VenturesNow

French owner of seized plane, Vey & Associés, accuses Zambian govt of rights abuses

Published

1 year ago

August 18, 2023

A France-based law firm has alleged that Zambia committed a major violation of its own constitution in the detention of an in-transit private aircraft, its crew and eight passengers after seizing its plane on Tuesday.

The detainees’ immediate release to suitable lodging in a hotel while the investigation is being conducted has been demanded by Vey & Associés through its founding attorney, Antoine Vey.

“We demand the immediate release of the detainees to proper living conditions in a hotel pending the completion of the so-called investigation within a maximum of 48 hours, to be followed by unconditional approval for the aircraft and its passengers, with all their confiscated belongings, to depart Kenneth Kaunda International Airport after receiving the adequate apologies for the gross mistreatment they have received for no fault of their own”, it said.

While awaiting a take-off authorization, the plane, now claimed to belong to Vey & Associés, was seized at the Kenneth Kaunda International Airport in Lusaka on Monday. Authorities in Zambia detained the travellers and seized their money.

Zambia’s Mines and Minerals Development Minister, Paul Kabuswe, on Wednesday, clarified that the contents of the plane were actually copper zinc, nickel and tin, contrary to earlier local reports that the plane was carrying $5.7 million in cash, 602 pieces of suspected gold bars, and five pistols with 126 rounds of ammunition.

Vey stated that the company had decided to send one of its top human rights attorneys to Zambia in order to record and keep track of the myriad violations of national and international law being committed there.

The firm also called for the intervention of the international community and the African Union.

“The international community at large, and the African Union in particular, are called upon to closely monitor the developments of this matter over the coming few days,” he said.

VenturesNow

IMF mission concludes 4th loan program assessment in Egypt

Published

1 day ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

VenturesNow

Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

3 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.