Angola may benefit from USD 2.6 billion moratorium

 

Angola may stop paying USD 2.6 billion in debt payment this year alone, which corresponds to 3.1 percent of last year?s GDP, according to the Fitch Ratings financial rating agency.

Angola will be the most benefitted country from a possible extension of the G20 Debt Service Suspension Initiative (DSSI),  and could  “save”  4.3 percent of GDP.

According to the payments due data published by the World Bank, only five of the 22 countries that Fitch evaluates and that are eligible to participate in the DSSI, would see funding requirements for this year reduced by more than one percent, with the highest benefit for Angola, at 4,3 percent.

The data are contained in the report on the impact of the accession of the most vulnerable countries to the G20 initiative.

In document reached Lusa news agency, Fitch Ratings  says that of these countries (Angola, Mozambique, Republic of Congo and Laos), only Laos  did not apply for the initiative organised in April, and  intend to suspend payments of official bilateral debt until the end of this year.

In November it may be extended to the end of 2021, due to the impact  of the novel coronavirus pandemic on the most fragile economies.

 “An extension of the G20 DSSI to emerging market countries is likely, possibly at the November meeting, which would amplify the benefits of this initiative”, write the analysts at Fitch Ratings, which is owned by the same owners as Fitch Solutions.

So far, more than 40 countries, including Cape Verde and São Tomé and Príncipe, have asked to participate in this initiative, which does not cover debt to private creditors, which would be dealt with separately. 

“The G20 encouraged private sector investors to provide debt relief along lines similar to the relief provided under the DSSI, but this is not a requirement for participation,” notes the Fitch. 

The note adds that “up to now none of the countries participating in the DSSI has said publicly that they would try to have similar treatment from private creditors, which partly reflects concerns about access to financial markets”. 

With the exception of Moody's, the other two main rating agencies consider that participation in the initiative does not necessarily imply a downgrade of the rating, but Moody's argues that participation implies a weakening of the financial position and, therefore, a downgrade of the rating. 

“The Debt Service Suspension Initiative focuses only on debt to official creditors, which is not covered by Fitch’s definition default”, says the analysts.

Angola strengthens antiretroviral drugs to treat HIV infection

 

 Angola's health sector has been strengthened with antiretroviral drugs to assist people living with HIV/AIDS for the next three months.

This was confirmed Monday by the director of National Institute for Fight against AIDS, Lúcia Furtado, while speaking to the press Monday in Luanda.

The official was speaking in reaction to the alleged stock out of the antiretroviral drugs in the country’s health facilities.

She confirmed that the country received 13,000 batches of antiretroviral medicines this month to assist people with HIV/AIDS. 

Lúcia Furtado said that batches of medicines started reaching reference hospitals, from where the people with HIV/ AIDS can get them. 

The official admitted that four provinces of the country were facing shortage of the antiretroviral drugs - Luanda, Huíla, Benguela and Cuanza Sul.

But she denied allegations that there was ??stock outs in the hospitals, adding that the shortage owed to a delay by the supplier, which had difficulties in production and shipping to Angola due to the Covid-19 pandemic. 

Lúcia Furtado stressed that the purchase process of these drugs started in September 2019. 

Angolan health services put at 340,000 the number of HIV positive.

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African Sport Ministers assess Covid-19 impact

The African Union (AU) is due to hold on Tuesday a meeting via video conference, between the Sports ministers of the continent to analyze the impact of the Covid-19 on sports activity. 

 The agenda includes approaches on "the impact of the pandemic on sport and the role of the member states in mitigating the effects, as well as an update on the continental strategy developed by the African Union and the sports movement to mitigate the impact of the pandemic.

A statement on sports responses to the impact of the virus will also be prepared during the meeting.

The meeting is also expected to outline a collective action plan to mitigate the spread of the virus and develop a strategy for the sport during and after the pandemic.

Early on Friday, at the meeting of the Council of Ministers of the Region Five, the Angolan Minister of Youth and Sports, Ana Paula do Sacramento Neto, said she is hopeful about solving the problems to be presented at the forum.

BREAKING NEWS: Usain Bolt ‘tests positive for coronavirus’

The greatest sprinter of all time testes positive for covid-19 

Only days after celebrating his 34th birthday with a party that attracted his friends in the sports world including Manchester United star Raheem Sterling, Usain Bolt is reported to have tested positive for coronavirus and is reported to be seeking treatment.

Jamaican radio station Nationwide90fm, reports that the greatest sprinter of all time has contracted the disease and will spend time in self-isolation as a result.

Karim Keita’s opulence may have cost his father’s presidency in Mali

Mali has been embroiled in a battle with jihadists for nearly the entirety of Ibrahim Boubacar Keita’s president that began in 2013. After winning reelection in August 2018 and beginning his second and final term the following month, all appeared to be smooth sailing until video of his son Karim Kaita surfaced.

In the series of videos, Karim Keita is seen with skimpily clad women along with some friends on what appeared to be a private yatch sailing and partying. The videos are reported to have angered young Malians who viewed the opulent lifestyle of the first son as evidence of their money being wasted away.

How Karim Keita finances his lifestyle is uncertain. For starters, it is widely known within the business community in Mali that no one goes to the father except by the son. Foreign investors must go through the son to get to the father, which usually means interests in stakes of big business.

Karim Keïta was born in Paris, France, the son of Ibrahim Boubacar Keïta. He studied in Belgium and Canada. After his return to Mali in 2006 he set up two companies, a rental car business and an investment advice firm.

He entered politics and was elected to the National Assembly as a candidate of the Rally for Mali in the second round of the November–December 2013 parliamentary election. After his election he became Chairman of the Security and Defence Commission of the National Assembly.

Thus while its difficult to finger actual theft of state funds or embezzlement, it is not hard to establish corruption, nepotism and cronyism. Either way, Malians were not having a son of the president splurging of money while they suffered under unemployment, terrorism and overall hardship.

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VANDALIZED MANSION OF KARIM KEITA

Last month in the midst of the protests the mansion in Bamako belonging to the president’s son was vandalized and “everything including tiles” were stolen by protesters. But Karim Keita is reported to own similar mansions in Senegal and Cote d’Ivoire so there shouldn’t be a problem with where to sleep.

Unlike his father, Karim is not known to be in custody or even in Mali. What is clear is that the anger that his opulent lifestyle has generated makes it unsafe for him to be inside Mali. And that anger may be playing a role in why the ECOWAS negotiation for President Keita’s release includes where he would go into exile.

Other famous opulent lifestyle first children are Teodorin Obiang of Equitorial Guinea, and Isabel dos Santos of Angola. May be Malians may have provided the lesson on why Africa’s leader must control their children.

Covid-19: Angola reaches 100 deaths

Angola has reached 100 deaths of covid-19, after reporting four new fatalities in the last 24 hours, the Health authorities announced Monday in Luanda.

According to the country’s epidemiological report, the ages of the dead range from 10 to 70 years, being 61 males (61 percent) and 39 females (39 percent).

Delivering the daily covid-19 update briefing, the secretary of State for Public Health, Franco Mufinda, said one of the deaths in the last 24 hours occurred in central Benguela province, the first fatality in the region. The victim is a 75-year old man.

Alike Benguela, northern Cuanza Norte and central Cuanza Sul provinces have reported one death each, while the capital, Luanda, leads on with 97 deaths, 1,153 infections and 856 recoveries.

Angola has reported in the last 24 hours 51 new positive cases of coronavirus, 59 recoveries and four deaths, bringing the total figures to 2,222 infections, 877 recovered patients, 100 fatalities and 1,245 active patients.