Musings From Abroad
African, world leaders congratulate France President Emmanuel Macron on his re-election
Published
3 years agoon
African and several leaders around the world have been sending congratulatory messages to France President Emmanuel Macron, after his re-election victory where he defeated his of opponent and far-right leader, Marine Le Pen, in runoff elections Sunday.
The African leaders including Rwandan President, Paul Kagame, Senegal’s Macky Sall, Ethiopian Prime Minister Abiy Ahmed and Gabon President Ali Bongo Ondimba, were the early birds to congratulate Macron on the election win.
African leaders are lining up to congratulate @EmmanuelMacron, all while massive graves have been discovered in French bases in Mali.
No Asian leader is wasting their time sending BS msg to Macron.
— African Index (@africanindex_) April 25, 2022
While Sall who is the current African Union (AU) Chairman, on behalf of the Union, sent his best wishes to Macron’s on the win which made him the first French President to win a re-election since 2002.
On his part, Ethiopia’s Ahmed said he looked forward to working with Mr Macron to strengthen ties between the two countries, while Kagame hailed Macron’s leadership that “seeks to unite and not divide.”
Ondimba whose country is a former French colony, hailed Macron’s “brilliant re-election,” saying the two two countries “more than a shared past, as our two countries have a future to build,” he said in online comments.
Some world leaders were also not left out of the accolades on Macron’s victory with the likes of US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Boris Johnson, embattled Ukraine President Volodymyr Zelensky, Australian Prime Minister Scott Morrison, and a host of others congratulating Macron.
Here are some of their reactions:
Joe Biden: “France is our oldest ally and a key partner in addressing global challenges. I look forward to our continued close cooperation including on supporting Ukraine, defending democracy, and countering climate change.”
Congratulations to @EmmanuelMacron on his re-election. France is our oldest ally and a key partner in addressing global challenges. I look forward to our continued close cooperation — including on supporting Ukraine, defending democracy, and countering climate change.
— President Biden (@POTUS) April 24, 2022
Germany Chancellor Olaf Scholz: “French voters have sent a strong vote of confidence in Europe today. I am happy that we will continue our good cooperation.”
Boris Johnson: “I congratulate France President Emmanuel Macron on his victory. France is one of our closest and most important allies,” Johnson wrote in a tweet, adding that he looked forward “to continuing to work together on the issues which matter most to our two countries and to the world”.
Congratulations to @EmmanuelMacron on your re-election as President of France. France is one of our closest and most important allies. I look forward to continuing to work together on the issues which matter most to our two countries and to the world.
🇬🇧🇫🇷
— Boris Johnson (@BorisJohnson) April 24, 2022
Volodymyr Zelensky: “I wish him further success for the sake of the (French) people. I appreciate his support and I am convinced that we are moving together towards new common victories,” he wrote on Twitter in both Ukrainian and French.
Australian Prime Minister Scott Morrison said Macron’s victory was a “great expression of liberal democracy in action in uncertain times”.
“We wish you and France every success, in particular your leadership in Europe and as an important partner to Australia in the Indo-Pacific,” he tweeted.
Canadian Prime Minister Justin Trudeau: “I am looking forward to continuing our work together on the issues that matter most to people in Canada and France, from defending democracy, to fighting climate change, to creating good jobs and economic growth for the middle class”.
Indian Prime Minister Narendra Modi congratulated his “friend” on being re-elected.
“I look forward to continue working together to deepen the India-France Strategic Partnership,” Modi wrote.
Italian Prime Minister Mario Draghi described Macron’s victory as “great news for all of Europe”.
Spanish PM Pedro Sanchez: “The citizens have chosen a France committed to a free, strong and fair EU. Democracy wins. Europe wins. Congratulations Emmanuel Macron.”
Belgium Prime Minister Alexander De Croo said French voters had made a “strong choice”, opting for “certainty and Enlightenment values”.
Ireland Prime Minister Micheal Martin hailed Macron’s “principled and dynamic leadership” as “important not only for France, but for Europe”.
Swedish Prime Minister Magdalena Andersson also sent her “warmest congratulations”, adding,”Let’s continue our close cooperation – bilaterally and for a competitive, green and resilient European Union,” she tweeted.
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Musings From Abroad
Nigeria, China extend $2bn currency swap deal
Published
3 weeks agoon
December 31, 2024A 15 billion yuan ($2 billion) currency-swap arrangement between China and Nigeria has been extended to boost investment and commerce between the two countries.
According to the People’s Bank of China, the agreement is anticipated to strengthen financial cooperation and encourage the wider use of the yuan and naira in bilateral transactions, as reported by Bloomberg and Chinese local media on Friday.
“The agreement is valid for three years and may be renewed upon mutual consent,” the central bank said in a statement.
The bank stated that by lowering reliance on third-party currencies like the US dollar, the currency-swap agreement renewal is expected to strengthen economic linkages, promote investment, and ease cross-border commerce.
When the Central Bank of Nigeria and the People’s Bank of China inked an agreement worth renminbi (RMB) 16 billion (about $2.5 billion) in May 2018, the currency-swap framework was first implemented.
Yi Gang, the former governor of the PBoC, and Godwin Emefiele, the suspended governor of the CBN, signed the deal.
The original agreement was intended to eliminate the need for third-party currencies like the US dollar by giving companies and industries in both nations direct access to the yuan and naira.
“This agreement will provide naira liquidity to Chinese businesses and RMB liquidity to Nigerian businesses respectively, thereby improving the speed, convenience, and volume of transactions between the two countries,” the CBN had said at the time of the signing.
To promote flexible and varied regional monetary and financial cooperation, including local currency swaps, to ease commerce between the two countries, President Bola Tinubu and President Xi Jinping of China met in September.
The leaders also talked about how currency-swap programs contribute to global financial stability.
Nigeria and China agreed to strengthen international collaboration on financial intelligence, emphasizing anti-money laundering and fighting the funding of terrorism, since commerce between the two nations makes up around 30% of Nigeria’s total trade.
Musings From Abroad
World Bank suspends loan fees for impoverished countries
Published
4 weeks agoon
December 26, 2024To lower borrowing costs for vulnerable nations, the World Bank has announced the elimination of several loan fees. The action is a component of larger initiatives to increase financial capacity and tackle pressing global issues including inequality, climate change, and economic instability.
This was revealed by the international bank in a statement on Wednesday. The bank has extended its lowest pricing to tiny, fragile nations, removed the prepayment cost on International Bank for Reconstruction and Development loans, and instituted a grace period for commitment fees on undisbursed amounts.
“The bank is working hard to make it easier for countries to borrow and to pay back their loans more easily by removing some fees on IBRD loans,” the financial institution stated.
The financier claims that these adjustments are intended to relieve the financial strain on countries that require development funding the most.
“These measures are designed to make borrowing easier and more affordable for countries facing significant challenges,” the bank said. It added that the reforms align with its vision of building a “better, more efficient, and bigger” institution capable of addressing overlapping global crises.
The World Bank’s larger financial reforms, which include fee eliminations, are intended to boost lending capacity by $150 billion over the next ten years.
As part of the changes, the IBRD’s equity-to-loans ratio was lowered from 20% to 18%, allowing for an additional $70 billion in lending over ten years.
According to the statement, $1 billion was obtained through a guarantee from the Asian Infrastructure Investment Bank, and an additional $10 billion has been released through bilateral guarantees.
“The adjustments to our capital framework reflect our commitment to scaling up resources while maintaining financial stability,” the bank said.
The international lender highlighted that these adjustments are essential to tackling the billions of dollars that are required each year to help fragile governments, fight climate change, and advance digital inclusion.
It did concede, nevertheless, that states and multilateral organisations are insufficient to discharge these financial obligations on their own.
The Bank has created a Framework for Financial Incentives to close the gap, promoting investments in cross-border issues like pandemic prevention, energy access, water security, and biodiversity.
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