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Ivory Coast’s Ouattara becomes IMF executive board member

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Wautabouna Ouattara of Ivory Coast has been appointed as the third director for Sub-Saharan Africa on the executive board of the International Monetary Fund (IMF), which strengthens the region’s influence in policy-making by serving as the lender of last resort.

There are now 25 members of the executive board, which is in charge of the fund’s daily operations, thanks to the new role.

“The addition of a third African chair to our Board reflects the continent’s tremendous progress in developing its human and economic potential,” IMF Managing Director Kristalina Georgieva said in a statement on Friday.

After an election, an additional regional representative was formally appointed to the board, according to the IMF. It is its first expansion since 1992 when the Soviet bloc broke up and two postings were established for the former Soviet Union nations.

Despite having 18% of the world’s population, Africa’s 54 nations—the largest bloc in terms of number among the IMF’s 191 members—only have 6.5% of voting rights. About half of that comes from Sub-Saharan Africa’s vote portion.

A year ago, in Marrakech, Morocco, the new position for the area on the board was unveiled. However, detractors claim that, while the region struggles with debt, it does not adequately meet its requirements.

As nations like Zambia and Ghana restructured their loans and others, like Kenya, looked to the Fund for greater liquidity support because of rising debt interest obligations, the IMF has been playing an increasingly important role in the management of economies in Sub-Saharan Africa in recent years.

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Musings From Abroad

Brazilian meatpacker JBS invests $2.5 billion in Nigeria, builds six facilities

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Brazilian meatpacker JBS says it has inked a memorandum of understanding with the Nigerian government for a $2.5 billion investment plan that will include the construction of six new plants in the African nation.

Three of the plants would deal in poultry, two in beef, and one in pork, according to a statement from JBS.

In accordance with the memorandum of understanding, JBS stated that it would develop a five-year investment plan in Nigeria, which would include budget estimates, feasibility studies, and an action plan for the development of the local supply chain.

The Nigerian government would then guarantee the sanitary, regulatory, and economic conditions required for the project’s viability, JBS continued.

 

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Musings From Abroad

China’s Xi meets with Morocco’s Crown Prince

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Morocco’s official media reports that Chinese President, Xi Jinping, visited Morocco briefly on Thursday.

According to Morocco’s MAP, Crown Prince Moulay El Hassan welcomed Xi in Casablanca. The visit demonstrated the close ties of camaraderie, collaboration, and solidarity between the Moroccan and Chinese peoples, it said.

China’s official broadcaster, CCTV, said that Xi and Hassan had a “cordial conversation” at the airport after being received by the Crown Prince and Moroccan Prime Minister Aziz Akhannouch.

After attending the G20 Summit in Brazil, Xi paid the visit.

In recent years, China has increased its investments in Morocco’s rail and infrastructure. Morocco is desirable for Chinese electric car battery manufacturers because of its proximity to Europe, free trade agreements with important EU and US markets, and an established automotive sector.

Morocco was chosen by Chinese EV battery company Gotion High Tech in June to establish Africa’s first gigafactory, which will cost $1.3 billion in total.

 

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