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Ethiopian PM Abiy Ahmed meets Putin at BRICS, eyes stronger ties

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Ethiopian Prime Minister Abiy Ahmed, who is representing a member country at his first BRIC summit, had a bilateral discussion with Russian President, Vladimir Putin.

 

 

The Russian leader praised the countries’ closeness and referred to Ethiopia’s joining the organisation as a “important step.” They have had diplomatic relations for over a century.

 

“Our countries’ positions on most global and regional issues are often quite close. We appreciate that Ethiopia supports most Russian initiatives in the United Nations,” Putin said.

 

 

Abiy Ahmed urged robust intra-BRICS investment and trade in strategic areas during his speech at the 16th BRICS Summit in Kazan.

 

Under his leadership, his nation’s economy ranked third in Sub-Saharan Africa.

 

Earlier this year, Ethiopia officially became a member of the rising economies group. It is among the most recent additions to the block.

 

 

By elevating the voices of the Global South, the BRICS nations have demonstrated their will to realise their vision of a multipolar world. The bloc has even been hailed by some members as a counterweight to the world order dominated by the West.

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Sudanese army reports first RSF commander defection

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Sudan’s army announced on Sunday that a Rapid Support Forces commander had defected with some of his troops, the first senior person to do so since the war began more than 18 months ago.

Army supporters uploaded pictures of Abuagla Keikal online, claiming to be of the former army officer who defected and became the top commander of the RSF in the southeast state of El Gezira.

Later, the RSF released a statement in which it claimed that Keikal had changed sides following a “deal” and that the soldiers who defected with him in the eastern state of El Gezira had suffered losses.

The army, which has recently reported gains against the RSF in parts of the capital, said Keikal had decided to make the move because of the RSF’s “destructive agenda”.

Keikal, a military intelligence official before the war, did not immediately respond to requests for comment. The RSF has taken over large swathes of Sudan in a fight with the army that the UN believes has resulted in one of the greatest humanitarian disasters in history.

Over ten million people have been displaced by the war, which has also caused severe starvation in some areas of the nation and attracted international powers who have provided material support to both sides.

It started in April 2023 when rivalries between the army and the RSF, vying for influence before a transition to civilian rule supported by the international community, became apparent.

After pulling off a coup in 2021, two years after veteran tyrant Omar al-Bashir was overthrown by a popular revolt, the army and the RSF had previously shared power.

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Report: Nigerian govt borrowed $6.45bn from World Bank in 16 months

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In just 16 months, the Nigerian government, under President Bola Tinubu, has obtained $6.45 billion in loans from the World Bank.

Following the recent acceptance of three fresh loans totalling $1.57 billion from the World Bank for various projects in Nigeria, the amount grew to the new figure and is anticipated to rise much higher in the upcoming months.

In just five years, the international organisation had granted the government 36 loan requests totalling a whopping $24.088 billion. These appravals, which are intended to fund different development projects across the nation, coincide with growing apprehensions regarding the nation’s rising debt load, raising concerns about the viability of these financial commitments and their possible long-term impacts on the economy.

Under Tinubu, some of the projects include loans for power ($750 million), resource mobilisation reforms ($750 million), women’s empowerment ($500 million), girls’ education ($700 million), renewable energy ($750 million), and economic stabilisation reforms ($1.5 billion).

Long years of deteriorating infrastructure and rising unemployment have made many Nigerians feel more resentful of the government’s plan to borrow money. Even while a few of them acknowledge that there aren’t enough resources given the large population, they don’t think the previous borrowing was necessary.

On Tuesday, an examination of records retrieved from the foreign lender website revealed that, since 2020, the foreign lender has continued to provide the country an annual credit approval.

A quick glance revealed that in 2020, the lender granted 15 loan requests totalling $6.36 billion. These initiatives include, among others, the $510 million Nigeria Rural Access and Agricultural Marketing Project, the $430 million Nigeria Digital Identification for Development project, and the $750 million Nigeria SATAN extra financing for COVID-19 response.

While the country, during the government of former President Muhammadu Buhari, received loans for $1.26 billion in 2022 for six projects, the loan demands were cut to six projects worth $3.2 billion in 2021.

For example, on March 18, 2022, a $500 million loan request for a project supporting cattle productivity and resilience was accepted. In the same year, a second $750 million loan was authorised under the Nigeria: State Action on Business Enabling Reforms Program. Additionally, $3.9 million was obtained to fund women’s projects in Nigeria through the Umbrella organisation.

Nigeria’s debt servicing reached N6.04 trillion in the first half of 2024, according to the most recent data released by the Central Bank of Nigeria earlier this week. This represents a notable rise of 68.8% over the N3.58 trillion recorded during the same time in 2023.

This implies that during the assessment period, the Nigerian government’s debt servicing costs were around three times more than its personnel costs.

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