Musings From Abroad

President de Sousa insists Portugal must ‘pay costs’ of slavery, colonial crimes

Published

7 months ago

April 24, 2024

Following recent conversations around reparations to countries with colonial heritage, Portuguese President, Marcelo Rebelo de Sousa, has added his voice to the argument that his country was responsible for crimes committed during the transatlantic slavery and the colonial era and suggested there was a need for reparations.

For over four hundred years, at least 12.5 million Africans were taken hostage, forced to be moved long distances by mostly European ships and merchants, and then sold as slaves.

At a meeting with foreign reporters late Tuesday night, Rebelo de Sousa said that Portugal “takes full responsibility” for the wrongs done in the past and that those wrongs, such as the killings of colonists, had “costs.”

“We have to pay the costs,” he said. “Are there actions that were not punished and those responsible were not arrested? Are there goods that were looted and not returned? Let’s see how we can repair this.”

Those who made it through the trip worked on farms in the Americas, mostly in Brazil and the Caribbean, while others made money off of their work. More than any other European country, Portugal traded almost 6 million Africans. The country has not done much to face its past, and schools don’t teach much about its part in transatlantic slavery.

More and more African and Caribbean countries want to set up a group to deal with making up for crimes that happened during the transatlantic slave trade. Payments of money or other forms of getting things right could be part of reparations.

Last week, United Nations High Commissioner for Human Rights Volker Turk said in an address at the closing of the four-day U.N. Permanent Forum on People of African Descent (PFPAD), called on countries to take real steps toward reparations for people of African descent. He appealed while adding his voice to calls for justice for the horrible crimes committed during slavery.

Last year, Rebelo de Sousa said that Portugal should say sorry for transatlantic slavery and colonialism, but he didn’t say sorry in full. He said on Tuesday that it was more important to own up to the past and take responsibility for it than to say sorry.

“Apologising is the easy part,” he said.

The United Kingdom, Japan, France, Germany, Italy, Portugal, the Netherlands, Denmark, Spain, and the United States of America were among the eleven countries that colonized more than 90% of the world’s 193 countries.

Related Topics:Colonialism Featured Portugal Slave Trade

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Musings From Abroad

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

Published

1 day ago

November 6, 2024

Ifeoluwa Dada

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.

Musings From Abroad

Prince William visits South Africa, meets President Ramaphosa

Published

3 days ago

November 4, 2024

Ifeoluwa Dada

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.