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World Bank to fund UN’s food programme in Sudan with $100 million

Published

2 years ago

July 22, 2022

The World Bank will fund the United Nations’s World Food Programme in Sudan with $100 million.

According to a statement by the World Bank on Thursday, the “emergency safety net project” is aimed at addressing food insecurity in Sudan, it said in a statement on Thursday.

World Bank’s country director, Ousmane Dione, remarked that “while funding under agreements signed with the Government of Sudan remains paused, development partners are pleased to provide direct support to the Sudanese people during this critical time.”

The UN in March warned that the number of people who are severely hungry in Sudan could double by September as a result of poor harvests, economic crisis, internal conflict and the Russian invasion of Ukraine.

The emergency programme, is being funded by the the European Union, United Kingdom, Saudi Arabia and several other Western nations, aims to provide 2 million Sudanese with cash transfers and food.

A changing climate, increases in conflict and unproductive farming have compounded the food crisis problem in Africa, but will the hand-outs from the international community be enough to secure Africa’s belly? The answer is clear, the continent which is blessed with agric-friendly climate and topography must deliberately drive her food sufficiency.

Related Topics:Featured FOOD SECURITY Sudan World Bank

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Moroccan annual inflation rises to 0.8% in November

Published

24 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”