African Reserves Loans – Leopard Center http://leopard-center.com/ Wed, 05 Jan 2022 02:52:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://leopard-center.com/wp-content/uploads/2021/04/leopard-center-icon-150x150.png African Reserves Loans – Leopard Center http://leopard-center.com/ 32 32 Slog AM: Omicron hits the South, Democratic Senate hinges on voting rights, Kent Cop who posted Nazi stuff gets slapped on his wrist – Slog https://leopard-center.com/slog-am-omicron-hits-the-south-democratic-senate-hinges-on-voting-rights-kent-cop-who-posted-nazi-stuff-gets-slapped-on-his-wrist-slog/ Tue, 04 Jan 2022 16:35:00 +0000 https://leopard-center.com/slog-am-omicron-hits-the-south-democratic-senate-hinges-on-voting-rights-kent-cop-who-posted-nazi-stuff-gets-slapped-on-his-wrist-slog/

Schumer is considering a filibuster solution to push through voting rights legislation, but at least two Democratic senators stand in his way. Chip Somodevilla / GETTY

Garbage collection has not returned to normal: According to a press release from Seattle Public Utilities, workers left Monday morning to pick up our leftovers but “determined there were still icy and dangerous road conditions in the neighborhoods,” so they did not pick up the trash. . The department said “some customers” can expect delays “throughout the week.” If your truck doesn’t come, just leave your cans on the sidewalk with a small plate of cookies and a candy cane for the workers.

School chaos in all directions: Seattle public schools offered COVID testing to students and returning staff after the holidays, but testing sites had long lines and some people were turned away on Monday, according to the Seattle weather.

In West Seattle, some would have had to wait two hours, and part of that time was spent in sleet and rain, for example West Seattle Blog. WSB also reports that the Pathfinder K-8’s music room was burglarized during the winter break, and the thief took off with most of the woodwinds, brass and stringed instruments in the room. If anyone sees a college student slamming clarinets on the 3rd, please purchase them and bring them back to Pathfinder.

I-90 reopens after a long shutdown: The highway had been closed for much of Monday for at least 70 miles both ways over Snoqualmie Pass. In the words from a trucker stuck at the pass: “That’s how it is. We can’t do anything about it (but) we take it day by day. If we can avoid it, we do it. Better to be here than in the ditch. “Amen, brother.

But maybe don’t go on the trails right away: I don’t know how many of you had planned to hike this weekend, but most of the roads leading to the popular trails are still impassable for those of us without tauntauns:

And if you drive anywhere today, so take it easy, otherwise you might end up in an “eight to 12 car collision” near Tacoma, the Seattle weather reports. There is ice everywhere on the roads.

Flooding could be on the way: Snohomish County officials are shifting their focus from snowplows to potential urban flooding, KIRO reports. Reminder: Be careful of ice and do not drive in standing water.

Friday Harbor water emergency: As the frozen pipes thaw on San Juan Island, leaks appear and those leaks slowly drain Friday Harbor’s water supplies, KING 5 reports. Teams are trying to find the leaks – many of which have apparently appeared in unoccupied homes – but, until then, the city is asking residents to conserve water.

Intensive care beds seem a bit full in some local hospitals: the New York Times has a cool and useful data visualization of the number of intensive care beds available in a given area. According to Time‘, Harborview has 8 available intensive care beds and Seattle Children’s has none, but UW Medical Center has 84 and Swedish and Virginia Mason hospitals have 10 or more. The latest data from Public Health King County shows a 110% increase in hospitalizations in Seattle last week from the previous week (42 people versus 20 people), and one new COVID death since the end of last month.

COVID ‘Creeping’ Among Whitetail Deer in Ohio: Scientists swab the nostrils of these rats on stilts and “found evidence that humans have spread the coronavirus to deer at least six times,” according to the Seattle-based company. CNB reporter Evan Bush, who covered a study published last month in Nature. Scientists say they have found no cases of the spread of COVID from deer to humans, but mutations in the virus could create a new variant in animals, or the animals could harbor older variants of the virus, their allowing to come back later.

COVID is also rampant among Americans:

Starbucks has a new COVID policy for employees: Workers at Starbucks locations in the United States should be fully immunized by February 9 or undergo weekly testing on Associated press reports. The company says it is responding to OSHA’s mandate announced in November.

A media strategy of three guys who were mayors; we don’t know who asked for this: Former Mayors Mike McGinn, Charlie Royer and Greg Nickels give Bruce Harrell some advice, via MyNorth West. McGinn says not to deny the media interviews (or something like that?), Royer says not to “hit the press” and Nickels says not to read the comments.

Speaking of: After taking office without ceremony this weekend, Harrell will take the solemn oath today at 11 a.m., and he will hold a press conference shortly thereafter. You can watch it live on Seattle Canal. At 9:30 a.m., Trump Republican Ann Davison will be sworn in as city attorney, surrounded by SPD African American Community Advisory Board Chair Victoria Beach, Pastor Harvey Drake, Barber Shop and real estate investor Tony Au, SODO Business Improvement Area executive director Erin Goodman and textile maker Ron Chow.

Deputy Chief of Police who displayed Nazi insignia receives a slap on the wrist: At the Kent Police Department, Deputy Chief Derek Kammerzell displayed SS badges on his door (he claimed he was referring to a TV show), once shaved off a “Hitler’s mustache” ( he claimed it was part of “Movember”) and joked about his grandfather “to the effect that his grandfather had died in the Holocaust – when he got drunk and fell from a watchtower “, reports the Seattle weather, who received the investigation documents from a group of citizens who obtained them through an application for registration. City officials have decided to give Kammerzell a two-week suspension. The suspension was not paid but Kammerzell took a vacation to compensate his salary.

Rafael Padilla, Kent Police Chief did not find that Kammerzell violated the department’s “truthfulness” policy, for which he could have been fired. Kammerzell said the Kent reporter he is “deeply embarrassed” and wishes he could “take it back”. He claimed he only did a brief internet search for the badge after watching the “Man in the High Castle” television series, but the lawyer who investigated “said he was not plausible that after watching the series – all about the Nazis – and searching the internet as he claimed to have done so that Kammerzell “would not understand the Nazi affiliation,” “according to the Time.

Omicron hits the south: Florida, Georgia and Louisiana have already broken records for daily infections, according to the Washington post. Although hospitalizations are not breaking records at the moment, doctors told the newspaper they expected hospital overflows across the region due to low vaccination rates and high numbers of medical workers calling. the ill. Republican governors continue to preach their necromantic gospel, while conservative commentators speak out against life-saving masks and vaccines:

Tesla opens showroom in Xinjiang: The Chinese region is perhaps best known as the site of forced labor camps, where some claim that “cultural genocide” took place, according to the report. BBC. China denies reports that it is forcing “hundreds of thousands of minorities, including Uyghurs, to manual labor in Xinjiang’s cotton fields.”

New York Attorney General Letitia James would like to have a word with the former president, his eldest son, and Ivanka Trump in a civil investigation into whether the Trump Organization “inflated the value of its properties to get loans while reducing them to evade taxes.” Al jazeera reports. Trump’s lawyers have not responded to media requests for comment on the subpoena, but I understand the law only applies to the needy, so I wouldn’t be surprised if he ignores it and that nothing is really happening.

After failing to pass a decent social spending program, Senate Democrats are turning to voting rights: In a letter to his colleagues, Senate “Majority” Leader Chuck Schumer said he wanted to “change” the House’s filibuster rules to make it more difficult for Republicans to block electoral reform legislation that “discourages gerrymandering” and “strengthens parts of the voting rights act that were stripped by the Supreme Court years ago,” and he begs the senses. Joe Manchin and Kyrsten Sinema to accept it, Politics reports. Changes on the table include “bringing back filibuster, forcing the minority to repeatedly vote to block bills, or eliminate the possibility of obstructing a bill from even being debated in the Senate,” and he wants to hold a vote on changes by MLK Day. Good luck Chuck.

To note :

Manchin tries to keep his name in the headlines: The future Republican said Axes he would be “open to re-engage” in Joe Biden’s climate and child care agenda if “the White House removes the enhanced child tax credit from the $ 1.75 trillion package – or dramatically lowers it income ceilings for eligible families “. The CLC gives parents / guardians between $ 3,000 and $ 3,600 per child (depending on age) each year they file taxes. This amount begins to decrease for people earning $ 200,000 or couples earning $ 400,000.

We finish with some charming but also slightly disconcerting Brazilian guitar works by Luiz Bonfá:


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Sri Lanka closes three foreign missions as economic crisis deepens https://leopard-center.com/sri-lanka-closes-three-foreign-missions-as-economic-crisis-deepens/ Sun, 02 Jan 2022 16:52:07 +0000 https://leopard-center.com/sri-lanka-closes-three-foreign-missions-as-economic-crisis-deepens/

Sri Lanka has temporarily closed three diplomatic missions abroad from December 31 in an attempt to save foreign exchange reserves and cut spending, as the country faces crippling debt.

The Sri Lankan High Commission in Abuja, Nigeria, the Sri Lankan Consulate General in Frankfurt, Germany, and the Sri Lankan Consulate General in Nicosia, Cyprus, will be closed from January.

Commenting on the closures, the Foreign Ministry said:

“The restructuring is being undertaken with the aim of retaining the country’s much-needed foreign exchange reserves and minimizing the expense of maintaining Sri Lanka’s missions abroad.”

Sri Lanka plans to process requests from the High Commission in Nigeria, through its High Commission in Nairobi, Kenya and other African countries that have been accredited through the Sri Lankan Mission to Abuja, will be redirected via the Sri Lankan Embassy in Cairo, Egypt, approximately 2,133 miles one way. Functions of the Sri Lankan Consulate in Frankfurt, including the promotion of trade, investment and tourism, will fall under the purview of the Sri Lankan Embassy in Berlin, Germany. Sri Lanka will transfer the responsibilities of the general office of the consulate in Cyprus to the embassy of Sri Lanka in Rome, Italy.

The restructuring comes as Sri Lanka faces a deepening financial crisis led by President Gotabaya Rajapaksa. In the Next 12 months, in the public and private sector, Sri Lanka will have to repay about US $ 7.3 billion in domestic and foreign loans, including a repayment of international sovereign bonds of US $ 500 million in January. However, the foreign exchange reserves were only $ 1.6 billion. The World Bank estimates that 500,000 people have fallen below the poverty line since the start of the pandemic, equivalent to five years of progress in the fight against poverty. Rajapaksa said Sri Lanka was in an economic emergency, the military was given supreme power to ensure that essential items, including rice and sugar, were sold at prices set by the government, although the prices continue to skyrocket as inflation rises.

The strong militarization of the North East has led to an intrusion into civilian life, affecting the livelihoods of Tamils. Since the end of the armed conflict, investments have been stifled in the Tamil homeland due to rampant militarization.

Last year, TNPF MP Gajendrakumar Ponnambalam stressed that the Rajpakasa government’s development promise to “solve all problems” had failed. Gajendrakumar highlighted the government’s inaction to protect “vulnerable people who have been facing a war situation for 32 years”. This has led to high levels of poverty throughout the region.

Ponnambalam pointed to the height of the livelihood restrictions observed in the Tamil homeland preventing activities such as fishing and agriculture, “about 30 percent of Jaffna district was under military control under the name of high security zone” . “Large areas of land were not -go zones,” he added. “Most of the farmland in the northeast was occupied as unauthorized areas for the population. This is the condition the Tamil people have had to face for over 32 years. ”

Read more on Al jazeera and the Colombo Diary

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Bangladesh’s aid to Sri Lanka enhances the image and prestige of Bangladesh https://leopard-center.com/bangladeshs-aid-to-sri-lanka-enhances-the-image-and-prestige-of-bangladesh/ Thu, 30 Dec 2021 15:15:31 +0000 https://leopard-center.com/bangladeshs-aid-to-sri-lanka-enhances-the-image-and-prestige-of-bangladesh/

Other view

By: Hafizur Talukdar

A few years ago, debt-ridden Bangladesh is now a country of unprecedented success in debt relief. The world today looks at Bangladesh in amazement. Bangladesh only borrowed from other countries or organizations. Now that history has changed and has started lending. Bangladesh has provided loans to Sri Lanka and Sudan. Bangladesh first loaned a country by providing the first tranche of the loan pledged to Sri Lanka in August. Once upon a time there was a “bottomless basket” and an international donation seeker. It is now a lender country. It shows countries across South Asia how to rise from the ashes. Bangladesh is leading by example in South Asia of how to achieve economic growth amid various socio-political aspects.

Overcoming various hardships, Bangladesh is today a confident and promising country. Today, Bangladesh has climbed to the top of all economic indices. When the 10 on-going megaprojects are completed, the country’s economic growth trend will increase and prosperity will increase. It shows countries across South Asia how to increase their growth in the midst of various adversities.

The economy of Sri Lanka, a South Asian island nation, is currently under severe pressure from civil war injuries and additional foreign loans for development projects. At present, the country’s foreign exchange reserves have fallen to $ 4 billion. Meanwhile, amid the epidemic, Bangladesh’s foreign exchange reserves have hit the $ 45 billion mark.

The Prime Minister of Sri Lanka was accompanied by the Governor of the Central Bank of Sri Lanka in Dhaka last March to attend the celebrations of the centenary of the birth of Bangabandhu. At that time, they made a proposal to Prime Minister Sheikh Hasina in this regard. After the Prime Minister accepted the proposal, the Sri Lankan government sent a formal proposal to the Central Bank. Then, in May, the board of directors of Bangladesh Bank approved in principle a 250 million loan to Sri Lanka under the currency swap.

The Bangladesh Bank released 50 million in the first installment on August 16 based on Sri Lanka’s request. Bangladesh entered the list of lending countries by waiving this loan. And on, the second tranche of 100 million was released in June 2021. This money comes from the foreign exchange reserve of the Bangladesh Bank.

Reserves are over 46 billion after a 100 million haircut in favor of Sri Lanka in June. With Bangladesh’s current foreign exchange reserves, it is possible to cover import costs for more than eight months. Bangladesh ranks second among South Asian countries in terms of foreign exchange reserves. Bangladesh is donating dollars this way for the first time. The number of dollars that Bangladesh donates will be reduced from the reserve. It will make Bangladesh famous.

Sri Lanka has suffered from a foreign exchange reserve crisis in recent times. At that time, they only had $ 500 million in foreign exchange reserves. With this reserve, it was not possible to meet their import expenses for three months. In order to maintain risk-free reserves, at least three months of import spending must be kept equal.

For the first time in 50 years of independence, Bangladesh granted a loan to a country for the development of the country or to meet various needs. Bangladesh was on the list of lenders by lending Sri Lanka 50 million.

Over the past decade, Bangladesh has gained this lending capacity due to enormous economic development, increased exports and increased expatriate incomes as the country’s foreign exchange reserves have swelled. Economists hope this will change the image of the country. And Sri Lanka will receive a total of $ 250 million. This money will be released in 5 installments.

Sudan, an African country, is unable to repay a loan from the International Monetary Fund (IMF). Bangladesh took responsibility for repaying this loan.

This information was highlighted in a notification from the Ministry of Finance on June 16, 2021. Previously, Bangladesh had granted similar benefits to Somalia, another African country.

Sudan’s external debt has skyrocketed to nearly $ 50 billion at the end of 2019. The IMF is known to get US $ 6 billion from Sudan. In other words, 5 lakh 10 thousand crore Takas in Bangladeshi currency. When the IMF called on all of its members to support the country in debt repayment, almost everyone responded. As a friendly country, Bangladesh has also agreed to cooperate with Sudan. In response to the IMF’s appeal, Bangladesh granted Sudan a Taka Taka 65 crore ($ 650 million) loan waiver on June 15, 2021

The next day, Wednesday, the finance ministry said in a statement that in response to the IMF’s appeal, Bangladesh had granted Sudan Tk 65 crore “debt relief”.

“Sudan is a very indebted and poor country,” the finance ministry said in a statement. The government hopes that the funding will strengthen Sudan’s fight against poverty.

Bangladesh has started to prove its economic potential in a very spectacular way. At one time the country was very poor. So US Secretary of State Henry Kissinger has declared Bangladesh to be a bottomless basket. After 46 years, according to the American media Bloomberg, Bangladesh is now an address of surprising success. The country’s per capita income is now US $ 2,500. He is ahead of India. At present, the per capita income of India is $ 2,116. Pakistan is far behind. The per capita income of the country is $ 1,260. Currently, Bangladesh has 45 billion foreign exchange reserves.

However, what happened to cause Bangladesh to create one surprise after another? Economists say there are reasons for this. Exports, social progress and economic forecasting. There are three other reasons besides economic capacity. Sympathy, economic diplomacy and political will.

When this was the case, the sudden news came that Bangladesh had provided 200 million euros in financial assistance to Sri Lanka. Sri Lankan media have raised the question of whether Bangladesh can be self-sufficient, why can’t we? In June, the Bangladesh Ministry of Finance gave more surprising news. Bangladesh is said to support Sudan, the poorest country in Africa. Bangladeshi taka 65 crore was provided to reduce the IMF debt burden. The country borrowed Rs 510,000 crore, Taka, from the IMF. The economic crisis was so severe that the country could not repay the debt. Bangladesh has come forward after sending messages asking for help from country to country. Bangladesh Ministry of Finance says Sudan is heavily indebted and poor. The government hopes that the funding will strengthen Sudan’s fight against poverty. At one time, Sudan was a British colony. The country gained its independence on January 1, 1956, by virtue of a treaty. Recall that last year, Bangladesh also provided over 80 million Tk to Somalia, another African country. It was also to repay the IMF loan. Sudan, a member of the Organization of Islamic Cooperation, or OIC, is crippled by debt and poverty, and financial assistance is expected to help overcome the crisis.

Bangladesh last year also donated Tk 80 million to help Somalia fight poverty under the IMF initiative. Everyone is fascinated by the development of Bangladesh.

Bangladesh’s image and respect for the people of that country has grown thanks to aid to Sri Lanka and Sudan from foreign exchange reserves. Now the question is valid. Bangladesh is now a lender country! If Bangladesh can be a self-sufficient, lending economic miracle in South Asia, why can’t others? Why isn’t South Asia taking lessons from Bangladesh? Of course, South Asia can learn a lot from Bangladesh.

The writer works as a teacher at a local school in Dhaka


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Why the Tanzanian shilling held up against the US dollar in 2021 https://leopard-center.com/why-the-tanzanian-shilling-held-up-against-the-us-dollar-in-2021/ Wed, 29 Dec 2021 09:29:44 +0000 https://leopard-center.com/why-the-tanzanian-shilling-held-up-against-the-us-dollar-in-2021/

By Rosemary Mirondo

Dar es Salaam. The Tanzanian shilling ended the year with a strong performance against the US dollar, thanks to a steady flow of greenbacks from the recovery in tourism, exports and funds from development partners.

The local currency started the year with an average exchange rate of Sh 2,298.46 per dollar and strengthened to an average of Sh 2,297.73 per dollar yesterday.

Within nine months, Tanzania secured concessional loans of at least $ 3 billion from international lending agencies – the World Bank (WB), the International Monetary Fund (IMF) and the African Development Bank (AfDB).

It also comes in the wake of improved performance of the tourism sector recovering from the impact of Covid-19.

Experts predict that the performance could even be better in the coming months due to the good outlook in the external sectors.

University of Dar es Salaam economist Dr Abel Kinyondo told the Citizen that the shilling has remained stable this year thanks to funds from the IMF, World Bank and AfDB.

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“When there are sufficient dollar reserves, the shilling does not chase the dollar, so it gains stability and its value increases,” he said.

He noted that the country’s exports also increased significantly from 2020, when a majority of countries were stranded.

The appreciation of the shilling against the dollar – a currency in which international purchases are mainly made – means that the local prices of imported goods, including petroleum products, capital goods, clothing, and cooking oil. , among others, would not be adversely affected by the value of the local currency.

The Bank of Tanzania (BoT) expects the shilling to remain stable over the next few months, saying appreciation actually started in July this year.

The director of economic research and policy at the central bank, Dr Suleiman Missango, recently told the Citizen that the appreciation means that importers and exporters have been able to make sound business decisions.

He said that since July of this year, there has been an increase in foreign exchange inflows, coming from a number of areas, including exports and from development partners, in particular, IMF funds.

On September 7, 2021, the IMF approved $ 567 million in emergency loans for Tanzania’s health system and economic recovery efforts after President Samia Suluhu Hassan changed the nation’s approach to the fight against the coronavirus pandemic.

Of this, $ 189 million was to be released under the Quick Credit Facility, while $ 378 million was to be released under the Quick Finance Instrument.

The resources are intended to cover Tanzania’s “urgent balance of payments needs” due to the coronavirus, the IMF said, noting that the Covid-19 outbreak had led to the collapse of the tourism sector – and, by therefore, the need for significant funding. .

According to Dr Missango, however, some exports have also performed quite well in recent months, as tourism receipts have improved since the global economic recovery from the Covid-19 pandemic began to be felt.

The BoT’s Monthly Economic Review (MER) also shows that Tanzania earned $ 2.94 billion from gold exports in the year through August 2021, a significant improvement from $ 2.735 billion in the past. during a similar period last year.

“This was largely boosted by the relatively high prices in the world market,” the BoT said.

Tanzania also recorded a 33.2% increase in exports of manufactures as of August 31, 2021.

The commodities – mainly ceramics, cosmetics, plastics, iron and steel – brought in a total of $ 1.125 billion in the year ended Aug.31, 2021.

“Most of the manufactured goods were destined for the DRC, Zambia, Uganda, Rwanda, Burundi and Malawi,” says BoT.

A massive increase in edible vegetable exports – including peas, green beans, onions and tomatoes – saw Tanzania’s horticultural exports reach $ 370.8 million in the year through August 31 2021, up from $ 181.8 million in the same period last year.

Exports of oilseeds, grains, cocoa, raw hides and skins, and wood products earned Tanzania $ 1.277 billion as of August 31, 2021, up 71.5 percent from $ 744.4 million. dollars earned as of August 31, 2020..

“Exports are doing better than last year when the Covid-19 pandemic was at its peak,” said Dr Missango.

The BoT said that although from year to year there was a reduction in the number of tourists and hence in tourism revenue, the situation was gradually improving if measured on a monthly basis.

“In August 2021 for example, service revenues increased to $ 262.8 million from $ 150.6 million in August 2020, due to an increase in travel receipts, suggesting a gradual resumption of tourism activities by compared to last year, “said the BoT.

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Nairobi abandons plan to renationalise Kenya Airways https://leopard-center.com/nairobi-abandons-plan-to-renationalise-kenya-airways/ Tue, 28 Dec 2021 08:02:00 +0000 https://leopard-center.com/nairobi-abandons-plan-to-renationalise-kenya-airways/

The Kenyan government has abandoned its plan to renationalize Kenya Airways (KQ, Nairobi Jomo Kenyatta) but will instead protect its financial interests in a $ 1 billion restructuring of the national carrier which will include a debt assumption of $ 827 million and an injection of funds of $ 473 million. , revealed the International Monetary Fund (IMF).

In a recent national report on Kenya, the IMF said: “The [Kenyan] the authorities do not intend to nationalize the carrier and are considering appropriate mechanisms to protect [National Treasury’s] financial interests during the restructuring process ”.

As part of the sustainability of Kenya Airways, the government will assume $ 827 million in debt. In addition, during fiscal years 2021/22 and 2022/23, US $ 473 million will be provided as direct budget support to settle overdue payment obligations and to cover the initial costs of restructuring, which will include a reduction of fleet, network, frequencies, and manpower, said the IMF.

By December, the Kenya National Treasury (NT) will prepare a loan agreement with Kenya Airways which will include conditions for financial support to implement the restructuring plan. This will include clear KPIs, timelines, reporting obligations and a disbursement plan. The signing of the loan agreements will follow the approval of the supplementary budget by the Kenyan Parliament.

This was disclosed in a Letter of Intent sent to the IMF on December 2, 2021, signed by Kenya National Treasury and Planning Cabinet Secretary Ukur Yatani and Central Bank of Kenya Governor Patrick Njoroge.

According to the letter, shared by the IMF, the Kenyan government will take responsibility for the full repayment of up to $ 827.4 million in loans to Kenya Airways. Of this, $ 750 million was already guaranteed by the government by the end of 2020. The government will service the debt on the basis of the original amortization schedule of the Kenya Airways loan agreements.

Meanwhile, Kenya will continue to rely on concessional development finance, while continuing to tap global capital markets to renew maturing Eurobonds, with the next repayment of Eurobonds due to mature in June 2024, said Yatani. By the end of December 2021, Kenya will issue a Eurobond to finance the 2021/22 budget. This funding was previously scheduled for early 2022. By the end of June 2022, the country will issue another Eurobond to repay all or part of the bond maturing in 2024.

Yatani said Kenya’s foreign exchange reserves were bolstered by large inflows in the second quarter of 2021, including a $ 1 billion Eurobond issue, $ 750 million in World Bank budget support and two IMF disbursements totaling $ 715 million.

Yatani said the key milestones in Kenya Airways’ restructuring plan would involve the following:

  • The National Treasury (NT) would hire an air transport consultant with international experience and know-how to negotiate concessions. As reported, Kenya Airways in May 2021 hired UK consultancy firm Steer Group to draft the turnaround strategy;
  • By December 2021, the NT would prepare a detailed restructuring action plan of measures to improve the operational profitability of Kenya Airways, which would serve as the basis for subsequent monitoring of progress;
  • Also by December 2021, the NT would establish an accountability mechanism to ensure that the restructuring is followed by the Kenya Airways Board. This would involve tracking key actions and milestones in the restructuring process (e.g., trimming the network, rationalizing frequencies and fleet, and tackling the airline’s high cost structure, including payroll) . Milestones would be included in the key performance indicators applying to the CEO of the airline and other senior officials;
  • Progress under the action plan would be reviewed quarterly by the National Treasury and Cabinet;
  • Disbursements from the national treasury to the airline would be contingent on progress and would not be released until there had been “clear and tangible progress towards pre-agreed goals.”

With a 48.7% stake, the Kenyan government is the largest shareholder in Kenya Airways. As previously reported, the country’s National Assembly approved a plan to re-nationalize the struggling airline in June 2019, but the necessary bill was crippled by parliamentary processes and never enacted. As part of the renationalization plan, a holding company called Kenya Aviation Corporation is said to have hosted three subsidiaries: Kenya Airways, the Kenya Airports Authority, and an investment arm, the Aviation Investment Corporation.

According to the IMF, Kenya Airways has been insolvent “for some time with persistent financial difficulties made worse by the onset of the COVID-19 pandemic”. He said Kenya Airways has the highest cost base among all airlines in the sub-Saharan Africa region.

“Due to its severe cash flow problems over the past three years, Kenya Airways has been unable to pay the bills from donors and creditors owed, resulting in significant unpaid obligations. The company had to negotiate moratoriums and waivers with lenders and donors and was dependent on cash injections from the budget. Even before the pandemic, this had a negative impact on the operations of Kenya Airways, ”the IMF said.

The Kenyan national carrier and South African Airways (SA, Johannesburg OR Tambo) have announced their intention to form a new Pan-African airline group by 2023 around their respective hubs in Johannesburg OR Tambo and Nairobi Jomo Kenyatta with the aim of strengthening their operations and contain the costs of the two struggling national airlines.

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Bangladesh’s assistance to Sri Lanka strengthens its image and prestige https://leopard-center.com/bangladeshs-assistance-to-sri-lanka-strengthens-its-image-and-prestige/ Sun, 26 Dec 2021 19:53:47 +0000 https://leopard-center.com/bangladeshs-assistance-to-sri-lanka-strengthens-its-image-and-prestige/

Bangladesh, riddled with debt a few years ago, is today a country of unprecedented success in debt relief. The world today looks at Bangladesh in amazement. Bangladesh only borrowed from other countries or organizations. Now that history has changed and has started lending. Bangladesh has provided loans to Sri Lanka and Sudan. Bangladesh first loaned a country by providing the first tranche of the loan pledged to Sri Lanka in August.

Once upon a time, Bangladesh was a “bottomless pit” and an international donation seeker. It is now a lender country. It shows all the countries of South Asia how to rise from their ashes. Bangladesh sets an example in South Asia on how to ensure economic growth amidst various socio-political aspects.

Overcoming various hardships, Bangladesh is today a confident and promising country. Today, Bangladesh has climbed to the top of all economic indices. When the 10 on-going megaprojects are completed, the country’s economic growth trend will increase and prosperity will increase. It shows all the countries of Southeast Asia how to increase their growth in the midst of various adversities.

The economy of Sri Lanka, a South Asian island nation, is currently under severe pressure from civil war injuries and additional foreign loans for development projects. At present, the country’s foreign exchange reserves have fallen to $ 4 billion. Meanwhile, amid the epidemic, Bangladesh’s foreign exchange reserves have hit the $ 45 billion mark.

The Prime Minister of Sri Lanka was accompanied by the Governor of the Central Bank of Sri Lanka during his visit to Dhaka last March to attend the celebrations for the centenary of the birth of Bangabandhu. At that time, they made a proposal to Prime Minister Sheikh Hasina Wazed in this regard. After accepting the proposal, the Sri Lankan government sent a formal proposal to the Central Bank. Then, in May, the Board of Directors of the Bank of Bangladesh approved in principle a loan of $ 250 million to Sri Lanka under the currency swap.

The Bangladesh Bank released $ 50 million in the first installment on August 16 based on Sri Lanka’s request. Bangladesh entered the list of lending countries by granting this loan. The second tranche of $ 100 million was released in June 2021. This money comes from the foreign exchange reserves of the Bangladesh Bank.

Reserves are over $ 46 billion after a $ 100 million haircut in favor of Sri Lanka in June. With Bangladesh’s current foreign exchange reserves, it is possible to cover import costs for more than eight months. Bangladesh ranks second among South Asian countries in terms of foreign exchange reserves. Bangladesh is donating dollars this way for the first time. The number of dollars that Bangladesh donates will be reduced from the reserve. It will make Bangladesh famous.

Sri Lanka has suffered from a foreign exchange reserve crisis in recent times. At that time, they only had $ 500 million in foreign exchange reserves. With this reserve, it was not possible to meet their import expenses for three months. In order to keep reserves risk-free, at least three months of import spending must be retained by the central bank.

For the first time in 50 years of independence, Bangladesh granted a loan to a country for the development of the country or to meet various needs. Bangladesh made the list of lenders by lending Sri Lanka $ 50 million.

Over the past decade, Bangladesh has gained this lending capacity due to enormous economic development, increased exports and increased expatriate incomes as the country’s foreign exchange reserves have swelled. Economists hope this will change the image of the country. And Sri Lanka will be loaned a total of $ 250 million. This money will be released in five installments.

Sudan, an African country, is unable to repay a loan from the International Monetary Fund (IMF). Bangladesh took responsibility for repaying this loan.

Bangladesh’s image and respect for the people of that country has grown thanks to the assistance to Sri Lanka and Sudan from its foreign exchange reserves. Now the question is valid. Bangladesh is now a lender country! If Bangladesh can be a self-sufficient lender, an economic miracle in South Asia, why can’t others? Why isn’t South Asia taking lessons from Bangladesh? Of course, South Asia can learn a lot from Bangladesh.

This information was highlighted in a notification from the Ministry of Finance on June 16, 2021. Previously, Bangladesh had granted similar benefits to Somalia, another African country.

Sudan’s external debt has skyrocketed to nearly $ 50 billion at the end of 2019. The IMF is known to get $ 6 billion from Sudan. In other words, 5,100 billion Tk. When the IMF called on all of its members to support the country in debt repayment, almost everyone responded. As a friendly country, Bangladesh has also agreed to cooperate with Sudan. In response to IMF appeal, Bangladesh granted Sudan $ 650 million loan waiver on June 15

The next day, Wednesday, the finance ministry said in a statement that in response to the IMF’s appeal, Bangladesh had granted Sudan Tk 65 crore “debt relief”. “Sudan is a very indebted and poor country,” the finance ministry said in a statement. The government hopes that the funding will strengthen Sudan’s fight against poverty.

Bangladesh has started to prove its economic potential in a very spectacular way. At one time the country was very poor. So US Secretary of State Henry Kissinger has declared Bangladesh to be a bottomless basket. After 46 years, according to the American media Bloomberg, Bangladesh is now an address of surprising success. The country’s per capita income is now $ 2,500. He is ahead of India. At present, the per capita income of India is $ 2,116. Pakistan is far behind. The per capita income of the country is $ 1,260.

However, what happened to cause Bangladesh to create one surprise after another? Economists say there are reasons for this. Exports, social progress and economic forecasting. There are three other reasons besides economic capacity. Sympathy, economic diplomacy and political will.

When it did, the sudden news came that Bangladesh had provided $ 200 million in financial assistance to Sri Lanka. Sri Lankan media have raised the question of whether Bangladesh can be self-sufficient, why can’t we? In June, the Bangladesh Ministry of Finance gave more surprising news. Bangladesh is said to support Sudan, the poorest country in Africa. Tk 650 million had been provided to reduce the IMF debt burden. The country borrowed Tk 5.1 trillion from the IMF. The economic crisis was so severe that the country could not repay the debt. Bangladesh has come forward after sending messages asking for help from country to country.

The government hopes that the funding will strengthen Sudan’s fight against poverty. At one time, Sudan was a British colony. The country gained its independence on January 1, 1956, by virtue of a treaty. Recall that last year, Bangladesh also provided over 80 million Tk to Somalia, another African country. It was also to repay the IMF loan. Sudan, an OIC member, has been crippled by debt and poverty and financial assistance is expected to help overcome the crisis.

Bangladesh last year also donated Tk 80 million to help Somalia fight poverty under the IMF initiative. Everyone is fascinated by the development of Bangladesh.

Bangladesh’s image and respect for the people of that country has grown thanks to the assistance to Sri Lanka and Sudan from its foreign exchange reserves. Now the question is valid. Bangladesh is now a lender country! If Bangladesh can be a self-sufficient lender, an economic miracle in South Asia, why can’t others? Why isn’t South Asia taking lessons from Bangladesh? Of course, South Asia can learn a lot from Bangladesh.

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Angola: IMF Executive Board Completes Sixth Review of Angola’s Extended Credit Facility Agreement and Concludes 2021 Article IV Consultations https://leopard-center.com/angola-imf-executive-board-completes-sixth-review-of-angolas-extended-credit-facility-agreement-and-concludes-2021-article-iv-consultations/ Thu, 23 Dec 2021 11:01:05 +0000 https://leopard-center.com/angola-imf-executive-board-completes-sixth-review-of-angolas-extended-credit-facility-agreement-and-concludes-2021-article-iv-consultations/

Washington, DC: The Executive Board of the International Monetary Fund (IMF) today completed the sixth review of Angola’s economic program supported by an expanded arrangement under the Fund’s Extended Facility (EFF) and concluded consultation under Article IV [1] with Angola. The Council’s decision authorizes an immediate disbursement of SDR 535.1 million (approximately $ 748 million), bringing total disbursements under the arrangement to SDR 3.2134 billion (approximately $ 4.5 billion) . In completing the review, the Board of Directors also approved waivers for failure to meet the performance criterion on net international reserves of Banco Nacional de Angola.

Angola’s three-year extended agreement was approved by the Board of Directors on December 7, 2018, for an amount of SDR 2.673 billion (approximately $ 3.7 billion at the time of approval). It aims to restore external and fiscal sustainability, improve governance and diversify the economy in order to promote sustainable economic growth led by the private sector. At the time of the third review, the Executive Board also approved the authorities ‘request to increase access by SDR 540 million (approximately $ 765 million at the time of approval) to support the authorities’ efforts to mitigate the impact of COVID-19. and support the implementation of structural reforms.

The impact of the COVID-19 pandemic on the Angolan economy has started to ease amid rising oil prices and less disruptive containment measures. Non-oil growth has started to recover and is expected to contribute to a broad stabilization of aggregate output in 2021. Inflation has reached over 25%, driven by supply-side factors. Continued fiscal restraint is expected to generate a substantial overall surplus in 2021, while rising oil prices support a high current account surplus.

Angola’s overall growth is expected to turn positive in 2022 and reach around 4% in the medium term, supported by the implementation of structural reforms planned to enhance growth. Inflation is expected to gradually ease from 2022, as global food inflation moderates and the central bank maintains a strict policy. A still prudent fiscal policy, enshrined in the 2022 fiscal plans, will support a rapid decline in the public debt-to-GDP ratio, while protecting key health and social spending.

Following the Board’s debate, Ms. Antoinette Sayeh, Deputy Managing Director and Acting President, made the following statement:

“The prudent policies of the Angolan authorities have helped to strengthen the stability and sustainability of the program, despite difficult economic conditions. Aided recently by rising oil prices, this political discipline and commitment to reform has also started to improve economic performance, putting Angola on a path to recovery from the multiple shocks and multi-year recession it faces. endured.

“The authorities’ disciplined fiscal policy contributes to a sharp decline in the ratio of public debt to GDP in 2021, strengthening debt sustainability while protecting social spending in the context of the pandemic. The 2022 budget aims to consolidate the fiscal tightening. public debt towards the authorities’ medium-term objective will require continued fiscal discipline, supported by structural fiscal reforms. Fiscal policy will also have to mitigate the impact of oil shocks. This could be achieved by saving future windfall revenues from high oil prices and protecting priority spending during downturns.

“The National Bank of Angola (BNA) has appropriately tightened the stance of its monetary policy to cope with still high inflation, which stems mainly from supply-side factors. With a hike in the key rate and limited money growth, this position should start bringing inflation next year. Nonetheless, going forward, the central bank should be prepared to tighten monetary policy further if inflation accelerates again or if expectations of high inflation strengthen. to a flexible exchange rate regime are welcome.

“Building on substantial progress in financial sector reforms, the authorities must continue their efforts to ensure the health of the sector. Since the start of the program, they have strengthened the capitalization of the sector, as well as the legal framework for its regulation and supervision. They must now complete both the modernization of the regulatory framework and the restructuring and recapitalization of the two largest troubled public banks.

“Diversifying the economy through the pursuit of deep structural reforms is essential to achieve inclusive growth and consolidate economic sustainability. The rapid expansion of non-oil production requires the implementation of ongoing reforms to strengthen governance, improve the business environment and promote private investment and trade openness, as well as the development of human capital and resources. infrastructure. The authorities should also promote the conditions for faster development of key economic sectors, such as agriculture, telecommunications and finance.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with its members, usually annually. A team of employees visits the country, collects economic and financial information and discusses with those responsible for the development and economic policies of the country. Back at headquarters, the staff prepare a report, which forms the basis for the Board’s discussion.

Angola: Selected Economic Indicators, 2020-22

2020

2021

2022

Real

Proj

Proj.

Real economy (percentage change, unless otherwise indicated)

Real gross domestic product

-5.2

0.1

2.9

Petroleum sector

-8.0

-10.6

1.6

Non-oil sector

-4.0

3.9

3.4

Nominal gross domestic product (GDP)

9.7

39.1

23.0

Petroleum sector

-7.4

63.3

15.3

Non-oil sector

17.4

30.6

26.4

GDP deflator

15.8

39.0

19.5

Non-oil GDP deflator

22.3

25.7

22.2

Consumer prices (annual average)

22.3

25.7

22.2

Consumer prices (end of period)

25.1

26.8

18.0

Gross domestic product (billion kwanzas)

33 832

47,071

57,892

Gross petroleum domestic product (billion kwanzas)

8 815

14,391

16,592

Non-oil gross domestic product (billion kwanzas)

25,017

32 680

41 299

Gross domestic product (billion US dollars)

58.5

73.7

89.0

Gross domestic product per capita (US dollars)

1 885

2 307

2 704

Central government (percent of GDP)

Total income

20.8

22.1

21.6

Of which: petroleum related

10.7

12.8

12.7

Of which: Non-oil tax

8.8

8.2

7.8

Total of expenses

22.7

19.3

19.1

Current expenses

17.5

15.6

15.8

Capital expenditure

5.2

3.7

3.3

Overall budget balance

-1.9

2.8

2.4

Primary fiscal balance excluding oil

-5.5

-4.4

-5.2

Non-oil primary fiscal balance (as a percentage of non-oil GDP)

-7.5

-6.3

-7.3

Money and credit (end of period, percentage change)

Broad money (M2)

24.3

3.0

12.0

Percent of GDP

37.5

27.8

25.3

Speed ​​(GDP / M2)

2.7

3.6

4.0

Speed ​​(non-oil GDP / M2)

2.0

2.5

2.8

Credit to the private sector (annual percentage change)

-7.7

13.0

12.5

Balance of payments

Trade balance (percentage of GDP)

19.5

27.5

25.0

Exports of goods, fob (percent of GDP)

35.8

43.5

40.8

Of which: Oil and gas exports (percent of GDP)

33.5

40.9

38.3

Imports of goods, fob (percentage of GDP)

16.3

15.9

15.8