International

African Countries Suffering Debt Hangovers – Macron, UN

Published

1 year ago

June 23, 2023

African Countries Suffering Debt Hangovers – Macron, UN

The United Nations Secretary General, Antonio Guterres and French President Emmanuel Macron, on Thursday, said African countries are facing challenges that hinder growth and development as a result of debt hangovers.

They spoke at the opening ceremony of the High-Level Summit for New Global Financing Pact in Paris-France.

President Bola Ahmed Tinubu joined world leaders at the summit on the consensus for redesigning the global financial architecture, which will favour poverty reduction, debt restructuring or cancellation and more consideration for vulnerable countries affected by climate change and COVID-19.

The president, who was at Palais Brongniart, venue of the event, was received by the French Minister of Europe and Foreign Affairs, Catherine Colonna.

Macron, while welcoming the world leaders to Paris, said the summit would focus on drawing up a new financial order that would scale up finances and support developing countries for energy transition, poverty reduction, while respecting the sovereignty of each nation.

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The French president, in a statement by the Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, said African countries had been at the receiving end of the major global challenges, with debt hangovers that hamper growth and development.

“COVID-19 pandemic brought lots of difficulties and now we are faced with the war in Ukraine that has been draining resources that should be channelled into human development,” he said.

Macron told the leaders from 50 countries, multilateral institutions and the private sector that justice and fairness must be imperative in redesigning the new world financial architecture, with more focus on the most vulnerable.

The French president listed four elements for consideration by the leaders, starting with an acknowledgement that reducing poverty would require collective efforts, with a more diverse and comprehensive framework.

“We must admit that no country can succeed alone in reducing poverty and protecting the planet,” he added.

Macron said the framework should be relevant to each country, and sub-regional roles included, with clear responsibilities and benefits, while multilateral institutions like the International Monetary Fund and World Bank must be re-engineered to be more people and solutions driven.

The French president noted that the private sector must be carried along in the new pact that seeks to harmonise growth, as they control most of the financial instruments that need to be liquefied for more even development, especially on health, education and food security.

On behalf of the African countries, the President of Niger Republic, Mohammed Bazoum, said the new pact must be “urgent” and “essential” to Africa, and the framework should be “just” and “robust” in reflecting the reality of developing countries as partners.

Bazoum said the challenges of impoverishment and desertification had stimulated unrest in most countries, affecting peace and stability in sub-regions and the continent.

“In Africa, we need support for infrastructure, health, food security and education,” he stated.

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Guterres, in his own remarks, told the gathering of leaders that the high-level summit would need more mobilisation and political will for redesign and implementation.

The UN scribe said many countries were still struggling from effects of COVID-19 and climate change, and the war in Ukraine had heightened sufferings.

Guterres said some African countries had been unable to service their debts, with indications that generations might be affected.

“African countries,” he said, “were not properly captured in the global order.”

He said the new global financial pact must address fragmentations and frustrations, and enable the kind of change that encourages debt relief, suspension of repayments, change of business models and more commitment from development banks, with guarantees.

The UN scribe said leaders must look beyond reforms, and accept the need for transformation.

“We are at a moment of truth and reckoning, and we can make it a moment of hope,” Guterres said. Climate activist, Vanessa Nakate, from Uganda, who called for a moment of silence for the helpless and hopeless across the world, said broken promises cost the lives of many in developing nations.

The presidents and leaders of multilateral institutions and the private sector at the summit went into syndicate sessions to discuss the new financial architecture.

President Tinubu will today (Friday) participate at the summit, which will unveil a New Global Financing Pact and mechanism for implementation.

Related Topics:African Featured Macron UN

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Israeli strikes pound central Beirut, suburbs

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10 hours ago

November 26, 2024

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Israeli strikes pound central Beirut, suburbs

BEIRUT: Israeli strikes pounded a densely-populated part of the Lebanese capital and its southern suburbs on Tuesday, hours ahead of an anticipated announcement of a ceasefire ending hostilities between Israel and Lebanese armed group Hezbollah.

A strike on Beirut hit the Noueiri district with no evacuation warning and killed at least one person, Lebanon’s health ministry said in a preliminary toll.

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Minutes later, at least 10 Israeli strikes hit Beirut’s southern suburbs. They began approximately 30 minutes after the Israeli military issued evacuation orders for 20 locations in the area, the largest such warning yet.

As the strikes were under way, Israel’s military spokesperson Avichay Adraee said the air force was conducting a “widespread attack” on Hezbollah targets across the city.

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Over $100m wasted, Trump mocks Democrats for targeting him

Published

11 hours ago

November 26, 2024

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President-elect Donald Trump

Over $100m wasted, Trump mocks Democrats for targeting him

Former U.S. President Donald Trump has fiercely criticised the legal cases brought against him, calling them “empty and lawless”.

He accused Democrats of weaponising the judicial system to target him as a political opponent.

In a strongly worded statement, Trump alleged that over $100 million in taxpayer money had been wasted in what he described as a politically driven effort to undermine his influence.

“Nothing like this has ever happened in our Country before,” he said, pointing to high-profile prosecutors, including Georgia’s Fani Willis and New York Attorney General Letitia James, as key figures in what he called a “political hijacking.”

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Trump also accused Willis of colluding with Nathan Wade, whom he described as “her lover” and lacking the experience to handle such cases.

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International

US-based Nigerians get 30-year sentence over $3.5m romance scam

Published

11 hours ago

November 26, 2024

Trends Admin

US-based Nigerians get 30-year sentence over $3.5m romance scam

A United States federal jury sentenced two Nigerians, Anthony Ibekie and Samuel Aniukwu, to 30 years in prison for scamming certain US citizens $3,500,000.

This was mentioned in a news statement made public on the US Department of Justice website on Monday.

According to the statement, the Nigerians, Ibekie and Aniukwu mislead their victims by informing them that they had received big inheritances that required payment to claim.

The couple would then ask their victims to transfer money, promising to refund them after the inheritances were claimed.

It also stated that the duo carried out romance scams by establishing romantic relationships with their victims and demanding them to send money after they had built trust in their victims.

It read, “An undercover law enforcement investigation has resulted in federal prison sentences for two Nigerian nationals residing in the Chicago suburbs who conducted online inheritance scams and other fraud schemes.

“Using aliases, Anthony Emeka Ibekie and Samuel Aniukwu communicated with victims throughout the United States, convincing them they had received substantial inheritances and needed to send money to individuals associated with the defendants in order to claim it.

“In addition to the inheritance scam, the pair carried out an online romance scam that involved communicating with victims via social media and dating websites, building trust with the victims through a purported online romance, and convincing them to send money to a predetermined recipient. Aniukwu and Ibekie also orchestrated a ‘business email compromise’ scam that targeted corporate email accounts.

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“The fraud schemes were uncovered by a covert law enforcement investigation. The scams resulted in losses to victims of at least $3.5 million.”

According to the statement, after being arraigned on 14 charges, the duo pleaded guilty to their different alterations.

Following their guilty pleas, Ibekie was sentenced to 20 years in prison on Thursday, and Aniukwu was sentenced to 10 years in prison on November 8.

The statement continued, “A federal jury earlier this year convicted Ibekie, 59, of Oswego, Illinois, on all 14 counts of wire fraud, mail fraud, money laundering, making false statements to a bank, and passport fraud. U.S. District Judge Steven C. Seeger on Thursday sentenced Ibekie to 20 years in federal prison.

“Aniukwu, 50, of Romeoville, Illinois, pleaded guilty last year to wire fraud and money laundering charges. Judge Seeger on Nov. 8, 2024, sentenced Aniukwu to 10 years in prison.”

Meanwhile, Jennifer Gosha, an accomplice of the Nigerians and a US citizen, is expected to be sentenced on December 18 after pleading guilty.

“A third defendant, Jennifer Gosha, 52, a U.S. citizen from Oak Park, Ill., pleaded guilty earlier this year to charges of wire fraud and making false statements to a federal agent. Gosha is scheduled to be sentenced by Judge Seeger on December 18, 2024,” the statement concluded.