Word: drought
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Dates: during 1970-1979
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...Congressmen pressured the board to withdraw a similar proposal for variable interest rates (VIR), but that was before a credit drought drove home-mortgage rates to more than 10.5% last year and dried up housing construction. Unless Congress specifically votes down the idea, federally chartered savings and loans will begin offering the new VIR mortgages in about six months. Borrowers would then be able to choose either VIR or fixed rates on their mortgages...
...months ago, Nyerere had a somber message for his people. "We have no money and we have exhausted our foreign reserves," he declared. "If we do not have adequate rains, we will be faced with serious famine in which people will die." Drought and flood have ravaged the country for two years. Unless the rains that begin in March are normally heavy, the country will face the specter of widespread starvation...
With the government unable to maintain subsidies, prices on basic foodstuffs have jumped 80%, and inflation is rampant. Although Tanzania has millions of acres of potentially arable land, the inefficiency of the collectivized agricultural system-as well as the prevalence of drought and smuggling-made it necessary for the country to import 40% of its food last year. Tanzania has gone begging on the world market for food aid, but with modest success. The U.S. is providing 20,000 tons of grain as a grant and 40,000 more on easy credit, although it turned down a Tanzanian request...
...black Africa, only Nigeria has any big known reserves of oil, and Gabon, the Congo Republic and Angola possess some oil. For the other black African countries, the petrobill came to $1.3 billion last year. Development plans were stymied because so much money was drained off for oil. Drought-induced hunger became worse, in part because those countries could no longer afford as much gasoline to run their tractors, or fertilizers to nourish their fields. Inflation raced at rates averaging...
When the African republic of Botswana was born in 1966, its future seemed as bleak as most of its arid countryside. A landlocked nation the size of France, occupied largely by the Kalahari Desert, the former British protectorate was suffering from six years of drought, an impoverished government, and a subsistence economy based almost entirely on cattle raising. Now, discoveries of vast mineral deposits promise to lift Botswana above the problems shared by the rest of black Africa's non-oil-producing countries...