Across the African continent, here are the top five news stories that should not escape your attention.
Congo’s economic struggles continue as China agree to restructure debt
Following the country’s economic struggles and high debt profile, Congolese Finance Minister Rigobert Roger Andely, has revealed that talks with China have been successful on the restructuring of debt.
According to Andely, President Denis Sassou Nguesso had “raised the problem” in a telephone call with Xi, “proposing a second restructuring” of the debt and “President Xi Jinping approved the request.”
“This restructuring is to allow the country to have a few more resources to deal with its own internal needs and to lift this obstacle to good relations with the IMF,” he said adding that experts from both the Chinese and Congolese sides would be charged with fixing the conditions of the new agreement.
Congolese Prime Minister, Anatole Collinet Makosso, had revealed that the country’s debt stood at nearly CFA Francs 6 trillion as of 31 December 2020, or 98% of the GDP while China is owed 2 billion dollars. – Africa News reports
Angelina Jolie visits refugee camp in Burkina Faso
Popular actress and Special Envoy for United Nations Refugee Agency, Angelina Jolie, visited a refugee camp in Burkina Faso for World Refugee Day on Sunday, with the goal of bringing attention to the issue of displacement of people around the world.
Jolie, who was in the company of the other envoys, expressed that the world needs to “wake up to the track we are on globally” where conflict and climate change could force “hundreds of millions” of people to leave their homes seeking refuge elsewhere.
Burkina Faso is affected by the current displacement crisis in the Sahel region of West and Central Africa as more than 1.2 million people have reportedly been forced to flee their homes since 2019. – African news reports
Egypt remains largest recipient of foreign investment in Africa in 2020 – UNCTAD
Egypt remained the largest recipient of foreign direct investments in Africa last year despite the coronavirus pandemic, the UN Conference on Trade and Development (UNCTAD) has said.
The UNCTAD stated in its World Investment Report 2021 report of Monday, June 22 that foreign direct investments in Egypt were estimated at $5.9 billion in 2020.
According to the report, the COVID-19 pandemic had a significant impact on foreign direct investment in Africa as flows to the continent declined by 16% in 2020 to $40 billion, from $47 billion in 2019. – According to All Africa reports
IMF rules out Zimbabwe bailout
It called on Mnangagwa‘s administration to take steps to stabilise the volatile currency and work towards a string of reforms necessary to attract foreign direct investment.
Zimbabwe’s external debt was estimated at about US$8 billion at the end of 2020, with the country owing several international financial institutions including the World Bank, the African Development Bank and the Paris Club. – Bulawayo 24
