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Musings From Abroad

Amid waning influence in Africa, US President, Biden constitutes Africa diaspora council 

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President Joe Biden on Tuesday announced the first members of the President’s Advisory Council on African Diaspora Engagement, saddled with the responsibility of advising the government on ties with African communities.

Washington is keen on regaining its waning influence amid an effort to highlight the region’s significance and combat any threats China and Russia may pose to American interests in this significant area.

In 2000, the US parliament passed The African Growth and Opportunity Act (AGOA) which provides tangible incentives for African countries to continue their efforts to open their economies and build free markets as effort continues to reaffirm its relations with the continent.

During the US-Africa Leaders Summit, which aimed at strengthening Washington’s relations with the region, Washington announced plans to establish the council in December of last year.

The National Security Council’s senior director for African Affairs, Judd Devermont told journalists that the council would provide advice to the president on a variety of topics, such as how to improve ties between African communities and the US, encourage trade and investment, and foster educational exchanges, among others.

Silvester Beaman, the Bishop of the African Methodist Episcopal Church, who delivered the invocation at Biden’s inauguration in 2021, will preside over the council.

Viola Davis, Patrick Gaspard, the head of the Center for American Progress think tank, C.D. Glin, the president of the PepsiCo Foundation, and Almaz Negash, the creator of the African Diaspora Network, are members.

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Musings From Abroad

After initial evaluation, IMF raises Ethiopia’s international reserves target

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In order to make it easier to pay for future hard currency expenses, the International Monetary Fund (IMF) increased Ethiopia’s aim for net international reserves, the Fund announced.

After implementing a number of reforms, including floating its birr currency, the East African country was granted a $3.4 billion, four-year financing program by the IMF in July. Additionally, a new initiative to restart its debt restructuring is underway.

“An increase in near-term target is warranted by Ethiopia’s vulnerabilities and heightened uncertainty around the outlook,” the IMF said in a report published late on Monday.

An overachievement of the August target for net international reserves was caused by increased gold exports and lower-than-expected amounts of hard currency sales by the central bank through auctions, according to the IMF.

According to the Fund, net overseas reserves were $1.3 billion in mid-August, more than twice the $630 million projection.

To help build a buffer for the nation to settle maturing letters of credit for gasoline imports issued before the start of reforms, it increased the end-June 2025 target by $300 million to $400 million.

The IMF stated that although the official and black market rates converged as a result of the birr currency’s launch, market activity increased more slowly than anticipated, resulting in a sustained unmet demand for dollars.

According to the Fund, Ethiopia intends to agree with its bilateral creditors by the end of the year, and then “as soon as is feasible” with its Eurobond investors.

According to bondholders, the government was disregarding the fact that Ethiopia is dealing with a liquidity problem rather than an insolvency one when it suggested a haircut, or decrease in the principal amount, of 18% in a recent investor presentation.

“The authorities are making good faith efforts to agree terms with Eurobond holders,” the IMF said.

Between 2024 and 2029, Ethiopia’s national debt is expected to rise steadily by a total of 58.7 billion USD (+178.09%). The national debt is predicted to reach 91.7 billion USD in 2029, marking a new peak after ten years of continuous growth. Notably, throughout the previous few years, the national debt has been steadily rising.

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Musings From Abroad

Prince William visits South Africa, meets President Ramaphosa

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Following a nature walk in Table Mountain National Park with rangers and conservationists, Prince William of Britain, on his visit to South Africa, met with President Cyril Ramaphosa in Cape Town on Tuesday.

The Prince of Wales is in South Africa for four days to attend the annual Earthshot Prize awards event. In addition, he will attend a global wildlife meeting and participate in other climate-related events.

William and Ramaphosa were seen shaking hands and sharing pleasantries in video footage released by Ramaphosa’s office at the beginning of their meeting.

“The visit is indicative of the strong ties the United Kingdom, including the Royal Family, share with South Africa, and also another step towards the deepening of these historic ties,” South Africa’s presidency said in a statement.

According to the presidency, South Africa is happy to host this year’s Earthshot Prizes since it brings attention to the effects of environmental degradation and climate change in Africa.

Established in 2020, the prize seeks to identify technologies to address climate change and other environmental concerns. Five winners will get one million pounds ($1.3 million) apiece to support their projects.

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