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World Water Forum: Africa to mobilise $30 billion per year until 2030 for water investment

Published

3 years ago

March 26, 2022

The Minister of Water in Senegal, Serigne Mbaye Thiam has said Africa would raise $30 billion per year until 2030 to facilitate the “creation of a high-level international panel on investment in water in Africa.”

The Minister made the remark on Friday at the closing ceremony of the just concluded 9th edition of the World Water Forum in Dakar, Senegal.

It is the first time a country in sub-Saharan Africa is hosting the forum.

“The objective of the panel is to develop concrete ways to mobilise $30 billion per year until 2030 to implement the African Water Investment Programme and to close the existing water investment gap in the African continent.” Serigne Mbaye Thiam, said at the closing ceremony.

“On behalf of the Head of State, President Macky Sall, Chairperson of the African Union, I hereby announce the official establishment of an international high-level panel on water investments in Africa,” he added.

Slamreportafrica reported the commencement of the 9th edition of the World Water Forum in Dakar, Senegal, the first time the world’s biggest water-related event will be hosted in sub-Saharan Africa.

The event which kicked off on March 22 holds every three years to bring together key political actors, business leaders, NGOs, donors, and international organizations to promote dialogue and facilitate access to water and sanitation.

The World Health Organization says every day; 2.1 billion people still wake up each morning without access to clean water. This means that millions of vulnerable families around the world do not drink, cook, or bathe with clean water.

Speaking on the importance of finance and water investment, former President of Tanzania, Jakaya Kikwete, said “we have heard numerous times mention of 114 billion dollars in the global market capital investment, excluding maintenance, which will be needed annually to close the gap for the population using safely and managing drinking water and sanitation services.”

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IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

9 hours ago

December 26, 2024

Ifeoluwa Dada

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

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Libya’s eastern govt accepts petrol subsidy elimination

Published

9 hours ago

December 26, 2024

Ifeoluwa Dada

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.