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☆ African countries are charged 'extortionate' rates on debt, U.N. chief says
▼ + stars: | 2023-02-18 | by ( Dawit Endeshaw | ) www.reuters.com time to read: +3 min

"We need a new debt architecture that provides debt relief and restructuring to vulnerable countries," he said. "The global financial system routinely denies (developing countries) debt relief and concessional financing while charging extortionate interest rates." Governments on the continent, including Ethiopia, sought debt restructuring deals under an IMF programme to help them navigate the crisis, but conclusion of the process has been delayed. Others, which have not sought to restructure their debt, like Kenya, have seen their debt sustainability indicators worsen after the pandemic hit their finances. "African countries cannot... climb the development ladder with one hand tied behind their backs," he said.

☆ South Africa's naval exercise with Russia, China raises Western alarm
▼ + stars: | 2023-02-17 | by ( Carien Du Plessis | ) www.reuters.com time to read: +5 min

"These exercises are going to be a lightning rod," said Steven Gruzd, of the South African Institute of International Affairs. "South Africa, like any independent and sovereign state, has a right to conduct its foreign relations in line with its ... national interests," South Africa's defence ministry said last month. Russia's defence ministry did not respond to a request for comment, and South Africa's National Defence Force has denied the TASS report. China is now Africa's top bilateral trading partner, but the EU is by far the largest market for South African exports. Domestic critics of South Africa's push to deepen ties with Russia and China say that economic reality alone should be enough to give the government serious pause.

However, there are opportunities for Russian products to flow into both China, the world's biggest crude importer, and India, the second-biggest oil importer in Asia. Imports of Russian fuel oil by China, India and Saudi/UAESAUDI, EMIRATESThe other region that offers scope for Russian products is the Middle East, where the United Arab Emirates (UAE) and Saudi Arabia have been increasing imports. Both Saudi Arabia and the UAE can utilise Russian fuel oil to displace crude in direct-burning for power generation. This has the advantage of freeing up higher value domestic crude oil for export or for processing in refineries for export as fuels. In February 2022 the UAE exported 5.47 million barrels of diesel, but only 1.91 million barrels went to Europe, with Asian countries taking 900,000 barrels and African nations 1.82 million barrels.

☆ Top U.S., Chinese and Russian officials tour Africa as global charm offensive gathers pace
▼ + stars: | 2023-01-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +12 min

Janet Yellen, US Treasury secretary, during a news conference with Enoch Godongwana, South Africa's finance minister, at the National Treasury in Pretoria, South Africa, on Thursday, Jan. 26, 2023. Yellen met with South African officials including President Cyril Ramaphosa last week, just days after the country's Foreign Minister Naledi Pandor stood alongside Lavrov and vowed to strengthen bilateral relations between Pretoria and Moscow. South Africa was one of 17 African nations to abstain from the U.N. vote in March to condemn Russia's war of aggression. As such, many African nations desire a strong relationship with both the U.S. and China, and U.S. diplomacy will be more effective when not framed as an "us-or-them" proposition. What's more, the BRI projects were "largely uncoordinated and unplanned," he said, with competing Chinese lenders offering credit to African nations, challenging the notion of a coherent centralized "debt trap" policy from Beijing.

☆ Pope Francis to visit two fragile African nations
▼ + stars: | 2023-01-29 | by ( Philip Pullella | ) www.reuters.com time to read: +4 min

[1/6] Pope Francis attends the Vespers prayer service to celebrate the conversion of St. Paul at St. Paul's Basilica in Rome, Italy. REUTERS/Guglielmo MangiapaneVATICAN CITY, Jan 29 (Reuters) - Pope Francis starts a trip on Tuesday to two fragile African nations often forgotten by the world, where protracted conflicts have left millions of refugees and displaced people grappling with hunger. Both countries are rich in natural resources - DRC in minerals and South Sudan in oil - but beset with poverty and strife. DRC is getting its first visit by a pope since John Paul II travelled there in 1985, when it still was known as Zaire. Trott, a former ambassador in South Sudan, said he hoped the three Churchmen can convince political leaders to "fulfil the promise of the independence movement".

☆ Yellen to meet with donors, private sector on South Africa's energy transition
▼ + stars: | 2023-01-27 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

[1/3] U.S. Treasury Secretary Janet Yellen attends media briefing ahead of bilateral talks with South Africa's Finance Minister Enoch Godongwana (not pictured), at the treasury offices in Pretoria, South Africa, January 26, 2023. The United States, Britain, France, Germany and the European Union backed South Africa's "Just Energy Transition Partnership," or JETP, in late 2021 with a combined $8.5 billion, but the total cost could be ten times that high. "The United States' commitment to the energy transition being 'just' is firm. That is why President Biden made an additional commitment to President Ramaphosa of $45 million in grant funding to support South Africa’s efforts," Yellen said. But President Cyril Ramaphosa's plan to transition South Africa away from coal and towards renewable energy has divided the governing African National Congress (ANC).

☆ Yellen says South Africa needs action to maintain energy transition momentum
▼ + stars: | 2023-01-27 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

[1/3] U.S. Treasury Secretary Janet Yellen attends media briefing ahead of bilateral talks with South Africa's Finance Minister Enoch Godongwana (not pictured), at the treasury offices in Pretoria, South Africa, January 26, 2023. REUTERS/Siphiwe SibekoJOHANNESBURG, Jan 27 (Reuters) - South Africa needs concrete action soon if it is to maintain momentum on an energy transition program backed by the United States and other countries, U.S. Treasury Secretary Janet Yellen said on Friday after visiting the coal mining region of Mpumalanga. She expressed hope that Washington's focus on a just energy transition would underpin donor interest in backing the nearly $100 billion project aimed at supporting South Africa's gradual phasing out of fossil fuels. The United States, Britain, France, Germany and the European Union have backed South Africa's "Just Energy Transition Partnership" with a combined $8.5 billion, which Yellen called a "substantial down payment" designed to mobilise additional money. "An energy transition that is not just will simply not work.

☆ Russia, South Africa and a 'redesigned global order': The Kremlin's hearts and minds machine is steaming ahead
▼ + stars: | 2023-01-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +9 min

Russian Foreign Minister Sergei Lavrov visited Pretoria as part of an African tour, his second since the invasion, which will also reportedly take him to Botswana, Angola and Eswatini. On Feb. 24 2022, shortly after the Ukraine invasion, South Africa urged Russia to immediately withdraw its forces from Ukraine. South Africa was one of 15 African nations to abstain from the subsequent U.N. vote in March to condemn Russia's war of aggression. watch nowShe emphasized the multilateral responsibilities of the BRICS (Brazil, Russia, India, China and South Africa) bloc of leading emerging economies in a changing global landscape. White House Press Secretary Karine Jean-Pierre said Monday that "the United States has concerns about any country … exercising with Russia as Russia wages a brutal war against Ukraine."

[1/4] U.S. Treasury Secretary Janet Yellen and South Africa's Finance Minister Enoch Godongwana attend media briefing ahead of bilateral talks, at the treasury offices in Pretoria, South Africa, January 26, 2023. He said Yellen's visit was a "momentous" occasion, noting the previous visit by a U.S. Treasury secretary was in 2014. South Africa has remained one of Moscow's most important allies on a continent divided over Russia's invasion of Ukraine on Feb. 24 last year. The Treasury secretary, who meets with South Africa's central bank governor later on Thursday, singled out South Africa's "Just Energy Transition Partnership," which was backed in late 2021 by the United States, Britain, France, Germany and the European Union. They pledged a combined $8.5 billion to accelerate South Africa's transition away from fossil fuels to renewable energy, but the total bill will be much higher.

As Africa struggles with economic headwinds caused by the COVID-19 pandemic, the war in Ukraine and, notably, Washington's own monetary policy, Africans are asking for proof the United States will stay the course this time. African countries have become collateral victims of this year's rate hikes by the U.S. Federal Reserve, aimed at curbing inflation at home. African countries are also finding it harder to access capital markets to meet their fiscal needs and refinance maturing debt. The United States, meanwhile, has largely failed to offer viable alternatives to cheap Chinese credit, officials said. One senior U.S. Treasury official said the United States had long been engaged in Africa, funding anti-HIV work and working on other health issues.

☆ The company used by Putin to put 50,000 Russian mercenaries in Ukraine will be deemed a 'transnational criminal organization' by the US
▼ + stars: | 2023-01-21 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +3 min

The US will designate Russia's Wagner Group a "transnational criminal organization." The military contractor has committed "atrocities and human rights abuses" in Ukraine, it added. The Wagner Group, which is closely linked to the Kremlin, has about 10,000 mercenaries and 40,000 former prisoners deployed in Ukraine. Its forces were responsible for "atrocities and human rights abuses," according to National Security Council spokesperson John Kirby. Wagner mercenaries have also been accused by the United Nations and Human Rights Watch of committing human rights abuses in a number of African nations, including the Central African Republic, Libya and Mali.

The only HIV vaccine in a late-stage trial has failed, researchers announced Wednesday, dealing a significant blow to the effort to control the global HIV epidemic and adding to a decadeslong roster of failed attempts. “I don’t think that people should give up on the field of the HIV vaccine,” Fauci said. Fauci said that a critical limitation of the Mosaico vaccine was that it elicited what are known as non-neutralizing — as opposed to neutralizing — antibodies against HIV. As with the Thai trial, the hope is to channel research findings into future HIV vaccine development. To prove a vaccine works, researchers must recruit participants who remain at substantial risk of HIV over time.

☆ Yellen to meet China's vice premier Liu He in Zurich on Wednesday -U.S. Treasury
▼ + stars: | 2023-01-16 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

REUTERS/Shelby Tauber/File PhotoWASHINGTON, Jan 16 (Reuters) - U.S. Treasury Secretary Janet Yellen will meet Chinese Vice Premier Liu He in Switzerland on Wednesday to exchange views on economic developments and deepen communication between the world's two largest economies, a Treasury official said. But some African countries, including Zambia, have soured on Chinese lending and are looking for alternatives, economic analysts said. Liu is in Switzerland for the World Economic Forum meetings in Davos, which Yellen does not plan to attend. Yellen has met virtually three times with Liu since taking office, and met in Bali with Chinese central bank governor Yi Gang. Liu will step down this year as part of an overhaul of China's economic leadership disclosed in September.

REUTERS/Shelby Tauber/File PhotoWASHINGTON/DAVOS, Switzerland, Jan 16 (Reuters) - U.S. Treasury Secretary Janet Yellen will meet Chinese Vice Premier Liu He in Switzerland on Wednesday to exchange views on economic developments and deepen communication between the world's two largest economies, a Treasury official said. Yellen and Liu will also discuss global challenges like the possibility of a world recession, the corresponding risks, and how to enhance cooperation, the official said. Yellen does not plan to attend the World Economic Forum. Yellen has met virtually three times with Liu since taking office, and met in Bali, Indonesia with Chinese central bank governor Yi Gang. Liu will step down this year as part of an overhaul of China's economic leadership disclosed in September.

☆ Yellen leads new U.S.-Africa policy with trip to Senegal, Zambia, South Africa
▼ + stars: | 2023-01-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

"We believe that Africa's growth will be a key driver of global growth over the coming decades," a senior Treasury official told reporters. But some African countries, including Zambia, have soured on Chinese lending and are looking for alternatives, experts say. Yellen has criticized Beijing - now the world's largest creditor - for not moving quickly to restructure the debt of poor countries in Africa. The topic will be a key issue when she visits Zambia, the Treasury official said. Biden in December proposed that the African Union be included in the Group of 20 major economies to give African countries a bigger seat at the table.

☆ Congolese artist paints politicians' portraits in plastic
▼ + stars: | 2023-01-05 | by ( Crispin Kyala | ) www.reuters.com time to read: +2 min

[1/4] Congolese artist Patrick Cikuru Cirimwami applies finishing touches on portrait images of Congolese leaders, made from plastic waste, which he melts after collecting it near the banks of the Ruzizi I hydroelectric plant, in Bukavu, eastern Democratic Republic of Congo December 15, 2022. REUTERS/Crispin KyalangalilwaBUKAVU, Democratic Republic of Congo, Jan 5 (Reuters) - Near the banks of Lake Kivu in eastern Democratic Republic of Congo, artist Patrick Cikuru Cirimwami wades knee-deep through a mountain of plastic bottles, scooping as many as he can carry into a large sack. Later he will melt down the plastic to make a thick liquid which he uses to paint portraits of politicians - intended to be a condemnation of what he says is their inaction in protecting the environment. As a Congolese artist, I can send a message," said the 26-year-old. Congo, like other African nations, has insisted on its right to develop its economy by exploiting its vast natural resources.

☆ U.S. cuts off Burkina Faso from Africa duty-free trade program
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

Jan 1 (Reuters) - The United States has dropped Burkina Faso from the AGOA trade preference program for failing to meet the requirements of the AGOA statute, the U.S. Trade Representative's (USTR) office said in a statement on Sunday. The Biden administration is "deeply concerned by the unconstitutional change" in government in Burkina Faso, according to the statement. Burkina Faso will be given "clear benchmarks" for a pathway toward reinstatement to the trade program, USTR's office said, adding that the Biden administration would work with the Burkinabe government. Frustrations over growing insecurity spurred two coups in Burkina Faso in 2022. Nearly two million people have been displaced and reside in makeshift camps, many run by the United Nations, that dot the arid countryside.

The Kunming-Montreal Global Biodiversity Framework, reflecting the joint leadership of China and Canada, is the culmination of four years of work toward creating an agreement to guide global conservation efforts through 2030. A Congolese representative argued that developed nations should provide more resources to nature conservation efforts in developing countries. [1/6] The leadership of the U.N.-backed COP15 biodiversity conference applaud after passing the The Kunming-Montreal Global Biodiversity Framework in Montreal, Quebec, Canada December 19, 2022. Developed countries will provide $25 billion in annual funding starting in 2025 and $30 billion per year by 2030. The agreement, which contains 23 targets in total, replaces the 2010 Aichi Biodiversity Targets that were intended to guide conservation through 2020.

MONTREAL, Dec 19 (Reuters) - A United Nations summit approved on Monday a landmark global deal to protect nature and direct billions of dollars toward conservation but objections from key African nations, home to large tracts of tropical rainforest, marred the final passage. The Kunming-Montreal Global Biodiversity Framework, reflecting the joint leadership of China and Canada, is the culmination of four years of work toward creating an agreement to guide global conservation efforts through 2030. "The parties which are developed nations should provide resources to parties which are developing," the Congolese representative said through a translator. The deal, which contains 23 targets in total, replaces the failed 2010 Aichi Biodiversity Targets that were intended to guide conservation through 2020. Investment firms focused on a target in the deal recommending that companies analyse and report how their operations affect and are affected by biodiversity issues.

☆ Biden says he’ll travel to Africa soon as he announces billions in new commitments
▼ + stars: | 2022-12-15 | by ( Kevin Liptak | ) edition.cnn.com time to read: +4 min

“I’m eager to visit your continent,” Biden said to the nearly 50 leaders attending the conference. “The United States is all in on Africa and all in with Africa,” Biden said Thursday. He said “African voices, African leadership, African innovation” were all necessary to addressing a host of global challenges. It’s not the first time African leaders have heard a similar message from an American president. China has worked to grow trade relations with African nations and has developed major infrastructure projects there.

☆ Biden touts U.S. relations with African nations, announces efforts to bolster trade
▼ + stars: | 2022-12-14 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Rebecca-Shabad-Circle-Byline-Template.Jpg | Rebecca Shabad | ) www.nbcnews.com time to read: +2 min

WASHINGTON — President Joe Biden touted relations between the U.S. and African nations Wednesday, addressing a gathering of nearly 50 leaders from the continent and announcing new initiatives to bolster trade. Speaking at the three-day U.S.-Africa Leaders Summit in Washington, Biden emphasized that Africa is critical to the success of the U.S. and global communities. "Each of these crises has only heightened the vital role African nations and people play to address the global challenges that drive our global progress," Biden said. "We can’t solve any of these challenges without African Leadership at the table." The U.S., for example, worked with African nations to distribute millions of doses of vaccines to combat Covid, Biden continued, and invested in the continent's capacity to manufacture its own vaccines, testing and treatment options.

☆ Biden welcomes African leaders for summit as China and Russia expand influence
▼ + stars: | 2022-12-14 | by ( Kevin Liptak | ) edition.cnn.com time to read: +4 min

Washington CNN —President Joe Biden welcomes nearly 50 leaders from Africa on Wednesday for a summit intended to reset Washington’s commitment to a region where China and Russia are also working to expand their influence. Four nations’ leaders were excluded from the summit invite list following recent coups. It’s not the first time African leaders have heard a similar message from an American president. President Barack Obama held his own US-Africa Leaders Summit in 2014, complete with gala dinner under a tent on the White House South Lawn. China has worked to grow trade relations with African nations and has developed major infrastructure projects there.

☆ U.S.-Africa Leaders Summit kicks off under China's long shadow
▼ + stars: | 2022-12-13 | by ( Associated Press | ) www.nbcnews.com time to read: +7 min

Trade between Africa and China last year surged to $254 billion last year, up about 35% as Chinese exports increased on the continent. “We are not interested in the views of any other countries on China’s role in Africa,” Qin said at the Semafor forum. Asked whether Biden administration officials would directly approach U.S. concerns about Chinese involvement in Africa during this week’s meetings, officials bristled. Those include Africa, South America and the Middle East, where China is eyeing military and economic expansion. U.S. officials have also expressed concerns that China is looking to establish a military base on the western coast of Africa.

☆ Africa’s World Cup: how a continent that usually underperforms finally got it right
▼ + stars: | 2022-12-13 | by ( Alasdair Howorth | ) edition.cnn.com time to read: +11 min

CNN —After the first round of games at the World Cup, an all too familiar script looked to be playing out for African football fans. Zaire was the first sub-Saharan nation to participate at the World Cup. But not only is this the most affordable World Cup for Africans, it is also the most accessible. It was a very big challenge for Brazil [in 2014].”Mohamed Kudus was the breakout star of Ghana's World Cup, scoring a brace against South Korea. That investment, along with a crop of stellar talent and Africa’s best coach, has catapulted Morocco to the World Cup semifinals.

It could also negatively impact African nations that produce battery materials. The United States has a Free Trade Agreement in place with only one African country, Morocco. Battery materials and trade are set to be a focus at next week's U.S.-Africa Leaders' Summit in Washington where President Joe Biden will meet presidents of African countries including Congo. Under IRA, U.S. carmakers will get tax credits if they source at least 40% of battery materials domestically or from American free-trade partners. His is one of many projects across sub-Saharan Africa aiming to produce battery materials like lithium, nickel and graphite.

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