Africa Health Check EP12: Africa’s future in a post-pandemic world

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="501" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/AXEXU6MK2RMPHIRYBSUFVHERJU-820x501.jpg" alt="" class="wp-image-415408" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/AXEXU6MK2RMPHIRYBSUFVHERJU-820x501.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/AXEXU6MK2RMPHIRYBSUFVHERJU-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/AXEXU6MK2RMPHIRYBSUFVHERJU-147x90.jpg 147w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/AXEXU6MK2RMPHIRYBSUFVHERJU-768x470.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/AXEXU6MK2RMPHIRYBSUFVHERJU.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Students register and have their temperatures taken at Bukere Secondary School, after schools reopened following the coronavirus disease (COVID-19) induced shutdown in Kyaka II Refugee Settlement, in Kyegegwa District, Uganda January 11, 2022. REUTERS/Esther Ruth Mbabazi/File Photo </figcaption></figure>



KAMPALA, Feb 22 (Reuters)&nbsp;&#8211;&nbsp;Uganda plans to impose fines on people who refuse to be vaccinated against COVID-19 and those who fail to pay could be sent to prison under a new public health law which lawmakers are scrutinising, parliament said on Tuesday.



Although the East African country started administering COVID-19 jabs nearly a year ago, only about 16 million jabs have been administered in a population of 45 million, with officials blaming widespread reluctance for the low coverage.



Parliament&#8217;s house health committee has begun scrutinising Public Health (Amendment) Bill 2021 which seeks to make coronavirus vaccinations mandatory.



The new law proposes a fine of 4 million Ugandan shillings ($1,139) for those who fail to get vaccinated.



&#8220;According to the proposal, those who do not get vaccinated against COVID-19 will be fined 4 million shillings or (receive) a jail term of six months,&#8221; parliament said in a statement on its website.



<h3 class="wp-block-heading" id="h-read-more-eu-pushes-for-covid-vaccinations-in-africa-as-supply-no-longer-a-problem">Read more: <a href="https://www.cnbcafrica.com/2022/eu-pushes-for-covid-vaccinations-in-africa-as-supply-no-longer-a-problem/">EU pushes for COVID vaccinations in Africa as supply ‘no longer’ a problem</a></h3>



The parliament statement quoted health minister Jane Ruth Aceng as telling lawmakers on the committee that mandatory vaccinations would ensure enough people are vaccinated so that &#8220;we create mass immunity. It is important that whoever is supposed to be vaccinated, is vaccinated.&#8221;



The statement did not say when the proposed law was likely to be brought before all members of parliament for approval.



Uganda fully re-opened its economy last month after two years of anti-coronavirus measures that included curfews, businesses and school closures, the shutting of borders and other steps.



The strict measures helped curb the pandemic but drew widespread criticism from Ugandans whose businesses and livelihoods were affected.



The country has recorded about 163,000 cases of COVID-19 and 3,500 deaths, health ministry data show.



($1 = 3,510.0000 Ugandan shillings)



(Reporting by Elias Biryabarema; editing by George Obulutsa and Jason Neely)

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Ugandans would face fines, jail for refusing COVID jab under new law

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/752J7PEJOVK2NCNBMZI3DYKYPQ-820x547.jpg" alt="" class="wp-image-415366" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/752J7PEJOVK2NCNBMZI3DYKYPQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/752J7PEJOVK2NCNBMZI3DYKYPQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/752J7PEJOVK2NCNBMZI3DYKYPQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/752J7PEJOVK2NCNBMZI3DYKYPQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/752J7PEJOVK2NCNBMZI3DYKYPQ.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Water flows through Ethiopia&#8217;s Grand Renaissance Dam as it undergoes construction work on the river Nile in Guba Woreda, Benishangul Gumuz Region, Ethiopia September 26, 2019. Picture taken September 26, 2019. REUTERS/Tiksa Negeri</figcaption></figure>



ADDIS ABABA, Feb 20 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia began producing electricity on Sunday from its Grand Ethiopian Renaissance Dam (GERD), a multi-billion-dollar hydropower plant on the River Nile that neighbours Sudan and Egypt have worried will cause water shortages downstream.



After flicking a digital switch to turn on the turbines in the first phase of the project, Prime Minister Abiy Ahmed sought to assure those nations that his country did not wish to harm their interests.



&#8220;Ethiopia&#8217;s main interest is to bring light to 60% of the population who is suffering in darkness, to save the labour of our mothers who are carrying wood on their backs in order to get energy,&#8221; Abiy said.



His government says the project is key to its economic development, but Egypt and Sudan depend on the waters of the Nile and have worried it will affect them.



<h3 class="wp-block-heading" id="h-read-more-military-moves-in-ethiopia-risk-undermining-progress-toward-peace-talks-u-s-envoy">Read more: <a href="https://www.cnbcafrica.com/2021/military-moves-in-ethiopia-risk-undermining-progress-toward-peace-talks-u-s-envoy/">Military moves in Ethiopia risk undermining progress toward peace talks -U.S. envoy</a></h3>



Ethiopia, the second most populous country on the continent, has the second biggest electricity deficit in Africa according to the World Bank, with about two thirds of the population of around 110 million lacking a connection to the grid.



The project will ultimately cost $5 billion when it is completed and become the biggest hydropower plant in Africa by generating 5,150 MW of electricity, some of which will be exported to neighbouring nations, the government says.



The government has so far invested more than 100 billion Ethiopian birr ($1.98 billion) in the project, state-affiliated FANA broadcaster reported. It is located at a place called Guba in the western Benishangul-Gumuz region.



($1 = 50.6000 birr)



(Writing by Duncan Miriri; Editing by Frances Kerry)

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Ethiopia turns on the turbines at giant Nile hydropower plant

Rwanda’s Innovation Center to boost start-up culture

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/R6LDDZ2JSFOGJF7EFKJVQOZ364-820x530.jpg" alt="" class="wp-image-415206" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/R6LDDZ2JSFOGJF7EFKJVQOZ364-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/R6LDDZ2JSFOGJF7EFKJVQOZ364-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/R6LDDZ2JSFOGJF7EFKJVQOZ364-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/R6LDDZ2JSFOGJF7EFKJVQOZ364-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/R6LDDZ2JSFOGJF7EFKJVQOZ364.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A general view of the International Court of Justice (ICJ) in The Hague, Netherlands, December 9, 2019. REUTERS/Eva Plevier/File Photo</figcaption></figure>



KAMPALA, Feb 10 (Reuters) &#8211; Uganda said on Thursday it considered as &#8220;unfair and wrong&#8221; an International Court of Justice ruling asking it to pay $325 million in reparations to the Democratic Republic of Congo for its role in conflicts in Congo&#8217;s resource-rich Ituri province.



In Wednesday&#8217;s ruling, the court said Uganda must pay the sum in five yearly instalments of $65 million, starting in September this year.



The total award was far below the more than $11 billion Congo had sought. The court also dismissed several claims including broad compensation for macroeconomic damage, saying a clear link between Uganda&#8217;s actions and alleged economic damage had not been demonstrated.



&#8220;While the amount awarded is far less than that sought by the DRC, Uganda nevertheless considers the judgment unfair and wrong, just as the previous 2005 judgment on liability was unfair and wrong,&#8221; the foreign ministry said in a statement.



The long-running dispute was first brought before the United Nations&#8217; highest court in 1999. Rulings by the ICJ, which deals with disputes between states, are final and without appeal.



<h3 class="wp-block-heading" id="h-read-more-uganda-s-night-life-roars-back-after-nearly-two-years-of-covid-restrictions">Read more: <a href="https://www.cnbcafrica.com/2022/ugandas-night-life-roars-back-after-nearly-two-years-of-covid-restrictions/">Uganda’s night life roars back after nearly two years of COVID restrictions</a></h3>



The court ruled in 2005 that Uganda had violated international law by occupying parts of the eastern Congolese province of Ituri with its own troops and supporting other armed groups during a war that raged from 1998 to 2003.



Uganda had said its troops went into Ituri at Congo&#8217;s invitation. The court dismissed that argument in 2005 and said Uganda was an occupying power in the province.



The court ordered the two countries to negotiate reparations but in 2015 Congo returned to the tribunal, saying the talks had stalled.



In Thursday&#8217;s statement, the ministry said Uganda rejected any findings of wrongdoing against its army and that it regretted the ruling had come at a time when the two countries were mending their relations.



&#8220;Uganda continues to discuss the matter with the DRC government for purposes of securing a lasting and mutually acceptable solution,&#8221; it said, calling the judgment &#8220;an undue interference in this process and in African affairs generally&#8221;. 



(Reporting by Elias Biryabarema; Writing by George Obulutsa; Editing by Gareth Jones)

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Uganda says ICJ ruling awarding DR Congo reparations is unfair

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/RLMIHL2X2BNFJHXI3AKPGZ4KQA-820x536.jpg" alt="" class="wp-image-415202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/RLMIHL2X2BNFJHXI3AKPGZ4KQA-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/RLMIHL2X2BNFJHXI3AKPGZ4KQA-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/RLMIHL2X2BNFJHXI3AKPGZ4KQA-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/RLMIHL2X2BNFJHXI3AKPGZ4KQA-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/RLMIHL2X2BNFJHXI3AKPGZ4KQA-1536x1004.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/RLMIHL2X2BNFJHXI3AKPGZ4KQA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Kenya Central Bank Governor Patrick Njoroge in Nairobi, Kenya July 25, 2019. REUTERS/Stringer/File Photo</figcaption></figure>



NAIROBI, Feb 10 (Reuters) &#8211; Kenya&#8217;s central bank has invited the public for views on the potential introduction of a digital currency, in a shift from its original opposition to crypto assets.



The East African country pioneered mobile money payments with Safaricom&#8217;s M-Pesa in 2007, but its central bank has not issued a digital currency due to concerns about the risks.



The risks included commercial banks being constrained by movement of deposits into the digital currency and financial exclusion of those without access to technological infrastructure or knowledge, the bank said on Thursday.



A digital currency could curb the effectiveness of monetary policy and increase risks of money laundering, the bank said.



<h3 class="wp-block-heading" id="h-read-more-wef-report-warns-of-covid-inequalities-fueling-social-tensions-across-the-globe">Read more: <a href="https://www.cnbcafrica.com/2022/wef-report-warns-of-covid-inequalities-fueling-social-tensions-across-the-globe/">WEF report warns of Covid inequalities fueling social tensions across the globe</a></h3>



But the bank also said a digital currency could offer some benefits especially in reducing cross-border payments costs.



&#8220;The balance of risks and benefits of central bank digital currency will vary from one economy to another,&#8221; the bank said in a statement.



For the digital currency to work, the bank said, all countries in the region needed to participate in order to flatten &#8220;the multi-layered correspondent banking structure&#8221; and shorten the payment chains.



<a href="https://www.reuters.com/technology/tanzania-cbank-says-it-is-working-presidents-cryptocurrency-push-2021-06-25">Tanzanian government officials</a> said last year they were working on a directive from the president to prepare for the introduction of digital currencies.



The central bank and other public bodies in Kenya are required to seek views from the public before taking major decisions.



(Reporting by George Obulutsa and Duncan Miriri. Editing by Jane Merriman)

FILE PHOTO: Kenya Central Bank Governor Patrick Njoroge addresses a news conference at the Central Bank of Kenya headquarters in Nairobi

Kenya’s central bank tests public opinion about digital currencies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="481" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-820x481.jpg" alt="" class="wp-image-411978" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-820x481.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-300x176.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-153x90.jpg 153w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-768x451.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-1536x901.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>NAIROBI, KENYA &#8211; 2020/06/11: Kenyas National Treasury and Planning Cabinet Secretary, Ukur Yatani with the budget briefcase before leaving to Parliament for budget reading 2020/2021.
The budget worth Kenya Shillings 3.2 Trillion seeks to jump start an economy ravaged by the Covid-19 pandemic. (Photo by Billy Mutai/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



NAIROBI, Feb 2 (Reuters) &#8211; Kenya plans to spend an extra 108.5 billion shillings ($956.7 million) in the fiscal year to end June, the finance ministry said, a move that will raise the fiscal deficit to 8.1% of gross domestic product from the initial target of 7.5%.



The extra expenditure will go towards tackling a drought which has hit parts of the country, security and a general election that is scheduled for Aug. 9, the finance ministry said in a supplementary budget seen by Reuters on Wednesday.



If parliament approves the proposals, the national carrier Kenya Airways will get 26.56 billion shillings in new allocation.



<h3 class="wp-block-heading" id="h-read-more-imf-chief-says-omicron-could-dent-global-economic-growth">Read more: <a href="https://www.cnbcafrica.com/2021/imf-chief-says-omicron-could-dent-global-economic-growth/">IMF chief says Omicron could dent global economic growth</a></h3>



The government is injecting $473 million into the ailing airline this fiscal year and next, the Treasury said in December, and will take over $827 million of its debts.



Power distributor Kenya Power will also get 1.7 billion shillings, while 24.7 billion shillings will go towards a fund aimed at cushioning consumers against rising fuel prices by subsidising oil importers, the proposed budget showed.



Lawmakers will have to vote to approve the proposal, or ask the finance ministry to adjust its spending plans.



Finance Minister Ukur Yatani will present the July 2022 to June 2023 spending proposals to parliament next month, after the government brought forward the budget-making process due to the August election.



($1 = 113.4500 Kenyan shillings) 



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

Kenyas National Treasury and Planning Cabinet Secretary,

Kenya’s budget deficit to widen as Treasury lays out extra spending

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/MB4VWS4IYZJ6NJYF6W66R73764-820x517.jpg" alt="" class="wp-image-415024" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/MB4VWS4IYZJ6NJYF6W66R73764-820x517.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/MB4VWS4IYZJ6NJYF6W66R73764-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/MB4VWS4IYZJ6NJYF6W66R73764-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/MB4VWS4IYZJ6NJYF6W66R73764-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/MB4VWS4IYZJ6NJYF6W66R73764.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Ugandan musician Douglas Mayanja (Weasel) performs at Levels Lounge after Uganda’s president Yoweri Museveni reopened the economy which permitted bars and musicians to perform amid the coronavirus disease (COVID-19) containment efforts in Kitante suburb of Kampala, Uganda, January 31, 2022. REUTERS/Abubaker Lubowa</figcaption></figure>



KAMPALA, Feb 2 (Reuters) &#8211; Throngs of revellers filled The Levels bar in Uganda&#8217;s capital Kampala, dancing to live music and ordering bottle service to their tables, on Monday night.



Nearly two years after the government shut down bars and nightclubs and banned outdoor musical performances and other entertainment activities to combat COVID-19, the country&#8217;s nightlife is roaring back.



&#8220;Of course Uganda is the life of a party, if you do not party you are not a Ugandan,&#8221; said Vera Muryengye, a consultant, as she sipped a drink. &#8220;It&#8217;s the end of the month, you get your money, get your salary, put the money into circulation. That&#8217;s it, that&#8217;s Uganda.&#8221;



The East African country has one of the world&#8217;s youngest populations and Kampala had a reputation regionally &#8211; pre-pandemic &#8211; for a good night out.



President Yoweri Museveni cited rising vaccination rates when he announced in December that bars and nightclubs would be allowed to reopen in late January.



<h3 class="wp-block-heading" id="h-read-more-rwanda-re-opens-border-with-uganda-but-says-grievances-remain">Read more: <a href="https://www.cnbcafrica.com/2022/rwanda-re-opens-border-with-uganda-but-says-grievances-remain/">Rwanda re-opens border with Uganda but says grievances remain</a></h3>



Parts of Uganda&#8217;s economy were gradually reopened over the past several months, but Museveni, a teetotaller, had kept bars closed despite pressure from the industry.



The government argued the tough rules stemmed the spread of the virus and helped keep the number of COVID-19 deaths low. The country has so far recorded around 162,000 cases of COVID-19 and about 3,500 deaths.



Raymond Karemera, head of marketing at Nomad Bar and Grill in a neighbourhood of Kampala that is often likened to Las Vegas, said many bars struggled to avoid bankruptcy as they continued to pay security and electricity expenses while closed.



&#8220;It was a very horrible time for us,&#8221; he said.



On a recent night at Nomad, as people raised glasses of wine and whiskey for toasts, one patron shouted &#8220;Kampala is back! We love you, wee!&#8221; 



(Reporting by Francis Mukasa, writing by Elias Biryabarema; editing by Maggie Fick and Jane Wardell)

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Uganda’s night life roars back after nearly two years of COVID restrictions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg" alt="" class="wp-image-414305" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



LUSAKA, Feb 1 (Reuters) – Zambia expects an International Monetary Fund (IMF) debt health check to be finalised this month, to strike a restructuring deal with creditors by April and get a formal agreement with the fund signed off in May, its finance minister said.



“I have to be optimistic, because in the absence of optimism where can Zambia go?” Situmbeko Musokotwane told Reuters in an interview on Tuesday. “We are a serious group determined to make sure that this issue of debt that’s been dogging us for years and years, we are determined to put this behind us.”



In 2020, Zambia became the first pandemic-era sovereign default and it is buckling under a debt burden of more than 120% of gross domestic product (GDP). It reached a <a href="https://reut.rs/3gicZL7">staff level deal</a> on a $1.4 billion three-year extended credit facility with the IMF in December and now wants to nail down a formal agreement.



Sketching an ambitious timeline for the restructuring the debt of Africa’s biggest copper producer, Musokotwane said he expected the IMF’s debt sustainability analysis, which forms the basis of the restructuring plans, by the end of February.



Having to renegotiate its debt with a multitude of official and private sector creditors, Musokotwane said he hoped to reach an understanding with them in March or maybe April, which would in turn would pave the way for a formal IMF agreement.



“We’re hoping that we can do this by May of this year,” he told Reuters.



Analysts say the timeline is ambitious as the group of Paris Club creditors and China have yet to form a creditor committee.



China, which has lent heavily to African resource exporters in recent decades, will play a key role in the debt overhaul. <a href="https://www.reuters.com/article/zambia-debt-idAFL1N2R312V">Zambia owes more than $6 billion</a>, or 40% of its total publicly guaranteed and non-guaranteed external debt, to Chinese lenders.



“We have reached out to the Chinese authorities asking them to be part of this process. In principle they have agreed, on the specifics those are details to be worked out,” Musokotwane said. “In the end, I feel very confident that the Chinese authorities and the Chinese institutions that lent us money will play along to get us out of the problems.”



<h2 class="wp-block-heading" id="h-carry-society-along">‘CARRY SOCIETY ALONG’</h2>



Musokotwane announced in December that Zambia had agreed with the IMF to remove unsustainable subsidies on energy and agriculture as part of its reform programme.



“The petroleum sector was in a sense not making sense anymore,” he said, adding that the cost of fuel subsidies alone used to amount to $800 million a year.



Savings from the ending of subsidies would shift to social spending, including education, something also advocated by the IMF, but no timeline has been set for phasing out support.



“You must not be too fast. You must carry society along with you, because these are shocks that we are introducing to society before they actually see the benefits of what we are doing,” Musokotwane said.



High global copper prices, meanwhile, should help attract the investment needed to allow Zambia to boost its annual production to about 3 million tonnes over the coming decade from an estimated 800,000 tonnes in 2021.



First, however, the government must find an investor to take a minority stake in Mopani Copper Mines and fund a planned expansion, Musokotwane said.



State-owned mining investment firm ZCCM-IH bought Mopani from Glencore a year ago.



The government is also seeking to end a dispute over Konkola Copper Mines (KCM).



Zambia’s previous government handed control of KCM to a provisional liquidator in May 2019, triggering a legal battle with India’s Vedanta Resources, KCM’s parent.



“There is a lot that is going on behind the scenes. I cannot go into details of those, because the negotiations are very delicate. But I can assure you that it is happening.”



(Reporting by Chris Mfula in Lusaka, Karin Strohecker in London and Joe Bavier in Johannesburgh; Additional reporting by Rachel Savage in London; Editing by David Clarke)

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Zambia aims for IMF debt deal in May – FinMin

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM-820x547.jpg" alt="" class="wp-image-414999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The logo of French oil and gas company Total is seen in Rueil-Malmaison, near Paris, France, March 2, 2021. REUTERS/Benoit Tessier</figcaption></figure>



KAMPALA, Feb 1 (Reuters) &#8211; TotalEnergies and its partner China National Offshore Oil Corporation have reached a deal with Uganda and Tanzania to invest more than $10 billion in developing crude oil production in East Africa, the French group said on Tuesday.



&#8220;In the name of the joint venture partners and&#8230; TotalEnergies, I declare the final investment decision for the Lake Albert development project,&#8221; TotalEnergies Chief Executive Patrick Pouyanne told a ceremony to announce the plan broadcast on television.



The project will cover the development of oil fields, processing facilities and a pipeline network in Uganda, plus an export pipeline through Tanzania to carry landlocked Uganda&#8217;s crude to a port on the Indian Ocean.



Uganda discovered crude oil reserves near its border with the Democratic Republic of Congo in 2006, but production has been repeatedly delayed by disagreements between the government and oil firms over tax and development strategy, and a lack of infrastructure.



TotalEnergies said on its Twitter account earlier on Tuesday that the announcement signified a commitment by the oil companies to invest upwards of $10 billion in the project.



<h3 class="wp-block-heading" id="h-read-more-oil-trader-vitol-snaps-up-uk-s-vivo-energy-in-2-3-bln-deal">Read more: <a href="https://www.cnbcafrica.com/2021/oil-trader-vitol-snaps-up-uks-vivo-energy-in-2-3-bln-deal/">Oil trader Vitol snaps up UK’s Vivo Energy in $2.3 bln deal</a></h3>



&#8220;This milestone puts us on the path to first oil in 2025,&#8221; Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu said in a speech ahead of the signing.



Close to 160,000 jobs are expected to be created during the project&#8217;s development, Ssentamu said.



At the same event TotalEnergies also signed a memorandum of understanding with Uganda to collaborate on &#8220;large scale renewable energy development projects&#8221;, Energy Ministry Permanent Secretary Irene Bateebe said.



Under that agreement TotalEnergies will develop solar, wind, geothermal and other renewable technology power projects with a combined installed electricity output capacity of 1 gigawatt by 2030. Uganda currently has generating capacity of about 1.2 GW.



Government geologists estimate Uganda&#8217;s gross reserves at 6 billion barrels, while recoverable oil is seen at 1.4 billion barrels.



(Reporting by Elias Biryabarema; Editing by George Obulutsa and Jan Harvey)

TCKUIW7CHRO2RMH5MXMDLMBDDM

TotalEnergies, CNOOC make final decision on $10 bln Uganda, Tanzania oil project

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/2022-01-27T072128Z_1_LYNXMPEI0Q08H_RTROPTP_3_CLIMATE-UN.jpg" alt="" class="wp-image-414898" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/2022-01-27T072128Z_1_LYNXMPEI0Q08H_RTROPTP_3_CLIMATE-UN.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/2022-01-27T072128Z_1_LYNXMPEI0Q08H_RTROPTP_3_CLIMATE-UN-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/2022-01-27T072128Z_1_LYNXMPEI0Q08H_RTROPTP_3_CLIMATE-UN-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/2022-01-27T072128Z_1_LYNXMPEI0Q08H_RTROPTP_3_CLIMATE-UN-768x513.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>FILE PHOTO: Malawi&#8217;s President Lazarus Chakwera speaks during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 1, 2021. REUTERS/Yves Herman/Pool</figcaption></figure>



BLANTYRE, Jan 27 (Reuters) &#8211; Malawi&#8217;s President Lazarus Chakwera has appointed several new ministers in a rejigged cabinet, a statement from his office showed, after the old cabinet was dissolved over corruption scandals.



Chakwera dissolved his entire cabinet this week, saying some ministers as well as other public officials had to account for graft accusations made against them.



In the new cabinet of the southern African country Samuel Kawale was made lands minister, Vera Kamtukule labour minister and Mark Phiri trade and industry minister. Abida Mia was given the water and sanitation portfolio.



Chakwera&#8217;s office said more appointments would be made soon.



In a separate statement, Chakwera declared a state of disaster over tropical storm Ana, which caused heavy rains and flooding in the south of the country and triggered major power cuts.



The disaster department said the death toll from the storm, which made landfall in Mozambique on Monday before moving inland, had risen from four to 11 and that more than 200,000 people had been affected. In Mozambique the death toll rose from eight to 18 people, according to the country&#8217;s disaster institute. 



This is a developing story&#8230;



(Reporting by Frank Phiri in Blantyre Additional reporting by Manuel Mucari in Maputo Writing by Alexander Winning; Editing by Toby Chopra)

COP26 in Glasgow

Malawi president rejigs cabinet after corruption scandals

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="496" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/F4RUOVIICZLT7GX2UZRM4K6IZU-820x496.jpg" alt="" class="wp-image-414870" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/F4RUOVIICZLT7GX2UZRM4K6IZU-820x496.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/F4RUOVIICZLT7GX2UZRM4K6IZU-300x181.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/F4RUOVIICZLT7GX2UZRM4K6IZU-149x90.jpg 149w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/F4RUOVIICZLT7GX2UZRM4K6IZU-768x464.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/F4RUOVIICZLT7GX2UZRM4K6IZU-1536x929.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/F4RUOVIICZLT7GX2UZRM4K6IZU.jpg 1917w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Uganda’s President Yoweri Museveni speaks during a Reuters interview at the National Leadership Institute (NALI) in Kyankwanzi district, Uganda December 4, 2021. REUTERS/Abubaker Lubowa</figcaption></figure>



KISOZI, Uganda, Jan 26 (Reuters) &#8211; Uganda wants to curb its borrowing and boost exports in sectors such as meat and dairy as the East African country lifts restrictions triggered by the coronavirus pandemic, President Yoweri Museveni and government officials told Reuters.



Uganda&#8217;s trade push follows several years of reduced Chinese lending to the continent and as programmes designed to offer relief to indebted countries as they recover from COVID 19-induced slumps start to expire.



&#8220;Uganda can do much better without borrowing in my opinion. Especially borrowing for &#8230; budget support, balance of payments support,&#8221; Museveni said, speaking to Reuters in a tent on his private farm as a large herd of his Acholi cows wandered past.



Museveni said he wanted to expand the country&#8217;s meat, leather and dairy trade and add value to other agricultural exports such coffee, which has long been one of Uganda&#8217;s main foreign exchange earners.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/western-companies-are-blind-to-ugandan-investments-president-museveni/">Western companies are blind to Ugandan investments – President Museveni</a></h3>



&#8220;We don&#8217;t import milk, we don&#8217;t import beef, we have now built a leather industry for the shoes,&#8221; Museveni said, using a stick to gently poke back the head of one inquisitive cow taking a peek inside the tent.



In 2009, Uganda produced nearly 700 million litres of milk and there was only one other major dairy company apart from the state-owned Dairy Corporation.



Now, thanks to improved feed, training and investment in 14 private dairy companies, the Ugandan Dairy Development Authority says the country produced 2.81 bln litres last year.



Odrek Rwabwogo, Museveni&#8217;s son-in-law, a businessman and senior presidential adviser, said Uganda &#8220;only consumes about 800 million litres and is looking for markets for the excess&#8221;.



<h2 class="wp-block-heading" id="h-debt-cancellation">DEBT CANCELLATION</h2>



Museveni wants to expand regional trade, but many barriers remain despite there being a free trade agreement in the region.



Uganda used to sell lots of milk to neighbour Kenya, but Kenya restricted sales in 2019 and Uganda&#8217;s milk exports are now 50% of what they used to be before the curbs.



Uganda says the restrictions were imposed due to concern about cheap imports despite the regional free trade treaty. Kenyan trade officials did not return calls seeking comment.



Uganda has also recently begun exporting meat to Democratic Republic of Congo and China, Rwabwogo said, and wants to partner with the European Union, Britain or other potential importers to ensure import quality standards could be met.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/uganda-tests-drones-to-speed-up-delivery-of-hiv-medicine/">Uganda tests drones to speed up delivery of HIV medicine</a></h3>



Museveni reiterated that he would like rich creditors to cancel debts from African nations recovering from the economic fallout of the pandemic.



&#8220;I don&#8217;t think it is good Christianity or even good economics to impoverish your customer. Economics and morality point in the direction of debt cancellation,&#8221; he said.



Uganda&#8217;s total public debt jumped 27.4% to $19.5 billion by June 2021 from $15.3 billion a year before, most of it to build big infrastructure projects, said Finance Ministry spokesman Apollo Munghinda. About $12.4 billion of that is external debt.



As of June 2021, Uganda&#8217;s public debt stood at 47% of gross domestic product (GDP), up from 41% a year earlier, and is expected to hit 53% of GDP in June 2022. 



(Editing by David Clarke)

Uganda’s President Yoweri Museveni speaks during a Reuters interview at the National Leadership Institute in Kyankwanzi district

Uganda’s president seeks to boost trade and rein in borrowing

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="544" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/download-31.jpg" alt="" class="wp-image-414823" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/download-31.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/download-31-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/download-31-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/download-31-768x522.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>FILE PHOTO: Malawi&#8217;s President Peter Mutharika addresses guests during his inauguration ceremony in Blantyre, Malawi, May 31, 2019.REUTERS/Eldson Chagara/File Photo</figcaption></figure>



BLANTYRE, Jan 24 (Reuters) &#8211; Malawi&#8217;s President Lazarus Chakwera has dissolved the country&#8217;s entire cabinet on charges of corruption against three serving ministers, he said in an address to the nation late on Monday.



President Chakwera said that he had taken the decision to allow the three ministers and other public officers accused of corruption to account for their charges.



The three cabinet ministers include the Lands Minister Kezzie Msukwa, who is accused of benefitting from land deals involving a UK-based Malawian businessman, Labour Minister Ken Kandodo accused of diverting COVID-19 funds and Energy Minister Newton Kambala accused of meddling in the awarding of fuel import deals.



Malawi is one of the world&#8217;s poorest countries, with nearly three-quarters of the population living on less than $2 a day.



<h3 class="wp-block-heading" id="h-read-more-nigeria-s-2022-budget-has-no-provision-for-6-bln-transport-subsidy-lawmaker-says">Read more: <a href="https://www.cnbcafrica.com/2019/malawians-head-to-the-polls-analysts-expect-tight-race/">Nigeria’s 2022 budget has no provision for $6 bln transport subsidy, lawmaker says</a></h3>



The Southern African nation is amongst the smallest countries in the continent hit hard by floods, prolonged dry spells, crop-destroying pests and the coronavirus pandemic, leaving 15% of the population in need of food aid.



Though small in size, it features in the top ten in Africa in terms of population density.



Chakwera, who is also the head of Malawi Congress Party (MCP), the country&#8217;s oldest and the biggest in the ruling Tonse Alliance, said he would look to reinstate a new cabinet in the next 48 hours.



He had been facing increasing rebellion from within the coalition with many of its members accusing his party of corruption, nepotism and pushing the country to the brink of an economic crisis.



The President&#8217;s decision come close on the heels of the arrest of three former officials of the former ruling party Democratic Progressive Party, which inlcuded the former finance minister and central bank governor, touted to be his prime challengers for the election scheduled in 2025.



(Reporting by Frank Phiri in Blantyre Writing by Promit Mukherjee Editing by Chris Reese)

download-31

Malawian President dissolves cabinet on corruption row

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg" alt="" class="wp-image-414305" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



LUSAKA, Jan 21 (Reuters) &#8211; Zambia&#8217;s finance minister Situmbeko Musokotwane said on Friday he expected the country to reach full agreement with the International Monetary Fund in the middle of this year, after reaching a staff-level agreement for a $1.4 billion support plan in December.



&#8220;We are well on the way of solving this issue of unsustainable debt. We expect full agreement with the IMF sometime in the middle of 2022,&#8221; Musokotwane said at a meeting with bankers. 



This is a developing story&#8230;



(Reporting by Chris Mfula; Writing by Emma Rumney; Editing by Alex Richardson)

Zambia expects full agreement with IMF on $1.4 bln support plan in mid-2022 – finmin

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="471" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/QJTCMTSTVFNDVPVTCT3NOUA36E-820x471.jpg" alt="" class="wp-image-414531" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/QJTCMTSTVFNDVPVTCT3NOUA36E-820x471.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/QJTCMTSTVFNDVPVTCT3NOUA36E-300x172.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/QJTCMTSTVFNDVPVTCT3NOUA36E-157x90.jpg 157w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/QJTCMTSTVFNDVPVTCT3NOUA36E-768x441.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/QJTCMTSTVFNDVPVTCT3NOUA36E.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A Diesel Mobile Unit (DMU) train of the Nairobi Commuter Rail Service (NCRS) operated by the Kenya Railway Corporation (KRC) from Embakasi to Nairobi leaves the Donholm station in Nairobi, Kenya January 11, 2022. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Jan 11 (Reuters) &#8211; Power supply has been restored in most parts of Kenya, which earlier experienced a nationwide outage after a high voltage transmission line connecting the capital broke, state-controlled utility Kenya Power said on Tuesday.



Kenya Power reported a blackout occurred at 0745 GMT, after towers supporting a high voltage power line connecting the capital to the Kiambere hydroelectric dam had collapsed.



A company spokesperson confirmed the outage was nationwide.



It said in a statement on its Twitter account that as of 1114 GMT, power had been restored in Nairobi, West Kenya, North and Central Rift and South Nyanza.



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&#8220;We are working to restore supply to the remaining areas affected by the outage,&#8221; Kenya Power said.



Kenya Power is the country&#8217;s sole electricity distributor and the bulk of its power comes from Kenya Electricity Generating Company (KenGen).



In May 2020, Kenya experienced a similar nationwide outage after a section of a high voltage power line that transmits power to Nairobi from the Olkaria geothermal power plants, some 75 km (45 miles) from Nairobi, broke.



In late December, a section of another transmission line known as Loyaingalani-Suswa, collapsed, knocking out some power supply and leading to power rationing in some parts of the country while it was being repaired. 



(Reporting by George Obulutsa; editing by Jason Neely)

QJTCMTSTVFNDVPVTCT3NOUA36E

Electricity supply restored in most of Kenya after nationwide blackout -Kenya Power

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="527" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/OEMMSQARUNNAFAYH3R63D5RPVE-820x527.jpg" alt="" class="wp-image-414351" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/OEMMSQARUNNAFAYH3R63D5RPVE-820x527.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/OEMMSQARUNNAFAYH3R63D5RPVE-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/OEMMSQARUNNAFAYH3R63D5RPVE-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/OEMMSQARUNNAFAYH3R63D5RPVE-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/OEMMSQARUNNAFAYH3R63D5RPVE.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A health-worker talks to civilians before administering the coronavirus disease (COVID-19) vaccine at a makeshift tent as the government orders for proof of vaccination to access public places and transport, in downtown Nairobi, Kenya December 23, 2021. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Dec 23 (Reuters) &#8211; Kenya&#8217;s sudden decision to demand proof of vaccination to access public places and transport was met by a combination of bemusement, dismissal and the occasional spot of enforcement on Thursday as people headed home for Christmas.



Bus crews in the capital did not ask for vaccine certificates, but insisted passengers wore masks and sanitised their hands.



&#8220;We haven&#8217;t reached the stage of asking passengers to prove they are vaccinated. Maybe we may start next year,&#8221; said bus driver Peter Wangari.



The announcement late on Wednesday caught many by surprise but comes amid a surge in COVID-19 cases. Test positivity rates on Thursday were 32.5%, compared to 0.7% on Nov. 21 when the edict was announced, the health ministry said.



The ministry had earlier said proof of vaccination would be required by Dec. 21 to access schools, transport, state offices, hotels, bars, restaurants, national parks and wildlife reserves.



But a court then halted the rule amid uncertainty over who would police it or what to do about people unable to access vaccines. The order remains in force despite the latest government announcement.



At the upscale Westgate mall, customers entered freely and only one of its half a dozen restaurants enforced the edict.



<h3 class="wp-block-heading" id="h-read-more-imf-chief-says-omicron-could-dent-global-economic-growth">Read more: <a href="https://www.cnbcafrica.com/2021/imf-chief-says-omicron-could-dent-global-economic-growth/">IMF chief says Omicron could dent global economic growth</a></h3>



Eight people stood outside Artcaffe as a woman in a black uniform and a sky blue facemask requested vaccine certificates. Six would-be customers left in frustration. The woman said around half their customers had been turned away.



&#8220;We started because the government expects us to do this although we get backlash from our customers who don&#8217;t want to show their certificates,&#8221; manager Joyce Imbaya told Reuters. &#8220;It&#8217;s ok, we will lose some customers but in the long term we want our customers to be safe.&#8221;



Around 9.2 million Kenyans are vaccinated, of whom 3.7 million are fully vaccinated.



On Thursday around 20 people stood outside a tented vaccination site downtown on Thursday. Many said they already planned to be vaccinated, but a few said they did it to avoid any travel problems.



&#8220;Tomorrow, I am travelling home. I was told if I was not going to take the jab, then I&#8217;m not going to be allowed to travel,&#8221; businessman Peter Juma Amboka told Reuters.



On Thursday the chief of the Africa Centers for Disease Control and Prevention expressed concern that holiday travel could fuel the spike.



&#8220;The fourth wave, and potentially the fifth wave, is starting just before we go into the holiday season, and that is very concerning,&#8221; director John Nkengasong told a briefing. 



(Reporting by George Obulutsa, Katharine Houreld; additional reporting by James Macharia Chege in Johannesburg and Monicah Mwangi in Nairobi; editing by Giles Elgood)

OEMMSQARUNNAFAYH3R63D5RPVE

New COVID-19 vaccine rule catches many Kenyans by surprise

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg" alt="" class="wp-image-414305" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



JOHANNESBURG, Dec 21 (Reuters) &#8211; The International Monetary Fund will start discussions next month on an extended credit facility with Mozambique, the fund said on Tuesday, its first potential programme with the country since suspending support in 2016.



That year Mozambique unveiled hefty state-backed borrowing it had previously failed to disclose, in a $2-billion corruption scandal that prompted donors to cut off aid and sparked a currency collapse and debt crisis.



Since then the IMF has delivered some targeted aid to help Mozambique recover from natural disasters and cyclones, but the extended credit facility would be its first formal programme.



&#8220;Staff stand ready to commence negotiations in late January 2022, in accordance with the authorities’ preferred timeline,&#8221; the IMF said in a statement after a staff visit to the country.



The programme would aim to help ease financing pressures as Mozambique recovers from the pandemic, support poverty reduction and equitable growth, as well as catalyse additional development financing, the Fund said.



One of the world&#8217;s most impoverished countries, Mozambique is still grappling with its hefty debt burden, as well as an Islamist insurgency and the impact of COVID-19, which led to its first economic contraction in three decades last year.



<h3 class="wp-block-heading" id="h-read-more-imf-poor-nations-could-face-economic-collapse-unless-g20-extends-debt-relief">Read more: IMF: <a href="https://www.cnbcafrica.com/2021/imf-poor-nations-could-face-economic-collapse-unless-g20-extends-debt-relief/">Poor nations could face ‘economic collapse’ unless G20 extends debt relief</a></h3>



The discovery of massive liquefied natural gas (LNG) reserves saw Mozambique emerge as a potential major global exporter of the fuel, but graft scandals and the insurgency have dented or threatened the promised benefits.



The IMF said growth would reach 2.2% this year and 4% in the long-term, with the realisation of LNG reserves delivering an even sharper increase.



Risks to the outlook include vulnerability to climate change and a deterioration in the security situation, which could delay or stop LNG projects, it added.



Fiscal pressures are acute, it said, with economic difficulties of state-owned enterprises and the debts linked to the corruption scandal presenting risks.



Mozambique is disputing in the courts the validity of some of the debt, including a loan of $622 million from investment bank Credit Suisse. 



(Reporting by Emma Rumney; Editing by Clarence Fernandez)

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Kenya’s budget deficit to widen as Treasury lays out extra spending

Uganda’s night life roars back after nearly two years of COVID restrictions

Zambia aims for IMF debt deal in May – FinMin

TotalEnergies, CNOOC make final decision on $10 bln Uganda, Tanzania oil project

Malawi president rejigs cabinet after corruption scandals

Uganda’s president seeks to boost trade and rein in borrowing

Malawian President dissolves cabinet on corruption row

Zambia expects full agreement with IMF on $1.4 bln support plan in mid-2022 – finmin

Electricity supply restored in most of Kenya after nationwide blackout -Kenya Power

New COVID-19 vaccine rule catches many Kenyans by surprise

IMF, Mozambique to discuss first credit facility since $2-bln graft scandal

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East Africa

Africa Health Check EP12: Africa’s future in a post-pandemic world

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Ethiopia turns on the turbines at giant Nile hydropower plant

Rwanda’s Innovation Center to boost start-up culture

Uganda says ICJ ruling awarding DR Congo reparations is unfair

Kenya’s central bank tests public opinion about digital currencies

Kenya’s budget deficit to widen as Treasury lays out extra spending

Uganda’s night life roars back after nearly two years of COVID restrictions

Zambia aims for IMF debt deal in May – FinMin

TotalEnergies, CNOOC make final decision on $10 bln Uganda, Tanzania oil project

Malawi president rejigs cabinet after corruption scandals

Uganda’s president seeks to boost trade and rein in borrowing

Malawian President dissolves cabinet on corruption row

Zambia expects full agreement with IMF on $1.4 bln support plan in mid-2022 – finmin

Electricity supply restored in most of Kenya after nationwide blackout -Kenya Power

New COVID-19 vaccine rule catches many Kenyans by surprise

IMF, Mozambique to discuss first credit facility since $2-bln graft scandal

News Tips

Advertise With Us

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