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Ukraine promises more grain exports to African countries to tackle food crisis

Published

2 years ago

October 4, 2022

Ukraine has promised to send more grain to African countries in a bid to tackle growing food insecurity on the continent, the European country’s Foreign Minister, Dmytro Kuleba, said in Senegal on Tuesday as he begins a tour of selected African countries.

Kuleba who held meetings with Senegal’s President Macky Sall and Foreign Minister Aïssata Tall Sall in Dakar, said despite the war ravaging his country, that would not stop it from sending “boats full of seeds for Africa”.

“We will do our best until the last breath to continue exporting Ukrainian grain to Africa and the world for food security,” Kuleba said at a joint press briefing with Sall after the meeting.

“I do not come to Africa against anyone. We must strengthen our cooperation. Our future depends on the relationships we build and what happens every day.

“The Senegalese may be surprised if they listen to Russian propaganda. Russia wanted to make believe that the war is because Ukraine wants to be a member of NATO. Finland wants to be a member. And yet Russia did not attack it.

“Russia also believes that we are one people. This is not true. The language we speak is not the same. We have a different culture and a different people. If someone tries to impose a doctrine on you, you would reject it,” he added.

Since Russian-Ukraine war began in February, many African countries who depends on Ukraine for most of their wheat imports have been battling with shortages following blockades by Russia.

Many African nations have also maintained stoic neutrality in the war with more than 25 countries refusing to vote or abstaining from voting on United Nations resolution condemning the war earlier this year.

Senegal was among those that abstained with Sall who is the Chairperson of the African Union, telling the UN General Assembly last month that Africa “does not want to be the breeding ground of a new Cold War.”

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IMF mission concludes 4th loan program assessment in Egypt

Published

3 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

4 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.