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Egypt signs IMF agreement following sharp rate increase

Published

9 months ago

March 7, 2024

Hours after the central bank unhinged its currency and raised interest rates by 600 basis points in an effort to stabilise the economy, Egypt struck a larger $8 billion deal with the International Monetary Fund (IMF)

Egypt would also receive a $1.2 billion loan for environmental sustainability, according to the administration, increasing its total amount from the IMF to nearly $9 billion. In comparison to some analysts’ expectations, this was on the lower end.

After months of attempts by Egypt to maintain its value at around 30.85 pounds to the dollar, the currency fell to more than 50 Egyptian pounds to the dollar, a figure well above historical records. At 49.4 to the dollar, it closed.

The IMF, which had been in talks to extend the Fund’s existing $3 billion support package for the most populous country in the Arab world, has made a more flexible exchange rate a major demand, believing that it is essential to regaining investor confidence.

In the past, Egypt has promised to switch to a more flexible exchange rate, but once the value of the pound declined, it would immediately resume strict currency management.

This time, following a protracted economic crisis associated with persistent shortages of foreign exchange, the hope is that hard currency inflows—such as the $35 billion investment agreement with the United Arab Emirates agreed in late February—will avert a collapse.

Analysts claim that there are still concerns about the commitment to structural reforms that have been evaded time and time again, such as lowering the state’s and the military’s extensive commercial interests.

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Ivory Coast to create $500 million green financing fund

Published

3 days ago

November 17, 2024

Ifeoluwa Dada

Ivory Coast will establish a $500 million green financing fund to assist sustainable growth, the IMF said.

Africa’s 54 countries have been worst hit by climate change, although emitting less pollution than developed nations. They get only 1% of yearly global climate financing.

The African Green Banks Initiative aims to develop a $1.5 billion ecosystem of green investment facilities by 2030, including Ivory Coast’s new facility.

The Global Environment Facility, the Green Climate Fund, the Ivory Coast government, multilateral development banks, development finance organisations, and possible private sources will all contribute to the facility’s capitalisation.

The leading cocoa-growing country in the world, West Africa, has been drafting new legislation to help other green finance projects, such as a body to regulate carbon credit management.

The consequences of climate change have disproportionately affected Africa, making cyclones, floods, and droughts worse in recent years.

A 30-month, $1.3 billion loan agreement for Ivory Coast under the IMF’s Resilience and Sustainability Facility was authorised by the executive board in March.

According to the IMF, the funding agreement will help the Abidjani administration implement its pledge to lessen the negative consequences of climate change.

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1,172 Nigerians killed, over 1,000 kidnapped in nine months— NHRC

Published

6 days ago

November 14, 2024

Isaac Dachen

The National Human Rights Commission (NHRC) has put the figures of Nigerians killed and kidnapped by non-state actors from January to September 2024, at 1,172 and 1,463 respectively.

A new data released on Wednesday by the organization reveal that the month of May saw the 298 persons killed, making it the highest, while March recorded the highest number of abductions with 499 kidnappings.

These data which was presented at a workshop on the state of human rights in Nigeria by the commission and the European Union, in Abuja, attributed the rise in kidnappings, killings and child abandonment in Nigeria to the negligence and failure of the state to protect its citizens.

While presenting the data, NHRC Senior Human Rights Adviser, Hillary Ogbonna, gave a breakdown of what he described as the alarming rise in human rights abuses, including kidnappings, killings and child abandonment.

“By January 2024, we already had 150 kidnappings and 55 killings associated mainly with non-state actors. What has become the norm is the killing of law enforcement officers,” Ogbonna said.

“We started with seven policemen killed in January. From victims’ perspectives, we had quite a number of victims for human rights violations for January.”

Also speaking at the event, the NHRC Executive Secretary in Nigeria, Tony Ojukwu, said:

“In recent years, we have witnessed alarming trends and threats against those who dare to speak the truth to power.

“It serves as a stark reminder that the protection of human rights is an ongoing struggle that requires continuous vigilance, action and cooperation from all sectors of the society,” Ojukwu said.

A delegation from the EU which also made a presentation, reiterated its commitment to support Nigeria to overcome these challenges, while urging the Federal Government to work with the armed forces to end this trend.

“The European Union will continue to work around the world through diplomacy,” the Head of EU Delegation, Zissimos Vergos, said.h