Latest news with #economicdevelopment
Russia Today
7 hours ago
- Business
- Russia Today
African state calls for global financial reform
Mozambique has expressed its readiness to work with Russia in building a new global financial architecture that supports economic development in Mozambique and across Africa. The statement was made by Mozambique's minister of planning and development, Salim Vala, during the 'Business dialogue Russia-Africa' panel discussion at the 28th St. Petersburg International Economic Forum (SPIEF) on Thursday. Vala noted that while Mozambique holds substantial reserves of natural gas, rubies, gold, and coal, its most valuable asset remains its people. He highlighted the importance of unlocking the country's full economic potential to improve the well-being of its 33.4 million citizens. 'We have a 20-year strategy,' Vala stated, explaining that Mozambique does not want to rely solely on oil and gas. Instead, the focus is on modernizing agriculture and advancing industrialization. 'We must work together with Russia, with other African countries, and with other developing nations to create a new financial architecture, to develop enterprises and the private sector.' Vala called for a shift in global perception, proposing a new narrative of 'an Africa that is more educated, healthier, an Africa with the human capital and technologies that can ensure prosperity for its people.' He added that cooperation with Russia and other African partners is essential for developing both social and economic infrastructure, which can in turn attract greater investment, generate employment, and reduce poverty and inequality. Earlier in June, Eugenio Alberto Macumbe, the head of the Digital Governance Division at Mozambique's Information and Communication Technology Regulatory Authority, also underscored the value of Russian engagement in development initiatives. Speaking to RT, he said Mozambique is actively pursuing digital transformation and artificial intelligence strategies, and stressed the importance of learning from countries like Russia, which he said is 'very advanced in this process.' At the 12th edition of the Mozambique Technology Fair in May, Vala highlighted the crucial role of information and communication technology in the nation's development.
Zawya
12 hours ago
- Business
- Zawya
South African Post Office's (SAPO) Turnaround Strategy Raises More Questions Than Answers, Says Committee Chair
The Chairperson of the Select Committee on Economic Development and Trade, Ms Sonja Boshoff, has expressed concern regarding the work of the business rescue practitioners (BRPs) on the South African Post Office's (SAPO) turnaround strategy. The BRPs presented the plan on Wednesday, stating that progress Is being made and that, in the long term, their vision is to transform the Post Office into an e-commerce hub and a multipurpose service centre. However, Ms Boshoff said troubling realities remain. Chief among these is the retrenchment of over 4 000 employees, with no clarity as to whether further retrenchments have been halted. 'Service delivery at the Post Office has significantly deteriorated, and the entity continues to survive on state bailouts. Public confidence has been completely eroded, and the long-term sustainability of SAPO remains in serious jeopardy,' Ms Boshoff said. She further raised concern about the request to present substantial portions of the turnaround strategy in a closed session. 'SAPO is a state-owned enterprise funded by public money. The use of in-camera briefings must remain the exception, not the rule. Such briefings should only be permitted in instances of legitimate commercial sensitivity – not as a tool to shield institutional failures from public scrutiny and parliamentary oversight.' The strategy, as presented, offers limited detail in terms of innovation and measurable outcomes. While it references digitisation, a revised branch footprint, and hybrid financing models, these aspects remain vague, lacking clear implementation timelines and funding clarity. Ms Boshoff said it is troubling that no investor has yet shown serious interest in supporting the turnaround of the Post Office. 'Meanwhile, key questions remain unanswered: How many of the retrenched employees have actually received support through the TERS fund? What efforts have been made to engage the private sector in restoring core service functions? On what basis is SAPO still classified as a 'strategic national asset' while continuing to rely on repeated state bailouts? How will the proposed hybrid funding model work in practice, and who will ultimately bear the financial risk?' 'It is imperative that public institutions – particularly those under business rescue and funded by taxpayers – operate with transparency, accountability, and defined performance indicators. A turnaround plan cannot rely on slogans or structural tinkering. It must restore credibility, modernise operations and rebuild trust with the South African public who depend on these services.' Ms Boshoff emphasised that as the committee continues its oversight work, it will insist on greater clarity, stronger accountability and full transparency from all parties involved in the business rescue process. 'The relevance of the Post Office in the broader communications and logistics sector is fast diminishing. This can only be reversed through genuine diversification of its service offering and complete modernisation of its operations,' she concluded. Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
Zawya
a day ago
- Business
- Zawya
Tanzania celebrates and honors Akinwumi Adesina's impactful legacy as President of the African Development Bank
The Government of the United Republic of Tanzania, on 14 June, has honored the President of the African Development Bank Group ( Dr Akinwumi Adesina describing him as 'a visionary leader, a tireless son of Africa who has dedicated his life to transform the narrative of the continent.' President Samia Suluhu Hassan praised Adesina's vital role in the development of her country's economy, singling out large-scale infrastructure projects financed by the Bank. During a two-day visit to Tanzania that began on Friday, Bank president Dr Akinwumi Adesina was invited on a tour of some of the Bank-financed infrastructure projects that are transforming Tanzania's economy and strengthening its regional and international roles. This includes a new international airport and a major highway that encircles the administrative capital of Dodoma. The Tanzanian leader highlighted projects in other sectors, such as agriculture and energy, that are financed by the Bank. 'This is in addition to the construction of a modern Standard Gauge Railway line that will link Tanzania to Burundi and the Democratic Republic of Congo,' said President Suluhu Hassan. The African Development Bank Group has invested $9 billion in Tanzania since it started its operations in the country in 1971. Total financial support over the last 10 years under Adesina's leadership stands at $4.73 billion, equivalent to 53% of the Bank's lending to Tanzania over the past 54 years. 'On behalf of the people of Tanzania, I express our gratitude to the African Development Bank for being a dependable partner of our country's development journey,' the Tanzanian President said. Referencing the Bank's transformative impact, Tanzania's President Samia Suluhu Hassan told Adesina, 'Your visionary leadership has brought significant socio-economic change to Tanzania and across Africa.' To cheers from the crowd President Suluhu Hassan announced, 'I have accepted a recommendation by the Ministry of Works to rename the Dodoma Outer Ring Road as the Dr Akinwumi Adesina Road.' Adesina, accompanied by his wife, Grace Yemisi Adesina, was visibly moved to tears. The newly named 112-kilometer dual carriageway is a strategic link in the Cape to Cairo continental corridor. It will decongest Tanzania's fast-growing administrative capital and enhance regional connectivity. The Bank provided $138 million in funding for the project, with an additional $42 million from the Africa Growing Together Fund and $34.69 million from the Government of Tanzania. Earlier, Adesina surprised the crowd when he delivered a lengthy portion of his speech in Kiswahili, the national language of Tanzania, which is widely spoken in East and Central Africa. After recognizing all dignitaries in Kiswahili, he went on to thank President Suluhu Hassan for the warm and generous hospitality accorded to him, first in the City of Peace, Dar es Salaam, and in the attractive city of Dodoma. 'Mheshimiwa Rais Samia Suluhu Hassan, ningependa kukushukuru kwa mapokezi yako ya upendo na ukarimu tuliopewa jana katika jiji la amani, Dar es Salaam na hapa pia katika jiji lenye mvuto la Dodoma. Nimefurahi sana kuwa hapa Dodoma,' Adesina said as the crowd cheered him on. Earlier, on Friday 13 June, Adesina was awarded a Doctor of Science Honorary Degree (Honoris Causa) from the prestigious University of Dar es Salaam. The citation highlighted Adesina's leadership and 'lifelong dedication to public service, evidence-based policymaking, and pan-African progress.' It read further: 'Dr Adesina exemplifies the rare blend of academic brilliance, visionary leadership, and practical impact that honorary doctorates are meant to recognize. His emphasis on inclusive growth, innovation, and economic resilience makes him a beacon of integrity, excellence, and servant leadership.' The honorary degree was bestowed on Adesina by the Chancellor of the University and former President Jakaya Mrisho Kikwete, who said, 'I would like to tell Tanzanians, the African Development Bank has been a major anchor of Tanzania's development sector. When it comes to infrastructure, no institution comes close to the African Development Bank.' Addressing the graduating class, Adesina spoke of his humble beginnings, emphasizing resilience, character, and unity. 'Success cannot be achieved alone,' he said, inviting the students to rise, link hands, and repeat together: 'Together, we will succeed and make a difference.' In his congratulatory remarks, Finance Minister Mwigulu Nchemba said, 'Tanzania is proud to stand among the nations celebrating this remarkable journey and enduring legacy.' From Dar es Salaam, Adesina, accompanied by former President Kikwete and Finance Minister Nchemba, took the Standard Gauge Railway train for the three-hour, 450-kilometre journey to Dodoma. The African Development Bank Group has established a syndication strategy to mobilize $1.2 billion in conjunction with Deutsche Bank, Société Générale, and other partners for the 651-kilometre extension of the electrified Standard Gauge Railway that will connect Tanzania to Burundi and the Democratic Republic of Congo. The project financing, signed during the 2024 Africa Investment Forum Market Days and includes more than $85 million from the Bank's concessional financing window, the African Development Fund, a mix of Partial Credit Guarantees totaling $994.3 million across some sections of the railway, complemented by $247 million from the Government of Tanzania in counterpart financing. Initial disbursement from the African Development Fund and partner, the OPEC Fund, is expected by July 2025. Adesina said, 'This railway line is a cornerstone of East Africa's regional integration vision, aimed at delivering a modern, cost-effective, and high-capacity transport system anchored on the port of Dar es Salaam and linking landlocked nations.' 'Our shift from traditional road systems to integrated transport solutions is helping position Tanzania as a key logistics and trade hub in the region,' he added. Accompanied by Adesina, President Suluhu Hassan travelled across more than 30 kilometers of the Dodoma Outer Ring Road, stopping along the way at the Bank-funded Msalato International Airport which is expected to be completed by the end of 2026. The state-of-the-art airport features a 3.6-kilometre landing strip—one of the longest in East Africa, with a capacity to accommodate Airbus A380 aircraft. The African Development Bank has provided over $198 million to finance the Msalato International Airport project with $23 million coming from the African Development Fund and $50 million from the African Grow Together Fund. Distributed by APO Group on behalf of African Development Bank Group (AfDB). About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Zawya
a day ago
- Business
- Zawya
Pakistani army chief and Trump discussed trade, crypto in Washington meet, Pakistan says
KARACHI: Pakistan's army chief Field Marshal Asim Munir and U.S. President Donald Trump discussed trade, economic development, and cryptocurrency during their meeting at the White House on Wednesday, the Pakistan army said. "President Trump expressed keen interest in forging a mutually beneficial trade partnership with Pakistan based on long-term strategic convergence and shared interests," the army said in a statement on Thursday. Munir and Trump also exchanged views on prevailing tensions between Israel and Iran, the statement added. (Reporting by Ariba Shahid, writing by Sakshi Dayal; editing by Sudiipto Ganguly)
Al Arabiya
2 days ago
- Business
- Al Arabiya
Pakistani army chief and Trump discussed trade, crypto in Washington meet
Pakistan's army chief Field Marshal Asim Munir and US President Donald Trump discussed trade, economic development, and cryptocurrency during their meeting at the White House on Wednesday, the Pakistan army said. 'President Trump expressed keen interest in forging a mutually beneficial trade partnership with Pakistan based on long-term strategic convergence and shared interests,' the army said in a statement on Thursday. Munir and Trump also exchanged views on prevailing tensions between Israel and Iran, the statement added.
