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Musings From Abroad

Like Italy, US worried President Saied’s style creates ‘enormous concern’ over Tunisia

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Following the sit-tight regime of President Kais Saied of Tunisia, the United States Assistant Secretary of State Barbara Leaf has claimed that the president’s style of leadership has caused “enormous concern” over the country.

Leaf told newsmen on Thursday that after years of efforts to build democracy “what we’ve seen in the last year and a half is the government taking Tunisia in a very different direction.”

“There have been a number of moves over the past year by the president that frankly have weakened foundational principles of checks and balances,” she said.

She said many Tunisians were dissatisfied by the years following the 2011 revolution that brought democracy, but said “to correct those deficiencies you don’t strip institutions of their power”.

“I can think of no more important institution than an independent judiciary,” she added.

“These were comments that created a terrible climate of fear but more than that actually resulted in attacks on these very vulnerable people, attacks and a tidal wave of racist rhetoric,” Leaf said.

Earlier in the week, Italian Foreign Minister, Antonio Tajani remarked on Sunday the IMF, the United States, and other international caution to stop bailout talks demanding Tunisia’s far-reaching reforms. He said Italy is worried that International Monetary Fund’s block on a $1.9 billion loan to Tunisia might lead to a new wave of migrants toward Europe.

Since the beginning of his sit-tight reign, President Saied has sacked the government, suspended parliament, and seized a string of powers in July 2021.

Since 2021 when he dismissed the government of Hichem Mechichi, he has also moved to rule by decree before writing a new constitution that he passed last year.

Musings From Abroad

UAE’s IRH to consider stake in Zambia’s Lubambe copper mine

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A division of the International Holding Company of Abu Dhabi, International Resources Holding (IRH), has announced that it plans to submit a proposal for a share in Zambia’s Lubambe Copper Mine.

 

The deal has opened up more potential to profit from Africa’s second-largest copper producer, according to IRH, which just acquired a 51% stake in Mopani Copper Mines in Zambia.

 

 

Even after Chinese firm JCHX Mining agreed to buy the stake, it was reported on March 22 quoting sources, indicating that IRH, a division of the most valuable company in Abu Dhabi, is interested in purchasing an 80% stake in Lubambe held by EMR Capital.

 

 

“IRH’s commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine,” the company said.

 

Due to the company’s interest in Lubambe, which may be among Zambia’s biggest copper mines, a bidding battle between Shanghai-listed JCHX, a mine maintenance and contracting company, and itself may result.

 

Wealthy oil companies from Saudi Arabia and the United Arab Emirates have recently begun to follow China’s lead and engage in African businesses to acquire resources to diversify their economies and capitalize on the move to electric vehicles (EVs). In addition to making bids for mining projects, IRH stated that it was actively investigating a range of investment prospects.

 

“In the forthcoming years, our goal is to seek diversification opportunities beyond copper… (with) targeted investments in other pivotal energy transition minerals, such as cobalt, nickel, rare earth elements, manganese, graphite, and the 3T minerals – tin, tungsten, and tantalum,” it said.

 

The Zambian government currently plans to increase copper production from approximately 850,000 metric tonnes to 3 million metric tonnes annually by 2032.

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Musings From Abroad

China, Zambia’s major creditor, cooperating on debt rework— Official

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A spokesperson of Zambia’s foreign ministry has stated that one of its major creditors, China, has remained supportive of Zambia’s debt restructuring.

The diplomat did not, however, disclose whether China approved of a planned agreement the country in southern Africa made with foreign bondholders.

On Monday, Zambia and the bondholder group announced that they had come to a fresh understanding to restructure $3 billion in foreign notes. The proposal was given the go-ahead by Zambia’s formal creditors, the largest of which is China.

On Monday, Zambia announced that it has reached a deal with a group of private creditors on the restructuring of $3 billion of its foreign notes, which is a noteworthy achievement that brings the country closer to ending its lengthy debt restructuring.

Being the first nation in Africa to miss payments on its foreign debt during the Covid-19 outbreak, they have expressed a strong desire for the debt to be restructured. Unfortunately, the protracted delays in the process have strained the local financial systems, impeded desperately needed investments, and delayed economic progress.

Zambia defaulted more than three years ago and its debt rework process has hit many obstacles, including in November when the official creditors rejected a previous bond deal because it did not offer comparable debt relief to theirs.

“China, as co-chair of the Zambian Debt Committee, has made concerted efforts with all parties concerned to promote significant progress in the disposal of Zambia’s debt,” Lin Jian, a spokesperson for China’s Ministry of Foreign Affairs, said in a regular press conference.

“China will also continue to coordinate and cooperate with all parties concerned to steadily advance the work related to Zambia’s debt disposal,” he said when asked for China’s response to the latest bondholder deal.

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