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IMF keen on debt restructuring for Chad, Zambia, Ethiopia. Will creditors agree?

Published

2 years ago

July 15, 2022

Debt restructuring discussions for African countries, Chad, Zambia and Ethiopia are progressing with the International Monetary Fund (IMF).

IMF spokesperson, Gerry Rice told newsmen that Chad has sought to access the G20’s common framework. But to benefit from the initiative which supports low Income Countries with unsustainable debt, Chad needs a debt agreement among creditors.

Rice further revealed that the IMF awaits assurances from Chad’s creditors to advance discussion.

“We need financing assurances, and we need assurance on debt sustainability, so, the Creditor Committee on Chad, we expect to continue to meet. We think it’s essential. Again, that an agreement be reached promptly with all creditors, including Glencore […]” Rice stated.

For Zambia, another country that has been keen on debt restructuring, Rice revealed that the same prerequisites are also necessary for Zambia since the Southern African nation wishes to unlock IMF funding. Yet again, Lusaka’s creditor’s committee has agree.

The IMF spokesperson said, “if official creditors can succeed in providing the financing assurances to Zambia within the next few weeks, we can then take that to our Board for consideration of a program; and, that could happen very soon after our Board recess, which is the first couple of weeks in August.”

While for Ethiopia, Rice also explained that the Creditor Committee has been formed under this G20 common framework. And will continue to work closely to provide the needed technical support for Ethiopia amidst its revenue challenge.

Many African countries depends on international creditors to fund critical aspect of their economies. External debts are not as contentious in many African states as the discipline to expend the funds appropriately on development centred projects, which has always been a course for concern amidst the nature of corruption that characterizes the political and public system in Africa.

Related Topics:#CHAD ethipia Featured IMF Zambia

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Ivory Coast to create $500 million green financing fund

Published

5 days ago

November 17, 2024

Ifeoluwa Dada

Ivory Coast will establish a $500 million green financing fund to assist sustainable growth, the IMF said.

Africa’s 54 countries have been worst hit by climate change, although emitting less pollution than developed nations. They get only 1% of yearly global climate financing.

The African Green Banks Initiative aims to develop a $1.5 billion ecosystem of green investment facilities by 2030, including Ivory Coast’s new facility.

The Global Environment Facility, the Green Climate Fund, the Ivory Coast government, multilateral development banks, development finance organisations, and possible private sources will all contribute to the facility’s capitalisation.

The leading cocoa-growing country in the world, West Africa, has been drafting new legislation to help other green finance projects, such as a body to regulate carbon credit management.

The consequences of climate change have disproportionately affected Africa, making cyclones, floods, and droughts worse in recent years.

A 30-month, $1.3 billion loan agreement for Ivory Coast under the IMF’s Resilience and Sustainability Facility was authorised by the executive board in March.

According to the IMF, the funding agreement will help the Abidjani administration implement its pledge to lessen the negative consequences of climate change.

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1,172 Nigerians killed, over 1,000 kidnapped in nine months— NHRC

Published

1 week ago

November 14, 2024

Isaac Dachen

The National Human Rights Commission (NHRC) has put the figures of Nigerians killed and kidnapped by non-state actors from January to September 2024, at 1,172 and 1,463 respectively.

A new data released on Wednesday by the organization reveal that the month of May saw the 298 persons killed, making it the highest, while March recorded the highest number of abductions with 499 kidnappings.

These data which was presented at a workshop on the state of human rights in Nigeria by the commission and the European Union, in Abuja, attributed the rise in kidnappings, killings and child abandonment in Nigeria to the negligence and failure of the state to protect its citizens.

While presenting the data, NHRC Senior Human Rights Adviser, Hillary Ogbonna, gave a breakdown of what he described as the alarming rise in human rights abuses, including kidnappings, killings and child abandonment.

“By January 2024, we already had 150 kidnappings and 55 killings associated mainly with non-state actors. What has become the norm is the killing of law enforcement officers,” Ogbonna said.

“We started with seven policemen killed in January. From victims’ perspectives, we had quite a number of victims for human rights violations for January.”

Also speaking at the event, the NHRC Executive Secretary in Nigeria, Tony Ojukwu, said:

“In recent years, we have witnessed alarming trends and threats against those who dare to speak the truth to power.

“It serves as a stark reminder that the protection of human rights is an ongoing struggle that requires continuous vigilance, action and cooperation from all sectors of the society,” Ojukwu said.

A delegation from the EU which also made a presentation, reiterated its commitment to support Nigeria to overcome these challenges, while urging the Federal Government to work with the armed forces to end this trend.

“The European Union will continue to work around the world through diplomacy,” the Head of EU Delegation, Zissimos Vergos, said.h