Categories
-Top News Africa News India News

India thinks big on military exports to Africa

The new initiative also calls for synergy between India’s development efforts and strategic outreach through Line of Credit in 42 African Union countries…reports Asian Lite News

India has introduced a holistic approach to push military exports to Africa, combining pitch for weapon sales with finance, training, infra development and soft-power.

The new initiative also calls for synergy between India’s development efforts and strategic outreach through Line of Credit (LoC) in 42 African Union countries. India would be assisting in building IT & technical training institutes, schools, health centres, roads, railways and ports, etc., paving the way for supplying Made-in-India armaments.

India has already messaged African Union members that its locally built armaments are far superior in quality and durability compared with Chinese armaments and much cheaper than Western defence systems.

To endorse India’s development and strategic outreach efforts External Affairs Minister Subramanyam Jaishankar visited Uganda and the Republic of Mozambique from 10-15 April. He also made a brief stopover in Addis Ababa, Ethiopia on April 13.

The visit witnessed the opening of the India-assisted National Forensic Sciences University (NFSU) in Jinja, Uganda, the first imitative of its kind in Africa. The EAM also reviewed development projects related to railways, roads and bridge infrastructure projects and a pharmaceutical manufacturing facility in Mozambique.

The high-mobility military vehicles were also gifted to the Uganda Peoples’ Defence Forces.

Peacekeeping has been a vital element of the India-Africa partnership since 1960. Over 6,000 Indians currently serve in peacekeeping operations in African countries. India’s decision to open 18 new diplomatic missions in Africa in the next few years, which will take the total number to 47, reflects its new Afro-centric approach.

To enhance defence exports and capacity-building efforts, India hosted top military commanders and service chiefs from 31 member countries of the African Union to participate in the first India-Africa Army Chiefs’ Conclave on 28 March in Pune. The Ministry of Defence said: “The Conclave focussed on joint training and defence cooperation amongst the nations to evolve an institutionalised framework to enhance collaboration in the fields of joint military training, execution of peacekeeping operations; besides promoting Indian defence industries.”

Additionally, the 2nd Africa-India Joint Exercise ‘AFINDEX’ was also held at Foreign Training Node, Aundh in Pune from 16 to 29 March 2023 with 124 participants from 25 African countries including Ethiopia, Egypt, Kenya, Morocco, Nigeria, Rwanda, and South Africa. On the sidelines of the exercise an ‘Equipment Display’ was organized in which 75 indigenous defence products from 32 domestic companies were showcased.

Currently, several African Union member countries regularly buy ‘Made in India’ armaments. The main buyers are Botswana, Burkina Faso, Egypt, Ethiopia, Mozambique, Mauritius, Namibia, Seychelles, Somalia, and South Africa. In some cases, India has even gifted armaments and military equipment to Mauritius and Seychelles.

Several defence public undertakings regularly export defence equipment to Algeria, Egypt, Ethiopia, Ghana, Honduras, Kenya, Libya, Malawi, Mauritius, Myanmar, Namibia, Nigeria, South Africa, Sudan, Surinam, Tanzania, Tunisia, Uganda and Zimbabwe.

The government has also nominated a few Defence Public Sector Undertakings (DPSUs) as export promotion agencies for selected African Union member countries to promote defence exports. “Subject to strategic considerations, domestically manufactured defence products will be promoted through Government-to-Government agreements and Lines of Credit/Funding,” MoD adds.

India is offering its key home-built weapons & platforms including Tejas fighters, light combat & utility helicopters, Akash missile batteries, artillery guns, Pinaka rockets launchers, besides, armoured vehicles, mobility vehicles, drones, loitering munitions, small arms, offshore patrol vessels, interceptor crafts, communication and surveillance equipment, etc for export to key African Union member allies.

India has set an armaments exports target of $5 billion by 2025 to achieve self-reliance in developing and building weapons & platforms. While India achieved $1.75 billion in defence exports in 2022 and is targeting $2.37 billion in 2023. The majority of armament exports will be executed by private defence companies.

One of the key MEA policy initiatives is to engage India Exim Bank to extend soft Lines of Credit (LoC) to Mauritius, Mozambique and Seychelles for the export of India-built weapons & platforms. The Exim Bank branches spread across Africa are exploring facilitating need-based LoC for the export of aerospace, defence, and maritime equipment with other African countries as well. India plans to export armaments and provide medical training to the armies of Botswana, Egypt, Kenya, Lesotho, Morocco, Namibia, Rwanda, Tanzania, Uganda and Zambia.

Interestingly, Nigeria will be the first country to buy unspecified numbers of indigenously built Light Combat Helicopters from state-run Hindustan Aeronautics Ltd through soft credit. Six officers from the Nigerian Army have already completed training on Chetak and Dhruv light helicopters at HAL’s Rotary Wing Academy in Bangalore.

Besides promoting defence exports, India is also focusing on capability building in agriculture and agro-processing, health and pharmaceuticals and disaster management and disaster management.

Indian private companies mainly work in Africa under the Indian LoC projects through the Exim Bank of India. However, very few private companies want to invest their own money in Africa and instead, they want to pursue projects through grants only. For Indian private companies, Africa has not fully emerged as a favourable destination.

ALSO READ: Indian Minority Forum Launches New Zealand Chapter

Categories
-Top News Africa News

Death toll climbs to 550 in violence-hit Sudan

Despite the sixth 72-hour truce, intermittent clashes continued between the SAF and the RSF in various areas in the Sudanese capital…reports Asian Lite News

As the armed conflict continued between the Sudanese Armed Forces (SAF) and the paramilitary Rapid Support Forces (RSF), Sudan’s Health Ministry has announced that the death toll has climbed to more than 550.

A total of “550 deaths and 4,926 injuries were recorded in all hospitals in Sudanese states”, the ministry said in a statement on Tuesday, adding that the situation was calm in all states except for Khartoum and Central Darfur.

Despite the sixth 72-hour truce, intermittent clashes continued between the SAF and the RSF in various areas in the Sudanese capital of Khartoum and Omdurman, Xinhua news agency reported.

The SAF carried out intensive airstrikes against RSF positions in Bahri (Khartoum North), west of Omdurman, and around the army’s general command in central Khartoum, eyewitnesses said.

The RSF, meanwhile, accused the SAF of violating the humanitarian truce.

In a statement on Tuesday, the RSF said it managed to shoot down a SAF military plane, but the SAF spokesman’s office could not be reached to comment on the claim.

Regarding the regional efforts to seek a settlement to the armed conflict in Sudan, local media reported an initiative by South Sudan’s President Salva Kiir Mayardit for reaching a 7-day cease-fire.

South Sudan’s Foreign Ministry said in a statement that the SAF Commander Abdel Fattah Al-Burhan and the RSF Commander Mohamed Hamdan Dagalo had accepted the initiative. However, neither side has commented on the statement.

Meanwhile, the Forces of Freedom and Change Alliance (FFC), a civilian political coalition in Sudan, on Tuesday called on the Sudanese people to stage demonstrations demanding the end of the conflict.

“Today (Tuesday), the alliance called for large-scale protests at the areas which are not affected by the conflict to push for negotiations and stoppage of the war,” tweeted Yassir Arman, the FFC’s spokesman.

“We, in villages and cities which are not affected by the war, must come out in masses to push for negotiations and stoppage of the war,” said Arman.

The Sudanese police forces on Tuesday carried out widespread campaigns in Khartoum to combat crimes, blocking the roads to prevent criminals and outlaws from committing illegal activities.

“This step comes as part of the plan of the police force’s command which aims to impose prestige of the state and the rule of law,” the press office of the Sudanese police said in a statement.

“The campaign tends to secure markets, important commercial sites and vital facilities,” it said.

Fighting between the SAF and the RSF in Khartoum and other areas erupted on April 15, with the two sides accusing each other of initiating the conflict which has pushed the country to the edge of a humanitarian crisis.

According to UN statistics, thousands of Sudanese citizens have been displaced or forced to seek refuge in safe areas in Sudan and neighboring countries, including Egypt, Ethiopia and Chad.

ALSO READ: IAF evacuates 122 Indians from Port Sudan

Categories
Africa News Arab News UAE News

Abu Dhabi named smartest city in MENA

Mohammed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport (DMT), expressed his pride in Abu Dhabi’s ranking as the smartest city in the region.

For the third consecutive year, Abu Dhabi ranked as the smartest city in the Middle East and North Africa (MENA) region for 2023, according to the IMD Smart City Index released by the International Institute for Management Development (IMD) in Switzerland in collaboration with the Singapore University of Technology and Design (SUTD).

The International Institute for Management Development (IMD) has released its annual study on smart city development, surveying 120 residents in 118 cities worldwide. Abu Dhabi surpassed several international capitals to rank 13th globally out of the 141 cities included in the current ranking. The study evaluated current infrastructure and digital services available to residents, relying on variables related to residents’ perception and interaction with government efforts in five main pillars: health and safety, mobility, activities, opportunities (work and education system), and governance.

Mohammed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport (DMT), expressed his pride in Abu Dhabi’s ranking as the smartest city in the region.

He said: “Abu Dhabi’s leadership in this field is a translation of the leadership’s vision and commitment to supporting the digital transformation journey and utilising it to serve the community and enhance its well-being and quality of life. Through employing next-generation technologies such as artificial intelligence and the Internet of Things (IoT), and developing smart city initiatives across various societal, service, and economic sectors, including public and smart transportation, Abu Dhabi has been able to establish itself as a smart and sustainable city, and one of the best global destinations to live, work, and visit.”

Al Shorafa added: “At DMT, we are working diligently to harness technology and utilise it to enhance the quality of life for citizens and residents in the Emirate of Abu Dhabi. We will continue to work to build on the momentum of achievements to enhance Abu Dhabi’s leadership in this field.”

Smart cities contribute to the development of many key sectors in the emirate, such as the smart transportation sector and the smart economy, which is based on advanced software that helps develop many sectors such as supply, delivery, and joint support services.

Additionally, interactive platforms are built with the public to identify their needs and aspirations and interact with them transparently, placing them at the centre of government work, in addition to developing and facilitating access to services for citizens.

The Smart Cities Index issued by IMD is considered an important reference for international organisations, decision-makers, and institutions to measure the impact of national strategies in enhancing levels of welfare, achieving progress, and promoting the quality of life for people.

ALSO READ: Abu Dhabi aims to attract 24 million visitors this year

Categories
Africa News Arab News UAE News

Serbia lauds UAE’s evacuation efforts in Sudan

A Serbian diplomat has hailed the UAE’s evacuation of a number of her country’s citizens as a testament to the Emirates’ humanitarian solidarity, reaching out and providing aid to nations around the world.

“We, on behalf of the leadership in the Republic of Serbia, extend our thanks, gratitude, and appreciation to the leadership, government, and people of the UAE for the humanitarian support provided,” Danica Savović, Charge d’Affairs at the Serbian Embassy in the UAE, told the Emirates News Agency (WAM) as an evacuation plane arrived today in Abu Dhabi from Sudan carrying foreign nationals of 16 brotherly and friendly countries. 

She continued by saying that during the evacuations, the UAE stood by numerous Serbians in Sudan, demonstrating the high regard for fellow human beings that permeates the UAE society as evidenced by their kindness and welcoming toward the evacuees.
She noted that the UAE evacuated a number of Serbians today, including a family with children, and treated them with warmth and welcome.

“The evacuees have been reassured and given adequate housing so they could continue traveling back to their country in safety and security,” the diplomat added.

The evacuaees expressed their gratitutde to the UAE leaders, saying that the Emirates’ humanitarian efforts will live on in their hearts and minds, lauding the country’s keenness on providing all means of support and assistance to ensure their safety. 

ALSO READ: SUDAN CRISIS: GCC Urges Calm

Categories
-Top News Africa News

‘Developed countries should help Africa address climate challenges’

Ruto urged multilateral lending agencies to develop climate financing packages that are tailor-made for the African continent…reports Asian Lite News

The industrial north should honour the commitment to providing capital and technologies required to help African countries cope with the unfolding climate emergencies, Kenyan President William Ruto said.

During his address at the 2023 Ibrahim Governance Weekend underway in the Kenyan capital of Nairobi on Saturday, Ruto stressed that developed nations have a moral obligation to deliver climate justice in Africa, where rising atmospheric temperatures have taken a toll on ecosystems and livelihoods.

“Africa deserves compensation for the losses that climate change has wrought on our economies. We should be assisted to re-engineer green growth,” the President said, adding that Kenya will host the Africa Climate Summit on September 4-6.

Ruto, the chairperson of the Committee of African Heads of State and Government on Climate Change, pledged to utilise his position to lobby for investments required to hasten the continent’s transition to a green and resilient future.

He said despite contributing less than four per cent to global greenhouse gas emissions, Africa has borne the brunt of climate disasters, including droughts, cyclones, and wildfires.

He urged multilateral lending agencies to develop climate financing packages that are tailor-made for the African continent, where there is an urgency to help grassroots communities cope with the phenomenon.

Ruto observed that Africa’s huge renewable energy potential offers an opportunity to decarbonise the continent’s economies while unlocking green jobs for the youth. Restructuring carbon markets in Africa should be combined with nature-based interventions in order to hasten the realisation of net-zero ambition in a continent that is home to climate hotspots, including the Sahel and the Horn of Africa.

Joyce Banda, the former president of Malawi, urged developed countries to step up their financial obligation as a means to strengthen climate mitigation and adaptation in Africa.

Banda, who is also the goodwill ambassador of Tropical Cyclone Freddy Recovery of Malawi, decried lacklustre commitment by the industrial north to support climate response in Africa. She emphasised that delivering climate justice in Africa will have spin-off effects, including improved livelihoods for local communities, peace, cohesion, and gender parity.

Mo Ibrahim, the founder and chair of Mo Ibrahim Foundation, a pan-African not-for-profit lobby, suggested market-driven interventions to accelerate low-carbon development in the continent.

By leveraging private capital and fiscal incentives from governments, African countries could plug the funding shortfall that has hobbled the green transition, said Ibrahim.

ALSO READ: Sudan: Truce extended but fighting continues

Categories
-Top News Africa News Arab News

Respect ceasefire: Global community urges Sudan factions

This initial phase of diplomacy to establish a process to achieve a permanent cessation of hostilities.

The Trilateral Mechanism on Sudan, which brings together the African Union, the Intergovernmental Authority on Development, and the UN, have called for the full implementation of the ceasefire in Sudan.

Members of the Trilateral Mechanism made the call in a joint statement along with the Quad on Sudan that brings together Saudi Arabia, the United Arab Emirates, the UK and the US, according to a joint statement issued on Friday.

“Members of the Trilateral Mechanism and the Quad welcome the announcement by the Sudanese Armed Forces and the Rapid Support Forces (RSF) to extend the current ceasefire for an additional 72 hours and call for its full implementation,” the statement said.

They also welcomed the readiness of the two Sudanese warring factions to engage in dialogue toward establishing a more durable cessation of hostilities and ensuring unimpeded humanitarian access, Xinhua news agency reported.

People fleeing from Sudan arrive at a bus station in Aswan, Egypt, on April 25, 2023. Many people crossed into Egypt through the border crossing between Egypt and Sudan, as conflict in the latter country continues. (Photo by Radwan Abu Elmagd/Xinhua)

This initial phase of diplomacy to establish a process to achieve a permanent cessation of hostilities and humanitarian arrangements will contribute to action on the development of a de-escalation plan as outlined in the April 20 African Union release, the statement says.

Since mid-April, Sudan has been mired in military clashes between the Sudanese Army and the RSF following days of tension between the once-allied leaders of both sides.

The country has been suffering a political crisis since the Sudanese army commander Abdel Fattah Al-Burhan declared a state of emergency in October 2021 and dissolved the Sovereign Council as well as the government.

ALSO READ: Sudan: Truce extended but fighting continues

Categories
-Top News Africa News

Pope Francis renews call for violence to stop in Sudan

Several countries have started evacuating their citizens from conflict-torn Sudan. The US was the recent country that conducted an operation and evacuated government personnel from Sudan…reports Asian Lite News

Pope Francis has called for dialogue between Sudan’s opposing armed forces as the violence in the North African country only getting worse every day.

During his Sunday address at St Peter’s Square in the Vatican, Pope called for dialogue between the Sudan Armed Forces (SAF) and the paramilitary Rapid Support Forces (RSF) in Sudan. “Unfortunately, the situation remains grave in Sudan,” the Pope said in St Peter’s Square in the Vatican.

“That is why I am renewing my call for the violence to stop as quickly as possible and for dialogue to resume,” he added.

Since the battle started, there have been more than 400 fatalities and more than 3,500 injuries, reported Al Jazeera. Sudan is facing violence due to fighting between the army and the paramilitary forces. There are reports of violence even amid a 72-hour ceasefire.

The conflict began when a coup in 2021 between Sudan’s military leader and his deputy on the ruling council erupted derailing a plan for a transition to a civilian democracy after the fall of longtime dictator Omar al-Bashir in 2019. Elections were supposed to be held by the end of 2023.

Fighting has raged between forces loyal to Sudan’s army chief Abdel Fattah al-Burhan and his deputy Mohamed Hamdan Daglo, who commands the paramilitary Rapid Support Forces (RSF).

Several countries have started evacuating their citizens from conflict-torn Sudan. The US was the recent country that conducted an operation and evacuated government personnel from Sudan.

“Today, on my orders, the United States military conducted an operation to extract US Government personnel from Khartoum. I am proud of the extraordinary commitment of our Embassy staff, who performed their duties with courage and professionalism and embodied America’s friendship and connection with the people of Sudan,” Biden said in a statement, released by the White House.

“I am grateful for the unmatched skill of our service members who successfully brought them to safety. And I thank Djibouti, Ethiopia, and Saudi Arabia, which were critical to the success of our operation,” he added.

The US President further stated that he is receiving regular reports from his team over the ongoing work to assist Americans in Sudan, to the extent possible. The US is working closely with our allies and partners in this effort. (ANI)

ALSO READ-Pope urges peace in Ukraine, Middle East in Easter message

Categories
-Top News Africa News

Trial of former South African President Zuma postponed to Aug

Zuma faces a minimum of 15 years in prison if he is convicted of involvement in major corruption. He pleaded not guilty to all charges…reports Asian Lite News

The corruption trial of former South African President Jacob Zuma was postponed again as he seeks to have the lead prosecutor removed from the case by claiming he is biased.

Zuma has already succeeded in getting a new judge to oversee his trial. Zuma, who turned 81 last week, has argued that prosecutor Billy Downer is biased against him and compromises the former leader’s right to a fair trial. Zuma is involved in a separate legal case against Downer and a journalist over the leaking of the ex-president’s medical records by state prosecutors.

Zuma is facing multiple counts of corruption, as well as racketeering, fraud, tax evasion and money laundering, with some of the charges relating to bribes he is alleged to have taken from French arms manufacturing company Thales to provide political protection for an arms deal worth more than $1 billion signed by the South African government in 1999.

Thales, which was then known as Thomson-CSF, is a co-defendant in the corruption trial.

The charges relate to a time when Zuma was a politician on the rise and later a deputy president of South Africa, but before he became president in 2009. He was forced to resign as president in 2018 because of corruption allegations.

Some of the alleged wrongdoing dates back as far as the mid-1990s, yet Zuma only went on trial two years ago after the charges were dropped and reinstated multiple times amid political interference.

Despite the trial officially starting in May 2021, no testimony has yet been heard because of a series of applications made by Zuma to get the initial judge to recuse himself and to remove Downer.

Judge Nkosinathi Chili, the new judge, said that the case would resume on Aug. 15 and 16, when Zuma’s lawyers and prosecutors will present their arguments over whether Downer should remain on the case.

Zuma faces a minimum of 15 years in prison if he is convicted of involvement in major corruption. He pleaded not guilty to all charges.

The case is highly politically sensitive in South Africa given the support Zuma still holds in parts of the country and the influence he has retained within the ruling African National Congress party.

Deadly rioting and looting broke out and more than 300 people were killed in a week of unrest when Zuma was sentenced to a 15-month prison term in 2021 for contempt of court in relation to another corruption inquiry. Zuma was released early from that jail sentence on medical parole.

The riots were the worst civil unrest in South Africa since the end of the apartheid system of white minority rule in 1994.

ALSO READ-Limited evacuation of foreigners begins in Sudan

Categories
-Top News Asia News China

Japan bolsters diplomacy to woo ‘Global South’

PM Fumio Kishida will leave next week on the first multicountry trip to Africa by a Japanese leader since 2014.

The Group of Seven summit in Hiroshima is just a month away and in a bid to compete against China and Russia for influence in Africa, Japanese Prime Minister Fumio Kishida is all set to embark on a multi-country trip, reported Nikkei Asia.

PM Kishida will leave next week on the first multicountry trip to Africa by a Japanese leader since 2014. His four stops – Egypt, Ghana, Kenya and Mozambique – are all part of the Global South, a loosely defined collection of over 100 developing nations. The valuable natural resources acquired by many Global South countries, and their general diplomatic aversion to the United States, have brought overtures from Russia and China to Tokyo’s alarm.

Kishida has told his aides that Chinese President Xi Jinping and senior Chinese officials “have been going all over Africa and Latin America,” adding, “At this rate, we’ll lose to them,” as per Nikkei Asia.

Chinese Foreign Minister Qin Gang made a visit to Egypt in January, a month after Xi met with his Egyptian counterpart Abdel Fattah el-Sisi in Saudi Arabia.

Last year alone Kenya’s trade with China spiked 27 per cent, and polling there shows positive views of Beijing soaring to 82 per cent from 58 per cent in 2021.

According to China’s official Xinhua News Agency, In Mozambique, a resource-abundant place, a Chinese-backed liquefied natural gas project began production in November. And Ghana’s finance minister paid a visit to China last month to discuss debt restructuring after its default in December, read a report published in Nikkei Asia.

Support from the Global South will be crucial to the G7’s efforts to isolate China and Russia.

G7 foreign ministers, in a statement after their meeting this week, stressed reinforcing an “international order based on the rule of law,” calling out Russia’s invasion of Ukraine and China’s negligence of international law in the East and South China seas.

But what G7 lacks is the economic dominance it once had. Members that accounted for more than 60 per cent of the global gross domestic product from the 1970s to the 1990s now have shares of less than 50 per cent.

Tokyo’s new outreach efforts go beyond Africa. Yoshimasa Hayashi, Japan’s Foreign Minister, is planning a trip to Latin America later this month.

Peru and Chile are both members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a trade agreement to which China has applied. Hayashi is expected to argue that new members must adhere to the CPTPP’s high degree of trade liberalisation, according to Nikkei Asia.

Japan seeks to strengthen ties with the Global South by providing finance, training, and other assistance to nations dealing with high energy costs, food shortages, and climate change, while also conveying Tokyo’s positions on the Ukraine crisis and the geopolitical situation in East Asia.

Japan announced plans last month to provide development assistance based on the needs of recipients, Nikkei Asia reported. (ANI)

Categories
-Top News Africa News India News

World Bank forecasts sub-Saharan Africa’s economy to slow to 3.1%

The report says debt distress risks remain high, with 22 countries in the region at high risk of external debt distress or in debt distress as of December 2022…reports Asian Lite News

The World Bank has projected economic growth in sub-Saharan Africa to slow to 3.1 per cent in 2023 from 3.6 per cent in 2022.

According to the World Bank’s April 2023 economic update for sub-Saharan Africa released on Wednesday, growth across the region remains sluggish, dragged down by uncertainty in the global economy, the underperformance of the continent’s largest economies, high inflation, and a sharp deceleration of investment growth.

The report says the African governments must sharpen their focus on macroeconomic stability, domestic revenue mobilisation, debt reduction, and productive investments to reduce extreme poverty and boost shared prosperity in the medium-to-long term amid dampened growth prospects and rising debt levels.

World Bank Chief Economist for Africa Andrew Dabalen said weak growth combined with debt vulnerabilities and dismal investment growth risks a lost decade in poverty reduction.

“Policymakers need to redouble efforts to curb inflation, boost domestic resource mobilisation, and enact pro-growth reforms while continuing to help the poorest households cope with the rising costs of living,” Dabalen added.

According to the report, economic activity in South Africa is set to weaken further in 2023 (0.5 per cent annual growth) as the energy crisis deepens, while the growth recovery in Nigeria for 2023 (2.8 per cent) is still fragile as oil production remains subdued.

The World Bank said the real GDP growth of the western and central Africa subregion is estimated to decline to 3.4 per cent in 2023 from 3.7 per cent in 2022, while that of eastern and southern Africa declines to 3 per cent in 2023 from 3.5 per cent in 2022.

The report says debt distress risks remain high, with 22 countries in the region at high risk of external debt distress or in debt distress as of December 2022.

“Unfavourable global financial conditions have increased borrowing costs and debt service costs in Africa, diverting money from badly needed development investments and threatening macro-fiscal stability,” it notes.

According to the report, despite these challenges, many countries in the region are showing resilience amid multiple crises.

These include Kenya, Cote d’Ivoire, and Congo, which grew at 5.2 per cent, 6.7 per cent, and 8.6 per cent, respectively, in 2022.

It notes that in Congo, the mining sector was the main driver of growth due to an expansion in capacity and recovery in global demand.

IOM needs $93.4 mn in funds for Horn of Africa( eastandhornofafrica.iom.int)

The report reveals that harnessing natural resource wealth provides an opportunity to improve the fiscal and debt sustainability of African countries, but cautions that this can only happen if countries get policies right and learn the lessons from the past boom and bust cycles.

The World Bank said high inflation and low investment growth continue to constrain African economies.

“While headline inflation appears to have peaked in the past year, inflation is set to remain high at 7.5 per cent for 2023, and above central bank target bands for most countries,” the report says.

It notes that investment growth in sub-Saharan Africa fell from 6.8 per cent in 2010-13 to 1.6 per cent in 2021, with a sharper slowdown in eastern and southern Africa than in western and central Africa.

ALSO READ-World Bank: Sri Lanka’s economy to contract by 4.3%