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Ethiopia to benefit as World Bank approves $300m rehabilitation funds for the country

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The World Bank has announced the approval of a whopping $300 million as rehabilitation funds for Ethiopia.

The newly approved funds, according to the global banking institution in a statement on Wednesday, will be used to rehabilitate those affected by conflict and its consequences in various parts of the East African country.

“Conflicts in Ethiopia have resulted in loss of lives, humanitarian crises, destruction of private and public assets and have left communities in dire need of support.

“The conflicts have also caused the displacement of thousands of people throughout Ethiopia and have further exacerbated the incidence of gender-based violence, particularly against women and girls,” World Bank statement said.

The World Bank also pointed out that the new funds will “support efforts to address the immediate needs of communities, rehabilitate infrastructure destroyed by conflict and increase community resilience to the impacts of conflict in a sustainable manner.:

“The $300 million will cover the needs of at-risk people in Afar, Amhara, Benishangul-Gumuz, Oromia and Tigray regional states, which host a large number of internally displaced people,” the statement added.

The World Bank’s deal with Ethiopia is the second if such to be entered with an African country this week following deals it signed with Senegal on Tuesday to finance four key projects worth a total of $495 million.

The Senegal deals, according to the global bank, will help improve education, electricity, economic development and road access to rural areas in the country which is undergoing an economic downturn.

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Tanzanian Central Bank reduces economic liquidity to curb rising inflation

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The Tanzanian Central Bank on Saturday said one of the measures it has taken to slow down rising inflation in September and October is to reduce the liquidity in the economy.

A statement published by the east African country’s apex bank’s Monetary Policy Committee (MPC), said inflation in the country has been on the rise since the beginning of the year, rising from 4.6% on August from a previous 4.5% in July.

MPC said while the country’s economy was facing a range of challenges, including weak global growth, high commodity prices, tight financial conditions and the recurrence of COVID-19 in some countries, it was necessary to reduce the liquidity to stabilise the economy.

“In the context of high inflation and commodity prices, which has contributed to rising inflationary pressures in the country, the MPC approved for the bank to continue with gradual reduction of liquidity in September and October 2022.

“The policy decision aims at reducing inflationary pressures, while safeguarding economic activities,” the statement said.

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Air traffic controllers in West, Central Africa suspend strike for negotiations after 48-hour disruption

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The industrial action by air traffic controllers in West and Central Africa has been suspended.

The unions announced the suspension after a 48-hour strike having disrupted flights across the region and left hundreds of passengers stranded at airports.

According to a statement by the Union of Air Traffic Controllers’ Unions (USYCAA), the decision to suspend its strike notice for 10 days immediately so as to allow for negotiations.

“Air traffic services will be provided in all air spaces and airports managed by ASECNA from today Saturday, September 24, 2022 at 1200 GMT,” the statement said.

One of the stranded passengers, Nsoh Brinston, lamented on how the strike would make him spend more than his budget on his intended travel to Kigali, Rwanda.

“I will have to spend more than I intended due to the cancelled flight. I will have to do another COVID test which costs 30,000 CFA francs ($45),” he said.’

Also, eight flights scheduled to leave the commercial hub of Abidjan on Saturday were cancelled in Ivory Coast.

Industries like aviationtelecom operators have all their operations disrupted across Africa lately largely as part of the fallout of the Russian/Ukraine war which has caused a hike in aviation fuel.

It is yet to be seen if the negotiations between air traffic controllers and government authorities will birth lasting solutions to the challenge which now cuts across the continent.

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