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Ivorian Foreign Minister discusses trade in Turkey, wants resolution committee for Ukraine/Russia war

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Ivorian Foreign Minister Kandia Camara, in Ankara on Tuesday, discussed trade opportunities with her Turkish counterpart Mevlüt Çavuşoğlu.

Camara, on the 8th day of her working stay in Turkey, met Çavuşoğlu where the officials discussed business and trade as they touched on ways to strengthen bilateral relations.

The Ivorian minister hinted the agricultural sector would experience significant transformations in the coming years, increasing investment opportunities if Turkey invests more than 200 million dollars in the West African country.

During a press conference, she addressed the war in Ukraine and called for the creation of an international conflict resolution committee: “It would be good if there were a committee bringing together the Foreign ministers of all regions of the world to anticipate potential conflicts between countries

“That committee would travel from capital to capital, and gather the parties at war, bring them around the table to negotiate and find peaceful solutions through diplomacy, discussion, and dialogue. This is what you have succeeded in doing here in Ankara by inviting the foreign ministers of Russia and Ukraine”,she said further.

The Foreign Ministers also discussed health and education. Camara said the countries had signed a deal for Ivorian aspiring nurses and doctors to be able to come study in the transcontinental country.

Turkey is the first country to which Ivorians go for medical care“.

She added, the two countries would discuss how to increase the number of scholarships Ivorian students could be offered to pursue their education in Turkey.

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Nigeria wants $2.25 billion World Bank loan

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Nigeria’s Finance Minister, Wale Edun, has revealed that the country is seeking up to $2.25 billion in World Bank loans and expects the bank’s board to approve the request in June.

The move was announced in a statement following the International Monetary Fund/World Bank spring meetings in Washington, D.C as the country also aims to issue diaspora bonds later this year to attract much-need foreign exchange into the country.

The World Bank loans would include $1.5 billion for development policy and $750 million for program-for-results, the statement said. It also said that the bank would meet in June to decide whether to approve the plan in its entirety.

The multilateral body is yet to comment on the revelation at press time.

Nigeria one of Africa’s biggest oil producers has struggled lately mainly over industrial-scale crude oil theft, and troubles getting foreign currency, which caused its naira currency to drop to all-time lows against the U.S. dollar. It has since recovered, though.

Already, the country is on record levels of debt, high unemployment, and large amounts of money from the central bank. However, Edun has insisted that the government had cut the money it borrowed from the central bank in half.

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Ghana’s finance minister anticipates debt restructuring MoU with lenders

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Ghana’s Finance Minister has announced that the country’s two main creditors will send him a draft Memorandum of Understanding (MoU) on a restructuring deal in May, signifying a major progress in the country’s debt reform.

Once the MoU is signed, it will make public the deal that was made in January to restructure $5.4 billion in loans with its official creditors, such as China and France.

The restructuring is a big step toward Ghana getting rid of its debt as it works to get out of the worst economic crisis in a generation. It should also allow the country to get more money from its $3 billion IMF program.

Mohammed Amin Adam said he was sure the International Monetary Fund (IMF) and the World Bank would work together at the Spring Meetings in Washington, D.C. In June, the Monetary Fund’s executive board will agree to review its staff-level deal.

From 2023 to 2028, Ghana’s national debt to gross domestic product level was supposed to go down by 15%. This guess says that the number will have gone down every year for six years, ending at 69.96% in 2028.

Ghana didn’t pay back most of its foreign loans in December 2022 because it became too expensive to do so. But now it needs to work out a deal with private holders of about $13 billion in foreign bonds. It has also changed most of its domestic debt.

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