Musings From Abroad

Italy, Netherlands, EU set to announce aid package for Tunisia

Published

1 year ago

June 9, 2023

Italian Prime Minister, Giorgia Meloni has said that a fresh aid package to Tunisia would be announced by the European Union alongside her country and the Netherlands on Sunday.

Meloni, who recently ended a visit to Tunisia, will visit again on Sunday with her Dutch counterpart, Mark Rutte and the EU Commission’s Ursula von der Leyen with high hopes.

“It seems to me that important steps forward are being taken,” Meloni said.

There are concerns that the delay with the loan could deepen Tunisia’s financial crisis and escalate migrants’ crisis across the Mediterranean Sea in search of a better life in Europe.

Creditors, which are largely European, want President Kais Saied to accept the terms of financial reforms by the International Monetary Fund (IMF) for its loan which will unlock extra funds in bilateral aid for the country.

Creditors are also refusing to provide Tunisia with long-term budget support unless the IMF agrees to a deal that assures them of repayment of its debts. They have, however, given Tunisia smaller sums to help it purchase food and fuel.

President Saied announced last week that additional taxes would be implemented as a stopgap measure before an expected IMF loan.

Tunisia is in debt to the tune of roughly 80% of its GDP, and the IMF agreed in principle last year to a new loan of nearly $2 billion to help it overcome its severe financial crisis.

Related Topics:Featured Giorgia Meloni Tunisia

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Musings From Abroad

Brazilian meatpacker JBS invests $2.5 billion in Nigeria, builds six facilities

Published

19 hours ago

November 22, 2024

Ifeoluwa Dada

Brazilian meatpacker JBS says it has inked a memorandum of understanding with the Nigerian government for a $2.5 billion investment plan that will include the construction of six new plants in the African nation.

Three of the plants would deal in poultry, two in beef, and one in pork, according to a statement from JBS.

In accordance with the memorandum of understanding, JBS stated that it would develop a five-year investment plan in Nigeria, which would include budget estimates, feasibility studies, and an action plan for the development of the local supply chain.

The Nigerian government would then guarantee the sanitary, regulatory, and economic conditions required for the project’s viability, JBS continued.

Musings From Abroad

China’s Xi meets with Morocco’s Crown Prince

Published

19 hours ago

November 22, 2024

Ifeoluwa Dada

Morocco’s official media reports that Chinese President, Xi Jinping, visited Morocco briefly on Thursday.

According to Morocco’s MAP, Crown Prince Moulay El Hassan welcomed Xi in Casablanca. The visit demonstrated the close ties of camaraderie, collaboration, and solidarity between the Moroccan and Chinese peoples, it said.

China’s official broadcaster, CCTV, said that Xi and Hassan had a “cordial conversation” at the airport after being received by the Crown Prince and Moroccan Prime Minister Aziz Akhannouch.

After attending the G20 Summit in Brazil, Xi paid the visit.

In recent years, China has increased its investments in Morocco’s rail and infrastructure. Morocco is desirable for Chinese electric car battery manufacturers because of its proximity to Europe, free trade agreements with important EU and US markets, and an established automotive sector.

Morocco was chosen by Chinese EV battery company Gotion High Tech in June to establish Africa’s first gigafactory, which will cost $1.3 billion in total.