Newscast - Africa

The European Union extended through 2023 its suspension of rules against overspending by the bloc’s governments, prolonging a pandemic-era reprieve because of Russia’s war in Ukraine.
The EU’s executive, the European Commission, says heightened uncertainty and strong downside risks to the economic outlook in the context of war in Ukraine, unprecedented energy price hikes, and continued supply chain disturbances warrant the extension.
The EU suspended the public spending rules for national governments in March 2020 as the 27-nation bloc sank into its deepest recession since World War II because of Covid-19 restrictions.

The World Health Organization’s annual assembly refused to discuss admitting Taiwan to the meeting, under pressure from China and despite impassioned pleas from several countries.
There have been growing calls to allow Taiwan in as an observer, especially after the COVID-19 pandemic highlighted the importance of global cooperation on reining in infectious diseases.
US Secretary of State Antony Blinken says Taiwan’s isolation from the pre-eminent global health forum is unwarranted and undermines inclusive global public health cooperation.
Representatives from 13 of WHO’s 194 member countries, including Belize, Eswatini, Haiti and Tuvalu, presented a proposal to put offering Taiwan permanent observer status onto the agenda.

The United States has issued an advisory warning American companies and individuals from doing business with Sudanese state-owned and military-controlled companies.
It says there was a reputational risk of doing business with these companies amid a deterioration in the human rights situation in Sudan.
The State Department says that while some of these risks were there before October last year’s coup, the military takeover and their actions had made the situation worse.
State Department Spokesman Ned Price says the US government remained committed to supporting the Sudanese people’s aspiration for a civilian-led transition to an elected government.

The African Development Bank has approved a $1.5 billion emergency programme to alleviate the impact of worsening food insecurity due to the Ukraine war.
AfDB’s Group President Akinwumi Adesina says the US$1.5 billion will be used to support African countries to produce food and do so rapidly.
Adesina says food aid cannot feed Africa. Africa does not need bowls in hand. Africa needs seeds in the ground, and mechanical harvesters to harvest bountiful food produced locally.
He says Africa will feed itself with pride for there is no dignity in begging for food.

Algerian President Abdelmadjid Tebboune sacked central bank chief Rostom Fadli, in office for less than two years without giving any further explanation.
Tebboune appointed Mr Salah Eddine Taleb to replace him.
Algeria is a rentier economy dependent on oil exports for 90 per cent of its foreign income, and therefore vulnerable to price movements.

The Nigerian government has cancelled the resumption of train services between the capital Abuja and the northern city of Kaduna earlier scheduled.
Families of the hostages had been angered by the planned resumption saying the decision was a sign of insensitivity by the authorities.
The Nigerian Railway Corporation appealed to the families of the abducted people to be patient and co-operate with the authorities trying to ensure the safe release of their loved ones.
It has also apologised to train passengers for the further delay saying a new resumption date will be announced soonest.

The Niger Delta Development Commission has cancelled unexecuted projects awarded between 2000 and 2019. Contractors are thus expected to refund the monies for the projects.
The NDDC says the development followed a directive from the presidency.
It added that the cancellation is subject to any future re-award in accordance with the Public Procurement Act and in line with the terms of the contracts for the award of the said projects.

President Muhammadu Buhari has asked executives of banking institutions in West Africa to forge a closer collaboration to tackle the economic challenges confronting the sub-region.
The President said this when he received a delegation from the West African Bankers Association, led by its President, Thierno Seydou Nourou at the statehouse.
He told the association which was founded in 1981, that the sub-region must find a common understanding and ground to address low access to financial services and recovery from the post-COVID-19 pandemic.

The Monetary Policy Committee of the Central Bank of Nigeria has voted unanimously to raise the Monetary Policy Rate to 13 per cent.
CBN Governor, Godwin Emefiele, says the sharp rise in inflation across both the advanced and emerging market economies has generated growing concerns among central banks as the progressive rise in inflation driven by rising aggregate demands and wage growth has put sustainable pressure on price levels.
He says consequently, the major central banks such as the U.S. Fed, the Bank of England, European Central Bank, and Bank of Canada have provided strong guidance of a progressive shift away from monetary policy accommodation to drive market interest rate which may ultimately impact capital flows away from emerging market economies.

The head of the International Monetary Fund says Governments need to subsidise the cost of food and energy for the poorest members of society.
Kristalina Georgieva says support needs to be provided in a very targeted manner, preferably by providing subsidies directly to people.
Ms Georgieva says there are two priorities, one the very poor people, segments of society that are now struggling with high food and energy prices.
She added that the second is to support those businesses that have been most damaged by the war in Ukraine.