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World Bank suspends humanitarian project funding in Congo DR. Here’s why

Published

2 years ago

May 16, 2023

Following the decision of the Congo DR government to stop humanitarian project funding without prior notice, the World Bank has also suspended its operations related to the project.

The World Bank suspended humanitarian and development projects worth more than $1 billion in the East African country, which is home to one of the most disturbing humanitarian crises in the world.

World Bank’s director of operations for the country, Albert Zeufack, in a letter, stated that “before being able to continue to commit the project funds, the government and the World Bank should agree on transitional measures… in order to ensure that the funds are used for the intended purposes.”

According to the international lender, the suspension will affect more than 600,000 beneficiaries, including victims of sexual violence. The Bank also stated that it was waiting for documentation on the status of $91 million which had already been advanced for the projects out of the total of $1.04 billion.

Meanwhile, the government, through its spokesperson, Tina Salama denied the suspension claim by the World Bank and said there would be transitional management of the fund. “I think arrangements have been made,” she said. She did not respond to questions about the $91 million.

Reacting to the development, one of the fund’s beneficiaries, Panzi Foundation led by Denis Mukwege, a Congolese gynaecologist, said he had been warned a few days before that expenses incurred on his programme would stop being reimbursed. A programme coordinator said that he had had to turn victims away.

“It’s a catastrophe for the victims,” Mukwege told journalists.

According to the World Bank, DRC has the third-largest population of poor people globally, which remains widespread and pervasive, and is increasing due to the impacts of COVID-19.

Related Topics:Congo DR Featured World Bank

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”