Musings From Abroad

UN sets 7th Advisory Committee for Peacebuilding Fund

Published

2 years ago

August 28, 2022

The United Nations Secretary-General has appointed ten eminent individuals as members of the Seventh Advisory Group of the Peacebuilding Fund.

The appointment is in accordance with the Terms of Reference of the United Nations Peacebuilding Fund adopted by the General Assembly.

The Advisory group is appointed for a term of two years, taking into consideration gender and regional balance. Candidates are nominated by Member States.

The group has three Africans, Professor Emmanuel Asante, former Chairperson, National Peace Council, Ghana; H.E. Mr. Mohamed Edrees, Ambassador (ret.), Egypt; and H.E. Mr. Macharia Kamau, Principal Secretary, Kenyan Ministry of Foreign Affairs, Kenya;

Other members are H.E. Mr. Jingye Cheng, Ambassador (ret.), China; Ms. Kjersti Dale, Director, International Development CARE, Norway; H.E. Ms. Lise Filiatrault, Ambassador (ret.), Canada; Ms. Sara Pantuliano, Chief Executive, Overseas Development Institute, United Kingdom;

H.E. Mr. Stéphane Rey, Ambassador-designate of Switzerland to Zimbabwe, Zambia & Malawi, Switzerland; Ms. Marriët Schuurman, Director, Stability and Humanitarian Aid, Ministry of Foreign Affairs, The Netherlands; and Ms. Almut Wieland-Karimi, Executive Director, Center for International Peace Operations, Germany.

According to the UN, the Fund allocated nearly $1.67 billion to 65 recipient countries. In 2021 between 2006 to 2021, amid deteriorating political and security conditions, and against the backdrop of the continuing pandemic/

The Fund scaled up its commitments and approved a record-high investment of $195 million in 32 countries.

Musings From Abroad

South Africa worry Trump’s victory might affect climate fight

Published

3 days ago

November 10, 2024

Ifeoluwa Dada

South Africa’s environment minister has expressed concern about the potential effects of Donald Trump’s victory on climate change negotiations.

The demise of Germany’s coalition government this week and Trump’s election coincide with COP29 negotiations to address global warming, which experts credit for this year’s devastating hurricanes, floods, and heatwaves.

“We are concerned about America because we don’t know what they’re going to do … how (it) is going to approach COP,” South African Environment Minister Dion George told Reuters.

“Mr. Trump said that he would withdraw from the Paris Agreement, but we don’t know what will happen,” George added in a telephone interview on Friday.

International partners are concerned that the prospect of an administration led by Trump, who has called climate change a hoax, will de-motivate poor and middle-income countries who want rich nations to shoulder more of its financial burden.

South Africa, which is one of the world’s top 15 greenhouse gas emitters and accounts for 30% of the continent’s emissions, has accepted $11.6 billion from rich nations, mainly in loans, for a switch from coal to renewable energy.

This is seen as a potential model for other ‘Global South’ countries who say financing pledges of $100 billion, which took years to come through, are insufficient.

“It’s certainly not enough. We need another target,” George said. “But then the question is: as the voter base is shifting in developed economies, are they actually going to pay it?”

The South African minister said he had been reassured by German officials that Europe’s stance at the COP29 climate talks will not be hurt by Berlin’s political crisis.

George said that Jennifer Morgan, Germany’s state secretary for international climate action, had contacted him to say it will be up to the European Union to maintain leadership.

“Their position is not changed and that is how they will approach COP,” George said, adding: “They’re on Team Europe. The European Union and German have clearly set out their objectives.”

Musings From Abroad

After initial evaluation, IMF raises Ethiopia’s international reserves target

Published

6 days ago

November 6, 2024

Ifeoluwa Dada

In order to make it easier to pay for future hard currency expenses, the International Monetary Fund (IMF) increased Ethiopia’s aim for net international reserves, the Fund announced.

After implementing a number of reforms, including floating its birr currency, the East African country was granted a $3.4 billion, four-year financing program by the IMF in July. Additionally, a new initiative to restart its debt restructuring is underway.

“An increase in near-term target is warranted by Ethiopia’s vulnerabilities and heightened uncertainty around the outlook,” the IMF said in a report published late on Monday.

An overachievement of the August target for net international reserves was caused by increased gold exports and lower-than-expected amounts of hard currency sales by the central bank through auctions, according to the IMF.

According to the Fund, net overseas reserves were $1.3 billion in mid-August, more than twice the $630 million projection.

To help build a buffer for the nation to settle maturing letters of credit for gasoline imports issued before the start of reforms, it increased the end-June 2025 target by $300 million to $400 million.

The IMF stated that although the official and black market rates converged as a result of the birr currency’s launch, market activity increased more slowly than anticipated, resulting in a sustained unmet demand for dollars.

According to the Fund, Ethiopia intends to agree with its bilateral creditors by the end of the year, and then “as soon as is feasible” with its Eurobond investors.

According to bondholders, the government was disregarding the fact that Ethiopia is dealing with a liquidity problem rather than an insolvency one when it suggested a haircut, or decrease in the principal amount, of 18% in a recent investor presentation.

“The authorities are making good faith efforts to agree terms with Eurobond holders,” the IMF said.

Between 2024 and 2029, Ethiopia’s national debt is expected to rise steadily by a total of 58.7 billion USD (+178.09%). The national debt is predicted to reach 91.7 billion USD in 2029, marking a new peak after ten years of continuous growth. Notably, throughout the previous few years, the national debt has been steadily rising.