Musings From Abroad

US to send 24 additional armoured vehicles to Kenyan police on mission in Haiti

Published

4 months ago

August 25, 2024

The United States military announced on Friday that it would provide 24 more armoured vehicles to Kenyan soldiers stationed in Haiti, who are in charge of a protracted security operation in the country devastated by violence in the Caribbean.

About 400 Kenyan policemen recently deployed to Haiti as part of a security mission authorised by the United Nations to combat heavily armed gangs who have taken over most of the capital.

The former administration of Haiti first requested the mission in 2022. Kenya is the only country that has sent troops out of the small group of nations who have pledged more than 2,500 troops in total.

The Department of Defense’s combined military command for Latin America and the Caribbean, known as SouthCom, or U.S. Southern Command, said that it will use U.S. Air Force C-17 cargo planes to transport the mine-resistant ambush-protected (MRAP) MaxxPros to the capital’s main airport.

The statement indicated that the shipments would begin on Friday, bringing the total number of MRAPs supplied by the US to ten.

Additionally, it stated that 34 Overhead Gunner Protection Kits, or “turrets,” will be delivered by the aircraft to military-funded contractors who will mount them on the armoured vehicles to improve their field of vision during cooperative operations with the national police.

One of the mission’s first big sorties from the capital proved to be disastrous when Kenyan forces were forced to evacuate the Haitian village of Ganthier in late July.

The Miami Herald, citing a spokesman for the Kenyan army, stated that the lack of towers on the first MRAPs the Americans gave prevented personnel from fighting or retaliating against strikes from within.

Violence in Ganthier had by Aug. 1 displaced nearly 6,000 residents, U.N. data showed.

Close to 600,000 people have been internally displaced by the conflict and hundreds of thousands of would-be migrants deported back to Haiti, where nearly 5 million people are suffering from severe hunger. The mission’s initial 12-month mandate is set to end in October.

Haiti first looked to outside assistance in 2022 as gang violence intensified. Still, it was unable to find a leader willing to take the reins, and many foreign governments were hesitant to support the unelected government in the impoverished country.

Kenya, which has a lengthy history of taking part in international peacekeeping operations, announced earlier year that it was sending 1,000 police officers, citing its support for a neighbouring nation as groundwork.

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Musings From Abroad

World Bank doubts Ethiopia-IMF debt assessment

Published

1 day 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.