Connect with us

Musings From Abroad

UN Libya envoy, Abdoulaye Bathily, to consider ‘alternatives’ if electoral pact stalls

Published

on

The United Nations envoy to Libya, Abdoulaye Bathily has revealed that the UN “will look at what alternative we will find” if the country’s legislative bodies are unable to agree on electoral laws in a timely manner.

The diplomat made the revelation on Friday, indicating he would not accept moves to derail a march to elections.

“They have to deliver on this in a timely manner,” said in an interview on Friday from Tripoli.

“Of course if they don’t do it, they will be accountable to the Libyan people, to the international community, to the regional leaders who are supporting them in this process,” he added.

Bathily hopes to broker a break in Libya’s long internal stalemate with an election this year to replace transitional political bodies that have long outlived their mandates.

Earlier this month, Bathily hinted that national elections could be held by the end of the year if a clear road map and electoral laws are put in place by June.

Bathily told a news conference in Tripoli that the two legislative bodies, the House of Representatives and the High State Council, had agreed to form a joint committee of six members each to draft electoral laws, adding: “There is no reason for any more delay.”

There has been little peace in Libya since NATO-backed uprisings ousted autocrat Muammar Gaddafi in 2011. Political control has been divided between eastern and western factions since 2014, with the last major conflict ending in 2020.

Musings From Abroad

World Bank doubts Ethiopia-IMF debt assessment

Published

on

Some officials of the World Bank have questioned if the study supporting Ethiopia’s debt restructuring may be “faulty” after criticising an evaluation of the country’s finances done with the International Monetary Fund (IMF).

World Bank consultant, Brian Pinto, and its head economist, Indermit Gill, evaluated the July Debt Sustainability Analysis (DSA), which was created by the IMF and employees of the International Development Association (IDA), the World Bank’s fund for the world’s poorest countries, in an internal document seen by Reuters.

According to the authors, Ethiopia is experiencing a short-term cash shortage rather than a long-term solvency problem, which is a source of conflict between the government and holders of its $1 billion international bond that is in default, based on the DSA.

“We found that the bondholders have interpreted the DSA correctly, but the DSA itself may be faulty,” Pinto and Gill wrote in the paper from earlier this month. “The disagreements about Ethiopia’s debt sustainability will be repeated as other countries become debt distressed.”

A World Bank representative responded to a question regarding the paper by saying, “We generally don’t comment on internal deliberations between the World Bank and the IMF or any of our partner institutions.”

As part of the most recent review of the Fund’s loan program, Ethiopian State Finance Minister Eyob Tekalign told Reuters that the DSA had just been reviewed by IMF and World Bank teams and that the status had not changed significantly.

Without providing further details, an IMF representative acknowledged that its officials travelled to Ethiopia in November for the second review of the Fund’s loan program and added that every review incorporates an update to the DSA. Regarding the memo, the spokeswoman remained silent.

A request for comment from Pinto and Gill was not answered. There has been a tense confrontation between Ethiopian officials and bondholders.

The main point of contention is whether, as bondholders contend, Ethiopia is experiencing a liquidity shortage that may be resolved by rescheduling debt or if it is experiencing longer-term financial issues that necessitate haircuts, or debt write-downs.

According to the DSA, certain statistics on exports indicated pressures on both liquidity and solvency.

It was reported in October that the DSA indicated a solvency problem and that writedowns were inevitable. Investors have criticised a government proposal that suggests an 18% haircut in addition to rejecting the evaluation.

Continue Reading

Musings From Abroad

Swiss company Mercuria partners Zambia’s IDC in new metals trading firm

Published

on

According to a statement released by Swiss commodities trader, Mercuria, on Thursday, it has established a metals trading arm with Zambia, the second-largest producer of copper in Africa.

The trading unit is jointly owned by Mercuria and an arm of Zambia’s Industrial Development Company (IDC), and its purpose is to allow Zambia to engage directly in the minerals trading market.

The joint venture “envisages the establishment of a vehicle to market and trade Zambian copper by mutual leverage,” according to a statement from Cornwell Muleya, the CEO of IDC.

The southern African nation wants to increase copper output to roughly 3 million metric tonnes within the next ten years, and in 2023, it produced roughly 698,000 tonnes of copper, down from 763,000 metric tonnes the year before.

In June, the Zambian government announced that it would establish a minerals trading unit.

Investors including First Quantum Minerals and Barrick Gold are ramping up production, with output set to receive a further boost once Vedanta Resources’ Konkola Copper Mines restart activity.

“Our joint venture with IDC marks a significant milestone for Zambia as it positions itself more strategically in the global minerals market,” Kostas Bintas, Mercuria’s global head of metals and minerals, said in the statement.

Continue Reading

EDITOR’S PICK

Musings From Abroad15 hours ago

World Bank doubts Ethiopia-IMF debt assessment

Some officials of the World Bank have questioned if the study supporting Ethiopia’s debt restructuring may be “faulty” after criticising...

Metro19 hours ago

Death toll from Cyclone Chido in Mozambique hits 94

he death toll from the Cyclone Chido which stuck Mozambique last week has risen to 94 with hundreds still missing....

Tech19 hours ago

Facebook returns to Uganda after 4-year ban

After four years of being in the cooler as a result of suspension by government, Facebook, now Meta, is making...

Metro20 hours ago

Nigeria on the right path despite hardship, criticism— President Tinubu

Nigerian President, Bola Ahmed Tinubu, has insisted that the country is moving in the right direction despite the criticism of...

Metro2 days ago

Zambian NGO decries persistent corruption, says governance in 2024 marked by mixed fortunes

A Non-Governmental Organization in Zambia, the Gender Organizations Coordinating Council (NGOCC), has decried what it described as persistent corruption in...

Sports2 days ago

Sad day for African football as promising Kenyan star passes on

he African football fraternity was thrown into mourning following the untimely demise of promising Kenyan striker, Ezekiel Otuoma, who died...

Metro2 days ago

Nigeria: Police dismiss Amnesty Intl’s report on killing of protesters, demand apology

The Nigeria Police has rejected a report by Amnesty International that accused the force of killing protesters during the #Endbadgovernance...

Sports3 days ago

Coach of Mamelodi Sundowns female team suspended over sexual harassment allegations

The head coach of Mamelodi Sundowns women’s team, Jerry Tshabalala, has been suspended indefinitely amid allegations of sexual harassment of...

Culture3 days ago

Ghana’s Afua Asantewaa begins second GWR sing-a-thon attempt

Ghanaian singer, Afua Asantewaa, on Saturday, began her second attempt at breaking the Guinness World Record (GWR) for the longest...

Tech3 days ago

20 African tech-preneurs embark on Korean innovation tour

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures...

Trending