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Ethiopia’s legislature authorises additional $4.8 billion for 2024–2025 budget

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According to a parliament broadcast, Ethiopian MPs accepted the government’s proposal on Tuesday to raise spending by an extra 581.98 billion Ethiopian birr ($4.8 billion) for the fiscal year 2024–2025.

The additional investment, agreed by the cabinet last week, adds to the 971.2 billion birr originally announced for 2024–2025—a 21% increase over the previous year. The fiscal year of Ethiopia runs from July 8 to July 7.

Ahmed Shide, the finance minister, said to MPs that some of the extra money will go towards subsidising the price of petrol, oil, fertiliser, and medications.

The country in East Africa is recovering from several economic shocks, such as the COVID-19 epidemic, the terrible two-year conflict in northern Tigray, and severe weather.

Not long after floating its currency on July 29, it won a $3.4 billion, four-year program from the International Monetary Fund. The long-awaited debt restructuring was made possible by this action.

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Mali: 7 Russian mercenaries killed

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An al Qaeda offshoot in North Africa has claimed responsibility for the attack in central Mali, killing at least seven mercenaries from Russia’s Wagner private military contractor company.

Wagner earlier lost a battle in July with mostly Tuareg rebels and Islamists close to Mali’s Algerian border, exposing the perils faced by mercenaries used by military juntas in the Sahel area of West Africa.

The separatists and strong branches of Al Qaeda and Islamic State, which have taken over large areas of the Sahel over the past 12 years, are difficult for Mali and its neighbours Burkina Faso and Niger to control.

The al Qaeda offshoot JNIM claimed responsibility for the Thursday attack, according to a statement from SITE Intelligence Group, which keeps an eye on extremist activity in the area. According to SITE, JNIM captured several weapons and killed seven Russian Wagner mercenaries.

Following an attack, the bodies of at least five white males wearing army fatigues were seen laying near a military truck in a video obtained by Reuters. The validity of the footage could not be confirmed by Reuters.

SITE Intelligence posted images allegedly from JNIM that showed many crates of weapons and ammo together with the dead and bloodied bodies of troops.

Although two local officials acknowledged the incident, a Malian army source claimed to have seen seven dead bodies, including Russian fighters. Five Wagner warriors were slain, according to one of them.

At least six Russians have been murdered in the attack, which was carried out by Katiba Macina, a division of JNIM, according to a consultant working on security in the area.

The expert referred to the Russians as Africa Corps warriors, a paramilitary group under Kremlin leadership that has taken Wagner’s position in Africa throughout the previous 12 months.

Mali has previously said that Russian servicemen trainers are assisting local troops with Russian-purchased weaponry rather than mercenaries.

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Mauritius’ Prime Minister to double as Finance Minister

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In an effort to maintain a tight eye on the economy, Mauritius’ Prime Minister, Navin Ramgoolam, who took office this month following a resounding election victory, said on Friday that he would retain the position of finance minister for himself.

“We are doing an audit of the economy to see to what extent the outgoing government has destroyed it,” Ramgoolam told reporters in the capital Port Louis after he presided over the swearing-in of other ministers.

Ten years after he stepped down as prime minister, the seasoned politician returned to the position when his Alliance du Changement (ADC) alliance won 60 of the 62 seats in the national legislature.

The 77-year-old Ramgoolam said earlier this week that he would be auditing governmental finances. Before this, he was prime minister from 1995 to 2000 and again from 2005 to 2014.

Ramgoolam started a campaign in 2006 to streamline taxes and reduce bureaucracy to diversify the $10 billion economy beyond exports of sugar, textiles, and tourism.

Since then, the 1.3 million-person nation, which positions itself as a bridge between Africa and Asia, has developed into a major offshore financial hub and has been rated by the World Bank as the easiest location to do business in Africa regularly.

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