Musings From Abroad

WHO ‘very worried’ over spread of Mpox varieties in Congo DR

Published

1 year ago

December 8, 2023

A senior official of the World Health Organization (WHO), Rosamund Lewis, has said that the body is “very worried” about the spread of a variety of Mpox that has killed nearly 600 people in the Democratic Republic of Congo this year.

This year alone, Congo DR has reported 13,000 cases, which is more than twice as many as during the last peak in 2020, with the disease occurring in almost every province. The WHO is working with the authorities on the response and a risk assessment.

The dangerous clade mpox outbreak was the subject of a warning released by the U.S. Centre for Disease Control and Prevention (CDC) on Thursday.

“The virus variant is known to be more virulent. If it adapts better to human-to-human transmission, that presents a risk,” Lewis, WHO’s mpox lead, told journalists.

WHO in May announced that the disease was no longer a global health emergency after which its director-general, Tedros Adhanom Ghebreyesus, declared the end of the emergency status for the disease.

Most reported cases of the disease were identified through sexual health or other health services in primary or secondary healthcare facilities, and involved mainly, but not exclusively, men who have sex with men.

A less severe form known as clade II started to spread around the world last year, mostly through male-to-male sexual contact, prompting WHO to declare a public health emergency.

Lewis expressed concern over new evidence suggesting that clade I can also spread through sexual contact. According to her, mumps can also infect humans through contaminated animals or family members living together in a home. Children and those with weakened immune systems are particularly vulnerable; in up to 10% of cases of clade I, illness results in death.

“We have very little information of who is dying of mpox [in DRC] other than age,” said Lewis, adding more data was needed.

The viral infection known as mpox spreads by intimate contact and results in lesions filled with pus and flu-like symptoms. Although most cases are mild and can be fatal.

Musings From Abroad

World Bank doubts Ethiopia-IMF debt assessment

Published

9 hours ago

December 24, 2024

Ifeoluwa Dada

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.

Musings From Abroad

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

Published

4 days ago

December 21, 2024

Ifeoluwa Dada

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.