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Abebe Selassie to Retire as Director of African Department at IMF

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Abebe Aemro Selassie

By Kestér Kenn Klomegâh

The International Monetary Fund (IMF) has announced the retirement of its director of the African department, Abebe Aemro Selassie, on May 1, 2026. Since his appointment in 2016, Abebe Selassie has served in this position for a decade. During his tenure, IMF added a 25th chair to its Executive Board, increasing the voice of sub-Saharan Africa.

As a director for Africa, he has overseen the IMF’s engagement with 45 countries across sub-Saharan Africa. Abebe and his team work closely with the region’s leaders and policymakers to improve economic and development outcomes. This includes oversight of the IMF’s intensified engagement with the region in recent years, including some $60 billion in financial support the institution has provided to countries since 2020. Reports indicated that under his leadership, his department generally reinforces the organization’s role as a trusted partner to many African countries.

Abebe Selassie has worked with both the regional economic blocs and the African Union (AU) as well as individual African states. The key focus has been the strategic articulation of Africa’s development priorities in reshaping economic governance, mobilizing sustainable investments, and addressing systemic financial challenges.

It is important noting that the IMF has funded diverse infrastructure projects that facilitated either export-led growth or import substitution industrialization models of development. Further to that, African states have also made numerous loans and benefited from much-needed debt relief.

Summarizing the IMF’s key focus areas, among others, for Africa: (i) reforming the global financial architecture in an effort to improve the structure, institutions, rules, and processes that govern international finance in order to make the global economy more stable, equitable, and resilient.

Concessional financing to counter rising borrowing costs, with Africa paying up to 5 times more in interest than advanced economies (AfDB, 2023). Fair representation, pushing for IMF quota reforms to reflect Africa’s $3.4 trillion collective GDP—yet the continent holds less than 5% of voting shares in Bretton Woods institutions.

(ii) Unlocking Investments for Jobs and Sustainable Growth. With Africa’s working-age population set to double to 1 billion by 2050, the African states spotlight: The African Continental Free Trade Area (AfCFTA), projected to boost intra-African trade by 52% and create 30 million jobs by 2035 (World Bank, 2024).  Infrastructure partnerships, targeting sectors such as renewable energy, where Africa receives only 2% of global clean energy investments despite its vast solar and wind potential (IEA, 2024).

(iii) Climate Finance and Debt Relief for Resilience: Africa contributes less than 4% of global emissions but bears the brunt of climate shocks, losing 5–15% of GDP per capita to climate-related disasters annually (African Development Bank, 2024). These are strictly in alignment with Agenda 2063’s aspirations for inclusive growth, maximizing multilateral cooperation and enhancing global engagement with the continent.

“I am deeply grateful for Abe’s visionary leadership, dedication to the Fund’s mission, and unwavering commitment to the members in the region,” Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF). “The legacy he leaves on the Fund’s work in Africa is one of alignment with the aspirations of people, especially the youth, for good governance, strong economies and lasting prosperity. His trusted advice has been invaluable to me personally, and his leadership has strengthened our mission.”

“A national of Ethiopia, Selassie first joined the IMF in 1994. Over his remarkable 32-year career, he held senior positions including Deputy Director in AFR, Mission Chief for Portugal and South Africa, Division Chief of the Regional Studies Division, and Senior Resident Representative in Uganda. Earlier, he contributed to programs in Turkey, Thailand, Romania, and Estonia, and worked on policy, operational review, and economic research.”

Under his ten-year leadership and as director of the African Department (AFR), Abebe Selassie helped to reinforce the Fund’s role as a trusted partner with sub-Saharan African members. The International Monetary Fund (IMF) is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty.

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Africa Takes Centre Stage as Addis Ababa Hosts the World Public Summit

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Addis Ababa World Public Summit

By Kestér Kenn Klomegâh

For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”

The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.

The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.

Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.

The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.

The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.

The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.

Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.

On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.

One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.

The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.

According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”

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UK Set for Seventh Prime Minister in 10 Years as Keir Starmer Resigns

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Keir Starmer

By Adedapo Adesanya

The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.

The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.

Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.

Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.

He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.

His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.

Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.

“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.

Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.

It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.

Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.

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AXIAN Energy Secures $60m for Expansion Across Africa

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axian energy

By Aduragbemi Omiyale

A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.

The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.

It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.

The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.

Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.

Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.

The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”

Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.

“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.

“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”

The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.

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