TDB Warns Losses on African Development Banks Set Dangerous Precedent

Forcing African development lenders to take losses in sovereign debt restructurings would set a dangerous precedent and increase the cost of financing on the continent, TDB Managing Director Admassu Tadesse cautioned.
Zambia plans to impose losses on institutions including the Eastern and Southern African Trade and Development Bank, or TDB, and the African Export-Import Bank as it reworks $13.4 billion in loans spanning Chinese state-owned banks to bondholders. Finance Minister Situmbeko Musokotwane said last week the southern African nation must honor its agreement with other creditors, which includes subjecting TDB and Afreximbank loans to comparable treatment. Ghana has echoed this.

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Evfarmer Announces Approval of MSB License by the U.S. Financial Crimes Enforcement Network (FinCEN)

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Malema slams R700m price tag for ‘useless' National Dialogue in face of high unemployment

@EFFSouthAfrica/X formerly Twitter EFF leader Julius Malema has strongly criticised the estimated R700 million price tag for the National Dialogue, accusing the government of prioritising funds for 'ukukhuluma' (talking) while neglecting financial support for the youth. During Sunday's funeral service for seven of the 10 EFF supporters who died in a bus accident on Youth Day in KwaZulu-Natal, Malema called for the establishment of a permanent unemployment grant in South Africa. 'This country can afford it. There is no shortage of money, only shortage of political will. We have R700 million for useless National Dialogue, but when it comes to feeding the children of the poor, suddenly, the budget is under pressure. 'R700 million of ukukhuluma (talking), asikhulume (let's talk), vula'mlomo (gift or payment to initiate talks) ... R700 million is available for such nonsensical programmes, yet our people are unemployed. We say to this government, the youth are watching. They will not forget your indifference,' said Malema. News24 previously reported that President Cyril Ramaphosa announced a national convention on 15 August to set the agenda for the National Dialogue. He also announced that a group of eminent South Africans, including Springbok captain Siya Kolisi and renowned actor John Kani, would guide the dialogue. An estimate that R700 million would be required to fund the national talks to craft a new path for the country has been widely criticised. Malema delivered the keynote address at the mass funeral of seven of the 10 EFF supporters who died when their bus collided with a truck on the R34 near Ulundi in northern KwaZulu-Natal last Monday. They were returning home from a Youth Day rally at the King Zwelithini Stadium in Umlazi. The funeral was held at the Cecil Emmett Hall in Vryheid, KwaZulu-Natal. Two of the supporters will be buried in a private ceremony, while another will be buried in Zimbabwe. The seven are: Sibongakonke Mbatha, 17; Phumlani Zulu, 36; Nontombi Radebe, 19; Lungani Mbatha, 26; Ayanda Khumalo, 27; Gcwalisile Sibisi, 44; Siboniso Manqele, 23; and Thokozani Mashazi, 30. Senior ANC and IFP leaders in the province also attended the funeral. Malema said when a roll call was taken on 17 June, the 10 supporters did not respond. 'These are not just names in headlines or numbers in a report, these were young people who had dreams. They were full of life, full of promise, and full of the courage that defines the children of working class and oppressed families,' said Malema. He said black communities should not normalise premature deaths. 'Their death must not be in vain. Their passing must become a turning point. We must honour them not only with flowers ... We must fix our roads, regulate the transport industry and demand accountability.' EFF/X Malema told mourners that his party had been championing the fight to reduce data, electricity and education costs. The EFF, he said, also called for justice for the crimes of apartheid because the murderers of the past were living with impunity. 'We want the TRC (Truth and Reconciliation Commission) recommendation implemented. We want those who committed crimes against humanity to face the full might of the law, and we will not rest until there is justice for our people.' Malema said some young people die of hunger, depression and hopelessness. He added: Today, 45.1% of South Africa's youth are unemployed. Almost one in every two young people is without work. They wake up every morning with no salary, no opportunity and no dignity. 'They stand on the street corners with degrees and diplomas while others are denied even the chance to study because this government has still failed to deliver free quality decolonised education and a promise made on stages and forgotten boardrooms.' According to Stats SA, the current youth unemployment rate is 46.1%. Meanwhile, Malema said in South Africa prisoners receive three meals a day, have access to free uniforms, and are offered education and rehabilitation programmes, while some young people go to bed on empty stomachs. In Parliament, the EFF would continue to fight until young people had access to free education, decent work and a basic income, he said. He claimed the EFF was the only political home in South Africa that did not treat its youth like ornaments. READ | UPDATED: 'They died in the line of duty' – EFF says of 10 party members killed in KZN bus crash 'We do not make them sing songs in corners while elders speak. No, we elect them. We send them to Parliament. We put them in front of microphones, in front of enemies and in front of history. 'Today, in the Parliament of South Africa, young leaders from the EFF benches stand boldly and speak truth to power. They interrogate ministers, they expose looters, they write legislation, and they make sure that the voice of the youth is not just heard, but it's impossible to ignore.' He told the parents of the 10 EFF supporters that they should be proud because their children died on the battlefield. 'We must continue to be disciplined and die in the revolution because to die in a revolution must be an honour. And as a result, we're going to honour all of these 10 fallen heroes, each one of them with a house, a proper house that has got all the facilities,' he announced. Should there be no access to water, Malema said the party would build boreholes to restore the families' dignity. Malema ended his address with the 'Kill the Boer' chant. Deputy Minister of Transport Mkhuleko Hlengwa said the tragedy shouldn't have happened. 'To be visited by God in this way while carrying out the important work of the nation does not sit well with anyone. We will carry you in our prayers.' Hlengwa revealed that the Road Traffic Management Corporation (RTMC) had given him a preliminary report on the circumstances surrounding the accident. The deputy minister said the department had been discussing the need to engage political parties on transport arrangements for their members as part of the government's review of the national road safety strategy. 'We have done this with the churches, and we want to call for a closer working relationship and collaboration, particularly in areas of pooling and sharing of information and resources.'