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Russia Strengthens Political, Economic Ties With Guinea-Bissau

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Russia Guinea-Bissau Economic Ties

By Kester Kenn Klomegah

Russian Foreign Minister Sergey Lavrov and Guinea-Bissau Suzi Carla Barbosa have signed a memorandum on political consultations. This aims at strengthening political dialogue and promoting consistency in good cooperation at the international arena.

Russia expects trade and economic ties with Guinea-Bissau will continue developing; they must correspond to the high level of the political dialogue between the countries, Minister Lavrov said in his opening remarks with his counterpart from Guinea-Bissau Suzi Carla Barbosa.

“Probably, the next natural step will be to build up our trade-economic, investment cooperation in order to bring it to the level of our sound, confident political dialogue,” the Russian Minister added.

Speculation aside, the face-to-face diplomatic talks focus on effective ways for developing tangible cooperation in the most diverse areas in Guinea-Bissau. The meeting agreed to take a number of practical steps, including reciprocal visits by entrepreneurs both ways.

“We talked about more efficient ways of developing our trade and economic cooperation. We agreed to undertake a range of specific steps, including the trips of businessmen from Guinea-Bissau to Russia and then from Russia to Guinea-Bissau,” Lavrov said.

Last year, Prime Minister of Guinea-Bissau Nuno Gomes Nabiam met with representatives of the Russian business community. The areas of interest mentioned in this respect included exploration of natural resources, construction of infrastructure facilities, as well as the development of agriculture and fisheries.

Guineans are keen on deepening bilateral cooperation in fishing. The five Russian fishing trawlers have recently resumed their operations in the exclusive economic zone of Guinea-Bissau.

As explained at the media conference, the topics discussed for cooperation included such spheres as natural resources tapping, infrastructure development, agriculture and fisheries

In terms of education, over 5,000 people have already entered civilian professions, and more than 3,000 people have acquired military specialities, which is important for Guinea-Bissau. In addition, a military and technical intergovernmental cooperation agreement is about to enter in force. According to reports, Russia would continue to pursue military cooperation with the country.

Both ministers reviewed the situation in Mali, the Republic of Guinea and some other African areas, with an emphasis on West Africa and the Sahara-Sahel region.

Lavrov and Carla Barbosa discussed preparations for the second Russia-Africa summit planned for 2022. With high hopes that the collective attendance will include President of Guinea-Bissau Umaro Sissoco Embalo.

Guinea-Bissau, like many African states, has had political problems. In April 2020, the regional group of fifteen West African countries often referred to as ECOWAS, after months of election dispute finally recognized the victory of Umaro Sissoco Embaló of Guinea-Bissau.

Perspectives for future development are immense in the country. The marine resources and other water bodies are an integral part of the livelihood. Steps to increase agricultural production are necessary. The economy largely depends on agriculture: fish, cashew nuts and peanuts are its major exports. Its population is estimated at 1.9 million, and more than two-thirds live below the poverty line.

Sharing borders with Guinea (to the southeast), Gambia and Senegal (to the north), Guinea-Bissau attained its independence in September 1973. Guinea-Bissau follows a nonaligned foreign policy and seeks friendly and cooperative relations with a wide variety of states and organizations. Besides, Eсonomic Community of West African States (ECOWAS), Guinea-Bissau is a member of the African Union (AU) and the United Nations.

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World Bank Gives $300m Budget Support to Mozambique

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Mozambique

By Kestér Kenn Klomegâh

By June, the World Bank plans to provide $300 million to support the national budget of the Republic of Mozambique, according to the World Bank country director for Mozambique, Idah Pswarayi-Riddihough.

After a meeting with the Mozambican Minister of Economy and Finance, Max Tonela, the global lender’s country director said that priority sectors would include health, education, energy and agriculture. The budget support proposal will be presented to the World Bank board by June.

“We are talking about the first instalment of 300 million dollars, which we hope to take to our administration for approval by 30 June this year. Then we can consider other windows of financing for 2023 and 2024”, said Pswarayi-Riddihough.

International organizations and financial institutions have returned after the Government of Mozambique started to undertake necessary reforms.

In April, the International Monetary Fund (IMF) also returned with a set of new funded programmes to Mozambique, six years after the lender halted its previous deals in the wake of a financial scandal involving three fraudulent security-linked companies, and two banks – Credit Suisse and VTB of Russia, on the basis of illicit loan guarantees issued by the government under former President Armando Guebuza.

Popularly referred to as the “Hidden Debts” scandal involving $2.7 billion (€2.3 million), the financial scandal happened in 2013, and the case has since left an image of a corrupt country and brought high-level government officials to testify as witnesses in the controversial judicial trial. It prompted 14 foreign donors, including IMF, to cut off aid and simultaneously sparked a currency collapse and debt crisis.

The IMF said in a report that its funds would be used to support sustainable, inclusive economic growth and long-term macroeconomic stability, in the world’s third poorest country measured by gross domestic product (GDP) per capita. The programmes will address transparency in debt management and the natural resource sector.

Unlike many of Mozambique’s other partners, the World Bank did not cut off financial assistance entirely after the scandal of Mozambique’s “Hidden Debts” became public knowledge in April 2016. World Bank aid continued, but in relatively small amounts, project by project.

Now the bank seems prepared to return to the modality of direct budget support. Pswarayi-Riddihough said that the improvement in good governance supposedly recorded in recent years contributed to the resumption of World Bank support. She claimed that this was an important step toward regaining the trust of the country’s partners.

Major work had been undertaken around questions of transparency and good governance, she alleged – but admitted that Mozambican civil society is continuing to demand greater advances in these areas. Mozambique’s new programme with the International Monetary Fund (IMF), she added, could give a strong signal to the market. Indeed, it will send a strong signal to all of Mozambique’s partners.

The agreement between Mozambique and the IMF, approved by the IMF Executive Board, will make $456 million available to the country. An amount of $91 million will become available immediately. At the time, Tonela said the agreement with the IMF marked the start of a new phase, leading to the resumption of sustainable growth of the Mozambican economy.

With an approximate population of 30 million, Mozambique is endowed with rich and extensive natural resources but remains one of the poorest and most underdeveloped countries in the world. It is a member of the Southern Africa Development Community (SADC).

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Adesina Seeks US Support to Fund $1.5bn Africa Food Plan

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AFDB Africa Food Plan

By Adedapo Adesanya

The President of the African Development Bank (AfDB) Group, Mr Akinwumi Adesina, has appealed to the United States to back the institution’s $1.5 billion emergency food production plan which seeks to avert a looming food crisis in Africa caused by Russia’s war in Ukraine.

Mr Adesina was part of a team that testified about global food insecurity and persisting impacts of the COVID-19 pandemic before the US Senate subcommittee on State, Foreign Operations and Related Programs.

Senators Chris Coons (Delaware), Lyndsey Graham (South Carolina), Dick Durbin (Illinois), Chris Van Hollen (Maryland) and Roy Blunt (Missouri) also participated in the hearing.

Senator Coons, Chair of the Senate subcommittee, stressed that the US should move fast and provide sufficient funding, saying, “We should be concerned and even alarmed about the widening food security crisis that this war is causing for hundreds of millions far beyond Eastern Europe.”

On his part, Senator Graham expressed support for the establishment of a global fund for food security.

Speaking live via videoconference from Accra, Ghana, Mr Adesina said the proposed Africa Emergency Food Production Plan would result in the rapid production of 38 million tons of food across Africa over the next two years.

“The African Development Bank, with your support, is prepared to meet this new challenge and others head-on,” he said.

He explained that the plan is anchored on the provision of certified seeds of climate-adapted varieties to 20 million African farmers and with the disruption of food supplies arising from the Russia-Ukraine war, Africa faces a shortage of at least 30 million metric tons of food, especially wheat, maize, and soybeans imported from the two countries.

Speaking further, the AfDB chief said the lender would invest $1.3 billion in the plan’s implementation and called on the US to make up the funding balance.

“With US support to reduce the $200 million financing gap – we can ensure the Africa Emergency Food Production Plan’s success,” he said.

The Africa Emergency Food Production Plan is currently before the bank’s Board of Directors for approval.

Also providing testimony were Mr David Beasley, Executive Director of the World Food Programme and Ms Tjada D’Oyen McKenna, Chief Executive Officer of non-governmental organization Mercy Corps.

Ms McKenna said, “A perfect storm is leading to heightened global food insecurity, worse, much worse than the previous food crises over the past decade.” She cited the Covid-19 pandemic and climate change as factors sharpening the current food insecurity.

Mr Beasley said food insecurity had already begun to rise sharply before the war. He said 135 million people were acutely food-insecure before the onset of the pandemic. “COVID comes along and that number went from 135 million to 276 million people marching toward starvation.”

Mr Adesina, then, emphasized that the African Development Bank’s food production plan would foster the production of nutritious food rather than simply calories.

“One of the things we will be supporting through this emergency food production plan is bio-fortified foods. Sorghum fortified with iron. Nutritional supplementation is important,” he said

The bank’s president also said the AfDB was setting up meetings with international fertilizer companies to discuss ways to ensure that African farmers continued to have access to such inputs.

“If we don’t solve the fertilizer problem, we cannot solve the food problem.

According to him, the Africa Emergency Food Production Plan would have a long-term impact on Africa’s food productivity.

The initiative will “drive the structural changes in agriculture, to unleash the full potential of Africa to become a breadbasket to the world.”

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Elon Musk Puts Twitter Acquisition on Hold

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Elon Musk

By Adedapo Adesanya

In a new turn of events, Elon Musk on Friday put his $44 billion deal to acquire  Twitter Inc temporarily on hold.

The world’s richest man is carrying out the decision to put the Twitter acquisition on hold citing pending details in support of the calculation that spam and fake accounts indeed represent less than 5 per cent of users.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Mr Musk tweeted on Friday.

This latest move sent the shares of the social media company falling 18 per cent to $37.10 in premarket trading, their lowest level since he disclosed his stake in the company in early April and subsequently made a best and final offer to take it private for $54.20 per share.

Twitter had earlier this month estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter when it recorded 229 million users who were served to advertise.

Mr Musk, a self-proclaimed free speech absolutist, had said that one of his priorities would be to remove “spam bots” from the platform.

This is the latest drama ensuing from the deal after its General Manager of Consumer, Mr Keyvon Beykpour, was relieved of his job on Thursday as part of a major shake-up in the company heralding Elon Musk’s takeover.

The disappointed Beykpour took to the social medial platform to announce the termination of his appointment and said he got the shocking message while still on paternity leave.

According to him, the CEO of Twitter, Mr Parag Agrawal asked him to leave “after letting me know that he wants to take the team in a different direction.” Mr Beykpour, says he never imagined leaving Twitter in such a manner and time.

Mr Musk has other specific plans for Twitter products like verifying users who pay for Twitter Blue subscriptions, charging for embedded tweets, and other changes designed to grow Twitter revenue and users.

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