Category: APO-OPA

RABAT, Morocco, May 10, 2014/African Press Organization (APO)/ — Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), made the following statement today in Rabat:

“It is a great pleasure to return to Morocco, home of many cultures, and meet with its people. This is my first visit to Rabat and Casablanca, as Managing Director of the IMF.

I had the privilege to meet with his Majesty Mohamed VI, Head of Government Mr. Benkiran, Minister of Economic and Finance Mr. Boussaid, Governor of Bank Al-Maghrib Mr. Jouahri, and other senior officials. It was my honor to address the Conseil Economique Social et Environnemental where its President Mr. Baraka and his colleagues welcomed us with great warmth. I also had the pleasure of interacting with representatives of the private sector and different components of the Moroccan society, distinguished women leaders and students. I was inspired by their dynamism and their determination to contribute to the well-being of their economy and society.

“During these meetings, I congratulated the Moroccan authorities on the recent progress in improving economic conditions and advancing important reforms, despite an environment that remains challenging. In particular, I commended the authorities for the important steps taken recently to reduce economic unbalances, including the courageous subsidy reform and the extension of social programs to support the poorest. We also discussed the outlook for the global economy and its impact on countries in the region.

“Morocco’s economic performance improved in 2013 despite headwinds. The euro area crisis led to an underlying slowdown in growth that was mostly offset by a bumper crop. The authorities’ strong policy actions coupled with lower international oil prices, helped reduce the fiscal deficit by almost 2 percent of GDP to 5.4 percent. The current account also improved while reserves remained broadly stable. However, unemployment has remained high especially among the youth.

“We project growth will fall below 4 percent in 2014 as agriculture production returns closer to normal levels and non-agricultural activity picks up, drawn by the recovery in Europe. The current account deficit is expected to contract further as a result of continued policy action, lower global energy prices, and exports from newly developed sectors (e.g. car and aeronautics industries).

“Morocco has significant potential, but faces a number of challenges, to promote higher and more inclusive growth. I encouraged my counterparts to take further measures to push ahead with difficult fiscal reforms and implementing a structural reform agenda in support of competitiveness, a strengthened business environment and higher job creation. Continuous effort to build consensus on the most crucial reforms, such as subsidies or pensions, remains essential. The IMF is a partner in support of Morocco’s effort through advice, financial and technical assistance as relevant. In my meetings, I was happy to congratulate the Moroccan authorities on the completion of the third review under the Precautionary and Liquidity Line (PLL) arrangement. The PLL has provided insurance against external risks while supporting the authorities’ economic program.

“Finally, I would like to express my sincere thanks to the authorities and the Moroccan people for their wonderful hospitality. The IMF values highly its constructive and collaborative relationship with Morocco.”

KHARTOUM, Sudan, May 10, 2014/African Press Organization (APO)/ — An International Monetary Fund (IMF) mission led by Mr. Edward Gemayel visited Khartoum during April 29-May 8, 2014 to conduct the first review under Sudan’s 2014 Staff-Monitored Program (SMP). The mission held discussions with Minister of Finance and National Economy BadrEldeen Mahmood Abbas, Minister of Petroleum Makawi Mohamed Awad, Governor of the Central Bank of Sudan Abdelrahman Hassan Abdelrahman Hashim, and other senior government officials. The mission also met with members of the diplomatic and donor community, as well as with members of the business community.

Mr. Lodewyk Erasmus, the IMF’s Resident Representative in Sudan, issued the following statement in Khartoum at the conclusion of the mission on May 8:

“Sudan’s 2014 SMP, which supports the authorities’ economic adjustment program, was approved by the IMF Managing Director on March 7. The main objectives of the program are in line with the Government’s Three-Year Emergency Program for 2012-14, which aims to improve Sudan’s economic and financial conditions that deteriorated in the aftermath of the secession of South Sudan.

“Preliminary data suggest that economic performance in the first quarter of 2014 is improving in line with projections under the SMP. Twelve-month inflation fell to 35.7 percent at end-March, from 41.9 percent at end-December 2013. Reserve money and broad money grew by 3.2 percent and 6.7 percent, respectively. The overall fiscal deficit is estimated to have reached 0.2 percent of GDP compared with 0.5 percent of GDP in the same period of 2013.

“Against this background, the mission noted, however, the widening gap between the official and parallel market exchange rates. This gap is the result of a range of factors, including uncertainty about the revenues from oil transit as the conflict in South Sudan continues, domestic political uncertainty in the run-up to next year’s presidential elections, and imbalances in the foreign exchange market. The mission urged the authorities to follow through on their intention to address these imbalances through greater exchange rate flexibility, which would help restore competitiveness and support exports and growth, avoid the loss of international reserves, and provide a shock absorber for the economy.

“Most of the end-March targets under the SMP were met. The authorities have also made good progress toward meeting their structural benchmarks. The mission welcomes the authorities’ commitment toward meeting the objectives of their economic program. In this regard, it welcomes the establishment of an Inter-Ministerial Committee to monitor implementation of policies and the coordination of fiscal and monetary policies.

“Resolving Sudan’s unsustainable external debt is important for the adjustment to the impact of South Sudan’s secession, implementation of the government’s poverty reduction policies, and for supporting inclusive growth. The mission underscored the importance of securing the required support for providing comprehensive debt relief from Sudan’s bilateral external creditors. The mission welcomed the work of the Tripartite Committee –Sudan, South Sudan, and the African Union High Implementation Panel—that was established under the Joint Approach to the International Community, and urged the authorities to continue to reach out to Sudan’s external creditors.

“The mission would like to thank the authorities for their hospitality and their excellent cooperation and the frank and constructive discussions.”

KAMPALA, Uganda, May 10, 2014/African Press Organization (APO)/ — The International Monetary Fund’s Regional Technical Assistance Center for East Africa (IMF- East AFRITAC) held a workshop on “Fiscal Risks: Identification, Reporting and Management” in Entebbe, Uganda during the period April 28 – May 1, 2014.

The workshop, the first of its kind in the region, was attended by twenty officials from finance ministries and central banks from Burundi, Ethiopia, Kenya, Malawi, Tanzania and Uganda. Two officials from the East African Community (EAC) Secretariat were also present. Led by a team of experts from the IMF’s Fiscal Affairs Department and IMF – East AFRITAC, the workshop explored the main sources of risks to public finances in the region and ways to mitigate these risks.

Participants discussed the potential risks to government finances in the region from a reliance on revenue from volatile primary commodity exports and uncertain donor grants. Discussions also covered fiscal risks arising from rapid increases in infrastructure spending, including through investments by state-owned enterprises and the use of public-private partnerships. Several governments in the region are also decentralizing activities to sub-national government with the aim of improving service delivery and accountability. Participants discussed the risks that these developments potentially create for the effective management of the public finances and approaches to mitigating such risks. Other issues covered were the sustainability of public pension schemes, payment arrears and government guarantees. The Third Pillar of the IMF’s new Draft Code on Fiscal Transparency was used as an analytical framework to discuss these risks. The example of Kenya, which already publishes an annual statement of fiscal risks, was noted as an example to follow in the region.

An important part of the workshop was devoted to exploring how improved accounting and reporting practices can enable governments to better understand and be more transparent on the fiscal risks they face. Mr. Maate from the EAC Secretariat underlined the necessity of harmonizing reporting practices in the region, as the EAC moves towards a monetary union.

At the opening of the workshop, Mr. Lawrence Kiiza, Director of the Economic Affairs Department of the Ministry of Finance, Planning and Economic Development of Uganda, outlined some of the lessons to be learnt for fiscal risk management from the sovereign debt crisis in Europe. He expressed his appreciation for IMF – East AFRITAC’s commitment to improve technical capacity in the region and its responsiveness to the emerging needs of its country members, as exemplified by the organization of this highly topical workshop.

At the conclusion of the workshop, Mr. Fazeer Rahim of IMF – East AFRITAC, referred to the emphasis that the IMF Draft Fiscal Transparency Code places on fiscal risk reporting and management. He outlined the scope of IMF’s technical assistance in this area to countries in the region in coming years, including the organization of a second workshop by IMF – East AFRITAC in 2015.

MAPUTO, Mozambique, May 10, 2014/African Press Organization (APO)/ — The Executive Board of the International Monetary Fund (IMF) completed today the second review of Mozambique’s economic performance under the program supported by the Policy Support Instrument (PSI). In completing the review, the Board approved the modification of three assessment criteria, including two end-June 2014 assessment criteria as the result of the higher than anticipated fiscal revenues and a continuous assessment criterion related to an increase of the non-concessional borrowing ceiling as this is in line with a PSI objective of facilitating a scaling up in infrastructure investment.

The PSI was approved by the Executive Board on June 24, 2013 (see Press Release No. 13/231). The IMF’s framework for PSIs is designed for low-income countries that may not need, or want, IMF financial assistance, but still seek IMF advice, monitoring and endorsement of their policies. The PSI is a voluntary and demand driven instrument, supported by strong country ownership (see Public Information Notice No. 05/145).

Following the Executive Board’s discussion, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair, issued the following statement:

“Mozambique’s strong growth performance and low inflation are commendable. Natural resource exploitation underpins the medium-term outlook and entails benefits as well as risks.

“The implementation of the Poverty Reduction Strategy is progressing, but it will be important to strengthen expenditure execution to ensure that the 2013 shortfall on priority spending was temporary. Making growth more inclusive will require generating more employment, and improving human capital and the enabling environment for small and medium-sized enterprises.

“The fiscal stance for 2014 is expansionary, partly reflecting some temporary factors—such as spending related to holding general elections—and public investment. Fiscal consolidation will be needed in the medium term. Monetary policy needs to remain vigilant and stand ready to take action to keep inflation to the authorities’ medium-term target.

“The structural reform agenda is progressing, but implementation could be invigorated, especially in the areas of public financial management reforms and the identification of fiscal risks. Building institutional capacity is important to prepare for managing the future resource boom and making growth more inclusive. Financial sector development and business facilitation will also be essential.

“External borrowing can help fund infrastructure investments. However, using such resources effectively requires a transparent project analysis, prioritization and selection process, and should be informed by the implications for the debt sustainability. Furthermore, strict monitoring of project implementation is essential to ensure value-for-money in the use of public resources.”

DUBLIN, Ireland, May 9, 2014/African Press Organization (APO)/ — Minister for Trade and Development Joe Costello TD reiterated Ireland’s commitment to strengthening relations with Sierra Leone following the decision to open an Irish embassy in Freetown and the nomination of an Irish Ambassador.

Speaking during at an event at Wynn’s Hotel in Dublin to mark Sierra Leone’s Independence, organised by the Sierra Leone – Ireland partnership group (SLIP), Minister Costello said:

“Irish Aid has been actively engaged with Sierra Leone since the country emerged from a period of brutal conflict between 1991 and 2002. We have worked closely with the Sierra Leonean authorities and communities to improve health, tackle hunger and malnutrition and improve women’s rights since 2005. We take a leading role on nutrition and since 2009 have provided over €11 million to help ensure that women and children get the nutrition they need to survive and to thrive.

“Sierra Leone is still recovering from conflict and remains one of the poorest countries in the world. Consolidating the peace in the country has long been a priority of the Sierra Leone administration and it is one which has Ireland’s strong support.

“Ireland is committed to staying the course with countries emerging from conflict and instability and to supporting their transition to peace. Following the announcement last year that Ireland would be upgrading our presence in Freetown to a full embassy, I am very happy that the Government has this week nominated Sinéad Walsh as the first Ambassador of Ireland to Sierra Leone.

“These developments indicate in very concrete terms Ireland’s intention to continue to deepen our engagement in Sierra Leone.”

GENEVA, Switzerland, May 9, 2014/African Press Organization (APO)/ — Church leaders from South Sudan are arriving in Ethiopia’s capital Addis Ababa, all set to take part in the start of negotiations between South Sudan’s president Salva Kiir and rebel leader Riek Machar. The negotiations aim to find solutions for the world’s newest nation, reeling from violence since last year that has left thousands dead and millions homeless.

Archbishop Paulino Lukudu Loro of the Roman Catholic Archdiocese of Juba, Archbishop Daniel Deng Bul Yak of the Episcopal Church of Sudan are mong these church leaders, as well as Peter Gai Lual Marrow of the Presbyterian Church of South Sudan, who was scheduled to arrive to Addis Ababa on 9 May.

These church leaders are accompanied by Rev. Dr Samuel Kobia, former general secretary of the World Council of Churches (WCC) and ecumenical special envoy for South Sudan and Sudan, who will be representing the All Africa Conference of Churches. Dr Nigussu Legesse, the WCC’s programme executive for advocacy for Africa, will also be present.

The participation of church leaders in the Addis Ababa negotiations comes after the recent visit to Juba of an ecumenical delegation which urged leaders on both sides to use the negotiations as an opportunity to agree to dialogue and implement an immediate ceasefire.

Rev. Dr Olav Fykse Tveit, general secretary of the WCC, was in Juba last week meeting with representatives of local churches. He stressed that South Sudanese churches have “rich spiritual resources to help find a way towards peace.”

“Churches in South Sudan have a significant role in national dialogue, affirming unity and a sense of nation-building by strengthening a process of reconciliation,” Tveit said. “In this process of reconciliation, youth and women must be empowered.”

“We will pray and work with the churches in South Sudan, while they continue addressing these struggles in their pilgrimage for justice and peace,” Tveit concluded.

Among other efforts by the church bodies to end conflict in South Sudan, the South Sudan Council of Churches (SSCC) along with the South Sudan’s Islamic Council will participate in the Intergovernmental Authority on Development (IGAD) peace process.

TOKYO, Japan, May 9, 2014/African Press Organization (APO)/ — 1. The Government of Japan is deeply shocked and enraged by the fact that more than 200 school girls were abducted in Borno State, the Federal Republic of Nigeria. Their basic human rights have been severely violated by the Islamic extremist group, “Boko Haram.” Any violence committed by Boko Haram against innocent civilians, including bombing on the outskirts of Abuja, cannot be justified on any grounds or for any purpose. The Government of Japan firmly condemns any act of terrorism.

2. The elimination and prevention of all forms of violence against women and girls are issues on which the international community should work together, and such acts by Boko Haram should never be tolerated. Moreover, the Government of Japan is deeply concerned by the fact that particularly young women pursuing education became targets, and demands the earliest possible release of the school girls who will bear the future of Nigeria.

3. The Government of Japan renews its determination for solidarity with the people and Government of Nigeria, and will continue to cooperate with the international community to eradicate acts of terrorism and to contribute to the peace and stability of the region.

ADDIS ABABA, Ethiopia, May 9, 2014/African Press Organization (APO)/ — Speech by H.E. Li Keqiang Premier of the State Council of the People’s Republic of China At the AU Conference Center

Addis Ababa, 5 May 2014

Your Excellency Prime Minister Haile…

ABIDJAN, Côte d’Ivoire, May 9, 2014/African Press Organization (APO)/ — Standard Bank (http://www.standardbank.com) plans to use its presence in the Ivory Coast (Côte d’Ivoire) to expand its service offering across the rest of Francophone Africa, which the lender believes is poised to experience an investment boom as foreign companies are lured by the region’s mineral wealth and economic growth.

Watch the video “Stanbic IBTC’s part in the West African Growth story”: http://youtu.be/DYL_zKEUbjc

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More informations: http://bit.ly/1no4PAH

Distributed by APO (African Press Organization) on behalf of Standard Bank.

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On behalf of: Standard Bank

For more information contact:

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Kate.johns@standardbank.co.za

LONDON, United-Kingdom, May 9, 2014/African Press Organization (APO)/ — UK team has arrived in Abuja to support Nigerian government in its response to the abduction of over 200 school girls.

A Foreign and Commonwealth Office spokesperson said:

“A team of UK experts who will advise and support the Nigerian authorities in its response to the abduction of over 200 school girls touched down in Abuja, Nigeria this morning.

“The team is drawn from across Government, including DfID, FCO and the MoD, and will work with the Nigerian authorities leading on the abductions and terrorism in Nigeria. The team will be considering not just the recent incidents but also longer-term counter-terrorism solutions to prevent such attacks in the future and defeat Boko Haram.

“The team will be working closely with their US counterparts and others to coordinate efforts.”