VenturesNow

Nigeria’s Okonjo-Iweala gets endorsement for 2nd term as WTO DG

Published

4 months ago

July 13, 2024

According to a letter released on Friday, the African Group has asked Nigeria’s Ngozi Okonjo-Iweala, the World Trade Organization (WTO), Director-General, to run for a second term as head of the global trade watchdog.

Before Cameroon hosts the next important ministerial meeting, the accomplishments obtained during her tenure must be advanced, according to a document submitted by Chad. It stated, “The African Group is of the view that it would be in the organisation’s best interest if the process of reappointment were to start early.”

Given Donald Trump’s administration’s opposition to Okonjo-Iweala’s nomination, several WTO delegates have quietly conjectured that the U.S. presidential candidate may decide not to seek reelection in November.

When a WTO screening team proposed Okonjo-Iweala for the CEO job in October—a decision that required consensus—she faced resistance from the US administration, led by former President Donald Trump.

The African group comprises nine observers and 44 African World Trade Organization (WTO) members. Typically, a single coordinator or negotiation team is used to represent the whole group.

The Biden administration announced its support for the former Nigerian Finance Minister to become the next director-general of the World Trade Organization after South Korea’s trade minister Yoo Myung-hee withdrew, making room for Okonjo-Iweala to assume the role of director-general of the global trade group.

The ruling brought the United States into line with most of the rest of the world, breaking with the Trump administration’s objection to Okonjo-Iweala.

In her capacity as Nigeria’s Minister of Finance, she oversaw talks with the Paris Club of Creditors that led to the country’s debt being eliminated by $30 billion, with $18 billion of it being cancelled altogether. During her second tenure, Dr Okonjo-Iweala led reforms that reinforced government institutions against corruption and increased openness in government accounting.

VenturesNow

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.

VenturesNow

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

Published

5 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.