World Bank - The African Mirror

Oct

2023

By JORGELINA DO ROSARIO and KARIN STROHECKER

Zambia, bondholders kick off formal talks on $3 billion debt restructuring, sources say

ZAMBIA'S international bondholders have formally started debt talks with the government this week, according to three sources, a key step to restructure more than $3 billion of overseas bonds. A group of the country's biggest private creditors has entered into a restricted period, which means they temporarily cannot trade the country's notes in exchange for non-public information, the sources added, asking not to be named because the discussions were private. The non-disclosure agreements(NDA) would be still in place next week, one of the sources added when Zambia officials and creditors are set to meet in person during the World Bank…

Oct

2023

By AHMED ELJECHTIMI

Marrakech prepares for IMF and World Bank meeting a month after deadly quake

BUSINESS

MOROCCANS living just an hour from where the global financial elite will gather for IMF and World Bank meetings next week are homeless and destitute after last month's deadly earthquake, camping amid the rubble of their devastated villages. Near the conference venue in the city of Marrakech, where quake damage was less severe, the old city wall has already been repaired, a fallen minaret has been covered up, rubble has been removed, lawns trimmed and flowers planted. But in the High Atlas mountains where most of the quake's 3,000 victims were killed, villagers live in tents with little access to showers or working toilets, surviving…

May

2023

By MACDONALD DZIRUTWE

Explainer: What to expect from Nigeria’s new president Bola Tinubu

THOUGHT LEADERSHIP

NIGERIA'S new president Bola Tinubu faces a litany of problems, including widespread violence, double-digit inflation and industrial-scale oil theft. His victory is being challenged in court by his two main rivals in February's election, and analysts say he may need to reach out to opponents to help heal a divided nation. Here is how Tinubu proposes to address problems that many Nigerians believe worsened under his predecessor, Muhammadu Buhari, on whose party ticket he ran. HOW DOES HE PLAN TO FIX THE ECONOMY? Tinubu says he will build on Buhari's public infrastructure programme to create jobs and remove legal limits on government…

May

2023

By The African Mirror

World Bank extends $150 mln to Mozambique to aid Cyclone Freddy recovery

NEWS

THE World Bank has moved $150 million of the funds it has earmarked for Mozambique projects to help fund the southern African nation's efforts to recover from the aftermath of Cyclone Freddy. The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz One of the deadliest storms to hit the continent in the last two decades, Freddy ripped through Malawi, Mozambique and Madagascar, first in late February before circling back in March. Over 1,000 people were reported dead in the region. The World…

May

2023

By The African Mirror

World Bank and IMF are Western tools with doomed future

THOUGHT LEADERSHIP

THE managing director of the International Monetary Fund (IMF), Kristalina Georgieva, stated the obvious at a California conference when she lamented the gradual decline of the US dollar in global trade. Addressing the 2023 Milken Institute Global Conference in the US this week, she said: “There has been a gradual shift away from the Dollar, it was 70% of (world) reserves, now it is slightly under 60% .” ABBEY MAKOE Well, the writing has been on the wall for a long while. The US dollar is certainly losing its once unassailable dominance as a kind of an omnipotent world’s main…

Apr

2023

By The African Mirror

The World Bank used to cause untold harm – but 30 years ago it started reforming. What went right

SPECIAL FEATURES: ANALYSIS

DEVELOPMENT projects can have profound impacts on their societies. There are many benefits that flow from building new roads and power plants, and from modernising agricultural practices. But they can also have permanent negative consequences. For example, communities may be involuntarily relocated to make way for roads or power plants. These projects can change the way natural resources are used in a particular area, making it difficult or impossible for communities to continue their traditional agricultural practices. The job opportunities that they create can challenge traditional values and ways of living. Author DANNY BRADLOW, SARCHI Professor of International Development Law…

Mar

2023

By The African Mirror

A Digital Transformation: How migration to the internet will transform Africa – report

NEWS

BIRD STORY AGENCY AFRICA’S growing population is projected to become the largest in the world by 2100, with more than 22 million Africans joining the workforce annually. While this growth is often considered a threat to Africa’s socioeconomic well-being, a new report shows the trend could advantage the continent. Characterised by an innovative and highly creative youthful population, a World Bank report shows Africa leveraging digital technologies to bridge unemployment and fuel rapid economic growth. Regional integration and climate transition are seen as key drivers of change. The report, ‘Digital Africa: Technological Transformation for Jobs’ shows regional integration will open…

Mar

2023

By The African Mirror

Africa’s Infrastructure: Turkey closes in on China

NEWS

SETH ONYANGO, BIRD STORY AGENCY TURKISH construction firms are closing in on their Chinese counterparts in Africa's lucrative infrastructure sector, providing a much-needed diversification of investment sources for African states. This comes even as the World Bank revealed the demand for infrastructure spending will reach an unprecedented US$300 billion per annum by 2040, driven by the rapid growth of Africa's population and urbanisation. Some contracts previously awarded to Chinese firms are falling to the Turkish workbench as Beijing, although still unrivalled in this sector, begins to cede ground to new challengers. The much-anticipated 273 km standard gauge railway line linking…

Feb

2023

By The African Mirror

Zambia criticises debt restructuring delays – FT

BUSINESS

ZAMBIA'S finance minister criticised the prolonged nature of the country's debt restructuring talks, the Financial Times reported, after a Chinese call for the World Bank and other multilateral lenders to offer debt relief sparked concern about further delays. In an interview with the newspaper, Situmbeko Musokotwane said that "time is of the essence" to finish a restructuring of about $13 billion of external debt this year. Multilateral lenders, who don't usually take haircuts, should participate in debt relief for Zambia, a Chinese foreign ministry official said last month. This insistence was one of the main sticking points in talks, a…

Feb

2023

By The African Mirror

Four West African nations get $311 million from World Bank for renewables

NEWS

THE World Bank has signed an agreement with four West and Central African nations worth $311 million to fund renewable energy projects. The funds will finance around 106 megawatts (MW) of solar power generation capacity with battery energy and storage systems, and a 41 MW expansion of hydroelectric capacity. The countries are Sierra Leone, Liberia, Togo and Chad. The funds will support electricity distribution and transmission interventions. A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo Sierra…