WASHINGTON, May 28, 2014/African Press Organization (APO)/ — Press Statement
Jen Psaki
Department Spokesperson
Washington, DC
May 27, 2014
The United States condemns in the strongest terms the May 24 terrorist attack by al-Shabaab at Place Menelik i…
OTTAWA, Canada, May 28, 2014/African Press Organization (APO)/ — The Honourable Ed Fast, Minister of International Trade, today participated in Africa Day celebrations in Ottawa and invited Canadian business representatives, especially from small and medium-sized enterprises (SMEs) looking to expand, to join a trade mission to South Africa and Tanzania from June 22 to 27, 2014.
Minister Fast also announced the entry into force of a foreign investment protection agreement (FIPA) with Benin this month. By ensuring greater protection against discriminatory and arbitrary practices and by enhancing the predictability of a market’s policy framework, a FIPA provides businesses with greater confidence in investing and facilitates investment flows, contributing to job creation and economic growth in both countries.
The trade mission will focus on the extractive sector and renewable energy and power, priority sectors identified under the Global Markets Action Plan. Sector-focused trade missions are part of the Government of Canada’s pro-trade plan to support Canadian businesses, especially SMEs, explore opportunities and penetrate new markets for their products and services.
The Canada-Benin agreement is Canada’s third FIPA brought into force in Africa, after Egypt and Tanzania, and brings the total to 27 FIPAs in force around the world.
Quick Facts
• This will be Minister Fast’s third trade mission to Africa, following one to Libya in 2012 and another to Nigeria and Ghana in 2013.
• The International Monetary Fund expects the sub-Saharan African economy to grow by 5.4 percent in 2014 and by 5.5 percent in 2015.
• Canada concluded, signed or brought into force FIPAs with 10 countries in 2013—a record for a single year. Seven of these were with African countries: Cameroon, Côte d’Ivoire, Guinea, Nigeria, Zambia, Benin and Tanzania.
• FIPA negotiations are ongoing with Burkina Faso, Tunisia and Ghana and were recently launched with Kenya.
Quotes
“African countries offer tremendous opportunities and are markets with much potential for Canadian workers and businesses. Today’s FIPA with Benin and the sector-focused trade mission to Tanzania and South Africa, along with the help from our trade commissioners and close cooperation with Export Development Canada and the Canadian Commercial Corporation, are the many ways we are supporting Canadian companies, especially our SMEs, as they explore new opportunities to export, grow and create jobs.”
Ed Fast, Minister of International Trade
BRAZZAVILLE, Republic of the Congo, May 28, 2014/African Press Organization (APO)/ — An International Monetary Fund (IMF) staff team led by Ms. Dalia Hakura, Mission Chief to the Republic of Congo, visited Brazzaville during May13-26, 2014 to conduct discussions for the Article IV consultations.1 The mission met with the State Minister of Economy, Finance, Planning, Public Portfolio and Integration, Mr. Gilbert Ondongo, Minister at the Presidency in Charge of Territory Planning and Large Projects, Mr. Jean-Jacques Bouya, Deputy Minister in Charge of Planning and Integration, Mr. Raphael Mokoko, Special Advisor to the President, Mr. Denis Gokana, National Director of the Central Bank, Mr. Cedric Ebauh Ondaye, Chairman of the Economic and Financial Commission of the National Assembly, Mr. Maurice Mavoungou, and Chairman of the Economic and Financial Commission of the Senate, Mr. Fila de Saint-Eudes, and other senior officials. The mission also met with representatives of the private sector, civil society, and development partners.
At the conclusion of the mission, Ms. Hakura made the following statement:
“The Republic of Congo’s macroeconomic performance continues to be broadly satisfactory. Growth averaged around 3.5 percent in the last three years, in the context of declining oil production due to aging oil fields. The economy is projected to expand by about 6 percent per annum between 2014 and 2019, as a result of increases in oil production and the start of iron ore production. Inflation is easing, aided by lower food prices and real appreciation of the CFA franc. Public investment spending and arrears payments for social benefits and payments to suppliers pushed total cash government spending to about CFAF 2735 billion in 2013 close to the 2012 level when spending was raised in the aftermath of the Mpila ammunitions explosion, and up from CFAF 1865 billion in 2011. Official central bank reserves held at the regional Bank of Central African States (BEAC) declined by CFAF 265 billion to CFAF 2509 billion at the end of 2013. This is equivalent to about 7 months of prospective imports of goods and services. The authorities’ favorable sovereign credit rating obtained in 2013 from international rating agencies was recently reaffirmed.
“The country’s medium-term prospects are promising provided that significant policy actions are adopted including the efficient implementation of an ambitious public investment program to diversify the economy and make growth more inclusive. Poverty and unemployment remain high. The government budget relies heavily on oil revenue. Therefore, oil price volatility and the exhaustibility of oil reserves could pose risks to macroeconomic stability and the authorities’ objective of attaining sustained high inclusive non-oil growth over the medium term. To address these risks, the mission’s discussions focused on the need to arrest the growth of government spending and put the economy on a path of fiscal consolidation that targets a gradual decline in the non-oil primary deficit while safeguarding targeted social spending and growth-enhancing capital spending. The Republic of Congo should continue to adhere to a prudent borrowing and expenditure policy to prevent a rapid accumulation of external debt and so as to preserve the hard-won gains in debt sustainability following the Heavily Indebted Poor Countries/Multilateral Debt Relief Initiative (HIPC/MDRI) obtained in 2010.
“For 2014, the mission encouraged the authorities to ensure that adequate measures are taken to meet the targets for non-oil revenue and expenditure in the budget. This will be particularly important in view of spending pressures related to preparations for the 2015 All Africa Games and the 2016 presidential elections. Also, with the aging of existing oil wells, there is considerable uncertainty about oil production and revenues. In this regard, the mission welcomes the authorities’ efforts to improve non-oil revenue collection, including from ongoing customs reforms and strengthening of the large-tax-payer office. Efforts should be taken to reduce the use of tax exemptions. Ideally, a supplementary budget would formalize any changes to fiscal targets.
“The mission welcomes the steps the authorities are taking to strengthen governance and accountability. The authorities have prepared a draft fiscal responsibility and transparency law that will implement some of the Economic and Monetary Community of Central African States (CEMAC) directives on public financial management, and would improve budget accounting, preparation, and execution. The authorities are encouraged to take full advantage of the ongoing Public Expenditure Management and Financial Accountability Review (PEMFAR) assessment by the World Bank and other development partners. The PEMFAR should help to identify steps to improve budget execution and procurement and disbursement processes. The public expenditure review will be important in efforts to improve efficiency and quality of spending across the key sectors of the economy. Efforts to improve the selection, evaluation, and monitoring of investment projects as well as the budgeting of their operating and maintenance costs need to be strengthened. The mission recommended that a comprehensive audit of domestic arrears be completed as a matter of priority and that a repayment plan is included in budget planning.
“The authorities have launched important initiatives to boost inclusive non-oil growth and address deep-seated structural weaknesses that impede competitiveness. As part of their efforts to diversify the economy and create job opportunities, the authorities are also moving ahead with the development of four Special Economic Zones (SEZs) one of which has started operations. However, the mission cautioned the authorities to carefully analyze the implications of the fiscal incentives for SEZs that were introduced in the 2014 budget law. The mission urged the authorities to expedite their efforts to strengthen the business climate of the country as a whole in line with the International Finance Corporation (IFC)-supported action plan. Reforms are needed to develop the financial sector, so that it can fully contribute to the financing of Congo’s development goals.
“The mission welcomes the authorities’ support for the ongoing review of CEMAC’s reserves pooling framework. The mission also welcomes the steps being taken by the authorities to strengthen the National Institute of Statistics with the aid of IMF technical assistance and training. This will be important towards the strengthening of the quality and timeliness of economic data.
“The mission confirmed that the IMF stands ready to continue to work with the Congolese authorities to address these challenges, including by providing technical assistance. The Executive Board of the IMF is expected to consider the staff report on the 2014 Article IV consultation in July 2014. The mission wishes to thank the authorities for their warm hospitality and constructive cooperation.”
1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
WASHINGTON, May 28, 2014/African Press Organization (APO)/ — Press Statement
John Kerry
Secretary of State
Washington, DC
May 27, 2014
On behalf of the government and the people of the United States, I send my best wishes to the government and peopl…
MOGADISHU, Somalia, May 28, 2014/African Press Organization (APO)/ — “The Inter Governmental Authority on Development (IGAD), the European Union and the United Nations reiterate their strong condemnation for the attack of 24th May on the Somali Feder…
OTTAWA, Canada, May 27, 2014/African Press Organization (APO)/ — The Honourable Christian Paradis, Minister of International Development and La Francophonie, in partnership with The MasterCard Foundation, today launched a call for proposals from eligible Canadian organizations to implement the African Leaders of Tomorrow Scholarships Fund.
“Through the African Leaders of Tomorrow Scholarships Fund, our Government is helping to prepare the next generation of innovative leaders in sub-Saharan Africa to actively contribute to growth and poverty reduction in their local and global communities,” said Minister Paradis. “The Scholarships Fund will also further Canada’s goals in advancing democracy, sustainable economic growth, development, and higher education in Africa.”
The Government of Canada and The MasterCard Foundation are co-financing the African Leaders of Tomorrow Scholarships Fund, which was created to commemorate the late Nelson Mandela’s legacy. The Scholarships Fund aims to provide promising young sub-Saharan African professionals with Masters-level scholarships to access high-quality academic and professional training in Canada in order to prepare them to advance economic prosperity, social justice and equity in Africa.
“The MasterCard Foundation is proud to partner with the Government of Canada to help empower young professionals in sub-Saharan Africa,” said Reeta Roy, President and CEO of The MasterCard Foundation. “Enabling scholarship recipients to develop the skills they need to take on leadership roles in public policy will have a significant impact on their careers and will also enable them to contribute to Africa’s economic and social future.”
Partners and those interested in this and future calls for proposals are encouraged to visit the Foreign Affairs, Trade and Development Canada website and subscribe to the RSS feeds to get the most up-to-date information.
Quick Facts
• On December 11, 2013, Prime Minister Stephen Harper announced the creation of the African Leaders of Tomorrow Scholarships Fund, in memory of Nelson Mandela, and in recognition of the importance of a strong and effective public sector in advancing sustainable economic growth and poverty reduction.
• Canada is committed to providing high-quality educational opportunities to international students as outlined in its International Education Strategy. Launched in January 2014, the strategy is designed to maintain and enhance Canada’s global position in higher education and drive economic growth and prosperity both in Canada and abroad.
• The MasterCard Foundation is an independent, global organization based in Toronto. Through collaboration with partner organizations in 46 countries, it is creating opportunities for all people to learn and prosper. The Foundation’s programs promote financial inclusion and advance youth learning, mostly in Africa.
• Africa Day was created in 1963 to commemorate the founding of the Organization of African Unity. It is celebrated every year on May 25.
WASHINGTON, May 27, 2014/African Press Organization (APO)/ — Press Statement
John Kerry
Secretary of State
Washington, DC
May 27, 2014
On behalf of the American people, I welcome the opportunity to send my warmest wishes to the people of Eritrea on …
ADDIS ABABA, Ethiopia, May 27, 2014/African Press Organization (APO)/ — INVITATION TO REPRESENTATIVES OF THE MEDIA
WHAT: Within the framework of the ECOWAS Day celebration in Addis Ababa, the Economic Commission of West African States (ECO…
BANGUI, Central African Republic, May 27, 2014/African Press Organization (APO)/ — We have just completed a three-day joint mission to the Central African Republic, 24-26 May 2014, where we saw firsthand the impact of the current crisis on women and …
ADDIS ABABA, Ethiopia, May 27, 2014/African Press Organization (APO)/ — The Chairperson of the African Union Commission, H.E. Dr. Nkosazana Dlamini Zuma is in Algiers, Algeria, to participate in the 17th Ministerial Conference of the Non-Aligned Move…
