PRETORIA (Reuters) - African countries running up debt they won’t be able to pay back, including to China, should not expect to be bailed out by western-sponsored debt relief, the United States’ top Africa diplomat warned. The International Monetary Fund and World Bank began the Heavily Indebted Poor Countries (HIPC) Initiative in 1996 to help the world’s poorest countries clear billions of dollars worth of unsustainable debt. But Africa is facing another potential debt crisis today, with around 40 percent of low-income countries in the region now in debt distress or at high risk of it, according to an IMF report released a year ago. “We went through, just in the last 20 years, this big debt forgiveness for a lot of African countries,” said U.S. Assistant Secretary of State for Africa for African Affairs Tibor Nagy, referring to the HIPC program. “Now all of a sudden are we going to go through another cycle of that? ... I certainly would not … [Read more...] about Don’t expect debt relief, United States warns Africa
Southern africa africa
NAIROBI (Thomson Reuters Foundation) - Rescue teams in southeast Africa were struggling on Wednesday to reach people stranded by flooding after Cyclone Idai killed hundreds and left a trail of destruction in one of the worst natural disasters to hit southern Africa in decades. Mozambique started three days of national mourning for those killed in what has been called the worst humanitarian crisis in the country’s history that has also impacted Malawi and Zimbabwe. Here are some facts about the disaster: * Packing wind speeds of up to 170 kph (105 mph) cyclone Idai hit Mozambique’s port city of Beira on March 14 before moving inland to neighboring Malawi and Zimbabwe. * At least 360 people have died - 202 deaths have been reported in Mozambique, 102 deaths in Zimbabwe and 56 deaths in Malawi. The death toll is expected to rise in the coming days. * Millions of people have been affected with Idai’s winds ripping apart homes, schools and health clinics, and its … [Read more...] about Factbox: Cyclone Idai’s trail of destruction across southeast Africa
Matt Sedensky, Ap National Writer Updated 12:12 am CDT, Wednesday, March 20, 2019 A family dig for their son who got buried in the mud when Cyclone Idai struck in Chimanimani about 600 kilometres south east of Harare, Zimbabwe, Tuesday, March, 19, 2019. According to the government, Cyclone Idai has killed more than 100 people in Chipinge and Chimanimani and according to residents the figures could be higher because the hardest hit areas are still inaccessible. Some hundreds are dead, many more are missing, and some thousands at risk from the massive flooding in Mozambique, Malawi and Zimbabwe caused by Cyclone Idai. less A family dig for their son who got buried in the mud when Cyclone Idai struck in Chimanimani about 600 kilometres south east of Harare, Zimbabwe, Tuesday, March, 19, 2019. According to the government, Cyclone ... more Photo: Tsvangirayi Mukwazhi, AP … [Read more...] about Foreign aid begins flowing to cyclone-hit southern Africa
The future car buyers of Nigeria. Picture © Devesh Uba, all rights reserved. Africa is progressively shedding its image of a continent embroiled in poverty, corruption and never-ending wars. Yet the dramatic Ebola outbreak in Western Africa is a harsh reminder that the road to development is a long and tortuous one. Three years ago, I created the Africa Project to jump start the collection of new car sales data in a region that remains very secretive. From only a couple of countries in 2012, official sales data for Africa on BSCB now covers 23 nations, and its scope is expanding every month. New car sales on the continent are still for the most part in their infancy, making Africa the last frontier in terms of automotive development. If the economic growth we have witnessed in the past decade continues at the same rate, could Africa become the new China and replace it as the world automotive sales engine of growth? As is often the case in such … [Read more...] about STRATEGY: Is Africa the new China?
It is just 8 days away until the 2018 Concours South Africa so we decided to scroll through the extensive list of vehicles headed for the auction block and share a few of (what we at least think are) the highlights. This international classic car auction features over 70 collector cars from “The Plit Portfolio”, arguably one of Africa’s most significant motor car collections. There will be 93 vehicles and bikes up for grabs but here are 15 of the most enticing (and expected to be most expensive) vehicles that you can bid on next weekend at Steyn City. For a full list of the offerings, please visit this link. 1980 Porsche 924 Carrera GT – Estimate: R1,000,000 to R1,400,000 One of just 524 cars ever made making it exceptionally rare and in 100% original condition with no modifications. 1993 BMW Alpina B10 – Estimate: R630,000 to R660,000 Original B10 finished in Metallic Island Green in fantastic condition and one of only 572 cars in the world. 1997 Porsche … [Read more...] about 2018 Concours South Africa Auction Offering Some Special Metal