<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Banking-group-IIF-to-proceed-with-annual-meeting-in-earthquake-hit-Morocco-820x547.jpg" alt="" class="wp-image-427690" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Banking-group-IIF-to-proceed-with-annual-meeting-in-earthquake-hit-Morocco-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Banking-group-IIF-to-proceed-with-annual-meeting-in-earthquake-hit-Morocco-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Banking-group-IIF-to-proceed-with-annual-meeting-in-earthquake-hit-Morocco-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Banking-group-IIF-to-proceed-with-annual-meeting-in-earthquake-hit-Morocco-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Banking-group-IIF-to-proceed-with-annual-meeting-in-earthquake-hit-Morocco-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Banking-group-IIF-to-proceed-with-annual-meeting-in-earthquake-hit-Morocco-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man uses a hammer as he stands among rubble, in the aftermath of a deadly earthquake, in Talat N&#8217;Yaaqoub, Morocco, September 16, 2023. REUTERS/Ammar Awad/File Photo</figcaption></figure>



WASHINGTON, Sept 25 (Reuters) &#8211; The Institute of International Finance said on Monday it would still hold its annual membership meeting in Marrakech on Oct. 12-14, following the World Bank and International Monetary Fund decision to stick to their own Morocco meeting plans after a devastating Sept. 8 earthquake.



The IIF, the global banking industry&#8217;s premier trade group, said its parallel meeting would bring together central bankers, policymakers and top finance executives to discuss key issues, including the global economic outlook, climate transition finance and emerging market debt.



The group said it will offer its members opportunities to support local vendors and artisans in the Marrakech community and donate to World Central Kitchen&#8217;s relief efforts in Morocco, its designated charity for the meetings.



The 6.8-magnitude earthquake centered 45 miles (72 km) from Marrakech killed more than 2,900 people and damaged nearly 60,000 homes in 2,930 villages, mostly in the High Atlas mountains, with a total population of 2.8 million people, the Moroccan government said on Friday.



Marrakech suffered some damage in its ancient Medina quarter, but more modern parts of the city, including hotels and the IMF-World Bank venue, are intact. The IMF, World Bank and IIF meetings are jointly expected to bring more than 10,000 people to Marrakech.



IIF President and CEO Tim Adams said in a statement that the meetings in Marrakech come &#8220;at a time when our mission of fostering financial stability and sustainable growth is more critical than ever.&#8221;



&#8220;The global financial industry is the engine of economic growth and resilience. And this year, our mission takes on an added layer of significance following the tragic earthquake in Morocco,&#8221; Adams said.



Among policy makers on the IIF&#8217;s meeting agenda are Bank of England Governor Andrew Bailey, European Commission financial services commissioner Mairead McGuinness, European Central Bank policymaker Francois Villeroy de Galhau and Monetary Authority of Singapore Managing Director Ravi Menon. (Reporting by David Lawder Editing by Bill Berkrot)

FILE PHOTO: Aftermath of a deadly earthquake

Banking group IIF to proceed with annual meeting in earthquake-hit Morocco

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



Sept 22 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks recovered from a four-day losing streak at the end of a week packed with major central bank decisions, while the Indian rupee firmed after JPMorgan&#8217;s plans to include the country&#8217;s local bonds in its debt index.



MSCI&#8217;s index for emerging market equities&nbsp;.MSCIEF&nbsp;rose 0.8% by 0853 GMT on Friday, bouncing off a recent three-month low, but was on track for weekly declines of 2.2%.



Pressuring emerging markets this week was a jump in U.S Treasury yields as investors assessed potential for an additional rate hike from the Federal Reserve and fewer cuts next year following revised projections from the central bank.



Most Asian stock markets were higher on Friday, led by equities in Hong Kong .HSI and mainland China .CSI300, up 2.3% and 1.8% respectively following reports of China&#8217;s measures to promote the development of the private economy.



China is considering relaxing the rules that cap foreign ownership in domestic publicly traded firms, Bloomberg News reported on Friday.



Emerging market currencies&nbsp;.MIEM00000CUS&nbsp;edged 0.1% higher but shed 0.2% for the week.



The dollar =USD, meanwhile, was on track for its tenth consecutive weekly increase while the yen JPY=EBS dropped as the Bank of Japan maintained ultra-low interest rates on Friday.



India&#8217;s rupee INR= climbed 0.3% against the dollar after JPMorgan JPM.Nsaid it will include the country in its widely tracked emerging market debt index, setting the stage for billions of dollars of inflows into the world&#8217;s fifth-largest economy.



JPMorgan&#8217;s decision could push India&#8217;s benchmark 10-year bond yield to sub-7% levels in the coming months, Citi and Bank of America said on Friday.



Barclays strategists forecast the inclusion implies direct inflows of $20-$25 billion over the next 18-21 months.



&#8220;The INR rallied on the index inclusion news, but still faces headwinds from a firm USD, elevated US yields and higher oil prices,&#8221; the strategists said in a note.



The South African rand ZAR= strengthened 0.6% versus the dollar and was on track for a weekly gain of nearly 1% despite a drop in the previous session after the country held interest rates steady.



Among central and eastern European currencies, the Polish zloty PLNEUR= rose 0.2% against the euro, ahead of a credit ratings review by Moody&#8217;s. The currency has outperformed its regional peers this week and is on track for weekly gains of 1%.



(Reporting by Amruta Khandekar. Editing by Jane Merriman)

istockphoto-1076949610-612×612-1

Stocks recover from Fed jolt, India to join JPMorgan bond index

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-820x547.jpg" alt="" class="wp-image-427655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Ahmed Tinubu addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS/Eduardo Munoz/File Photo</figcaption></figure>



UNITED NATIONS, (Reuters) &#8211; Nigerian President Bola Tinubu urged the United Nations to become more proactive in addressing his African nation&#8217;s poverty and security issues and helping to fight illicit resource extraction, his spokesman said on Thursday.



Tinubu raised the issues when he met U.N. Secretary-General Antonio Guterres on Wednesday on the sidelines of the U.N. General Assembly in New York, his spokesman Ajuri Ngelale said in a statement.



The Nigerian leader said malign actors who engage in illicit activities, including resource and weapons smuggling, exploit&nbsp;Africa&#8217;s vast mineral wealth and undermine its stability.



&#8220;We are facing the great challenge of scavengers ravaging our lands and oppressing our people on illegal mines, taking our gold and mineral wealth back to developed economies by stealth and violence,&#8221; the statement cited Tinubu as saying.



&#8220;We will now be aggressive and we will question motives. We will stop what is happening,&#8221; he said, urging &#8220;effective collaboration&#8221; with the U.N.



Tinubu called for the United Nations to evolve from a global discussion platform into a proactive coordination centre, highlighting the urgency of addressing poverty and security issues.



In response, Guterres acknowledged the need for comprehensive reform within the U.N. to address institutional weaknesses and improve decision-making power for developing nations, according to the statement.



&#8220;We now recognize the need to reform the institution to represent the world as it is today,&#8221; Guterres was quoted as saying.



In a speech at the U.N. General Assembly on Tuesday, Tinubu, who chairs the West African bloc ECOWAS, assailed military coups that have swept through West Africa and pledged to help re-establish constitutional order in Niger.



(Reporting by Felix Onuah in Abuja; Writing by Elisha Bala-Gbogbo; Editing by Howard Goller)

FILE PHOTO: 78th UNGA General Debate at UN HQ in New YorK

Nigeria’s Tinubu urges UN to help curb exploitation of Africa’s resources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="558" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-820x558.jpg" alt="" class="wp-image-403905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-820x558.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-768x523.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-1536x1045.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An embossed logo of South Africa&#8217;s Reserve Bank sits on a document folder during a news conference with Lesetja Kganyago, governor of South Africa&#8217;s reserve bank, in Pretoria, South Africa, on Thursday, Nov. 20, 2014. Reserve Bank Governor Lesetja Kganyago kept South African borrowing costs unchanged in his debut policy meeting as Reserve Bank governor, reinforcing his pledge for continuity. Photographer: Dean Hutton/Bloomberg via Getty Images</figcaption></figure>



PRETORIA, Sept 21 (Reuters) &#8211; The South African Reserve Bank (SARB) held its key interest rate steady on Thursday, but policymakers cited continued risks to the inflation outlook.



The central bank kept its main lending rate unchanged at 8.25%, the second meeting in a row that the bank has left its repo rate on hold.



Nearly all analysts polled by Reuters had forecast that the rate would be left unchanged.



The SARB&#8217;s monetary policy committee has stressed that it wanted to see inflation sustainably around the midpoint of its target range of 3%-6% before considering rate cuts.



Governor Lesetja Kganyago said on Thursday that risks to the inflation outlook were assessed to the upside, with a high risk that food price inflation would pick up later in 2024.



He added that in the absence of sustained increases in energy supply in South Africa, electricity prices continued to present clear inflation risks.



&#8220;When you have one supply shock, you can just easily see through it,&#8221; said Kganyago. &#8220;When it&#8217;s a multiplicity of shocks, it starts to filter more quickly into other parts.&#8221;



Inflation edged up to 4.8% year-on-year in August from 4.7% in July, data showed on Wednesday, remaining well within the central bank&#8217;s target range.



(Reporting by Anait Miridzhanian, Bhargav Acharya and Kopano Gumbi; Additional reporting by Rachel Savage and Nellie Peyton; Graphic by Promit Mukherjee; Editing by Alexander Winning and Olivia Kumwenda-Mtabo)

South Africa’s New Reserve Bank Governor Lesetja Kganyago

South Africa holds key rate but policymakers still flag inflation risks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-820x547.jpg" alt="" class="wp-image-426413" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The Central Bank of Nigeria&#8217;s logo is seen on its headquarters building in Abuja, Nigeria, January 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Sept 21 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank said on Thursday that it had delayed an interest rate meeting that had been planned for next week and that it would schedule a new meeting later.



In a statement on its website, the Central Bank of Nigeria did not say why the Sept. 25-26 meeting of its Monetary Policy Committee was delayed and a new date would be set later.



The postponement comes days after President Bola Tinubu nominated a new central bank governor and four new deputy governors. The Senate is yet to hold confirmation hearings for Tinubu&#8217;s picks.



In July, the central bank opted for a small rate hike at the first monetary policy meeting since Tinubu suspended central bank governor Godwin Emefiele.



Emefiele oversaw a much-criticised system of multiple exchange rates used to keep the local naira currency&nbsp;NGN=D1&nbsp;artificially strong and lent directly to businesses to try to boost growth in&nbsp;Africa&#8217;s biggest economy.



Tinubu criticised the central bank&#8217;s policies under Emefiele at his inauguration in May, saying they needed &#8220;thorough house-cleaning&#8221;.



(Reporting by Camillus Eboh; Editing by Alexander Winning and Bernadete Baum)

FILE PHOTO: The Central Bank of Nigeria’s logo is seen on its headquarters in Abuja

Nigeria central bank postpones next week’s policy meeting

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Sept 21 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks hit an over three month low on Thursday as risk sentiment waned after the U.S. Federal Reserve stiffened its hawkish monetary policy stance, while investors awaited interest rate decisions from Turkey and South&nbsp;Africa.



After the Fed left rates unchanged as widely expected, markets focused on the possibility of borrowing costs staying significantly tighter through 2024 than previously expected after the central bank&#8217;s updated quarterly projections.



MSCI&#8217;s gauge for emerging market equities&nbsp;.MSCIEF&nbsp;slid 1.3% to its lowest since early June, while currencies&nbsp;.MIEM00000CUS&nbsp;slid 0.3% by 8:48 GMT against a steady dollar.



China&#8217;s blue-chip CSI 300 Index&nbsp;.CSI300&nbsp;index hit an over ten-month low while Hong Kong&#8217;s Hang Seng Index&nbsp;.HSI&nbsp;dropped 1.3%.



A slew of regional monetary policy decisions will also grab focus later on Thursday, with Turkey expected to deliver a 500 basis point hike at 1100 GMT, taking the benchmark weekly repo rate to 30%, according to a Reuters poll.



The lira&nbsp;TRYTOM=D3&nbsp;was flat at 27.039 to the dollar, having drifted weaker in recent days after a jump late in August following a shock 750 basis point rate hike from the Turkish central bank.



After a historic currency crash in late 2021 and given surging inflation, President Tayyip Erdogan set aside years of opposition to tight monetary policy and publicly backed it this year.



&#8220;We have&#8230; reached a crucial juncture where the interest rate level may not yet be high enough to be labelled &#8220;restrictive&#8221; for the ongoing inflation rate,&#8221; said Tatha Ghose, FX analyst at Commerzbank in a note.



Erdogan &#8220;could be showing support now, but there could come a moment of truth leading up to the 2024 local elections, where he reverses stance,&#8221; Ghose added.



Later in the day, markets await the South African central bank&#8217;s monetary policy decision where the regulator is widely expected to keep the repo rate on hold at 8.25%. The rand ZAR= was flat ahead of the decision due at 1300 GMT.



In central and eastern Europe, Poland&#8217;s zloty EURPLN= slipped 0.1% against the euro after data showed nominal retail sales in constant prices fell 2.7% in August, lesser than market expectations.



Hungary&#8217;s forint HUFEUR= fell 0.3% versus the euro after central bank Governor Gyorgy Matolcsy said the country&#8217;s headline inflation rate, currently the highest in the European Union, can fall to an annual 7% by the end of this year.



(Reporting by Johann M Cherian and Amruta Khandekar in Bengaluru; Editing by Sharon Singleton)

World map with charts and graphs as symbols of global finance

Stocks hit 3-month low; Turkey, South Africa central bank decisions eyed

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-820x547.jpg" alt="" class="wp-image-427633" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Gabon coup leader General Brice Oligui Nguema is sworn in as interim president during his swearing-in ceremony, in Libreville, Gabon, September 4, 2023. REUTERS/Stringer/File Photo</figcaption></figure>



LONDON, Sept 21 (Reuters) &#8211; When Gabon&#8217;s General Brice Oligui Nguema ousted his distant cousin last month, he became the eighth military leader who has taken power by force in Africa since 2020. But one aspect about the country was different: it had sold a sizeable amount of bonds on international capital markets, and had just weeks prior sealed continental Africa&#8217;s first debt-for-nature swap.



The putsch not only sent Gabon&#8217;s bonds tumbling 10%, but also hit those issued by a number of other countries including neighbouring Cameroon, as jittery investors scanned for who might be next.



The apparent coup trend is adding to other major concerns deterring many investors from&nbsp;Africa&nbsp;&#8211; a wave of debt crises, tense geopolitics and an extreme vulnerability to climate change.



&#8220;Nearly all markets in that region are paying some price in terms of rising cost of debt,&#8221; said Sergey Dergachev, portfolio manager at Union Investment.



A UNDP study dated July shows how the costs add up. It estimated Guinea&#8217;s 2008 coup and one in Mali in 2012 wiped a combined $12-$13.5 billion off the two countries&#8217; economies over a 5-year period. This represented 76% of Guinea&#8217;s 2008 gross domestic product and almost half of Mali&#8217;s 2012 GDP, the study calculated.



There have been scores of coups and attempted coups in recent decades including in Thailand, Ecuador, Egypt and Turkey.



Investors in those markets reacted reflexively &#8211; sell first, think later.



Gabon&#8217;s coup not only hurt its bonds, it also ratcheted up the interest rate premium, or &#8216;spread&#8217;, investors demand to hold bonds in JPMorgan&#8217;s multi-country &#8220;Nexgem&#8221;&nbsp;Africa&nbsp;index, a move that has still not fully retraced.



Cameroon has been particularly sensitive. Its bonds have lost more ground than Gabon&#8217;s since the coup. The country&#8217;s President Paul Biya has ruled for over 40 years through crackdowns and contested elections and wants his son to take over.



In focus too is Senegal, whose President Macky Sall recently ruled out running for a third term after violent unrest, and Congo Republic which had to quash weekend rumours of an overthrow while President Denis Sassou Nguesso &#8211; in power for 38 years &#8211; was in New York for the U.N. General Assembly.



<h2 class="wp-block-heading" id="h-unequal-coups">UNEQUAL COUPS</h2>



&#8220;Certainly there&#8217;s a lot of eyeballs on this (coup) theme right now,&#8221; said Eamon Aghdasi, a sovereign analyst at investment firm GMO, who co-authored a recent paper on whether democracy matters to debt investors.



&#8220;As a bondholder, the worst-case scenario is that a new government comes in and repudiates the previous government&#8217;s debt&#8221;.



There is no sign of Gabon&#8217;s new leaders repudiating debt, though payments on bonds have run into trouble elsewhere, such as Niger.



Credit ratings usually suffer too. Fitch and Moody&#8217;s have put Gabon on a downgrade warning since the Aug. 30 overthrow. Agencies slashed ratings for Burkina Faso, Mali and Niger, although further afield, Thailand&#8217;s never budged despite two coups in the last two decades.



&#8220;Coups, in general, in&nbsp;Africa&nbsp;or anywhere else, can cause problems for debt repayment partly because of the potential for sanctions,&#8221; S&amp;P Global analyst Ravi Bhatia said, adding that vital international support can also get shelved.



<h2 class="wp-block-heading" id="h-rising-costs">RISING COSTS</h2>



Gabon, where the Bongo family had ruled for nearly 60 years amid stark inequality, has yet to face the kinds of sanctions imposed on Mali, Guinea, Burkina Faso and Niger &#8211; although its International Monetary Fund programme was already off track.



Moody&#8217;s cited the rise in oil prices in its decision to hold off on a full downgrade, as well as Gabon&#8217;s membership of the Central&nbsp;African monetary union (CFA franc), which shields it from currency volatility.



The country&#8217;s bond spreads have eased somewhat since investors&#8217; initial panic and could recover entirely, some analysts say, if it makes its first post-coup bond payment on time next month.



&#8220;You may get a situation where bondholders might say, if it&#8217;s a change away from long-term single leaderships, then it may well be a turn for the better,&#8221; said Simon Quijano-Evans, chief economist with Gemcorp. &#8220;As long as elections and democracy come back&#8221;.



Broadly though, concerns about sovereign stability across&nbsp;Africa&nbsp;loom large. This year&#8217;s &#8220;Fragile States Index&#8221; published by non-profit The Fund for Peace rated 46&nbsp;African countries as at least somewhat unstable.



Even in Kenya, a solid democracy on the other side of the continent, investors warn that general risk aversion could push up the cost of issuing a new bond.



(Reporting By Libby George and Marc Jones, additional reporting by Karin Strohecker; Editing by Emelia Sithole-Matarise)

FILE PHOTO: Gabon coup leader General Brice Oligui Nguema is sworn in as interim president in Libreville

Counting the cost of contagion fears from Africa coups

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-820x547.jpg" alt="" class="wp-image-419784" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s President-elect William Ruto speaks after the Supreme Court upheld his win in Nairobi, Kenya September 5, 2022. REUTERS/Monicah Mwangi</figcaption></figure>



Sept 20 (Reuters)&nbsp;&#8211;&nbsp;Haiti and Kenya established diplomatic relations on Wednesday, according to a statement on social media platform X by Ariel Henry, prime minister of the Caribbean nation.



The move comes amid international discussions over the possibility of Kenya leading a United Nations-backed multinational security force to help police fight escalating gang warfare in Haiti.



The United Nations Security Council could vote on the multinational force for Haiti in about a week, Brian Nichols, U.S. assistant secretary for western hemisphere affairs, said in an interview with Voice of America this week.



Henry&#8217;s government first sought international assistance last October, but despite repeated calls from the United Nations, the request went unanswered until Kenya said it was prepared to lead such a group in July.



With scarce resources, Haiti&#8217;s police have been battling powerful gangs now estimated to control large parts of the country.



Kenyan President William Ruto and Henry witnessed the signing of the pact establishing ties at the Kenyan mission in New York.



&#8220;As the leading nation in the U.N.-backed security mission in Haiti, we are committed to deploying a specialised team,&#8221; Ruto said in a statement issued by his office.



The team would assess the situation and&nbsp;prepare&nbsp;strategies to ensure long-term solutions, he added.



(Reporting by Valentine Hilaire in Mexico City and George Obulutsa in Nairobi; Editing by Kylie Madry and Clarence Fernandez)

Kenya’s top court to deliver verdict on disputed presidential election

Haiti, Kenya set up diplomatic ties

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/KYJW4AVU6RIG7KNMEUDZMCQXNQ.jpg" alt="" class="wp-image-427616" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/KYJW4AVU6RIG7KNMEUDZMCQXNQ.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/KYJW4AVU6RIG7KNMEUDZMCQXNQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/KYJW4AVU6RIG7KNMEUDZMCQXNQ-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">A general view of the Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s economic growth slowed slightly to 3.2% year-on-year in the second quarter compared with a downwardly revised 3.3% growth rate in the first quarter, the country&#8217;s statistics agency said on Wednesday.



The gold-, oil- and cocoa-producing nation has been battling its worst economic crisis in a generation brought on by spiralling public debt.



It sealed a $3 billion, three-year loan programme with the International Monetary Fund in May.



The government has forecast economic growth will slow to 1.5% this year from 3.1% in 2022. First-quarter growth was revised down to 3.3% from a previous estimate of 4.2%, the Ghana Statistical Service said on Wednesday.



Growth in the second quarter was driven by the mining, agriculture, health, transport, and information technology sectors.



Agriculture grew by 6.0% and the services sector 6.3%, while industry contracted 1.9%. The construction sub-sector contracted by 11.7%, the biggest drop in five years.



The statistics agency also said producer inflation&nbsp;GHPPIY=ECI&nbsp;slowed to 28.3% in annual terms in August, down from a revised 32.9% in July.



(Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Nellie Peyton; Editing by Alexander Winning and Tomasz Janowski)

People make trade in Accra

Ghana’s second quarter economic growth dips vs revised first quarter

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Sept 20 (Reuters) &#8211; The South African rand edged higher in early trade on Wednesday ahead of local consumer price index (CPI) data and an interest rate announcement from leaders in the world&#8217;s biggest economy.



At 0615 GMT, the rand traded at 18.9000 against the dollar , more than 0.1% above its previous close.



The dollar last traded around 0.02% stronger against a basket of global currencies.



At 0800 GMT, Statistics South Africa will release the country&#8217;s August consumer inflation data.



Analysts polled by Reuters predict a 4.8% year-on-year rise in inflation, within the central bank&#8217;s target range of 3% to 6%.



The U.S. Federal Reserve is due to announce its main interest rate decision later on Wednesday, giving hints at the health of the world&#8217;s biggest economy.



&#8220;The rand is trading solidly in tight ranges with little risk today, but tonight&#8217;s Fed should give it new multi-week direction,&#8221; said Rand Merchant Bank analysts in a research note.



Focus will be on the Fed&#8217;s tone and economic forecasts, RMB added, adding that a hawkish tone would weaken the rand.



On Thursday the South African Reserve Bank will announce its main interest rate decision.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, with the yield up 1 basis point to 10.495%. 



(Reporting by Tannur Anders; Editing by Gareth Jones)

Illustration photo of South African rand

Rand edges higher ahead of local CPI, Fed rate decision

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg" alt="" class="wp-image-425798" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



UNITED NATIONS, Sept 19 (Reuters) &#8211; Nigerian President Bola Tinubu said on Tuesday he was seeking to re-establish constitutional order to address political and economic problems in neighboring Niger following a July coup and welcomed any support for the process.



Tinubu is chairman of the main West African bloc ECOWAS, which has been trying to negotiate with the Niger military junta. ECOWAS has said it is ready to deploy troops to restore constitutional order if diplomatic efforts fail.



In a speech at the United Nations General Assembly in New York, Tinubu assailed military coups, which have swept through West Africa in the past few years and are sometimes cheered by citizens.



&#8220;The wave crossing parts of Africa does not demonstrate favor towards coups. It is a demand for solutions to perennial problems,&#8221; Tinubu said.



&#8220;Regarding Niger, we are negotiating with the military leaders. As chairman of ECOWAS, I seek to help re-establish democratic governance in a manner that addresses the political and economic challenges confronting that nation, including the violent extremists who seek to foment instability in our region.&#8221;



The decision by ECOWAS in August to activate a so-called standby force for a possible intervention has raised fears of an escalation that could further destabilize the insurgency-torn Sahel region.



The junta in Niger last month ordered its armed forces to go on highest alert, citing an increased threat of attack.



(Reporting by Felix Onuah in Abuja, writing by MacDonald Dzirutwe, editing by Howard Goller and Stephen Coates)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria’s Tinubu tells UN he seeks to restore democratic order in Niger

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="528" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-820x528.jpg" alt="" class="wp-image-418309" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-820x528.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-768x495.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-1536x990.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Rwanda&#8217;s President Paul Kagame delivers a speech in front of so-called &#8220;BioNTainer&#8221;, a system to produce vaccines in Africa, during a presentation in Marburg, Germany, February 16, 2022. REUTERS/Fabian Bimmer</figcaption></figure>



NAIROBI, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s President Paul Kagame said he will stand for re-election next year, hoping to extend nearly a quarter of a century in power.



Kagame, who became president in 2000, is eligible to continue in office for another decade after a constitutional amendment in 2015 changed term limits that would have forced him to step down two years later.



He was asked in an interview with the pan-African Jeune Afrique magazine published on Tuesday about his intentions for next year&#8217;s election.



&#8220;I am happy with the confidence that the Rwandans have shown in me. I will always serve them, as much when I can. Yes, I am indeed a candidate,&#8221; he said.



Kagame won the last election in August 2017 for a seven-year term with 98.63% of the vote, according to the electoral commission.



Kagame has won international acclaim for presiding over peace and economic growth since the end of the 1994 genocide, in which an estimated 800,000 ethnic Tutsis and moderate Hutus were killed.



But he has faced mounting criticism for what human rights groups say are the suppression of political opposition and the muzzling of independent media.



Kagame has rejected these accusations.



The United States in 2015 criticised the constitutional change, saying Kagame should step down when his term ended and allow a new generation of leaders to come through.



In the interview with Jeune Afrique, Kagame said he was not bothered by criticism from Western countries.



&#8220;People are supposed to be independent and should be allowed to organise themselves as they wish,&#8221; he said.



(Writing by George Obulutsa; Editing by Aaron Ross and Toby Chopra)

FILE PHOTO: BioNTech’s vaccine manufacturing plans for Africa presented in Marburg

Rwanda’s veteran president Kagame to seek re-election in 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-820x546.jpg" alt="" class="wp-image-427585" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo</figcaption></figure>



NEW YORK, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;Global debt hit a record $307 trillion in the second quarter of the year despite rising interest rates curbing bank credit, with markets such as the United States and Japan driving the rise, the Institute of International Finance (IIF) said on Tuesday.



The financial services trade group said in a report that global debt in dollar terms had risen by $10 trillion in the first half of 2023 and by $100 trillion over the past decade.



It said the latest increase has lifted the global debt-to-GDP ratio for a second straight quarter to 336%. Prior to 2023, the debt ratio had been declining for seven quarters.



Slower growth, alongside a deceleration in price increases, were behind the debt ratio rise, the report said.



&#8220;The sudden rise in inflation was the main factor behind the sharp decline in debt ratio over the past two years,&#8221; the IIF said, adding that with wage and price pressures moderating, even if not to their targets, they expect the debt to output ratio to surpass 337% by year-end.



More than 80% of the latest debt build up had come from the developed world with the U.S., Japan, Britain and France registering the largest increases. Among emerging markets, the biggest rises came from the largest economies, namely China, India, and Brazil.



&#8220;As higher rates and higher debt levels push government interest expenses higher, domestic debt strains are set to increase,&#8221; the IIF said.



The report found that household debt-to-GDP in emerging markets was still above pre-COVID-19 levels, largely due to China, Korea and Thailand. However, the same ratio in mature markets has dropped to its lowest level in two decades in the first six months of the year.



&#8220;Should inflationary pressures persist in mature markets, the health of household balance sheets, particularly in the U.S., would provide a cushion..against further rate hikes,&#8221; it said.



Markets are not pricing in a U.S. Federal Reserve rate hike in the near future, but the target rate of between 5.25% and 5.5% is currently expected to remain in place until at least May of next year, according to the CME FedWatch tool.



Rates are expected to remain high for a long period in the United States, which could pressure emerging markets as needed investment is funnelled to the less-risky developed world.



The Fed is expected to leave rates unchanged at the end of its meeting on Wednesday, but could signal that it is open to further rate hikes.



(Reporting by Rodrigo Campos, editing by Karin Strohecker and Alexander Smith)

FILE PHOTO: FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration

Global debt hits record $307 trillion, debt ratios climb -IIF

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4-820x462.jpeg" alt="" class="wp-image-427581" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. Defense Secretary Lloyd Austin (L) and U.S. Homeland Security Secretary Alejandro Mayorkas (R) look on as President Joe Biden speaks about the government response and recovery efforts in Maui, Hawaii, and the ongoing response on Hurricane Idalia, in the Roosevelt Room of the White House in Washington, D.C., Aug. 30, 2023. Saul Loeb | AFP | Getty Images</figcaption></figure>



President Joe Biden will address the United Nations General Assembly on Tuesday, where he plans to promote democracy and advocate for increased support for Ukraine.



For Biden, it’s another opportunity to advance the ideas of diplomacy and democracy against those of aggressive autocracies, as he did at the recent Group of 20 summit earlier this month.



″[Biden] will lay out for the world the steps that he and his administration have taken to advance a vision of American leadership that is built on the premise of working with others to solve the world’s most pressing problems,” White House national security adviser Jake Sullivan said in a briefing Friday.



<h2 class="wp-block-heading" id="h-biden-s-meetings-speech"><a></a>Biden’s meetings, speech</h2>



Leaders from at least 145 countries are slated to attend with a few notable exceptions: France, the United Kingdom, China and Russia will all be absent, meaning four of the five countries that hold permanent seats on the U.N. Security Council will not be in attendance.



The absence of China and Russia gives Biden an opening to advance ties between the United States and smaller, developing nations.



Biden is slated to meet Wednesday with President Luiz Inácio Lula da Silva of Brazil, a key leader in the Global South who has also been a proponent of peace talks between Russia and Ukraine. Lula has argued the U.S. and other Western nations are prolonging the war with their defense support.



The president will also meet with the leaders of the five central Asian nations of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, marking the first time a U.S. president has done so jointly. He will also meet with Israeli Prime Minister Benjamin Netanyahu, the  first time the pair have met since the prime minister won reelection last fall.



This will be the first time Ukrainian President Volodymyr Zelenskyy has attended the U.N. summit in person since the war began in February 2022. He gave a prerecorded speech to the body at last year’s session.



“President Biden looks forward to hearing President Zelenskyy’s perspective on all of this and to reaffirm for the world and for the United States, for the American people, his commitment to continuing to lead the world in supporting Ukraine,” Sullivan said.



A “substantial section” of Biden’s speech will be devoted to the war in Ukraine, Sullivan said.



“He will talk about the fundamental fact that the United Nations Charter &#8230; speaks to the basic proposition that countries cannot attack their neighbors and steal their territory by force,” Sullivan said, referring to Russia’s invasion of Ukraine. “That was also a proposition that was at the core of the G20 statement last weekend.”



<h2 class="wp-block-heading"><a></a>U.S. support for Ukraine</h2>



Biden’s message of support for Ukraine is complicated by the fact that a handful of hard-line Republicans in Congress are actively opposing more funding.



The White House is seeking $24 billion in additional aid to Ukraine, which it hoped would be passed alongside a continuing resolution to keep the government open while budget negotiations continue. The measure has bipartisan support in the Senate but is held up in the House of Representatives, where some members, like Rep. Marjorie Taylor Greene, R-Ga., have said they will not support any additional aid.



GOP House Speaker Kevin McCarthy is in a precarious position on the issue of Ukraine as his slim majority places him at the whims of every member of his caucus. Conservatives balked at McCarthy’s proposal last week to pair Ukraine aid with additional border funding.



Zelenskyy will travel to Washington, D.C., on Thursday to meet with Biden at the White House and speak with lawmakers. Unlike his visit in December, Zelenskyy will not address a joint session of Congress. Rep. Mike Turner, R-Ohio, the chair of the House intelligence committee, said Zelenskyy will be “very, very persuasive.”



“Zelenskyy is a great spokesperson,” Turner said on CBS News on Sunday. “He really makes the case better than anyone.”



It’s a position the White House agrees with.



“He has proven over the course of the past 18, 19 months, that there is no better advocate for his country, for his people, and for the urgent and continuing need for countries like the United States and our allies and partners to step up to provide the necessary tools and resources that Ukraine needs,” Sullivan said.

107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4

Biden to push for Ukraine aid, democracy as China and Russia skip UN General Assembly

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-820x480.jpg" alt="" class="wp-image-427575" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-820x480.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-300x175.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-154x90.jpg 154w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-768x449.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-1536x898.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Some of the men charged with public displays of affection with members of the same sex are seen gathered outside a court in Lagos, Nigeria October 27, 2020. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



YENAGOA, Nigeria, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;A court in Nigeria has released on bail 69 people who were arrested last month in connection with an alleged gay wedding, which is illegal in the country, their lawyer said on Tuesday.



In Nigeria, like in most parts of&nbsp;Africa, homosexuality is generally viewed as immoral on cultural and religious grounds, and the country implemented an anti-gay law in 2014 despite international condemnation.



A court sitting in southern oil-producing Delta state ruled that the suspects could be released from prison detention after their application was heard by the court, lawyer Ochuko Ohimor said.



The suspects did not appear in court, said Ohimor.



&#8220;They are to provide sureties, who will submit their particulars to the court. So, the 69 suspects have been granted bail and I am processing their paperwork,&#8221; Ohimor said.



(Reporting by Tife Owolabi, writing by MacDonald Dzirutwe; Editing by Jon Boyle and Hugh Lawson)

FILE PHOTO: Some of the men charged with public displays of affection with members of the same sex are seen gathered outside a court

Nigerian court frees on bail dozens arrested over alleged gay wedding – lawyer

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-820x547.jpeg" alt="" class="wp-image-425963" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership.jpeg 1905w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chinese President Xi Jinping waves after his speech as the new Politburo Standing Committee members meet the media following the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 23, 2022. REUTERS/Tingshu Wang/File Photo</figcaption></figure>



JOHANNESBURG, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;Chinese sovereign lending to Africa fell below $1 billion last year &#8211; the lowest level in nearly two decades &#8211; underscoring Beijing&#8217;s shift away from a decades-long big ticket infrastructure spree on the continent, data showed on Tuesday.



The drop in lending reflected in data from Boston University&#8217;s Global China Initiative comes as several African nations struggle with debt crises and China&#8217;s own economy is facing growing headwinds.



Africa has been a focus of President Xi Jinping&#8217;s ambitious Belt and Road Initiative (BRI), launched in 2013 to recreate the ancient Silk Road and extend China&#8217;s geopolitical and economic influence through a global infrastructure development push.



Boston University&#8217;s Chinese Loans to Africa Database estimates Chinese lenders provided $170 billion to Africa from 2000 to 2022.



But lending has declined sharply since a 2016 peak. Just seven loans worth $1.22 billion were signed in 2021. Nine loans totalling $994 million were agreed last year, marking the lowest level of Chinese lending since 2004.



While those two years coincide with the COVID-19 pandemic, researcher Oyintarelado Moses told Reuters that there are other contributing factors.



&#8220;A lot of that really has to do with the level of risk exposure,&#8221; said Moses, who manages the database and co-authored a report released on Tuesday.



While African governments largely welcomed Chinese lending and infrastructure projects, Western critics have accused Beijing of saddling poor nations with unsustainable debt.



Zambia &#8211; a major Chinese borrower &#8211; became the first African country to default during the COVID-19 pandemic in late 2020. Other governments, including Ghana, Kenya and Ethiopia, are also struggling.



China, meanwhile, is facing its own problems at home as policymakers struggle to revive growth amid persistent weakness in the crucial property industry, a faltering currency and flagging global demand for its manufactured goods.



&#8220;China&#8217;s domestic economy is playing a huge role here,&#8221; said Moses.



The China Development Bank and the Export-Import Bank of China &#8211; the two institutions behind most of the lending to Africa &#8211; have been redeployed to support the domestic economy, while much of the overseas lending that remains is going to markets closer to home.



The decline in loans does not necessarily mean an end to Chinese engagement in Africa, however.



The Boston University analysis found that certain trends &#8211; fewer loans over $500 million and more focus on social and environmental impacts &#8211; appeared to reflect China&#8217;s stated push towards a more high-quality, greener Belt and Road Initiative.



&#8220;This is such a huge part of the relationship, I think there&#8217;s still going to be interest from Chinese lenders,&#8221; Moses said. &#8220;It&#8217;s just that it&#8217;s going to look different.&#8221;



(Editing by Tomasz Janowski)

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Chinese loans to Africa plummet to near two-decade low – study

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg" alt="" class="wp-image-427563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: 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>



WASHINGTON, Sept 18 (Reuters) &#8211; The International Monetary Fund (IMF), the World Bank and Morocco on Monday announced the annual meetings of the two global institutions would proceed in October in Marrakech, despite a recent nearby earthquake that killed more than 2,900 people.



The meeting will take place from Oct. 9-15 in Marrakech, just 45 miles (72 km) from the site of the 6.8-magnitude earthquake on Sept. 8, with some changes to adapt content &#8220;to the circumstances,&#8221; World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva and Morocco&#8217;s Economy Minister Nadia Fettah Alaoui said in a joint statement.



Senior IMF and World Bank officials made the decision, first reported by Reuters, at the direct request of the Moroccan authorities who had pressed the global institutions to proceed with the gathering which is expected to bring some 10,000-15,000 to the Moroccan tourist hub.



&#8220;As we look ahead to the meetings, it is of utmost importance that we conduct them in a way that does not hamper the relief efforts under way and that is respectful to the victims and the Moroccan people,&#8221; the three officials said.



&#8220;At this very difficult time, we believe that the Annual Meetings also provide an opportunity for the international community to stand by Morocco and its people, who have once again shown resilience in the face of tragedy. We also remain committed to ensuring the safety of all participants.”



Georgieva told Reuters on Friday that Morocco&#8217;s prime minister told her it would be &#8220;quite devastating&#8221; for Morocco&#8217;s hospitality sector if the meetings were moved to a different location. (Reporting by Andrea Shalal Editing by Chris Reese)

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