NAIROBI, May 20 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund has extended its support for Somalia under its Extended Credit Facility to Aug. 17, the lender said on Friday.



Early this month, the Somali government had asked the fund for a three-month extension in its financial support.



In February, the IMF warned against the risk of automatic expiry this month of the three-year budget support programme worth nearly $400 million, after delayed legislative and presidential elections jeopardised its renewal.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2US5NQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Duncan Miriri; Writing by George Obulutsa; Editing by Clarence Fernandez)

IMF_logo

IMF extends financial support for Somalia to August

KHARTOUM, May 19 (Reuters)&nbsp;&#8211;&nbsp;A leading&nbsp;Sudanese&nbsp;politician was&nbsp;arrested&nbsp;on Thursday as&nbsp;protests&nbsp;raged in the capital&nbsp;Khartoum&nbsp;for the seventh month against military rule, with tear gas and heavy security force deployment.



A military coup in October effectively ended a 2019 power-sharing deal between generals who overthrew President Omar al-Bashir, andpolitical parties that opposed him.



One of those parties, the&nbsp;Sudanese&nbsp;Communist&nbsp;Party, said its&nbsp;leader&nbsp;Mohamed Mukhtar Al-Khatib had been&nbsp;arrested&nbsp;on Thursday, following a visit to Juba where he met with leading&nbsp;Sudanese&nbsp;rebel&nbsp;leaders.



The party, which has been the most hardline against the coup and any future deal, was pursuing a unified front against the coup, it said.



Sudan&#8217;s economy has spiralled as its government has gone without a prime minister since January. Businesses are stagnating while citizens face steep increases in the prices of food, electricity and fuel.



&#8220;The military has failed economically, politically and psychologically &#8211; in every way,&#8221; said a 30-year-old protester and unemployed engineer who declined to give his name for fear of retribution. &#8220;They are just being stubborn now, but we are more stubborn.&#8221;



The protesters marched under the harsh sun as security forces, including the U.S.-sanctioned Central Reserve Police,&nbsp;were deployed at key points along&nbsp;the protest route.



(Reporting by Khalid Abdelaziz and Nafisa Eltahir; Editing by Richard Chang)

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Sudanese communist leader arrested as protests rage in Khartoum￼

May 17 (Reuters)&nbsp;&#8211;&nbsp;Worsening outdoor air pollution and toxic lead poisoning have kept global deaths from environmental contamination at an estimated 9 million per year since 2015 – countering modest progress made in tackling pollution elsewhere, a team of scientists reported Tuesday.



Air pollution from industry processes along with urbanization drove a 7% increase in pollution-related deaths from 2015 to 2019, according to the&nbsp;<a href="http://www.thelancet.com/journals/lan???/article/PII???????????????/fulltext" target="_blank" rel="noreferrer noopener">scientists’ analysis of data</a>&nbsp;on global mortality and pollution levels.



&#8220;We&#8217;re sitting in the stew pot and slowly burning,&#8221; said Richard Fuller, a study co-author and head of the global nonprofit Pure Earth. But unlike climate change, malaria, or HIV, &#8220;we haven&#8217;t given (environmental pollution) much focus.&#8221;



An earlier version of the work published in 2017 also estimated the death toll from pollution at roughly 9 million per year — or about one of every six deaths worldwide — and the cost to the global economy at up to $4.6 trillion per year. That puts pollution on par with smoking in terms of global deaths.&nbsp;COVID-19, by comparison, has killed about&nbsp;6.7 million&nbsp;people globally since the pandemic began.



For their most recent study, published in the online journal Lancet Planetary Health, the authors analyzed 2019 data from the Global Burden of Disease, an ongoing study by the University of Washington that assesses overall pollution exposure and calculates mortality risk.



The new analysis looks more specifically at the causes of pollution – separating traditional contaminants such as indoor smoke or sewage from more modern pollutants, like industrial air pollution and toxic chemicals. Here are some of the key takeaways:



WATER AND INDOOR AIR



Deaths from traditional pollutants are declining globally. But they remain a major problem in Africa and some other developing countries. Tainted water and soil and dirty indoor air put Chad, the Central African Republic and Niger as the three countries with the most pollution-related deaths, according to data adjusted for population.



State programs to cut indoor air pollution and improvements in sanitation have helped to curb death tolls in some places. In Ethiopia and Nigeria, these efforts brought related deaths to drop by two-thirds between 2000 and 2019. Meanwhile, the Indian government in 2016 began offering to replace wood-burning stoves with gas stove connections.



MODERN POLLUTANTS



Deaths caused by exposure to modern pollutants such as heavy metals, agrochemicals and fossil fuel emissions are &#8220;just skyrocketing&#8221;, rising 66% since 2000, said co-author Rachael Kupka, executive director of the New York-based Global Alliance on Health and Pollution.



When it comes to outdoor air pollution, some major capital cities have seen some success, including in Bangkok, China, and Mexico City, the authors said. But in smaller cities, pollution levels continue to climb.



HIGHEST POLLUTION-RELATED DEATHS



The study offered a list of the 10 countries most affected by pollution-related deaths, based on their findings on mortality adjusted for population.



1. Chad; 2. Central African Republic; 3. Niger; 4. Solomon Islands; 5. Somalia; 6. South Africa; 7. North Korea; 8. Lesotho; 9. Bulgaria; 10. Burkina Faso



(Reporting by Gloria Dickie; Editing by Katy Daigle and Lisa Shumaker)

power-station-pollution-energy-electricity

Pollution killing 9 million people a year, Africa hardest hit – study

<ul class="wp-block-list"><li>Lawmakers choose Hassan Sheikh Mohamud for president</li></ul>



<ul class="wp-block-list"><li>Vote takes place behind barricades due to conflict</li></ul>



<ul class="wp-block-list"><li>Former education campaigner Mohamud, 66, faces Islamist war</li></ul>







By Abdi Sheikh



MOGADISHU, May 16 (Reuters)&nbsp;&#8211;&nbsp;Former Somali leader Hassan Sheikh Mohamud won the presidency again in voting by parliamentarians on Sunday in an airport hangar protected by blast walls from Islamist insurgents whom he must now fight for a second time.



The 66-year-old, who ruled from 2012 to 2017, reversed the previous election to defeat incumbent President Mohamed Abdullahi Mohamed by 214-110 votes in a third-round runoff whose result was confirmed around midnight.



&#8220;We have to move ahead, we do not need grudges. No avenging,&#8221; Mohamud said in his acceptance speech from the airport compound in the capital Mogadishu patrolled by African Union (AU) peacekeepers.



Supporters defied a curfew to pour onto the streets of Mogadishu, cheering and firing guns into the air.



The former education campaigner and peace activist faces a daunting task in the nation of 15 million people which is suffering its worst drought in four decades and has endured seemingly never-ending conflict since 1991.



Though just holding the election was a success of sorts, many Somalis were sceptical of any real improvement.



Most of the 36 candidates were old faces recycled from the past who had done little to stem war and corruption, they complained. Votes are anyway influenced more by money changing hands than political platforms, Somalis and analysts say.



&#8220;Hassan Sheikh is not good but he is the lesser of the two evils. We hope Somalia will be better,&#8221; said Halima Nur, a mother-of-four in Mogadishu.



&#8220;We hope this time Hassan Sheikh Mohamud will improve and become a better leader. We hope Somalia will be peaceful, though this may take time,&#8221; said student Mohamed Ismail.



&#8216;A VERY TEDIOUS TASK&#8217;



The United Nations-backed vote was delayed by more than a year due to squabbling in government, but had to be held this month to ensure a $400 million International Monetary Fund programme.



During the first round of voting, blasts from mortar shells rang out near the site but did not disrupt proceedings. There was no claim of responsibility, but Somalis are used to attacks on state institutions from al Shabaab militants.



Somalia has endured conflict and clan battles with no strong central government since the fall of dictator Mohamed Siad Barre in 1991. The government has little control beyond the capital and the AU contingent guards an Iraq-style &#8220;Green Zone&#8221;.



&#8220;Let us pray for the new president, it is a very tedious task,&#8221; said outgoing leader Mohamed, known as &#8220;Farmaajo&#8221; due to a reputed love of Italian formaggio cheese.



He drew criticism from Somalis and foreign donors for trying to extend his tenure last year.



After long bouts of infighting within government, sometimes spilling over into gun battles between factions of the security forces, the incoming leader sought to strike a new note.



&#8220;We cannot forget the painful past but we can forgive,&#8221; said Mohamud. &#8220;Here in this hall I had handed over the presidency to Farmaajo in 2017 and tonight he handed over to me.&#8221;



Born in the Hiran region of central Somalia, Mohamud has a master&#8217;s degree in technical education from India&#8217;s Barkatullah University. He co-founded the SIMAD university in Mogadishu.



Though credited with pushing al Shabaab out of some towns when he was president, Mohamud failed to deliver a crushing blow to the militants who now control swathes of Somalia and run a lucrative extortion business.



(Reporting by Abdi Sheikh in Mogadishu; Writing by Elias Biryabarema and Andrew Cawthorne;Editing by Jonathan Oatis)

somalia-flag_Public Domain Pictures

Ex-Somali leader Mohamud wins presidency to face war and drought

By Tom Sims



FRANKFURT, May 15 (Reuters)&nbsp;&#8211;&nbsp;Deutsche Bank&nbsp;DBKGn.DE&nbsp;is not financing a pipeline in Africa that environmental campaigners have said will displace thousands of families and disrupt nature reserves, a person with knowledge of the matter said on Sunday.



Germany&#8217;s largest lender has come under pressure to clarify its stance on the financing of the planned $3.5 billion East African Crude Oil Pipeline (EACOP), which would stretch more than 1,400 kilometres from Uganda to Tanzania.



Deutsche has so far not commented on the project despite the pressure increasing ahead of the bank&#8217;s annual general meeting on Thursday. The environmental activist group 350.org is organising a series of protests in the coming days.



&#8220;Many major banks and insurers have already pulled out of this devastating project. We&#8217;re raising the pressure on Deutsche Bank, as one of the only major banks in Europe that has not yet withdrawn their support for EACOP,&#8221; 350.org has said ahead of the planned protests.



The French energy giant Total&nbsp;TTEF.PA, which is developing the pipeline with China National Offshore Oil Corporation, has said it was taking steps to mitigate the environmental and human impact of the project.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2L60K3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



In recent years, Deutsche Bank has marketed itself as a bank that companies can turn to as they transition to a greener future.



&#8220;We have placed sustainability at the core of our strategy,&#8221; Chief Executive Officer Christian Sewing said last year.



Deutsche Bank has never been involved in the financing of the pipeline, said the person, speaking on condition of anonymity.



Deutsche Bank said in a statement that it doesn&#8217;t comment on clients, but that it &#8220;supports the transition to a low-carbon economy&#8221; and its policies prohibit it from knowingly financing projects that clear primary forests, areas of high conservation value and peatlands.



The campaign called&nbsp;<a href="https://www.stopeacop.net/home" target="_blank" rel="noreferrer noopener">#STOPEACOP</a>&nbsp;says on its website that the pipeline puts at risk water for millions of people, and will cut through land critical for elephants, lions and chimpanzees.



(Reporting by Tom SimsEditing by Riham Alkousaa, Maria Sheahan and David Evans)



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Currency Money Euro Cent Finance Wealth Business

Deutsche Bank not financing EACOP African pipeline – source

KAMPALA, May 3 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s largest telecommunications firm MTN Uganda&nbsp;MTNU.UG&nbsp;said on Tuesday its first-quarter pretax profits jumped by a fifth from the same period of last year, partly boosted by higher data sales.



In the first three months of this year the firm&#8217;s pretax profit rose 20.2% to 143.7 billion shillings ($40.65 million) from the same quarter in 2021, as revenue from internet connection data ballooned 45% to 115.6 billion.



&#8220;We continued to drive digital inclusion and affordability by reducing the price of our lower-tier internet bundle packages,&#8221; the firm said in commentary accompanying the results.



MTN Uganda, which is majority owned by South Africa&#8217;s MTN Group&nbsp;MTNJ.J, listed its shares on the Uganda Securities Exchange (USE) in December after a deeply undersubscribed initial public offering.



Last year, MTN Uganda reported a 6.6% jump in pretax profit compared with the previous period, helped by higher data sales and faster uptake of its fintech services. In Uganda it chiefly competes with a local subsidiary of India&#8217;s Bharti Airtel&nbsp;BRTI.NS.



MTN Uganda said the outlook for its business was difficult, clouded partly by the global economic consequences of the war in Ukraine.



&#8220;Recent macroeconomic developments point to a more challenging trading environment for our business,&#8221; it said.



&#8220;Higher inflation of essential commodities and fuel has been exacerbated by the war in Ukraine, which is also putting pressure on supply chains.&#8221;



($1 = 3,535.0000 Ugandan shillings)

UGANDA-TELECOMMUNICATION-FINE-BUSINESS

MTN Uganda’s Q1 2022 pretax profit up 20% on robust data sales￼

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-820x547.jpg" alt="" class="wp-image-416704" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Zambia&#8217;s President Hakainde Hichilema addresses the 76th Session of the United Nations General Assembly at U.N. headquarters in New York, U.S. on September 21, 2021. Spencer Platt/Pool via REUTERS</figcaption></figure>



LUSAKA, April 25 (Reuters)&nbsp;&#8211;&nbsp;Zambian President Hakainde Hichilema thanked China on Monday for joining international efforts to help his country to restructure its debt after China committed to joining Zambia&#8217;s creditor committee at&nbsp;International Monetary Fund&nbsp;meetings last week.



Meanwhile IMF Managing Director Kristalina Georgieva welcomed the country&#8217;s economic reform progress, saying she had an &#8220;excellent meeting&#8221; with Finance Minister Situmbeko Musokotwane and central bank Governor Denny Kalyalya on Monday.



&#8220;We share the hope for rapid progress on #Zambia’s debt restructuring so the IMF Board can soon consider the authorities’ program,&#8221;&nbsp;<a href="https://twitter.com/KGeorgieva/status/1518649347189223425?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet" target="_blank" rel="noreferrer noopener">Georgieva said on Twitter</a>.



In 2020 Zambia became the first country to have defaulted in the pandemic-era&nbsp;when&nbsp;its debt burden reached more than 120% of national output. It reached a staff-level agreement with the International Monetary Fund (IMF) in December 2021 on a $1.4&nbsp;billion&nbsp;three-year extended credit facility.



&#8220;Thank you to China for joining the Common Framework, for agreeing to join the Common Framework to resolve the debt crisis,&#8221; Hichilema told&nbsp;reporters&nbsp;in Lusaka.



He added that authorities were working with fertiliser-producing countries to try to alleviate the pressures of rising fuel and fertiliser prices and also wanted to develop exports of wheat to take advantage of higher prices.



Georgieva&nbsp;said&nbsp;last Thursday that China has committed to joining Zambia&#8217;s creditor committee.&nbsp;Sources with knowledge of the meeting said People&#8217;s Bank of China&nbsp;Governor Yi Gang said that China intended to co-chair the committee.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WK1EM&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



China and Chinese entities held $5.78 billion of Zambia&#8217;s debt at the end of 2021, according to the most recent Zambian government data. Zambia&#8217;s external debt also includes $3 billion in international bonds and $2.1 billion to multilateral lending agencies such as the IMF.



However, Zambian officials have also expressed frustration at the process.



Musokotwane said at events on the sidelines of the IMF meetings last week the debt restructuring process had &#8220;stalled&#8221; and Zambia had &#8220;come here to complain&#8221;.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WJ4XX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Chiwoyu Sinyangwe in Lusaka and Rachel Savage in London; Writing by Tim Cocks and Angus MacSwan;Editing by Marguerita Choy)

Annual United Nations General Assembly in New York

Zambian President thanks China for help in debt restructuring

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-820x547.jpg" alt="" class="wp-image-416685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A company vehicle sits in a parking lot outside the headquarters of the Nairobi Securities Exchange Ltd. (NSE) in Nairobi, Kenya, on Tuesday, July 21, 2015. Kenya is a major technology hub and a key player in one of the most dynamic economic regions on the continent. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, April 25 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Nairobi Securities Exchange&nbsp;NSE.NR&nbsp;is looking to buy up more stakes in bourses across Africa, its chief executive said on Monday, with a view to eventually becoming a pan-continental exchange.



The bourse, the fifth biggest by market capitalisation in Africa, already owns a 4.9% stake in neighbouring Tanzania&#8217;s Dar es Salaam Stock Exchange&nbsp;DSE.TZ, and is eyeing other bourses in countries like Nigeria and Botswana following their demutualisation, its CEO Geoffrey Odundo said.



&#8220;We can become a pan-African exchange in the long term, so we are looking at how we can use this opportunity,&#8221; he said. The group is keen to see the valuation of Uganda&#8217;s bourse when the shares are offered to investors at a later date, he added.



To fund acquisitions, the NSE has cash reserves of up to 1.5 billion shillings ($12.98 million), Odundo said.



The exchange is also looking at buying stakes in related businesses like technology and depository services, he said. &#8220;Acquisitions are a key focus for us,&#8221; he told Reuters.



<h3 class="wp-block-heading" id="h-read-more-world-bank-approves-750-million-in-budgetary-support-to-kenya">Read more:<a href="https://www.cnbcafrica.com/2022/world-bank-approves-750-million-in-budgetary-support-to-kenya/"> World Bank approves $750 million in budgetary support to Kenya</a></h3>



As part of its strategy to acquire related businesses, the NSE has doubled its stake in Kenya&#8217;s Central Depository and Settlement Corporation, which offers back-office services for share trading, Odundo said.



The exchange, which for 2021 offered investors a 17% dividend yield, is also holding discussions with two Kenyan technology firms to boost its securities trading infrastructure, Odundo said, without giving details.



Africa, made up of 54 nations, has just 29 exchanges, meaning there will be opportunities to offer securities trading technology when the others set up their bourses, the CEO said.



The bourse was in a strong position to fend off competition from a new bond trading exchange being set up in Kenya, he said, since it offers many products, including derivatives.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2U637S&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The NSE is selling its head office in a Nairobi suburb in favour of leasing, Odundo said. &#8220;Property is not a space for us,&#8221; he added.



NSE turnover has been depressed in the past month by heightened geopolitical risk caused by the Ukraine crisis, he said.



Kenya is holding a general election on Aug. 9, which could feed volatility in the market, Odundo said. However, he expressed optimism that the adverse impact will be low.



&#8220;We are cautiously optimistic,&#8221; he said. &#8220;Investors have priced down the political risk.&#8221;



($1 = 115.6000 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by Jan Harvey)

Trading At Nairobi Securities Exchange Ltd.

Nairobi Securities Exchange eyes acquisitions among other African bourses

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="481" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY.jpg" alt="" class="wp-image-416655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY-136x90.jpg 136w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) peacekeepers patrol areas affected by the recent attacks by M23 rebels fighters near Rangira in North Kivu in the east of the Democratic Republic of Congo, March 29, 2022. REUTERS/Djaffar Sabiti</figcaption></figure>



NAIROBI, April 22 (Reuters)&nbsp;&#8211;&nbsp;The seven countries of the East African Community (EAC) have agreed to set up a regional military force to try to end decades of bloodshed caused by militant activity in eastern Democratic Republic of Congo, Kenya said.



Despite billions of dollars spent on one of the United Nation&#8217;s largest peacekeeping forces, more than 120 rebel groups continue to operate across large swathes of east Congo almost two decades after the official end of the central African country&#8217;s civil wars.



The EAC, which Congo joined last month, called on local armed groups to join a political process to resolve their grievances or &#8220;be handled militarily&#8221;, the office of Kenya&#8217;s president said in a statement following an EAC meeting in Nairobi on Thursday.



Foreign armed groups, which include an Islamist insurgency with origins in Uganda and ties to Islamic State (IS), &#8220;must disarm and return unconditionally and immediately to their respective countries of origin,&#8221; the president&#8217;s office said, without providing further details about the force.



Tanzania already contributes 835 troops to the U.N.&#8217;s peacekeeping mission, while Kenya contributes 250.



The U.N. has previously accused neighbouring Uganda and Rwanda of backing rebel groups in the mineral-rich region, accusations the two countries firmly deny.



Recent attempts to stop the violence militarily have proven unsuccessful, and in some cases backfired, security analysts and human rights groups say.



<h2 class="wp-block-heading" id="h-read-more-u-s-imposes-sanctions-over-illicit-exports-of-gold-from-congo">Read more: <a href="https://www.cnbcafrica.com/2022/u-s-imposes-sanctions-over-illicit-exports-of-gold-from-congo/">U.S. imposes sanctions over illicit exports of gold from Congo</a></h2>



Congo imposed martial law in its eastern Ituri and North Kivu provinces in May and began joint operations with Uganda&#8217;s army in November against the Islamist group, known as the Allied Democratic Forces (ADF).



The ADF often murders civilians in retaliation for military campaigns against it, human rights groups and security analysts say. It killed more than 1,200 people in 2021, up almost 50% on the previous year, according to the U.N.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2U8494&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Congo&#8217;s President Felix Tshisekedi was meanwhile expected to meet with representatives of another group, the M23, in Nairobi on Friday.



The Congolese army clashed with the M23 in several days of heavy fighting last month, after which the group declared a unilateral ceasefire.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VZ203&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Congolese lawmaker Juvenal Munobo, a member of parliament&#8217;s defence and security commission, expressed reservations about the regional force on Twitter.



&#8220;We know these countries have interests in the Congo. I think the solution is to invest in (Congo&#8217;s army),&#8221; he wrote.



Unrest in Congo has caused one of the world&#8217;s worst and longest-running humanitarian emergencies, with more than 27 million people facing food shortages, and nearly 5.5 million forced to flee their homes, according to the U.N.



(Reporting by Hereward Holland; Editing by Sofia Christensen and Susan Fenton)

Resurgent M23 rebels attack displace hundreds in eastern Congo

East African Community agrees on regional force to try to end Congo unrest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-820x547.jpg" alt="" class="wp-image-416649" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>IMF managing director Kristalina Georgieva speaks during a panel discussion at the COP26 UN Climate Summit in Glasgow on November 3, 2021. (Photo by Daniel LEAL / AFP) (Photo by DANIEL LEAL/AFP via Getty Images)</figcaption></figure>



LONDON, April 21 (Reuters)&nbsp;&#8211;&nbsp;China has committed to joining Zambia&#8217;s creditor committee, International Monetary Fund managing director Kristalina Georgieva said on Thursday, amid complaints from Zambia&#8217;s finance minister about delays to its debt restructuring.



People&#8217;s Bank of China governor Yi Gang said that China intended to co-chair the committee, two sources with knowledge of the International Monetary and Finance Committee meeting told Reuters.



Zambia became the first pandemic-era default in 2020 and is buckling under a debt burden of almost $32 billion, around 120% of GDP.



&#8220;We were very pleased to hear from Governor Yi Gang&#8230; a very specific commitment to join the creditor committee on Zambia and work expeditiously for debt resolution,&#8221; said Georgieva at the International Monetary Fund (IMF) Spring Meetings.



She added that he had also committed to the Common Framework debt restructuring process, launched by the Group of 20 (G20) leading economies in 2020 in response to the coronavirus pandemic.



Zambia&#8217;s finance minister Situmbeko Musokotwane said at public events on Thursday that the debt restructuring process had &#8220;stalled&#8221; and that the Zambian team had &#8220;come here to complain&#8221;.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WJ4XX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



An IMF spokesperson said that they did not have any more details of Yi&#8217;s statement, noting that it was at a closed door meeting.



&#8220;This augurs well, for coordination, in resolving debt for various African countries,&#8221; Zimbabwe&#8217;s finance minister Mthuli Ncube&nbsp;<a href="https://twitter.com/MthuliNcube/status/1517147119244636165" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;of the Chinese position.



Ethiopia and Chad also signed up to the Common Framework more than a year ago and have yet to receive debt relief.



&#8220;China is a very significant lender to many of these low-income countries, and China needs to participate, along with the Paris Club and private creditors,&#8221; U.S. Treasury Secretary Janet Yellen said at a press conference before Georgieva&#8217;s.



&#8220;I&#8217;ve called on China to specifically for example participate right away in a meeting for Zambia, that wishes to undergo debt restructuring. And I am hopeful that China will agree to play a more constructive role.&#8221;



China and Chinese entities held $5.78 billion of Zambia&#8217;s debt at the end of 2021, according to the most recent Zambian government data.



(Reporting by Rachel Savage and Jorgelina do Rosario; Additional reporting by Daniel Burns, David Lawder and Andrea Shalal, Editing by Alexandra Hudson)

BRITAIN-UN-CLIMATE-COP26

China committed to joining Zambia creditor committee -IMF’s Georgieva

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg" alt="" class="wp-image-411734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>UNITED STATES &#8211; APRIL 25: Situmbeko Musokotwane, finance minister of Zambia, left, speaks as Mustafa Mkulo, finance minister of Tanzania, center, and Charles Koffi Diby, finance minister of the Ivory Coast, listen during a press briefing in Washington, D.C., U.S., Saturday, April 25, 2009. The global economic crisis may force as many as 90 million more people into extreme poverty this year and make it harder to meet goals to improve health and education, the World Bank and International Monetary Fund said yesterday. (Photo by Joshua Roberts/Bloomberg via Getty Images)</figcaption></figure>



LONDON, April 21 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s debt restructuring process has &#8220;stalled&#8221; as it awaits the formation of a creditor committee, Finance Minister Situmbeko Musokotwane said on Thursday at the International Monetary Fund (IMF) Spring Meetings.



&#8220;We&#8217;ve been waiting for the committees to sit,&#8221; Musokotwane told IMF African Department director Abebe Selassie in a &#8216;Governor Talk&#8217; interview broadcast by the fund.



&#8220;And while we are here I hope we can get some clarity from you and your colleagues from the World Bank on how we can move forward. Because for now it is stalled,&#8221; he continued.



Zambia was the first country to default in the pandemic era, in November 2020, as it buckled under debt of more than 120% of GDP. The debt hit $31.74 billion at the end of 2021, 17% higher than six months earlier, according to official Zambian data.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VQ55B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Zambia reached a staff level agreement with the IMF on a $1.4 billion, three-year credit facility in December 2021.



Musokotwane, who also described the restructuring as a &#8220;stalemate,&#8221; told parliament on March 25 that the creditor committee would be announced &#8220;within the next few weeks&#8221; and has said he hopes for a formal IMF deal by mid-year. <a href="https://www.reutersconnect.com/all?search=all%3AL5N2VS1ZH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-british-firm-plans-to-invest-100-million-in-zambia-mine-expansion">Read more: <a href="https://www.cnbcafrica.com/2022/british-firm-plans-to-invest-100-million-in-zambia-mine-expansion/">British firm plans to invest $100 million in Zambia mine expansion</a></h3>



Selassie had asked what the international community could do to address what he described as the &#8220;unresolved&#8230; debt challenge&#8221;.



At a second event on Thursday, Musokotwane criticised the Common Framework debt restructuring process, which was launched by the Group of 20 (G20) leading economies in 2020 in response to the coronavirus pandemic.



&#8220;Unfortunately we are now in the fourth month from the time when we thought we would quickly move to the discussion with creditors. Nothing has happened,&#8221; he told a side event hosted by the Atlantic Council, a think-tank.



&#8220;So we&#8217;ve come here to complain and also discuss with the leaders of the G20, the leaders of the Common Framework.&#8221;



Musokotwane said Zambia had fulfilled its commitments and contrasted the Common Framework process with what he said was the clearer Heavily Indebted Poor Countries (HIPC) debt relief programme first set up by the IMF and World Bank in 1996.



Having signed up for the Common Framework more than a year ago, Ethiopia and Chad have also yet to receive debt relief.



(Reporting by Rachel Savage; Editing by Emma Rumney and Mark Potter)

Situmbeko Musokotwane, finance minister of Zambia, left, spe

Zambia debt restructuring ‘stalled’ – finance minister

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45.jpg" alt="" class="wp-image-416621" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>FILE PHOTO: A photovoltaic solar panel farm is seen in Porto Feliz, Sao Paulo state, Brazil February 13, 2020. REUTERS/Amanda Perobelli/File Photo</figcaption></figure>



SITOLO, Malawi, April 21 (Reuters)&nbsp;&#8211;&nbsp;A solar mini-grid in rural Malawi is powering maize mills, a sunflower oil facility and will help a welder in a nearby village expand his business, showing that centralised grid systems are not Africa&#8217;s only route towards low-carbon power.



Development experts say village-level solar power is a more promising way of bringing electricity to Africa&#8217;s remotest areas than conventional grids, which often do not reach them, tend to prioritise more privileged neighbourhoods and are often powered by polluting fossil-fuel generation.



&#8220;I see myself prospering with this electricity project,&#8221; welder Bartholomew Soko told Reuters TV in the village of Ndawambe. He plans to start making door frames, television stands and drying racks for plates, as well as the bicycles he already repairs.



&#8220;If electricity is extended to other rural areas, it would help people with disabilities be self-reliant,&#8221; Soko, who was injured in a car accident and uses a wheelchair, added.



<h3 class="wp-block-heading" id="h-read-more-india-s-coal-imports-are-shifting-thermal-more-than-coking-russell">Read more: <a href="https://www.cnbcafrica.com/2022/indias-coal-imports-are-shifting-thermal-more-than-coking-russell/">India’s coal imports are shifting, thermal more than coking: Russell</a></h3>



In Malawi, more than three quarters of the country&#8217;s roughly 20 million population does not have access to electricity &#8212; a higher proportion than the continental average of roughly half.



The cost of solar power has fallen by more than three quarters globally over the past decade.



The Sitolo project connects more than 700 people across three villages, and local farmers no longer have to trek long distances to get their maize milled or sunflower seeds pressed.



Brenda Limbikani, a sunflower farmer, said local people never used to grow sunflowers. &#8220;But with this oil-pressing machine, more people have planted the crop,&#8221; she said. &#8220;This year the number of farmers growing sunflowers is more than ever.&#8221;



(Reporting by Eldson Chagara; Writing by Frank Phiri and Alexander Winning. Editing by Tim Cocks and Jane Merriman)

download-45

Malawi solar mini-grid shows promise as way of electrifying rural Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="617" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-820x617.jpg" alt="" class="wp-image-416313" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-820x617.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-300x226.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-768x578.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-1536x1156.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854.jpg 2000w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Vicky Ford MP raises a point of order saying that she had heard the words &#8220;stupid woman&#8221; being used about her in the chamber, and requesting an apology from Speaker John Bercow, in the House of Commons, London. (Photo by House of Commons/PA Images via Getty Images)</figcaption></figure>



LUSAKA, April 6 (Reuters)&nbsp;&#8211;&nbsp;Britain&#8217;s Moxico Resources&nbsp;IPO-MOXI.L&nbsp;plans to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia, UK Minister for Africa Vicky Ford said on Wednesday.



The investment will create new jobs and increased tax revenues for Zambia&#8217;s government, Ford said in a statement released by the British High Commission in Zambia while she was on a visit to the country.



Ford was visiting Zambia to launch a new investment model, which she said marked a key moment for Britain&#8217;s financing of private sector growth and infrastructure across Africa.



<h3 class="wp-block-heading" id="h-read-more-zambia-expects-full-agreement-with-imf-on-1-4-bln-support-plan-in-mid-2022-finmin">Read more: <a href="https://www.cnbcafrica.com/2022/zambia-expects-full-agreement-with-imf-on-1-4-bln-support-plan-in-mid-2022-finmin/">Zambia expects full agreement with IMF on $1.4 bln support plan in mid-2022 – finmin</a></h3>



&#8220;We are committed to supporting countries grow their own economies, bolster private sector investment and trade, and deliver the returns that will support wider socio-economic development,&#8221; Ford said.



The Mimbula Copper Project is located in Zambia&#8217;s copper belt on the outskirts of Chingola town, more than 400 km north-west of Lusaka.



The copper-rich deposit is located on a large-scale mining licence held by Moxico Resources through its Zambian subsidiary, Mimbula Minerals Ltd.



Moxico holds an 85% ownership in the licence holding company and 15% is held by Moxico&#8217;s Zambian partners. The mining licence was granted in May 2017, with a validity for 25 years.



(Reporting by Chris Mfula; Editing by Mark Potter)

Prime Minister’s Questions

British firm plans to invest $100 million in Zambia mine expansion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="565" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-820x565.jpg" alt="" class="wp-image-416181" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-820x565.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-768x529.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Kenya&#8217;s President Uhuru Kenyatta gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union &#8211; African Union summit, in Brussels, Belgium February 18, 2022. REUTERS/Johanna Geron/Pool/File Photo </figcaption></figure>



NAIROBI, March 31 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Supreme Court is scheduled on Thursday to rule on President Uhuru Kenyatta&#8217;s bid to make sweeping constitutional changes, which critics have seized and turned into a top issue for a presidential election this August.



Last year, the High Court and the Court of Appeal struck down the proposed amendments popularly known as the Building Bridges Initiative (BBI), prompting the government to appeal.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2PN37L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The Supreme Court, whose ruling is final, will settle seven questions raised by appellants, including whether the president acted illegally by initiating the amendments to the constitution.



If the court clears the changes, the ruling could lead to the creation of 70 new parliamentary constituencies and establish several powerful new posts: a prime minister, two deputies and an official leader of the parliamentary opposition.



The amendments became a lightning rod for politicians jostling ahead of the general election scheduled for August 9. Kenyatta and his deputy president, William Ruto, have publicly clashed over the proposals.



<h3 class="wp-block-heading" id="h-read-more-kenya-lifts-remaining-covid-restrictions">Read more: <a href="https://www.cnbcafrica.com/2022/kenya-lifts-remaining-covid-restrictions%ef%bf%bc/">Kenya lifts remaining COVID restrictions</a></h3>



Ruto is running for the presidency in the August presidential poll; he opposes the changes. But Kenyatta is backing his former foe, veteran opposition leader Raila Odinga, who favours the amendments.



&#8220;They have told us they will bring back the BBI monster because they want to create an imperial presidency,&#8221; Ruto told his party&#8217;s delegates earlier this month.



The constitutional changes will create an all powerful presidency by giving him control of the judiciary through a proposed office of a judicial ombudsman, Ruto said.



It will also put the legislature under the president&#8217;s thumb because he will control the appointment to the new posts to be created, including the prime minister, he said.



Kenyatta argues the constitutional overhaul promotes power sharing among competing ethnic groups, a position vehemently dismissed by Ruto&#8217;s camp.



&#8220;I reject the suggestion that a united country is one that has no political competition or opposition,&#8221; Ruto told his party&#8217;s delegates, adding that a democratically elected government policed by a robust opposition was the answer.



(Reporting by Duncan Miriri)

23C7LYIHSFNEJDDSNFWNRAQMDA

Kenya’s top court to issue final ruling on president’s constitutional changes

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX.jpg" alt="" class="wp-image-416150" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-768x524.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>A customer holds his mobile phone as he prepares to pay for mosquito sprays at Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, March 29 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s parliament approved a new 1.5% tax on electronic payments, known as the &#8220;e-levy&#8221;, on Tuesday after the opposition walked out in protest.



Finance Minister Ken Ofori-Atta proposed the e-levy in November to widen the tax net, but opposition was so fierce that it caused a brawl in parliament a month later.



Critics believe the e-levy will price lower income people and small business owners out of the digital economy.



Ruling MPs re-introduced the bill as a surprise on Tuesday, when many opposition MPs were not present, a move analysts have previously said would be one of the only ways for the tax to pass. <a href="https://www.reutersconnect.com/all?search=all%3AKCN2LQ0TC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-after-moody-s-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa">Read more: <a href="https://www.cnbcafrica.com/2022/after-moodys-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa/">After Moody’s cut, Ghana finance ministry says ratings agencies biased against Africa</a></h3>



It was expected to be re-submitted next week, but parliament speaker Alban Bagbin said it should be treated as urgent business and fast-tracked it.



The move sparked outrage among opposition parties, who refused to take part in the vote.



The tax, which would cover mobile money payments, bank transfers, merchant payments, and inward remittances, could raise up to 6.9 billion Ghanaian cedi ($926 million) in 2022, according to official estimates.



Ruling party officials see it as the panacea for a raft of financial woes that could spark an economic crisis.



Consumer inflation reached 15.7% year-on-year in February, the highest since 2016. The cedi depreciated some 20% against the dollar this year, second only to the Russian rouble, and public debt hovers around 80% of gross domestic product.



(Reporting by Cooper Inveen; Writing by Nellie Peyton and Sofia Christensen; editing by David Evans)

People make trade in Accra

Ghana parliament approves e-tax of 1.5% after opposition protest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-820x531.jpg" alt="" class="wp-image-416123" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi</figcaption></figure>



NAIROBI, March 28 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank has barred Ecobank from foreign exchange trading in the East African nation between March 29 and April 4 as part of regulatory action for unsafe trading practices, the regulator said on Monday.



Under Governor Patrick Njoroge, who was first appointed in 2015, the central bank has taken a hard line against several players in the market over the years, saying that discipline in the market was paramount.



&#8220;Ecobank did not have sufficiently robust risk controls to prevent breaches on its foreign exchange exposure limits, or the inaccurate reporting of its position,&#8221; the central bank said in a statement.



<h3 class="wp-block-heading" id="h-read-more-kenya-s-budget-deficit-to-widen-as-treasury-lays-out-extra-spending">Read more: <a href="https://www.cnbcafrica.com/2022/kenyas-budget-deficit-to-widen-as-treasury-lays-out-extra-spending/">Kenya’s budget deficit to widen as Treasury lays out extra spending</a></h3>



Ecobank Kenya, a unit of Togo-headquartered Ecobank Group, was not immediately available for comment.



Ecobank was required to put in place remedies to the lapses that were identified by an investigation, the central bank said, adding that it would also reverse the extra exposure resulting from the breach. It has up to the end of this month to do so.



&#8220;The remedial plan should also point to specific measures to address the unsafe trading practices that led to the non-compliance,&#8221; the central bank said.



(Reporting by George Obulutsa and Duncan Miriri; Editing by)

A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi

Kenya’s central bank temporarily blocks Ecobank from FX trading

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg" alt="" class="wp-image-411734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>UNITED STATES &#8211; APRIL 25: Situmbeko Musokotwane, finance minister of Zambia, left, speaks as Mustafa Mkulo, finance minister of Tanzania, center, and Charles Koffi Diby, finance minister of the Ivory Coast, listen during a press briefing in Washington, D.C., U.S., Saturday, April 25, 2009. The global economic crisis may force as many as 90 million more people into extreme poverty this year and make it harder to meet goals to improve health and education, the World Bank and International Monetary Fund said yesterday. (Photo by Joshua Roberts/Bloomberg via Getty Images)</figcaption></figure>



JOHANNESBURG, March 23 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s public sector debt rose 18% to $31.74 billion by the end of 2021 from end-June, a finance ministry document published on Wednesday showed, at a time when the country is negotiating to restructure its crippling debt.



Foreign currency debt accounts for 54% of Zambia&#8217;s borrowing, rising 2% in the second half of 2021 to $17.27 billion. Local currency debt jumped 43% to $14.47 billion.



In 2020, Zambia became the first country to have defaulted in the pandemic-era, buckling under a debt burden of more than 120% of GDP.



It reached a staff-level agreement with the International Monetary Fund (IMF) in December 2021 on a $1.4bn three-year extended credit facility.



Finance minister Situmbeko Musokotwane told Reuters in February that he hoped to get a formal IMF agreement signed off in May, but the timeline was deemed ambitious by analysts as the group of Paris Club creditors and China have yet to form a creditor committee.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UC3R2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



President Haikainde Hichilema pledged to deal with the &#8220;unsustainable&#8221; debt burden when sworn in as Zambia&#8217;s new leader in August 2021.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2PV33O&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Rachel Savage; Additional reporting by Karin Strohecker; Editing by Emma Rumney and Vinay Dwivedi)

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