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Egypt’s non-oil sector improved in June— Report

Published

5 months ago

July 4, 2024

Months after an infusion of foreign cash from the UAE and an expanded arrangement with the IMF, Egypt’s non-oil private sector showed more signs of improvement in June, according to a poll released on Thursday.

Egypt’s S&P Global Purchasing Managers’ Index increased from 49.6 in May to 49.9 in June, an improvement attributed to reducing price pressures and improved demand forecasts. It demonstrates that the country was approaching recovery while staying below the 50.0 level that separates growth from contraction for 43 straight months.

“Egyptian non-oil companies saw an increase in sales volumes in June for the first time since August 2021,” S&P Global said.

The survey follows a reshuffled cabinet took office with the mandate to reduce inflation and increase investment.

The sub-index for new orders recorded 50.2 points, the highest level since August 2021. The most encouraging signals came from the industrial and services sectors, which the companies attributed to a rebound in market conditions. On the other hand, construction activity decreased.

June saw a mostly stable job market as some businesses announced increases in hiring to keep up with demand, while others did not replace laid-off or retired employees.

According to S&P analyst David Owen, companies seem to be “heading on the road to recovery”.

“If we see further rises in sales and purchases in the second half of this year, firms should have the motivation and need to expand their output,” Owen said.

“While June saw the fastest rise in input prices for three months, firms generally commented that this was due to a high degree of volatility in market prices rather than an accelerating inflation trend,” S&P Global said.

The study did note that the future output sub-index reached its lowest point in the series’ history, with the majority of businesses expressing uncertainty about their potential to grow in light of the current economic unrest.

“Some hoped for a pick-up in demand. Positive expectations were seen in three out of the four monitored sectors, with construction the outlier,” S&P Global said.

Related Topics:Egypt Featured Non oil profit

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Ivory Coast to create $500 million green financing fund

Published

4 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

1 week 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