo people, have dominated the population of the country, in the late 19th century during European colonization, the German Empire established rule over most of the territory as a protectorate in 1884. It began to develop infrastructure and farming, and maintained this German colony until 1915, after the end of World War I, in 1920 the League of Nations mandated the country to the United Kingdom, under administration by South Africa. It imposed its laws, including racial classifications and rules, from 1948, with the National Party elected to power, South Africa applied apartheid also to what was known as South West Africa. In 1878 the Cape of Good Hope had annexed the port of Walvis Bay and the offshore Penguin Islands, following continued guerrilla warfare, South Africa installed an interim administration in Namibia in 1985. Namibia obtained full independence from South Africa in 1990, but Walvis Bay and the Penguin Islands remained under South African control until 1994. Namibia has a population of 2.1 million people and a stable multi-party parliamentary democracy, Agriculture, herding, tourism and the mining industry – including mining for gem diamonds, uranium, gold, silver, and base metals – form the basis of its economy. The large, arid Namib Desert has resulted in Namibia being overall one of the least densely populated countries in the world, Namibia enjoys high political, economic and social stability. The name of the country is derived from the Namib Desert, before its independence in 1990, the area was known first as German South-West Africa, then as South-West Africa, reflecting the colonial occupation by the Germans and the South Africans. The dry lands of Namibia were inhabited since early times by San, Damara, from about the 14th century, immigrating Bantu peoples arrived during the Bantu expansion from central Africa. From the late 18th century onwards, Oorlam people from Cape Colony crossed the Orange River and their encounters with the nomadic Nama tribes were largely peaceful. The missionaries accompanying the Oorlam were well received by them, the right to use waterholes, on their way further northwards, however, the Oorlam encountered clans of the Herero at Windhoek, Gobabis, and Okahandja, who resisted their encroachment. The Nama-Herero War broke out in 1880, with hostilities ebbing only after the German Empire deployed troops to the places and cemented the status quo among the Nama, Oorlam. The first Europeans to disembark and explore the region were the Portuguese navigators Diogo Cão in 1485 and Bartolomeu Dias in 1486, like most of interior Sub-Saharan Africa, Namibia was not extensively explored by Europeans until the 19th century
38.
Swaziland
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Swaziland, officially the Kingdom of Eswatini, is a sovereign state in Southern Africa. It is neighboured by Mozambique to its northeast and by South Africa to its north, west and south, the country and its people take their names from Mswati II, the 19th-century king under whose rule Swazi territory was expanded and unified. At no more than 200 kilometres north to south and 130 kilometres east to west, despite its size, its climate and topography are diverse, ranging from a cool and mountainous highveld to a hot and dry lowveld. The population is primarily ethnic Swazis whose language is Swati and they established their kingdom in the mid-18th century under the leadership of Ngwane III, the present boundaries were drawn up in 1881. After the Anglo-Boer War, Swaziland was a British protectorate from 1903 until 1967 and it regained its independence on 6 September 1968. The country is a monarchy, ruled by iNgwenyamaiNgwenyama Mswati III since 1986. He is head of state and appoints the prime ministers. Elections are held five years to determine the House of Assembly majority. The current constitution was adopted in 2005, Swaziland is a developing country with a small economy. Its GDP per capita of $9,714 means it is classified as a country with a lower-middle income, as a member of the Southern African Customs Union and Common Market for Eastern and Southern Africa, its main local trading partner is South Africa. Swazilands currency, the lilangeni, is pegged to the South African rand, Swazilands major overseas trading partners are the United States and the European Union. The majority of the employment is provided by its agricultural. Swaziland is a member of the Southern African Development Community, the African Union, the Commonwealth of Nations, the Swazi population faces major health issues, HIV/AIDS and, to a lesser extent, tuberculosis are serious challenges. As of 2013, Swaziland has a life expectancy of 50 years. The population of Swaziland is fairly young with an age of 20.5 years. The present population growth rate is 1. 195%, Swaziland is well known for its culture. Umhlanga, held in August/September and incwala, the kingship dance held in December/January, are the nations most important events, artifacts indicating human activity dating back to the early Stone Age, around 200,000 years ago, have been found in the Kingdom of Swaziland. Prehistoric rock art paintings date from c.25,000 BC, the earliest known inhabitants of the region were Khoisan hunter-gatherers
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South African rand
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The South African rand is the currency of South Africa. The rand is subdivided into 100 cents, unlike the US dollar, the decimal separator between a rand and cent is expressed by a comma. The ISO4217 code is ZAR, from Dutch Zuid-Afrikaanse Rand, the rand is the currency of the Common Monetary Area between South Africa, Swaziland, Lesotho, and Namibia. Historical users of the South African rand included South West Africa, the rand takes its name from the Witwatersrand, the ridge upon which Johannesburg is built and where most of South Africas gold deposits were found. The cent and rand was introduced in the then Union of South Africa on 14 February 1961, a Decimal Coinage Commission had been set up in 1956 to consider a move away from the denominations of pounds, shillings, and pence, submitting its recommendation on 8 August 1958. It replaced the South African pound as legal tender, at the rate of 2 rand to 1 pound, the government introduced a mascot, Decimal Dan, the rand-cent man. This was accompanied by a jingle, to inform the public about the new currency. By February 1985, it was trading over R2 per dollar, by the time that State President PW Botha made his Rubicon speech on 15 August 1985, it had weakened to R2.40 per dollar. The currency recovered somewhat between 1986–88, trading near the R2 level most of the time and even breaking beneath it sporadically. The recovery was short-lived, however, and by the end of 1989, a host of local and international events influenced the currency after that, most notably the 1994 democratic election which had it weaken to over R3. This sudden depreciation in 2001 led to an investigation, which in turn led to a dramatic recovery. By the end of 2002, the currency was trading under R9 to the dollar again, the currency softened somewhat in 2005, and was trading around R6.35 to the dollar at the end of the year. At the start of 2006, however, the currency resumed its rally, however, during the second and third quarters of 2006, the rand weakened significantly. In sterling terms, it fell from around 9. 5p to just over 7p, late in 2007, the rand rallied modestly to just over 8p, only to experience a precipitous slide during the first quarter of 2008. This downward slide could be attributed to a range of factors, South Africas worsening current account deficit, the rand depreciation was exacerbated by the Eskom electricity crisis, which arose from the utility being unable to meet the countrys rapidly growing energy demands. By the end of 2014, the rand had weakened to R15.05 per dollar, the rapid drop in value was stemmed when the President back-tracked and announced that the better-known previous Minister of Finance, Pravin Gordhan, would instead be appointed to the post. By mid-January, economists were speculating that the rand could expect to see further volatility for the rest of 2016, by 29 April, it reached its highest performance over the previous 5 months, exchanging at a rate of 14. Coins were introduced in 1961 in denominations of 1⁄2,1, 2 1⁄2,5,10,20, in 1965, 2-cent coins replaced the 2 1⁄2-cent coins
40.
Maize
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Maize, also known as corn, is a large grain plant first domesticated by indigenous peoples in Mexico about 10,000 years ago. The six major types of corn are dent corn, flint corn, pod corn, popcorn, flour corn, the leafy stalk of the plant produces separate pollen and ovuliferous inflorescences or ears, which are fruits, yielding kernels or seeds. Maize kernels are used in cooking as a starch. Most historians believe maize was domesticated in the Tehuacan Valley of Mexico, recent research modified this view somewhat, scholars now indicate the adjacent Balsas River Valley of south-central Mexico as the center of domestication. The Olmec and Mayans cultivated maize in numerous varieties throughout Mesoamerica, cooked and its believed that beginning about 2500 BC, the crop spread through much of the Americas. The region developed a network based on surplus and varieties of maize crops. Nevertheless, recent data indicates that the spread of maize took place even earlier, according to Piperno, A large corpus of data indicates that it was dispersed into lower Central America by 7600 BP and had moved into the inter-Andean valleys of Colombia between 7000 and 6000 BP. Since then, even earlier dates have been published, the study also demonstrated that the oldest surviving maize types are those of the Mexican highlands. Later, maize spread from this region over the Americas along two major paths and this is consistent with a model based on the archaeological record suggesting that maize diversified in the highlands of Mexico before spreading to the lowlands. Before they were domesticated, maize plants only grew small,25 millimetres long corn cobs, Maize is the most widely grown grain crop throughout the Americas, with 361 million metric tons grown in the United States in 2014. Approximately 40% of the crop—130 million tons—is used for corn ethanol, genetically modified maize made up 85% of the maize planted in the United States in 2009. After the arrival of Europeans in 1492, Spanish settlers consumed maize and explorers and traders carried it back to Europe, Spanish settlers far preferred wheat bread to maize, cassava, or potatoes. Maize flour could not be substituted for wheat for bread, since in Christian belief only wheat could undergo transubstantiation. At another level, Spaniards worried that by eating indigenous foods, which they did not consider nutritious, that not only would they weaken, despite these worries, Spaniards did consume maize and archeological evidence from Florida sites indicate they cultivated it as well. Maize spread to the rest of the world because of its ability to grow in diverse climates and it was cultivated in Spain just a few decades after Columbuss voyages and then spread to Italy, West Africa and elsewhere. The word maize derives from the Spanish form of the indigenous Taíno word for the plant and it is known by other names around the world. The word corn outside North America, Australia, and New Zealand refers to any cereal crop, in the United States, Canada, Australia, and New Zealand, corn primarily means maize, this usage started as a shortening of Indian corn. Indian corn primarily means maize, but can more specifically to multicolored flint corn used for decoration
41.
Wheat
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Wheat is a cereal grain, originally from the Levant region but now cultivated worldwide. In 2016, world production of wheat was 749 million tonnes, making it the second most-produced cereal after maize, since 1960, world production of wheat and other grain crops has tripled and is expected to grow further through the middle of the 21st Century. This grain is grown on land area than any other commercial food. World trade in wheat is greater than for all other crops combined, globally, wheat is the leading source of vegetal protein in human food, having a protein content of about 13%, which is relatively high compared to other major cereals and staple foods. The archaeological record suggests that wheat was first cultivated in the regions of the Fertile Crescent around 9600 BCE. In a small part of the population, gluten – the major part of wheat protein – can trigger coeliac disease, non-coeliac gluten sensitivity, gluten ataxia. Cultivation and repeated harvesting and sowing of the grains of wild grasses led to the creation of domestic strains, in domesticated wheat, grains are larger, and the seeds remain attached to the ear by a toughened rachis during harvesting. In wild strains, a more fragile rachis allows the ear to easily shatter, as the traits that improve wheat as a food source also involve the loss of the plants natural seed dispersal mechanisms, highly domesticated strains of wheat cannot survive in the wild. Cultivation of wheat began to spread beyond the Fertile Crescent after about 8000 BCE, jared Diamond traces the spread of cultivated emmer wheat starting in the Fertile Crescent sometime before 8800 BCE. Archaeological analysis of wild emmer indicates that it was first cultivated in the southern Levant with finds dating back as far as 9600 BCE, Genetic analysis of wild einkorn wheat suggests that it was first grown in the Karacadag Mountains in southeastern Turkey. Dated archeological remains of wheat in settlement sites near this region, including those at Abu Hureyra in Syria. With the anomalous exception of two grains from Iraq ed-Dubb, the earliest carbon-14 date for einkorn wheat remains at Abu Hureyra is 7800 to 7500 years BCE. Remains of harvested emmer from several sites near the Karacadag Range have been dated to between 8600 and 8400 BCE, that is, in the Neolithic period and these remains were dated by Willem van Zeist and his assistant Johanna Bakker-Heeres to 8800 BCE. They also concluded that the settlers of Tell Aswad did not develop this form of emmer themselves, the cultivation of emmer reached Greece, Cyprus and India by 6500 BCE, Egypt shortly after 6000 BCE, and Germany and Spain by 5000 BCE. The early Egyptians were developers of bread and the use of the oven, by 3000 BCE, wheat had reached the British Isles and Scandinavia. A millennium later it reached China, the oldest evidence for hexaploid wheat has been confirmed through DNA analysis of wheat seeds, dating to around 6400-6200 BCE, recovered from Çatalhöyük. The first identifiable bread wheat with sufficient gluten for yeasted breads has been identified using DNA analysis in samples from a dating to approximately 1350 BCE at Assiros in Macedonia. From Asia, wheat continued to spread throughout Europe, in the British Isles, wheat straw was used for roofing in the Bronze Age, and was in common use until the late 19th century
42.
Pulses
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A legume is a plant or its fruit or seed in the family Fabaceae. Legumes are grown agriculturally, primarily for their grain seed called pulse, for forage and silage. Well-known legumes include alfalfa, clover, peas, beans, lentils, lupin bean, mesquite, carob, soybeans, peanuts, Fabaceae is the most common family found in tropical rainforests and in dry forests in the Americas and Africa. A legume fruit is a dry fruit that develops from a simple carpel. A common name for type of fruit is a pod, although the term pod is also applied to a number of other fruit types, such as that of vanilla. Legumes are notable in that most of them have symbiotic nitrogen-fixing bacteria in structures called root nodules, for that reason, they play a key role in crop rotation. The term pulse, as used by the United Nations Food and this excludes green beans and green peas, which are considered vegetable crops. Also excluded are seeds that are grown for oil extraction. However, in usage, these distinctions are not always clearly made. Some Fabaceae, such as Scotch broom and other Genisteae, are leguminous but are not called legumes by farmers. Farmed legumes can belong to many classes, including forage, grain, blooms, pharmaceutical/industrial, fallow/green manure. Most commercially farmed species fill two or more roles simultaneously, depending upon their degree of maturity when harvested, grain legumes are cultivated for their seeds. The seeds are used for human and animal consumption or for the production of oils for industrial uses, grain legumes include beans, lentils, lupins, peas, and peanuts. Like other plant-based foods, pulses contain no cholesterol and little fat or sodium, Legumes are also an excellent source of resistant starch which is broken down by bacteria in the large intestine to produce short-chain fatty acids used by intestinal cells for food energy. Preliminary studies in humans include the potential for regular consumption of legumes in a diet to affect metabolic syndrome. There is evidence that a portion of pulses in a diet may lower blood pressure and reduce LDL cholesterol levels. Some, like alfalfa, clover, vetch, stylo, or Arachis, are sown in pasture, other forage legumes such as Leucaena or Albizia are woody shrub or tree species that are either broken down by livestock or regularly cut by humans to provide livestock feed. Legume species grown for their flowers include lupins, which are farmed commercially for their blooms as well as being popular in gardens worldwide, industrially farmed legumes include Indigofera and Acacia species, which are cultivated for dye and natural gum production, respectively
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Sorghum
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Sorghum is a genus of flowering plants in the grass family Poaceae. Seventeen of the species are native to Australia, with the range of some extending to Africa, Asia, Mesoamerica. One species is grown for grain, while others are used as fodder plants, either intentionally cultivated or allowed to grow naturally. The plants are cultivated in warm climates worldwide and naturalized in many places, Sorghum is in the subfamily Panicoideae and the tribe Andropogoneae. One species, Sorghum bicolor, native to Africa with many cultivated forms now, is an important crop worldwide, used for food, animal fodder, the production of alcoholic beverages, and biofuels. Most varieties are drought- and heat-tolerant, and are important in arid regions. These varieties form important components of pastures in many tropical regions, S. bicolor is an important food crop in Africa, Central America, and South Asia, and is the fifth-most important cereal crop grown in the world. Some species of sorghum can contain levels of cyanide, hordenine. When stressed by drought or heat, plants can contain toxic levels of cyanide and/or nitrates at later stages in growth. Another Sorghum species, Johnson grass, is classified as a species in the US by the Department of Agriculture. Sorghum is efficient in converting solar energy to chemical energy, biofuel, using sweet sorghum as a high sugar content from its stalk for ethanol production, is being developed with biomass which can be turned into charcoal, syngas, and bio-oil. In a 100 gram amount, raw sorghum provides 329 calories, 72% carbohydrates, 4% fat and 11% protein. Sorghum supplies numerous essential nutrients in rich content, including protein, fiber, the B vitamins, niacin, thiamin and vitamin B6, Sorghum nutrient contents generally are similar to those of raw oats. Among other similarities to oats, sorghum contains no gluten, making it useful for gluten-free diets, Agricultural Innovation in the Early Islamic World, The Diffusion of Crops and Farming Techniques, 700–1100. Species Profile- Johnsongrass, National Invasive Species Information Center, United States National Agricultural Library, lists general information and resources for Johnsongrass
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Barley
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Barley, a member of the grass family, is a major cereal grain grown in temperate climates globally. It was one of the first cultivated grains, particularly in Eurasia as early as 10,000 years ago, Barley has been used as animal fodder, as a source of fermentable material for beer and certain distilled beverages, and as a component of various health foods. It is used in soups and stews, and in barley bread of various cultures, Barley grains are commonly made into malt in a traditional and ancient method of preparation. In 2014, barley was ranked fourth among grains in quantity produced behind corn, rice, the Old English word for barley was bære, which traces back to Proto-Indo-European and is cognate to the Latin word farina flour. The direct ancestor of modern English barley in Old English was the derived adjective bærlic, the first citation of the form bærlic in the Oxford English Dictionary dates to around 966 CE, in the compound word bærlic-croft. The underived word bære survives in the north of Scotland as bere, the word barn, which originally meant barley-house, is also rooted in these words. Barley is a member of the grass family and it is a self-pollinating, diploid species with 14 chromosomes. The wild ancestor of domesticated barley, Hordeum vulgare subsp, spontaneum, is abundant in grasslands and woodlands throughout the Fertile Crescent area of Western Asia and northeast Africa, and is abundant in disturbed habitats, roadsides and orchards. Outside this region, the barley is less common and is usually found in disturbed habitats. However, in a study of genome-wide diversity markers, Tibet was found to be a center of domestication of cultivated barley. Wild barley has a spike, upon maturity, the spikelets separate. Domesticated barley has nonshattering spikes, making it easier to harvest the mature ears. The nonshattering condition is caused by a mutation in one of two linked genes known as Bt1 and Bt2, many cultivars possess both mutations. The nonshattering condition is recessive, so varieties of barley that exhibit this condition are homozygous for the mutant allele, spikelets are arranged in triplets which alternate along the rachis. In wild barley, only the central spikelet is fertile, while the two are reduced. This condition is retained in certain cultivars known as two-row barleys, a pair of mutations result in fertile lateral spikelets to produce six-row barleys. Recent genetic studies have revealed that a mutation in one gene, two-row barley has a lower protein content than six-row barley, thus a more fermentable sugar content. High-protein barley is best suited for animal feed, Malting barley is usually lower protein which shows more uniform germination, needs shorter steeping, and has less protein in the extract that can make beer cloudy
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Rand (currency)
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The South African rand is the currency of South Africa. The rand is subdivided into 100 cents, unlike the US dollar, the decimal separator between a rand and cent is expressed by a comma. The ISO4217 code is ZAR, from Dutch Zuid-Afrikaanse Rand, the rand is the currency of the Common Monetary Area between South Africa, Swaziland, Lesotho, and Namibia. Historical users of the South African rand included South West Africa, the rand takes its name from the Witwatersrand, the ridge upon which Johannesburg is built and where most of South Africas gold deposits were found. The cent and rand was introduced in the then Union of South Africa on 14 February 1961, a Decimal Coinage Commission had been set up in 1956 to consider a move away from the denominations of pounds, shillings, and pence, submitting its recommendation on 8 August 1958. It replaced the South African pound as legal tender, at the rate of 2 rand to 1 pound, the government introduced a mascot, Decimal Dan, the rand-cent man. This was accompanied by a jingle, to inform the public about the new currency. By February 1985, it was trading over R2 per dollar, by the time that State President PW Botha made his Rubicon speech on 15 August 1985, it had weakened to R2.40 per dollar. The currency recovered somewhat between 1986–88, trading near the R2 level most of the time and even breaking beneath it sporadically. The recovery was short-lived, however, and by the end of 1989, a host of local and international events influenced the currency after that, most notably the 1994 democratic election which had it weaken to over R3. This sudden depreciation in 2001 led to an investigation, which in turn led to a dramatic recovery. By the end of 2002, the currency was trading under R9 to the dollar again, the currency softened somewhat in 2005, and was trading around R6.35 to the dollar at the end of the year. At the start of 2006, however, the currency resumed its rally, however, during the second and third quarters of 2006, the rand weakened significantly. In sterling terms, it fell from around 9. 5p to just over 7p, late in 2007, the rand rallied modestly to just over 8p, only to experience a precipitous slide during the first quarter of 2008. This downward slide could be attributed to a range of factors, South Africas worsening current account deficit, the rand depreciation was exacerbated by the Eskom electricity crisis, which arose from the utility being unable to meet the countrys rapidly growing energy demands. By the end of 2014, the rand had weakened to R15.05 per dollar, the rapid drop in value was stemmed when the President back-tracked and announced that the better-known previous Minister of Finance, Pravin Gordhan, would instead be appointed to the post. By mid-January, economists were speculating that the rand could expect to see further volatility for the rest of 2016, by 29 April, it reached its highest performance over the previous 5 months, exchanging at a rate of 14. Coins were introduced in 1961 in denominations of 1⁄2,1, 2 1⁄2,5,10,20, in 1965, 2-cent coins replaced the 2 1⁄2-cent coins
