World
Russia Seeks Indivisible Working Relationship With IMF
By Kestér Kenn Klomegâh
After several years of mounting fierce criticisms over the operations and performance of the International Monetary Fund [IMF] and consistently advocating for its structural reforms, Russia has reversed its position to get back into and strengthen its position with this multilateral financial organization. With the current geopolitical shift which is reshaping the world’s economic architecture, Russia has been [re]prioritising its association by a fresh announcement over an appointment of a representative with the IMF.
In February 2024, the International Monetary Fund [IMF] endorsed Russia’s macroeconomic programmes, further describing them as admirable steps, and primarily with pivotal development initiatives which is integral to its broader strategy for transforming an ambitious modern economy. In fact, IMF director Kristalina Georgieva upgraded the forecast for Russia’s growth. Reports have also indicated that Russia was on the right path to achieve more and maintain its 4th position in the rankings. The IMF doubled its forecast for Russian growth in 2024, boosting its prediction from 1.1% to 2.6% in January. And that marks the biggest jump for the former Soviet republic, Russia.
On the other hand, Russian economic conditions are starting to look more and more like the country’s 20th-century predecessor, where high production levels clashed with weak demand. “That is pretty much what the Soviet Union used to look like,” Kristalina Ivanova Georgieva-Kinova, a Bulgarian economist serving as the 12th managing director of the International Monetary Fund since 2019, said at the World Governments Summit in Dubai. “High level of production, low level of consumption. I think that the Russian economy is [in] for very tough times, because of the outflow of people and because of the reduced access to technology that comes with the sanctions.”
Recognizing the importance of multinationals, in late September 2024, Prime Minister Mikhail Mishustin, by signing an executive order, instructed Finance Minister Anton Siluanov, who is International Monetary Fund Governor for the Russian Federation, to nominate Ksenia Yudaeva for election as Russia’s Executive Director at the IMF. Without a doubt, the sanctioned former central banker will now become Russia’s IMF representative.
Local Russian media reported that Yudaeva, a former Central Bank of Russia’s first deputy governor, could become Russia’s Executive Director at the IMF. It further said Alexei Mozhin had been Russia’s permanent representative at the IMF since the 1990s. Back in 1991, when Yegor Gaidar led the government, he headed a new department for liaison with international financial organizations, and he became Russia’s Executive Director at the IMF in 1996. Data shows that Russia joined the IMF on June 1, 1992.
Mozhin has served as the Dean of the IMF Executive Board since 2014 as the Fund’s oldest active member. This status carries with it certain functions, for example, the Dean makes announcements on behalf of the board on the selection and appointment of the IMF Managing Director. The IMF Board of Governors suspended the role of Dean in March 2022, in connection with the events in Ukraine.
In a related development in establishing a working relationship between Russia and the IMF, the September 2024 media briefing of the IMF report indicated that Article IV Consultations with Russia would resume in line with the obligations and would hold bilateral discussions with the Russian authorities. This would include meeting with some different stakeholders to discuss the country’s economic developments, prospects, and policies.
During the upcoming visit to Russia, there are arrangements to meet with Ksenia Yudaeva, the next Executive Director from Russia in the IMF. “Actually, in the case of Russia, since the invasion of Ukraine in 2022, the economic situation has been exceptionally unsettled, which has made it difficult to anchor Article IV Consultations, especially thinking about the outlook and policy frameworks for both the near- and the medium-term. Now that the economic situation is more settled, Article IV Consultations with Russia are resuming, in line with the obligations of both the Fund and the member country,” Julie Kozack, Director of the Communications Department, IMF, told the media briefing on September 12, 2024.
Quite a bit in the past time, Russia has made an irreversible decision to suspend its membership and future participation in a number of multinational organizations and institutions, and highly disparaging them instead of mutually cooperating on needed reforms within the context of the emerging multipolar system. With the dominance of the United States and its concept of democracy, Russia has also spearheaded the formation of anti-western antagonistic tendencies and trends across the world. The world is largely now drawn into either creating an interactive, fairer multipolar world or the group against Western hegemony.
Reports monitored by this author indicated that Russia has already exited, following the historic fall of the Soviet era, from international organizations and multinational institutions. It has urged many leaders in Latin America, Asia and Africa to vehemently oppose conservative Western-style rules-based order and hegemony. Remarkable, during these past few years, many countries from these regions have increasingly shown diverse interests in joining BRICS+ (Brazil, Russia, India, China and South Africa), an informal association with a virtual secretariat, attempting to institutionalize South-South cooperation and taking radical steps entirely working towards improving the situation in the Global South.
BRICS+ established its New Development Bank in 2015, as an alternative to the IMF and the World Bank. Its primary aim is to compete with these multinational financial institutions, offer interest-free loans and invest heavily in developing countries. At the 6th BRICS summit in July 2014, the BRICS members (Brazil, Russia, India, China, and South Africa) announced the BRICS Contingent Reserve Arrangement (CRA) with an initial size of $100 billion, a framework to provide liquidity through currency swaps in response to actual or potential short-term balance-of-payments pressures. It has yet to measure or assess the visible impact it has made since its establishment in 2015.
The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members’ economies. The recurrent challenge has been to promote and implement a policy that reduces the frequency of crises among emerging market countries, especially middle-income countries which are vulnerable to massive capital outflows. It supported Russia during the 1998 Russian financial crisis, from spreading and threatening the entire global financial and currency system. According to official reports, four emerging market countries (Brazil, China, India, and Russia) are among the ten largest members of the IMF. Other top 10 members are the United States, Japan, Germany, France, the United Kingdom and Italy.
World
Essent Slashes Contact Centre Technology Costs by 50%
By Modupe Gbadeyanka
The Netherlands’ largest energy provider, Essent, has cut the technology costs of its contact centre infrastructure by half.
The organisation, which serves 2.5 million customers, recorded zero critical incidents post-migration and improved agent workplace satisfaction by 36 per cent.
The migration was delivered in partnership with AI-first customer experience transformation specialists, Sabio Group, and was completed in under 12 weeks for an operation spanning over 1,000 agents across two locations.
Agents were forced to juggle multiple disconnected screens simultaneously — a workflow that was as inefficient as it was stressful.
“Our agents were constantly working with different screens — multiple chat instances open at once, multiple agent desktop instances. It was messy, and in some cases, quite stressful,” SAFe Product Manager for Customer Interaction, Omnichannel and Digital Transformation at Essent, Michiel Kouijzer, stated.
“A lot of colleagues were saying I was mad for even suggesting this approach. It kind of feels like a victory on a personal level that it did work out. You just have to be a little ambitious — and have the right expert partner who can make it work,” Kouijzer added.
With stable cloud infrastructure now firmly in place, Essent is turning its attention to the capabilities that were impossible in its legacy environment: AI-powered call summarisation, agentic customer self-service, and next-generation workforce optimisation.
Rather than a reckless ‘big bang’ cutover that could have affected service to millions of households, Sabio engineered a phased migration strategy — beginning with Essent’s SME segment to validate technical readiness before scaling to the full enterprise operation.
“This project showcases Sabio’s unique position in the contact centre technology landscape. We’re not just moving Essent to the cloud — we’re establishing a foundation for continuous improvement in their customer experience delivery,” the Country Manager for Sabio Group Benelux, Wouter Bakker, commented.
World
Africa: A New Market for Russian Business
By Kestér Kenn Klomegâh
On April 11, the presentation of the book “Africa: a new market for Russian business” took place, which aroused lively diverse interests among business representatives, entrepreneurs and employees of federal structures of Russia. The event was dedicated to discussing the prospects of Russian companies entering the African market and became a platform for the exchange of views and experiences.
Participating guests, packed in the small hall, included:
– representatives of business circles,
– entrepreneurs interested in new directions of development,
– employees of federal agencies curating foreign economic activity.
The presentation was held in a constructive and friendly atmosphere. The author of the book, Serge Fokas Odunlami, detailed the key ideas and conclusions presented in the publication. Particular attention was paid to the practical aspects of operating in the African market, as well as the analysis of opportunities and risks for Russian companies.
During the lively discussion, participants asked questions, shared their experiences and made suggestions for developing cooperation with African countries. This format allowed not only to get acquainted with the content of the book, but also to discuss topical issues of expanding business relations.
Meaning of the book: The publication, “Africa: a new market for Russian business” offers readers not only analytical, but also practical recommendations on investment and market trends, and how to enter the African market. The book will be a useful tool for those considering Africa as a promising destination for investment and business development.
The presentation of the book became a significant event for the Russian business community interested in expanding cooperation with Africa. Serge Fokas Odunlami introduced the participants to the new edition, which is a comprehensive business guide that gives an impetus for dialogue and implementation of joint entrepreneurial projects and corporate initiatives across Africa.
World
Ryan Collyer Reveals Reasons Behind Africa’s Significant Energy Deficit
By Kestér Kenn Klomegâh
Perhaps Russia’s state nuclear corporation, Rosatom, is at the frontline, shaping Africa’s energy security. And African countries are also accelerating coordinated efforts to build nuclear power plants primarily to supply their energy, which will drive industrialisation and boost power capacity for domestic utilisation.
Energy experts say adopting nuclear can further support a diverse energy mix, reduce reliance on fossil fuels, and help across the continent. Over the past two decades, Russia has been collaborating with African countries, adopting energy initiatives to provide power to approximately half the continent’s population, and making it an important component of Africa’s future energy strategy and solutions. At this point, however, it is necessary to underline the irreversible fact that Russia’s ultimate goal is to ensure long-term African energy security.
In this interview, Rosatom’s Chief Executive Director for Central and Southern Africa, Ryan Collyer, reiterates the strategic importance of Russia-Africa’s energy cooperation through strengthening bilateral agreements on collaboration on the peaceful use of nuclear energy. Collyer explains that the Russian approach is its ability to offer an integrated solution, from technology and financing to training and localisation. According to him, partnerships must be built on mutual benefit and on the principle of transparency. Here follows the interview excerpts:
What are the expectations, specifically in the nuclear energy sphere, for Africa during the forthcoming Russia–Africa Summit scheduled for 2026?
The expectation is a clear shift from dialogue to delivery. Over the past few years, we have built a strong foundation through agreements, feasibility discussions and partnerships. The 2026 Russia–Africa Summit is an opportunity to demonstrate tangible progress.
In practical terms, I would expect greater focus on implementation readiness. That includes regulatory development, human capital, financing models and localisation strategies. We also expect to see more structured cooperation in areas like small modular reactors, which are particularly relevant for many African grids, as well as stronger emphasis on education and training partnerships. Ultimately, the success of the Summit will be measured by how many initiatives move from concept to execution.
Why, despite many bilateral agreements, is Africa still experiencing a significant energy deficit?
Africa’s energy deficit is not a result of a lack of ambition or agreements. It is primarily a question of scale, financing and infrastructure readiness. Energy projects, especially large-scale ones, require long-term investment, stable policy frameworks and strong institutional capacity. Many countries are working under fiscal constraints, and at the same time, demand is growing rapidly due to population growth and urbanisation. So, even when progress is made, it can be outpaced by rising demand.
It is also important to understand that many agreements are not meant to deliver immediate infrastructure. They are part of a longer preparation cycle, including feasibility studies, regulatory development and workforce training. Nuclear projects in particular are long-term by nature, and while this can be perceived as slow progress, it is actually a reflection of the level of diligence required.
How do you assess the contribution of nuclear energy to climate change mitigation and technological development in Africa?
Nuclear energy plays a dual role in Africa’s development, both as a clean energy source and as a driver of technological advancement. From a climate perspective, nuclear provides reliable, low-carbon electricity at scale. Africa needs a significant expansion of its energy capacity to support economic growth, and this growth must be both stable and sustainable.
Nuclear allows countries to increase power generation without increasing emissions, while ensuring a consistent baseload supply. At the same time, its impact goes beyond electricity. Nuclear technologies support medicine, agriculture, water management and industrial processes. Across Africa, they are already used in areas such as cancer treatment, food preservation and environmental monitoring, making nuclear a broader platform for sustainable development.
In this context, Rosatom offers integrated solutions across the full nuclear value chain. This includes large-scale and small modular reactors, as well as advanced non-power applications such as nuclear medicine and irradiation technologies. Our focus is on delivering practical, tailored solutions that support long-term development and local capacity building.
Is Africa unprepared to deal with nuclear waste, as some critics suggest?
I would say that preparedness varies across countries, but it would be inaccurate to suggest that the issue is being ignored. Responsible nuclear programmes require a comprehensive approach to waste management from the very beginning. This includes legal frameworks, regulatory oversight, storage solutions and long-term planning. These elements are part of international best practice and are supported by organisations such as the IAEA. What is true is that this topic is often undercommunicated in the public space. It should be discussed more openly, because transparency builds trust.
Countries that are serious about nuclear energy understand that waste management is not optional. It is a core component of the programme, and it is addressed in parallel with all other aspects of development. Rosatom offers comprehensive solutions for spent fuel and radioactive waste management. These include technologies for safe storage, transportation, reprocessing and recycling of nuclear materials. In fact, advanced reprocessing solutions allow for the reuse of valuable components of spent fuel, significantly reducing the volume of waste and improving the overall sustainability of the nuclear cycle.
Nuclear power remains controversial. Why do you believe it is important for Africa, and what role does it play in the energy mix?
Africa needs a balanced and pragmatic energy strategy. The conversation should not be about choosing one technology over another, but about building an energy mix that is reliable, affordable and sustainable. Renewables will play a critical role and are already expanding rapidly. However, they are variable by nature. For industrialisation, countries also need stable, continuous power that is baseload. This is where nuclear can make a meaningful contribution. A diversified energy mix that includes renewables, nuclear, hydropower and other sources allows countries to reduce risk, improve energy security and support long-term economic growth.
Nuclear is not the only solution, but it is an important part of a resilient system, especially for countries with growing industrial ambitions. In this context, Rosatom is able to support countries with integrated energy solutions that combine reliability, sustainability and long-term partnership models, tailored to national development priorities.
How can we shift public perception, given the legacy of Chornobyl and Fukushima?
We cannot rewrite history, and we should not try to. Events like Chornobyl and Fukushima shaped public perception for a reason. The starting point is respect for those concerns, not dismissal. At the same time, what is often missing in the conversation is what happened after those events. Chornobyl, in particular, fundamentally reshaped the entire philosophy of nuclear safety. It led to a complete rethinking of reactor design, emergency response, and regulatory oversight. Independent regulators were strengthened, safety responsibilities were clearly separated from operators, and safety culture became not just a principle but a legal requirement supported by continuous drills and probabilistic risk assessments.
Technologically, the industry also changed dramatically. Modern reactors are designed to withstand even worst-case scenarios, with multi-layered “defence-in-depth” systems, core melt traps, and passive safety mechanisms that rely on natural physical processes rather than human intervention. These are not incremental improvements. They are the direct result of lessons learned at a very high cost. But facts alone do not change perception. People do not build trust through reports. They build it through experience and transparency. That is why our approach in Africa is deliberately open.
We create opportunities for students, young professionals and journalists to visit nuclear facilities, research centres and training programmes. When people can see how systems operate, how safety is managed, and how seriously it is taken, the conversation becomes more grounded and less abstract. There is also an important human dimension that is often overlooked.
The history of Chornobyl is not only a story of tragedy. It is also a story of professionalism, responsibility and the people who managed the crisis and generated the knowledge that made today’s safety standards possible. Acknowledging that the full picture helps move the discussion away from fear alone toward understanding. At the same time, we need to broaden the narrative. Nuclear is not only about power generation. It is about cancer treatment, food security, water management and high-skilled employment. When communities begin to connect nuclear technology with real benefits in their own lives, it stops being an abstract risk and starts becoming a practical solution. Ultimately, perception does not change through persuasion. It changes through consistency. Through transparency, long-term engagement, and real-world impact.
What are your final thoughts on Russia’s preparedness to support Africa’s nuclear ambitions?
Russia has demonstrated that it is committed to long-term partnerships in Africa, particularly in the nuclear sector. We are already seeing concrete examples of cooperation in areas such as project development, education and skills transfer. The key strength of the Russian approach is its ability to offer an integrated solution, from technology and financing to training and localisation. Partnerships must be built on mutual benefit and transparency. Africa’s priorities are clear: energy security, economic development and local capacity building. Any partner that is ready to contribute to these goals consistently and practically will have a meaningful role to play. If we look country by country, the picture becomes even more interesting.
Take Ethiopia. This is a country thinking long-term about energy security and industrialisation. It has strong hydropower, but also understands the need to diversify. Ethiopia is prepared to take a big step towards nuclear energy. In Rwanda, the approach is different. It is focused on innovation and speed. There is a strong interest in small and flexible nuclear technologies, alongside active use of nuclear science in healthcare and agriculture. What stands out is the clarity of vision and pace of implementation.
Then, there is Namibia. As a major uranium producer, the question is how to move up the value chain. Partnerships can help connect resources to technology, skills and future energy applications. So, Russia’s role is not one-size-fits-all.
The real strength lies in adapting to each country’s strategy. If that continues, nuclear cooperation becomes not just about energy, but about shaping long-term technological development. Rosatom is one of the few global players capable of delivering the entire nuclear value chain. This includes reactor technologies, fuel supply, waste management solutions, including reprocessing, as well as long-term operational support and human capital development. This comprehensive capability is what allows us to move projects from concept to reality in a structured and sustainable way.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
